With undergraduate, medical, law, and business schools consistently ranked amongst the top in the nation (and recently 12th in the world), your education at Yale will come with no lack of prestige. That said, it also won’t come for free, so figuring out how to pay for Yale should be at the top of your priority list once you receive the coveted acceptance letter.
How much does it cost to attend Yale?
Undergraduate tuition for the 2015-2016 academic year at Yale cost $47,600. With nearly $20,000 in living and other expenses, this brought the total cost of attendance to $65,725.
MBA tuition at the Yale School of Management in 2015-2016 was $61,500, with additional expenses bringing the total yearly price to $88,500. Law school tuition in the same year was $55,800 for an estimated total of $78,326.
Medical student tuition for the 2016-2017 school year was $57,629, regardless of which year of the program students were in. Living and other expenses, however, differ by the year in school. First-year students should budget a total of $82,052, while second and third year budgets are closer to $90,000; the fourth year budget is $86,333.
What kind of financial aid does Yale offer?
Yale refers to scholarships and grants that need not be repaid as “gift aid.” There are three types of gift aid, including the Yale Scholarship, merit-based scholarships, and entitlement grants.
The Yale Scholarship is need-based and can range from hundreds to tens of thousands of dollars per year. In the 2015-2016 school year, the average Yale need-based scholarship was $43,989.
Yale does not award undergraduate merit scholarships, but rather encourages students to research and apply for merit grants from external organizations such as private companies, employers, and nonprofits.
Entitlement grants are awarded by organizations not affiliated with Yale, and are based on “federal need, city or state of residence, or affiliation with an employer”. In the case you are awarded an entitlement grant, your Yale scholarship will be reduced accordingly.
MBA students have many options when it comes to paying for their degree. In fact, 73% of Yale MBA students receive financial aid. Applicants are automatically considered for dozens of merit-based scholarships and fellowships, and a full third of admitted students receive a merit scholarship. For those students who take out federal or private student loans and go on to work in public or nonprofit sectors, Yale’s Loan Forgiveness Program (the most generous loan forgiveness program amongst business schools) may help reduce the burden of loan payments.
In addition, students pursuing their own startup after graduating may be eligible for the Entrepreneurial Fellows Program, which allows payments to be deferred for up to two years, during which time Yale makes the interest payments on the loans on behalf of the student.
Many students at the number one law school in the United States receive scholarships and financial aid. In the 2015-2016 academic year, 71% of students received some sort of aid and 57% of students qualified for need-based scholarships. Yale Law School does not award merit-based scholarships but urges students to research external scholarship options.
Similarly, students at Yale’s School of Medicine will be considered for need-based scholarships, and should look into external scholarships should they wish to pursue merit-based grants. In that case that you are awarded an external scholarship, those funds will be used to replace your parent contribution and loans, rather than your Yale scholarship.
What kinds of extras should I expect to pay for at Yale?
Yale encourages students to go without a car on campus, touting the free shuttle system and other methods of transportation to and around campus. If you can’t live without your car, keep in mind you’ll need to apply for a permit (they are limited) and pay nearly $1,000 for a year of parking. Beyond parking, don’t forget about the other costs of bringing a car, such as gas and insurance.
Think about how you’ll spend your time outside of class and be sure to account for those expenses. Will you be traveling to Manhattan frequently for more lively weekends? Flying home to escape the winter? And, on that note, needing to purchase a new set of warm clothes to survive the negative temperatures? The typical travel and other expenses are accounted for in your estimated cost of attendance, but keep in mind anything above and beyond that you might be purchasing.