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 2019-2020 academic year was 6.079%, 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 2019-2020 academic year was 7.079%, 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	6.079%  (fixed)	7.079% (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

Yale University has a student loan program for international students that does not require a U.S. co-signer via Prodigy Finance. More specific information on the loan program will come post-admission, but the terms of the loan program include: 

• Maximum loan: 80% of the 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

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.

• Equifax
• Experian
• Transunion