Federal Direct Loans (US citizens and permanent residents only)
In general, the maximum annual loan amount is $20,500. The interest rate is fixed at 6.8% with an origination fee of 1.051%. (The increase in the origination fee from the previous 1% is due to the sequester as mandated by the Budget Control Act of 2011 and is effective for all loans disbursed after March 1, 2013.) There is
no credit check required. The standard repayment term is 10 years. A six month grace period immediately follows separation from school or otherwise dropping below half-time enrollment status at which time repayment is required. The interest accruing to the loans is the responsibility of the student, who may make interest only payments or choose to defer those payments until the expiration of the grace period, at which time the repayment of principal and interest is required. The loan is requested by completing and returning a loan request form available on our
Financial Aid Forms page. After initial processing, the loan will be assigned to one of four loan servicers contracted with the US Department of Education: FedLoan (PHEAA), Great Lakes, Nelnet or Sallie Mae.
Federal Direct Grad PLUS Loans (US citizens and permanent residents only)
In general, the maximum annual loan amount is the cost of attendance minus all other resources. The interest rate is fixed at 7.9% with an origination fee of 4.204%. (The increase in the origination fee from the previous 4% is due to the sequester as mandated by the Budget Control Act of 2011 and is effective for all loans disbursed after March 1, 2013.)
A credit check is required. The standard repayment term, grace period, and responsibility for the payment of accrued interest are the same as for Federal Direct Loans. The loan is requested by completing and returning a loan request form available on our
Financial Aid Forms page. After initial processing, the loan will be assigned to one of four loan servicers contracted with the US Department of Education: FedLoan (PHEAA), Great Lakes, Nelnet or Sallie Mae.
Yale International Loans (international students only)
In general, the maximum annual loan amount is the cost of attendance minus all other resources. The interest rate is fixed at 7.75% with an origination fee of 5%. There is
no credit check required. The standard repayment term is 10 years. As with Federal Direct Loans, the interest accruing from the time of disbursement is the responsibility of the student, who may make interest only payments while in school or request to defer those payments until separation from school or otherwise dropping below half-time enrollment status, at which time a six month grace period begins, followed by the required repayment of principal and interest. The loan is requested by completing and returning a loan request form available on our
Financial Aid Forms page. The Yale Student Loan Billing and Payment Office is responsible for the management and collection of the loan.
