Financial Assistance | YSOA | Yale School of Architecture

Financial Assistance for the Master’s Programs

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.

Financial Aid for U.S. Citizens and Permanent Residents

Applicants who wish to apply for financial aid and who are U.S. citizens or permanent residents must complete and submit a Financial Aid Application by February 15, 2010. This form is available here (pdf). 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 included in the FAFSA application, 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 asset and/or income information must be included when completing the FAFSA application or submitted separately. For students whose parents do not wish to reveal their financial information to the student or for students with separated or divorced parents, parents may submit information separately by completing and submitting a “Parent’s Financial Statement” to the School’s Financial Aid Office. This form may be found here (pdf). Parental information submitted separately will not be released to students without parental consent.

The deadline for completing the FAFSA application is February 1, 2010. 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. Federal Stafford Loans have a fixed interest rate, 6.8 percent. Students with calculated financial need may borrow up to $8,500 through subsidized Federal Stafford Loans and up to an additional $12,000 through unsubsidized Federal Stafford Loans. The federal government will pay interest on the subsidized loan while the student is in school and for six months after the student leaves school. The student bears the responsibility for interest on an 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 has elapsed. Because funding for the Federal Perkins Loan is extremely limited, Yale University requires the student to borrow the maximum subsidized Federal Stafford Loan ($8,500) 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 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 8.5%, and a lender fee of 3 to 4% is deducted at the time of disbursement. 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.studentaid.ed.gov.

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.

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 and, if a Family Resource Scholarship is awarded, also the submission of the parents’ federal tax returns; a School of Architecture Financial Aid Application (normally mailed to the student in May); and a Federal Verification Form. In addition, matriculating students who applied for a Federal Stafford Loan (subsidized and/or unsubsidized) 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.

Financial Aid for International Students

Refer to the section on Financial Aid for International Students.

Additional Sources of Funding

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.

Other Loan Programs

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 Stafford 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.

Financial Aid and Grades

All students receiving any form of financial aid from the School of Architecture and the University (Federal Stafford 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.

Additional Information

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.

Benefits from the U.S. Department of Veterans Affairs

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.