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Yale improves undergraduate aid programs for fourth time in six years

By on October 28, 2021 0

Yale College Dean Marvin Chun and Dean of Undergraduate Admissions and Financial Aid Jeremiah Quinlan have announced a further expansion of Yale’s financial aid policies that will take effect for the 2022-2023 academic year. The most significant change reduces the student share – the amount students are expected to contribute towards their studies at Yale – by 34% for most students receiving financial aid.

Under the new policy, a need-based Yale scholarship and an affordable parent-sharing expectation will cover the full cost of tuition, accommodation, meals and travel for all families receiving assistance, said Scott Wallace-Juedes, Director of Undergraduate Financial Aid. Yale will expect students to cover only the cost of their own books and personal expenses, such as outings, laundry, and other necessities.

This change represents a new investment of over $ 3 million per year that will directly benefit undergraduates, ”said Wallace-Juedes. “For a typical student receiving financial aid, the new policy will reduce costs and increase the amount of the Yale scholarship by $ 7,500 over four years.”

Meet the need, without a loan

Yale College Financial Aid Scholarships are calculated by assessing a family’s financial need against an overall estimated cost of attendance that includes both billed and unbilled expenses for an academic year. Expenses billed include tuition, accommodation and meal plan; unbilled expenses include a personalized travel budget and a standardized estimate of $ 3,700 for the cost of books and personal expenses that a student is likely to incur while on campus. This estimate comes to about $ 500 per semester for books and $ 100 per week for necessities and outings.

Every family whose income and assets demonstrate that they cannot afford the full cost of attendance receives Yale financial aid with three streams: a Yale scholarship, a parent’s share, and a student share. For the current academic year, 54% of students received needs-based grants from Yale, and the average grant is over $ 60,000.

Under the new policy announced, the student share will be set at $ 3,700 per year for all students receiving financial aid. Previously, the student share was $ 3,700 for high financial need students, $ 4,450 for other assisted first year students, and $ 5,950 for other assisted senior students.

Wallace-Juedes explained that $ 3,700 is an estimate – not a requirement – and that all families decide for themselves how to split the costs between students and parents / guardians. Students who spend less than $ 3,700 during the academic year can plan to earn or contribute less to expenses. Students who receive additional scholarship funds from outside sources can also receive up to $ 3,700 annually as reimbursement from Yale through their student account.

Yale College doesn’t expect parents earning less than $ 75,000 a year – with typical assets – to contribute to the cost of raising a child. Financial aid scholarships for these families are called zero parental share and they cover the full cost of all billed expenses – tuition, accommodation, meal plan, and hospital insurance. Many students from families with annual incomes over $ 200,000 are also eligible for needs-based assistance. Yale scholarships range from a few thousand dollars to over $ 80,000 per academic year. They are based entirely on the financial needs of a family.

Increased socio-economic diversity at Yale College

Jeremiah Quinlan, dean of undergraduate admissions and financial aid, expressed his enthusiasm for the new policy and said he hoped it would help students from more diverse backgrounds consider Yale.

The reduction in the student share simplifies the allocation of financial aid and makes it easier to communicate with prospective students, ”said Quinlan. “Needs-based financial aid is – by nature – complex, but we strive to send a clear message to all students: if you are admitted, the cost will not be a barrier for your family. “

Quinlan highlighted some of the admissions office’s recent outreach efforts to promote Yale’s commitment to affordability, including a successful targeted postcard campaign, web and social media strategy directing families to the MyinTuition Fast Cost Estimator, and a new affordability poster that was mailed to over 24,000 high schools this fall.

According to Quinlan, these efforts, combined with the office’s use of the College landscape tool, new programs for first-generation and low-income admitted students, and recent improvements in financial aid – have dramatically increased the socio-economic diversity of the undergraduate student body. The number of Yale College students receiving a Federal Pell Grant for Low-Income Families has grown by more than 70% since 2014 to more than 1,100 current undergraduates.

Yale College’s generous financial aid policies enable our mission to educate exceptionally promising students from all walks of life, ”said Dean Chun. “Our aid program is one of the largest in the country, and it facilitates the invaluable educational benefits that come from enrolling a truly diverse student community. I am grateful to President Peter Salovey, Rector Scott Strobel and many colleagues in the investment, budgeting and financial aid offices. I also want to thank the countless alumni, relatives and friends for their generous gifts. ”

A story of increasing access and affordability

The new enhancements are the latest in a long line of policy changes that have made Yale more affordable for students from low- and middle-income families.

Between 2006 and 2020, the average price paid by families receiving financial assistance fell 17% in nominal dollars and 35% after adjusting for inflation, even as Yale’s forward bill increased by 67%. % in nominal dollars. In 2005, 43% of Yale College students graduated with loan debt; last year, only 15% of senior graduates chose to take out a loan. Since 2006, Yale College’s annual financial aid budget has more than tripled from $ 59 million to over $ 218 million.

In 1966, Yale became the first private research university in the United States to adopt a blind admissions policy and to commit to fully meeting the demonstrated financial need of every admitted American student. Over the past 20 years, this commitment has grown considerably:

2001: Yale is committed to meeting all the financial needs of all international students and undocumented students.

2008: Yale cuts average costs for families receiving aid by more than 50%; increase scholarships to eliminate loans from financial aid scholarships; sets the parental share at zero for families earning less than $ 60,000 per year.

2010: Yale is raising the threshold for nil parent stock awards to annual income of $ 65,000.

2016: Yale cuts student share levels by 15%, creates additional $ 2,000 “seed grants” for low-income students without any parent share.

2018 Yale is further improving the zero parental share awards with hospitalization insurance coverage and a reduction in the student share.

2020: Yale is raising the zero parental share threshold to $ 75,000 and further reducing the student share to $ 3,700 for students receiving these grants.

2021: Yale is investing an additional $ 3 million per year to reduce the student share level to $ 3,700 for all students receiving financial aid.

Prospective students can estimate their cost to attend Yale in under three minutes with the MyinTuition fast cost estimator online.

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