Admission to the School of Architecture is determined without regard to a student’s ability to pay the full cost of his or her education. The School’s financial aid policies are designed to maximize the financial assistance to all students with demonstrated need, as determined by the Financial Aid Office.
A student’s financial need, considered to be the total cost of education less the student’s resource contribution, is first met with an established level of self-help. For students with financial need beyond the established level of self-help, the School of Architecture will award a need-based scholarship. Awarded need-based scholarship is determined by the higher of the two following methods of calculation.
An Individual Resource Scholarship is intended for students who do not wish to or who are unable to provide parental resource information. In an effort to equitably award available need-based scholarship among qualified students, the award amount for Individual Resource Scholarships has an upper limit and in some cases, therefore, may not fully cover a student’s financial need. A Family Resource Scholarship is intended for students who wish to and are able to provide parental resource information. For a student with limited family resources, a Family Resource Scholarship may yield a higher scholarship award than an Individual Resource Scholarship. Submitting parental resource information will not affect the calculation of an Individual Resource Scholarship award.
Applicants who wish to apply for financial aid and who are U.S. citizens or permanent residents must complete and submit an “Application for Financial Aid” by February 1, 2013. This form is available here. In addition, applicants who wish to apply for financial aid and who are U.S. citizens or permanent residents must complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. The Yale School of Architecture’s FAFSA code number is 001426.
If no parental information is provided, a student will be considered for only an Individual Resource Scholarship.
If a student would like to be considered for a Family Resource Scholarship, parental income and asset information regarding both parents must be provided in the FAFSA. For separated, divorced, or unmarried parents, one parent may complete the FAFSA, and, if so, the other parent must complete and submit a “Parent Financial Statement.” Parents who do not wish to complete the FAFSA must complete and submit a “Parent Financial Statement.” Parental information submitted in the “Parent Financial Statement” will not be released to students without parental consent. The Parent Financial Statement and must be submitted directly to the School’s Financial Aid Office.
The deadline for completing the FAFSA application is February 1, 2013. Estimated income may be used to complete these applications in order to meet the February 1 deadline. Because scholarship money and some loan funds are limited, students who miss this deadline may jeopardize their eligibility for financial aid. Students who correctly complete their applications in a timely manner can expect to receive a financial aid determination with an offer of admission.
Self-help may require the use of student loans. The Federal Direct Loan has a fixed interest rate of 6.8 percent. There is an origination fee of 1 percent. Students may borrow up to $20,500 through an unsubsidized Federal Direct Loan. The student bears the responsibility for interest on the unsubsidized loan, which may be paid as it accrues or it may be capitalized.
Federal Perkins Loans have a fixed interest rate of 5 percent, and the interest does not accrue until after a nine-month grace period after graduation has elapsed. Because funding for the Federal Perkins Loan is extremely limited, Yale University requires the student to borrow the maximum Federal Direct Loan before a Federal Perkins Loan can be awarded. Students may borrow up to $6,000 per year in a Federal Perkins Loan, provided funds are available.
Graduate students who have completed the Free Application for Federal Student Aid (FAFSA) are eligible to borrow under the Federal Direct Graduate PLUS Loan program up to the cost of attendance minus other financial assistance. Requirements include a determination that the applicant does not have an adverse credit history. This loan carries a fixed interest rate of 7.9 percent and an origination fee of 4 percent. Interest is not subsidized by the government and may either be paid monthly while enrolled or capitalized (added to principal) upon graduation or while on leave or separation from the University. Payments on principal are deferred while students are enrolled. Payment on this loan begins 45 days after graduation, on leave, or separation from the University. A complete description of this loan with payment options can be found at www.federalstudentaid.ed.gov.
After admission to the Yale School of Architecture, students are required to complete a verification process, which includes submission of the student’s federal tax returns, a School of Architecture Verification and Loan Form, and, if a Family Resource Scholarship is awarded, the parents’ federal tax returns. In addition, matriculating students who applied for a Federal Direct Loan or a Perkins Loan will be required to have an online entrance interview before any loan proceeds can be disbursed. The School reserves the right to adjust a student’s financial aid award if the actual income or asset information of the parent, student, or spouse is different from the original information estimated on the financial aid application(s). In addition, all awards are contingent on the student meeting the general eligibility requirements specified by the U.S. Department of Education, including satisfactory academic progress requirements. Applicants in default on a student loan will not be eligible for any financial aid until the default status has been cleared and documentation provided to the Financial Aid Office.
Students on financial aid are required to reapply for financial aid each spring for the following academic year. Barring any significant changes in a student’s financial circumstances (including parental information for students with a Family Resource Scholarship), students can generally expect their need-based scholarship awards to be renewed in subsequent years. However, scholarship awards continue only through the normal length of time required to complete the program of study to which the student was admitted.
Refer to the section on Financial Aid for International Students.
All students are encouraged to aggressively seek additional funding beyond what is available from the School of Architecture. One of the most helpful Web sites to search for third-party scholarships is www.finaid.org.
Students must advise the Financial Aid Office of all additional awards received (scholarships, grants, loans, teaching assistantships, teaching fellowships, etc.) in order to comply with federal regulations as well as University policy. As a general rule, gift assistance up to $5,000 can be received without affecting the student’s need-based scholarship from the School of Architecture, although it may be necessary to reduce the student’s loan(s). Outside assistance in excess of $5,000 may affect a student’s need-based scholarship from the School of Architecture.
Some state and private supplemental loan programs offer funds to students who require loan assistance in excess of the annual borrowing limits for the Federal Direct and Federal Perkins programs, or who are not eligible for either of these programs. The interest rate is generally tied to the prime or LIBOR rate, and a standard commercial credit analysis is required. A creditworthy co-signer may also be required.
All students receiving any form of financial aid from the School of Architecture and the University (Federal Direct Loans, Federal Perkins Loans, School of Architecture work-study jobs, scholarships) must maintain a satisfactory grade level in all courses and studio work. If a student does not obtain a satisfactory grade level, the appropriate portion of loans and scholarships within the term may be canceled and no further aid may be allocated until there is proof of improvement and/or completion of course and/or studio work.
Students who have additional questions regarding financial aid should contact the Financial Aid Office, Yale School of Architecture, PO Box 208242, New Haven CT 06520-8242, telephone 203.432.2291.
Eligible students are strongly encouraged to seek specific information about GI Bill Education benefits from the Department of Veterans Affairs at 888.442.4551 or www.gibill.va.gov. The Registrar’s Office will be happy to assist students with claims once they are enrolled.
For information on the Yellow Ribbon program, visit www.yale.edu/sfas/finaid/finaid-information/yellowribbon.html.