Available Federal Financial Aid at Yale University
If you take in consideration room and board, tuition, books, supplies and other expenses, you are looking at more than $52,000 a year at Yale University. That is a lot of money, especially for families with household incomes of less than $60,000 a year. Even those with higher incomes will still have trouble fitting in the Yale expenses given that there are many other necessities to consider. More than half of Yale’s freshmen actually apply for some type of financial aid. They normally could not afford studying in the university but still feel it important to pursue the dream.
Yale University is one of many American universities that no longer offer student loans. The administration believes that it is better for students to be given grants and scholarships so that they will not be weighed down with debt after graduation. Still, student loans are still important alternatives of financial aid. Grants can sometimes not cover all the expenses of a Yale student. Scholarships can be either full or partial coverage. Still, they can be hard to come by. So, most students will still be seeking student loans to get through four years of Yale.
Federal loans
If a Yale student really needs a loan, he or she is better off with a state or federal loan. Government-offered loans have much lower interest rates. Private institutions can offer bigger amounts but the interest rates are also higher. Yale University also offers loans to students who, even with grants, scholarships or summer jobs, cannot afford the expenses. This loan requires the student to apply with a cosigner. The Yale Student Loan is fixed at an interest rate of 7.5%. As for Federal Loans, you may apply for the CT FELP Loan, offered by the state of Connecticut to residents.
Student loans may not be pleasant to deal with after graduation but they can support higher education up to the very end. It is one of the financial aids you must consider if you want to study at Yale. A FAFSA, a form needed to apply for student loans is free but must be submitted according to Yale’s deadline.
Photo Credits: Johannes Gilger