Yale University is a prestigious Ivy League schools located in New Haven, Connecticut. The name Ivy League should be familiar to most, if not all people reading this article. It is associated with fame, prestige, and success. The quality education at Yale does back the name value of the Ivy League, and you can see that by just looking at their alumni.
Among students that have graduated from this university, five became U.S. Presidents, nineteen became U.S. Supreme Court Justices, and over thirty people are billionaires. In this article, we will be looking at Yale University Scholarships and Financial Aid so that you can afford your studies at Yale.
The following is an interesting quote from Jeremiah Quinlan, who is the Dean of Undergraduate Admissions: “If you get into Yale, we feel sure that cost will not be a barrier in your decision to attend.” From this quote, you know that you will be able to afford Yale University financially once you get into Yale, which is the very difficult part.
There are over 5,000 undergraduate students in Yale currently. These students receive an average of $53,000 in Yale scholarships each year. That is a huge sum of money as a financial award. In addition, these students can be taught by world-class faculty at Yale, some having won prestigious prizes such as Nobel Prize and Pulitzer Award.
So, let’s get started with Yale Scholarships.
How Yale University Scholarships Are Awarded
Scholarships at Yale University are awarded completely based on need. Unlike most universities, there are not merit scholarships, athletic scholarships, and talent-based scholarships such as theatre or music scholarships. They feel that there are no need to recruit because these students come to them. This is how scholarships are awarded on other Ivy League Schools as well as prestigious private schools as well.
Also, Yale University Scholarships cover 100% of the demonstrated need of all students admitted. This includes U.S. Citizens, Permanent Residents, undocumented students, and even international students. The demonstrated need is the difference between the cost of attendance and how much your family can pay (We will be discussing how they calculate this in the next section).
Next, Yale University is completely need-blind for all students. Need-blind means that the amount of demonstrated need does not affect your admission outcome at all. In some universities, how much financial aid you require does affect your admission outcome.
For example, a university can decline a student because they required too much aid and would have accepted the student if they required, let’s say, $10,000 less per year. However, this is not the case with Yale, and you do not have to worry whether or not your financial need will affect your admissions because it won’t.
Finally, Yale University does not award loans as part of the financial aid package. There are many universities that award loans to help students to cover the cost of attendance, but Yale University only offers scholarships and grants, which do not need to be repaid.
How Yale University Scholarship Amount is Determined
Now, let’s take a look at how Yale University determines your scholarship amount. You will need to submit financial forms (FAFSA and CSS Profile) to Yale University to apply for financial aid. Then, based on your responses to these financial forms, Yale University will determine your Expected Family Contribution (EFC). Then, it will take the difference between the cost of attendance and your EFC and award that amount as your Yale Scholarship!
The primary factor into consideration is your family financial income. Also, your family’s assets, debt, number of siblings, number of siblings currently in college, and other financial factors are considered. The number of siblings in college surprisingly is a huge factor in determining your financial aid, and if you have one or more siblings in college currently, you will receive a big boost to your Yale University Scholarships. They know that it is a huge burden on your family to send both children to college at once, so they take this factor into consideration.
Yale Scholarships in Numbers
To give you a better sense of how much Yale University gives in scholarships, here are some statistics about the financial aid:
- As mentioned before, there are over 5,000 undergraduates receiving an average of approximately $52,000 in scholarships each year.
- If your family makes less than $65,000 per year with typical assets, you will be receiving a fully funded scholarship, which includes full tuition, room, and board.
- If your family makes from $65,000 – $100,000 per year, you will be expected to contribute approximately $5,000 a year toward the cost of attendance, which includes personal costs and travel costs as well.
- If your family makes from $100,000 – $150,000 per year, you will be expected to contribute approximately $15,000 per year toward the cost of attendance.
- For other family income, visit Yale Scholarship Page!
How to Apply for Yale University Scholarships
So, I hope that you get a sense of how scholarships at Yale works now. To apply for a scholarship, you will need to submit FAFSA and CSS Profile to Yale. The FAFSA code for Yale is 001426 and CSS code is 3987. As stated before, Yale needs these documents to calculate your EFC. You will also need to file financial forms such as your parents’ tax income statements through IDOC, which is run by the College Board.
You will need to submit these documents by the following deadlines: Early Action is November 9 and Regular Decision is March 1. However, you should turn these financial forms early just to be safe so that you won’t feel rushed!
Net Price Calculator
If you want to get an estimate of your Yale scholarship, you can do so in less than 5 minutes! How? By using the Yale Net Price Calculator. This will ask you simple questions to give you an estimate. Please note that this is a good estimate and can differ greatly in real life.
I hope that this article on Yale University Scholarships and Financial Aid was helpful. If you are from Connecticut, I recommend that you visit Connecticut University Scholarships Category first then look at scholarships in other states. If you are not from Connecticut, you should visit Authority Scholarships Website and see scholarships in your state. Then, feel free to look at the information on universities outside your state.