*Net Cost is the difference between the Estimated Cost of Attendance (tuition, room, board, books, travel expenses and personal expenses) and a student’s scholarship grant(s) from all sources. Yale financial aid awards include a standardized Student Effort, which is an option to meet Net Cost. Scholarships from outside sources can reduce or eliminate the Student Effort. See additional details below.

** Most who qualify have multiple children in college.

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Understanding The Yale Financial Aid Award

Yale’s financial aid evaluation process is holistic. Financial aid officers review every aid application carefully to ensure they understand each family’s individual financial situation. Here is a general introduction to what is included in a Yale financial aid award.

Estimated Cost of Attendance: Tuition, room, board, books, travel expenses and personal expenses for one Yale student for one full academic year. Gift Aid: The Yale Scholarship, and any government or external awards. Gift aid does not need to be repaid. Estimated Net Cost: The amount a student and his/her family is expected to contribute towards the cost of a Yale education. Yale will calculate this number every year based on the information provided in a financial aid application.

Estimated Cost of Attendance - Gift Aid = Estimated Net Cost

Options to Pay Net Cost

The Estimated Net Cost determines the Expected Family Contribution. Yale suggests that students and their families meet the Expected Family Contribution with these components:

Parent Contribution:The amount a student’s parent(s) or guardian(s) are expected to contribute. The amount is dependent on a family’s income and assets. Many lower-income families will have a Parent Contribution of $0. Student Employment:The amount a student should anticipate contributing from term-time employment. For first-year students the suggested amount is $2,850 per academic year. For upper-level students the suggested amount is $3,350 per academic year. Student Summer Income:The amount a student should anticipate contributing from summer-employment income. For first-year students the suggested amount is $1,600. For upper-level students the suggested amount is $2,600. Student Asset Contribution:The amount of students’ own financial assets that they are expected to contribute. For students without any financial assets, the Student Asset Contribution will be $0.

Students and their parents work together to determine the right strategy for paying the net cost. Funds from outside merit-based scholarship awards can be used to reduce or eliminate the Student Employment and Student Summer Income.

Loans are not included in Yale’s financial aid awards, but students and parents may opt to take advantage of their eligibility for education loans as an alternative route to paying their net cost.

Understanding Expected Family Contribution (EFC)

The Expected Family Contribution is not the amount that will appear on a Yale term bill. Rather, it is an estimate of the total Net Cost a family will pay to cover a student’s estimated expenses for one year, including indirect costs such as books and personal expenses.

Yale calculates the Expected Family Contribution through a holistic review process. As part of this process, Yale use a formula that considers the following:

Parents’ income

Parents’ assets (cash, savings, home equity, other real estate and investments)

Family size

Number of children attending college

Student’s expected income from summer and term-time jobs

Student’s assets (cash, savings, trusts, and other investments)

Yale also evaluates other circumstances, such as exceptional medical expenses, on a case-by-case basis.

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How to Apply for Aid

To apply for aid, most prospective students and their families will need to send three documents to the Student Financial Services Office. See the detailed instructions on the Undergradaute Financial Aid website for more information.

The Free Application for Federal Student Aid (FAFSA) Yale’s FAFSA code is 001426 The College Board CSS Profile Application Yale’s CSS Profile code is 3987. Applicants from low-income families with few assets automatically receive a fee waiver when completing the CSS Profile. Signed copies of the parents’ 2017 federal tax returns submitted through the College Board’s Imaging and Documentation Service.

There is no deadline to apply for aid, but Yale strongly recommends submitting these documents before March 1 to ensure that, if admitted, a student has an award letter in time to make a matriculation decision by May 1.