MBA Loans By The Numbers
Average loan payback period
The Yale SOM Office of Financial Aid assists students in applying for loans in the following categories. All U.S. citizens and permanent residents should first complete the Federal Application for Student Aid (FAFSA), and send it to Yale University (school code: 001426).
Federal Direct Loans have a variable interest rate which is fixed on July 1 for the life of the loan. In 2016-17, this was fixed at 5.31%. Annual maximum of $20,500.
Federal Direct PLUS Loans have a variable interest rate which is fixed on July 1 for the life of the loan. In 2016-17, this was fixed at 6.31%. Acceptable credit history required.
Loans for International Students
As a first step, we encourage all international students to look for sources of funding in their home countries.
If you are unable to obtain funding in your home country, Prodigy Finance accepts loan applications from international students attending SOM who do not have a U.S. co-signer. Quorum Federal Credit Union offers educational lines of credit and will also accept 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. Information about Prodigy and other lenders can be found at 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.)
Private Educational 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.