Does living off campus change my eligibility for financial aid?
For the 2020–2021 academic year, the estimated Cost of Attendance will differ for students in residence and students enrolled remotely. Juniors and seniors in residence who are living independently off campus are expected to have expenses similar to those of students living on campus in the residential colleges. As a result, they will have the same financial aid budget as students living on campus. On the other hand, students enrolled remotely are expected to have significantly lower living expenses. Their financial aid budget will take this difference into account. For more detailed information, see the Fall 2020 FAQ: Undergraduate Financial Aid.
Will I get a refund on my financial aid to cover off campus expenses?
If the total aid paid to your Student Account for a term exceeds your term charges (tuition, Student Activities Fee, health plan option), you will have a credit balance on your account. You can request a refund of that credit balance to use toward your off-campus expenses. See the Student Accounts website for more information.
When will I be able to receive a refund on my financial aid?
Student Accounts will begin processing refund requests one week prior to the first day of classes each term. If your financial aid has been paid to your account and you have submitted a refund request, you can usually expect your refund to be processed within a few business days.
What if my financial aid is not paid to my account by the first day of classes?
It is important for you to complete your financial aid application by the deadline if you are depending on those funds to cover off-campus expenses. Loan funds may be advanced to you, but only after your award has been verified and all of the requirements for the loan have been satisfied. The maximum advance on a loan is $1,000 per month. A Pell Grant may be refunded to you before it pays to your account. Advances will be made only on funds not needed to cover term charges. Advances cannot be given on Yale scholarship, state grants, or outside resources.
What if I need money prior to one week before classes begin?
Financial aid refunds can only be processed one week before the first day of classes at the earliest. It usually takes 1–2 business days after processing for your bank to make the funds available to you. Expenses such as security deposits, rent for months before the academic year begins, and utility hook-up fees should be covered by other resources. Be sure to consider these expenses in making your decision to live off campus.
What if I run out of money for rent and food during the year?
You cannot increase your budget and request additional financial aid to cover the increase in expenses if your off-campus expenses are higher than the standard room and board budget.
What if I need money to cover rent for the next summer because I signed a twelve-month lease?
Your budget is based on the nine-month academic year. You cannot add summer rent to your academic year budget and financial aid.
Can my parents continue to pay my bill through the Yale Payment Plan (YPP)?
Yes, but the amount of the contract should not exceed the total of tuition, and the health plan, if applicable, minus anticipated financial aid credits. You will not be able to get a refund on a credit balance on your account if the credit is due to a Yale Payment Plan contract. This is because the Yale Payment Plan posts the credits to your account before your parents fulfill their financial obligation. Visit the Student Accounts website for more information about YPP.