GBS Loan Programs

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 each year, for the life of the loan. In 2017-18, this was fixed at 6.0%.

Federal Direct Student Loan Application Instructions 

Submit the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov  using your prior year’s 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 Direct PLUS loan and private loans.

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.