How to pay for that Ivy League degree.
What do you want to read about first?
How much does it cost to go to Yale?
| Costs of attending Yale | Annual cost |
|---|---|
| Tuition and fees | $55,625 |
| Housing | $9,400 |
| Meal plan | $7,200 |
| Books and personal expenses | $3,700 |
| Total cost for the 2019–2020 academic year | $75,925 |
Source: Yale University
As you can see, Yale’s tuition isn’t the only number to consider when calculating the cost of attendance. Other expenses like housing, meal plans and travel also factor in.
What’s the average student debt load for Yale students?
Yale students graduated with an average student loan debt load of $13,050 in 2016, according to the Department of Education. That’s less than half the average student debt load for other students who graduated that year.
Does Yale offer a tuition payment plan?
Yes, Yale allows students to pay off their education expenses in installments through the Yale Payment Plan (YPP). Students or parents can enroll in either a 10-month annual plan or a spring and fall semester plan.
While Yale doesn’t charge interest with the YPP, it costs $100 to enroll each time. You can sign up online through the Yale Office of Student Financial Services website.
How financial aid works at Yale
Yale is one of a handful of schools that covers 100% of financial need for all students — including international, DACA and undocumented students. Yale calculates financial need based on how much your family can be expected to pay.
Expected parent contribution
| Family income | Percentage who qualify for aid | Average scholarship | Average remaining cost |
|---|---|---|---|
| Less than $65,000 | 98% | $70,686 | $4,450 |
| $65,000 to $100,000 | 99% | $64,402 | $6,488 |
| $100,001 to $150,000 | 96% | $54,249 | $15,352 |
| $150,001 to $200,000 | 88% | $39,275 | $29,953 |
| $200,001 to $250,000 | 64% | $25,427 | $43,015 |
| Over $250,000 | 23% | $16,979 | $50,957 |
Low-income families with larger-than-average assets such as trust funds or real estate might not qualify for as large of an award. High-income families typically aren’t eligible for need-based aid unless they have multiple children attending college.
Expected student contribution
Even students who qualify for a $0 family contribution don’t exactly get a free ride. Students are also expected to foot part of their college expenses — typically between $2,850 and $3,350 per academic year.
The most popular way to cover this cost is through work-study and summer employment. Students who don’t qualify for the federal work-study program can also work on campus and use the funds to cover the student contribution. Other ways to cover this cost include outside scholarships, grants and student loans.
Are there other scholarships and grants available?
Yes. Yale might only provide need-based financial aid, but students can also qualify for grants and scholarships from the federal government, state and private institutions. Typically, schools deduct other types of need-based funding from your financial aid package.
However, students can use merit-based scholarships to cover the costs that Yale doesn’t. If you’re from Connecticut, you might have more options to choose from since most state-funded scholarships and grants are for residents only. You might want to look at the funding options your home state offers if you’re from somewhere else. Or check out financing from private organizations.
Student loans to pay for Yale
Thanks to its generous financial aid package, most students who attend Yale don’t need to take out any loans. In fact, over 85% of the Yale Class of 2018 graduated without any student debt. But if Yale can’t cover all of your education-related costs, a student loan can help foot the bill.
Yale recommends students apply for federal loans first — they’re typically less expensive, easier to qualify for and have more flexible repayments than private loans. If you’re not eligible for federal aid, you might qualify for a Yale student loan.
Yale student loans
- Loan amount: Up to $5,000 per year
- APR: 7.5%
- Terms: 10 years
- Grace period: 6 months
Yale’s private student loan option is meant for students who are ineligible for federal student loans. International students generally must apply with a cosigner who’s a US citizen or permanent resident, though Yale sometimes waives that requirement in special circumstances. If your Yale student loan still isn’t enough, you might want to look into other private student loan options.
Compare private student loan providers
Bottom line
Offering one of the more generous need-based financial aid packages out there, Yale makes sure students take on as little student debt as possible. But sometimes even the best financial aid package doesn’t cover everything. In that case, you might want to consider your private student loan options.
