Loan Programs

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The Yale SOM Office of Financial Aid assists students in applying for loans in the following categories.

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 variable interest rate which is fixed on July 1, 2015 for the life of the loan. In 2015-16, this was fixed at 5.84%.

Federal Direct Student Loan Application Instructions 

Submit the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov once you have submitted your 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 the Federal Grad PLUS loan and private loans.

Loans for International Students

Yale University is finalizing a student loan program for international students that does not require a U.S. co-signer. Specific information on the loan program will come post-admission, but the terms of the loan program include: 

  • Maximum loan: 80% of cost of attendance
  • No co-signer required
  • Variable interest rates from 6.5% to 9%, depending on a credit risk assessment
  • Small origination fee, 1.25% charged at the time of loan acceptance and 1.25% added to loan principal at the time of disbursement
  • No payments required while you are enrolled
  • 6-month grace period following separation from school
  • Interest while you are enrolled in school and is added to the principal when repayment begins
  • No pre-payment penalty

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.