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 2021-2022 academic year is 4.30%, and carries a 1.057% origination fee for loans first disbursed on or after October 1, 2020. 

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 2021-2022 academic year is 5.30%, and carries a 4.228% origination fee for loans first disbursed on or after October 1, 2020.

Federal Loan Characteristics

	Federal Direct Unsubsidized Loan	Graduate PLUS Loan
Interest Rate	4.30%  (fixed)	5.30% (fixed)
Origination Fees	1.057% (for loans disbursed after October 1, 2020)	4.228% (for loans disbursed after October 1, 2020)
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,  Quorum Federal Credit Union accepts 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.

Please keep in mind the following:

• It is your responsibility to research the different lenders and their loan products.

• Your cosigner must be a U.S. citizen or permanent resident and be considered “credit worthy.”

• Yale SOM cannot act as a cosigner for either domestic or international students.

• You may be required to have a U.S. Social Security number or tax identification number, even with a cosigner.

Private Education and Federal Grad PLUS Loans

Private and Federal Grad PLUS 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.

• Equifax
• Experian
• Transunion