The Yale SOM Office of Financial Aid assists students in applying for loans in the following categories.
Federal Direct Unsubsidized Loan
U.S. Citizens and Permanent Residents are automatically eligible for consideration of the Federal Direct Unsubsidized Loan. You may borrow up to $20,500 per academic year. The fixed interest rate for the 2020-2021 academic year is 4.30%, and carries a 1.059% origination fee for loans first disbursed on or after October 1, 2019.
Federal Graduate PLUS Loan
The Graduate PLUS Loan is an additional federal loan that student’s can borrow for up to the cost of attendance, less any other financial aid. Acceptable credit history is required.The fixed interest rate for the 2020-2021 academic year is 5.30%, and carries a 4.236% origination fee for loans first disbursed on or after October 1, 2019.
Federal Loan Characteristics
| Federal Direct Unsubsidized Loan | Graduate PLUS Loan | |
| Interest Rate |
4.30% (fixed) |
5.30% (fixed) |
| Origination Fees |
1.059% (for loans disbursed after October 1, 2019) |
4.236% (for loans disbursed after October 1, 2019) |
| Interest Accrual |
Interest begins accruing on this loan as soon as the funds are disbursed to the University. |
Interest begins accruing on this loan as soon as the funds are disbursed to the University. |
| Application Process |
Students must complete a FAFSA Application, and an loan form requesting the funding. |
Along with completing the FAFSA application, students additionally complete a credit check authorization form. |
|
Maximum Loan Amount: $20,500 |
Students can apply for a loan up to the cost of attendance, less any other financial aid received. |
Loans for International Students
If you are unable to obtain funding in your home country, Prodigy Finance and Quorum Federal Credit Unionaccept loan applications from international students attending SOM who do not have a U.S. co-signer. International students may be eligible to borrow up to 80% of the cost of attendance.
International students who have access to a credit-worthy U.S cosigner can find more information about different lenders through ELMSelect.(ELMSelect provides a comparison of different lenders, which you can use to evaluate lenders and select one that suits your loan needs). This is not a list of recommended lenders but is rather a list of those lenders used by our students over the past three years. You are free to choose any lender, and Yale will process a loan for you from any lender.
In fall 2014, Yale requested proposals from lenders offering non-federal education loans for international students through an open Request for Information (RFI) process. The RFI was designed so that Yale could provide information on private loan products that did not require a U.S. co-signer. Prodigy was selected because it offered the best terms for both students and the School.
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.