Yale SOM Financial Aid Office assists students who apply for the
Federal Direct Student Loans
All U.S. citizens and permanent residents may take out Federal
Direct Student Loans up to $20,500 per year. Federal Direct Loans have a fixed interest rate of 6.8%.
To apply for
a Federal Direct Student Loan:
Submit the free application for Federal Student Aid (FAFSA) on-line at www.fafsa.ed.gov
once you have submitted your 2011 federal income tax return.
Be sure when completing the FAFSA to click the link to your federal tax return. Have your results sent directly to Yale (Yale University Code: 001426). It will take the processor 3-4 weeks to send your results to Yale.
When the FAFSA report is received, the Financial Aid Office will contact you about completing the application process for Federal Direct Student Loans, and will also provide information about borrowing the Federal Grad PLUS loan and private loans.
Loans for International Students
The Yale International Student Loan is available to SOM students enrolled in two-year programs only:
- Maximum loan: tuition and fees for the academic year, minus any scholarship awarded
(maximum in 2011/12 is $53,900)
- No co-signer required
- Fixed interest rate of 7.75%
- Origination Fee of 5%, subtracted from loan proceeds
- 10-year repayment period
- No payments while you are enrolled
- 6-month grace period following separation from school
- Interest accrues while you are enrolled and during the 6-month grace period and is added to the principal when repayment begins
- Interest does not compound while you are enrolled and there is no pre-payment penalty
Contact the Yale SOM Office of Financial Aid.
Private Education and Federal GradPLUS Loans
Private and Federal GradPLUS loans are based on the borrower’s credit history. All U.S. students and international students who already have a U.S. Social Security number and a credit history in the U.S. should obtain a personal credit report and resolve any problems before applying. The following credit-reporting agencies can provide personal credit reports.