Loans for Graduate and Professional Students

Many types of loans exist to help graduate- and professional-school students fund their education. Student loans can come from the government, from Yale, or from private sources such as a bank or financial institution. Each loan type has its own eligibility requirements, which may include citizenship, financial need, a good credit record, and/or a co-signer. In addition to the loan options below, there are also a number of states and other organizations that have developed loan programs to help families cover their portion of educational expenses.

For additional information on student loans, visit the U.S. Department of Education’s website or contact your school’s financial aid office.

Loan options

A guaranteed student loan for U.S. citizens or permanent residents who do not show financial need under federal regulations. Direct Unsubsidized loans may also be available to undergraduates who have reached the borrowing limit for Direct Subsidized loans.

Eligibility:

  • You must be a U.S. citizen or a permanent resident
  • You must be enrolled at least half-time in a degree program
  • You must maintain satisfactory academic progress
  • You cannot be in default on a federal student loan

Interest rate for graduate students:

5.31% for loans disbursed from July 1, 2016, through June 30, 2017

Loan fees:

1.069% origination fee for loans disbursed from October 1, 2016, through September 30, 2017

Loan limits:

The federal government sets limits on the amount in Direct Unsubsidized loans that a student may be eligible to receive in each academic year and in total. Limits vary based on whether the student is pursuing an undergraduate or graduate degree, among other factors.

For loan limits and further details, please see How much can I borrow? on the U.S. Department of Education’s page on Direct loans.

Interest accrual:

Students are responsible for interest payments on the loan while in school. A student may pay the interest monthly while still in school or may capitalize the interest by allowing it to accrue and adding it to the principal when the loan goes into repayment.

Repayment:

Six month grace period; maximum 10 years.

Application procedure:

Please see the Graduate School of Arts and Sciences website for application information.

Loans for the parents of dependent undergraduate students, as well as for graduate- and professional-school students.

Eligibility:

  • You must be a U.S. citizen or eligible noncitizen.
  • You must be enrolled at least half-time in a graduate-level program leading to a degree or certificate.
  • You must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for federal student aid.
  • A credit check that will be performed and will exclude anyone with an adverse credit history.

Interest rate for graduate students:

Fixed at 6.31% for loans disbursed from July 1, 2016, through June 30, 2017

Loan fees:

4.276% for loans disbursed from October 1, 2016, through September 30, 2017

Loan limits:

Direct PLUS loan amounts are limited to the cost of attendance minus any other financial assistance received.

Interest accrual:

Interest begins to accrue as soon as the loan is fully disbursed (paid out). Graduate and professional students are responsible for interest payments on the PLUS loan while in school. A student may pay the interest monthly while still in school or may capitalize the interest by allowing it to accrue and adding it to the principal when the loan goes into repayment.

Repayment:

Direct PLUS loans for graduate and professional students are automatically placed into deferment while the student is enrolled at least half-time and for an additional six months after that enrollment ceases. Once the loan enters repayment, the term is typically 10 years.

Application procedure:

Please see the Graduate School of Arts and Sciences website for the application form and additional information.

A student loan for those with financial need who do not qualify for U.S. federal or Canadian student loans. View the Truth in Lending disclosure for Yale Graduate/Professional International-Student Loans.

Eligibility:

Available to international students in the Graduate School of Arts and Sciences and in some professional schools

Interest rate for graduate students:

7.75%

Loan fees:

5%

Loan limits:

Yale Graduate and Professional International Loan amounts are limited to the cost of attendance minus any other financial assistance received.

Interest accrual:

Interest begins to accrue upon disbursement of loan funds. Students are responsible for interest payments on the loan while in school. A student may pay the interest monthly while still in school or may capitalize the interest by allowing it to accrue and adding it to the principal when the loan goes into repayment.

Repayment:

Six month grace period; maximum 10 years
The standard repayment term is 120 months with a minimum monthly payment of $50.

Application procedure:

Students in the Graduate School should visit the Graduate School of Arts and Sciences website for the application form and additional information.

Professional-school students should contact their school’s financial aid office for information on loan availability and application procedures.

Families that need additional funding for educational expenses after exhausting all potential scholarships, federal grants, work-study funds, and federal loans may want to consider an “alternative” or “private” loan. Such loans are offered by private lenders, such as banks and credit unions. Families are advised to use these loans sparingly and only after discussing their particular situation with SFS staff.

For alternative/private loans, students apply directly to lenders. Those lenders, in turn, contact Yale, and the two parties work together to issue the loan funds through the university.

A federal student loan program for graduate and professional students who qualify for need-based federal financial assistance. This loan program was closed to new borrowers on September 30, 2015.

Eligibility:

  • You must be a U.S. citizen or a permanent resident
  • You must be enrolled at least half-time in a degree program
  • You cannot be in default on a federal student loan
  • You must have federal need
  • You must have received a Perkins loan prior to September 30, 2015, while enrolled in your current degree program.

Interest rate for graduate students:

5%

Loan fees:

None

Loan limits:

The federal government sets the following limits on the loan amounts that a student may be eligible to receive:

  • Graduate and professional students may be eligible for up to $8,000 in Perkins loans per academic year.
  • Graduate and professional students may borrow no more than $60,000 in total Perkins loans, which includes any amount borrowed as an undergraduate.

Interest accrual:

No interest is charged while a student is in school or during deferment periods.

Repayment:

Nine-month grace period; maximum 10 years
The standard repayment term is 120 months with a $40 minimum monthly payment.

Application procedure:

This loan program is no longer open to new borrowers.

Additional loan information

The State of Connecticut’s code of conduct for student loans, from Connecticut’s Office of the Attorney General. Read carefully prior to taking out a student loan.

Yale’s institutional statement on its student lending code of conduct. Read carefully prior to taking out a student loan.

Truth in Lending Act disclosure for the Disadvantaged Students Loan Program.

Truth in Lending Act disclosure for the Federal Nursing Student Loan Program.

Truth in Lending Act disclosure for the Yale Graduate and Professional International Student Loan.

Truth in Lending Act disclosure for the Primary Care Loan Program.

Truth in Lending Act disclosure for the Yale Student Loan Program.

Truth in Lending Act disclosure for the Yale Medical Student Loan.