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:

Fixed at 7.05% for loans first disbursed from July 1, 2023, through June 30, 2024

Loan fees:

1.057% origination fee for loans first disbursed from October 1, 2020, through September 30, 2024

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 under "How much can I borrow?" on the Federal Student Aid webpage 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; time frame depends on the type of repayment plan.

For information on repayment plan options, visit the Federal Student Aid Repayment Plans webpage.

Application procedure:

Please visit the website of your graduate or professional school for application procedures.

Additional resources:

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 8.05% for loans first disbursed from July 1, 2023, through June 30, 2024

Loan fees:

4.228% for loans first disbursed from October 1, 2020, through September 30, 2024

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 time frame depends on the type of repayment plan. For information on repayment plan options, visit the Federal Student Aid Repayment Plans webpage.

Application procedure:

Please visit the website of your graduate or professional school for application procedures.

Additional resources:

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; not all professional schools offer this loan.

Interest rate for graduate students:

7.75%

Loan fees:

5%

Loan limits:

Yale Graduate and Professional International Loan amounts may not exceed the cost of attendance minus any other financial assistance received. However, each participating school determines the actual loan limit for its own students.

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 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 considering all potential scholarships, federal grants, work-study funds, and federal loans may also 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 may wish to discuss 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.

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 Yale Student Loan Program.

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