Loan options are available to all students, regardless of whether they receive a Yale Scholarship. For those who do, Yale’s financial aid policy guarantees that 100% of demonstrated need is met without requiring loans. However, some students may choose to use loans to cover their student share in place of a term-time or summer job. Additionally, some families may prefer the flexibility of deferring certain costs until after graduation.
Loan options for:
For U.S. citizens or permanent resident students who submit a FAFSA, are enrolled at least half-time in a degree program, maintaining satisfactory academic progress, and not in default on federal loans.
Rate & Fee: 6.39% fixed interest, 1.057% origination fee.
Loan limits & more details: Visit Federal Student Aid.
Repayment: Begins six months after dropping below half-time enrollment or degree completion. More information at Federal Student Aid.
How to apply: To request a Federal Direct Student Loan, the Yale student must log in to the form (found below) with their Yale log-in.
For students with financial need who do not qualify for U.S. federal or Canadian student loans.
Interest Rate: 7.5% (no fees).
Loan Limits: Up to $2,100 or student share minus outside scholarships.
Interest: Accrues while in school; can be paid monthly or capitalized.
Repayment: Six-month grace period, up to 10 years, $50 minimum monthly payment.
How to apply: Contact Undergraduate Financial Aid using the link below to apply.
For parents of federally dependent undergraduate students who submit a FAFSA, are enrolled at least half-time in a degree program and maintain satisfactory academic progress.
Parent Eligibility: Must be a U.S. citizen or eligible noncitizen, the student’s biological/adoptive parent, and pass a credit check. Parent borrower and student cannot be in default on federal loans or owe an overpayment on a federal education grant.
Rate & Fee: 8.94% fixed interest, 4.228% origination fee.
Loan Limit: Up to the cost of attendance minus other aid.
Repayment: Begins after full disbursement; deferment available.
More details: Visit Federal Student Aid.
How to apply: To apply for a Parent PLUS Loan, the Yale student must initiate the request by logging into our Federal Parent PLUS Loan Request form (found below) with their Yale log-in, enter the parent borrower’s name and email, then an email will be sent to the parent borrower to complete the Parent PLUS Loan application.
Private loans are credit-based educational loans that are offered by private lenders, such as banks and credit unions. Both students and parents can apply for a private loan(s) directly through lenders’ websites. If approved, those lenders will contact Yale, and the two parties will work together to issue the loan funds through the university to the student’s YalePay account.
Additional Resources:
See additional information and best practices for private loans
Connecticut’s Student Lending Code of Conduct
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 Student Lending Code of Conduct
Yale’s institutional statement on its student lending code of conduct. Read carefully prior to taking out a student loan.