Loans
Students will most likely need to take out loans to cover the full cost of attending Yale School of Forestry and Environmental Studies. We provide both federal and private loans that are often independent of family income and maybe to used to borrow up to the full cost of Yale FES tuition.
Yale University participates in three federal loan programs: the Stafford and the Perkins and the Grad PLUS programs. To qualify for these loans, a student must meet the following requirements:
Graduate students are eligible to borrow up to $20,500 in Stafford loans, of which up to $8,500 may be subsidized by the federal government. Perkins loans, capped at $6,000, are available to students who demonstrate need beyond the level of a subsidized Stafford loan. While Stafford loans are available to all eligible borrowers, Perkins loans are limited by available funds. For more details on these programs, refer to the government Website.
Federal Loans
Yale University participates in three federal loan programs: the Stafford and the Perkins and the Grad PLUS programs. To qualify for these loans, a student must meet the following requirements:
- A U.S. citizen or eligible non-citizen.
- Registered with Selective Service (see www.sss.gov for more information).
- Attending a participating school.
- You must be working toward a degree or certificate and making satisfactory academic progress.
- You must not owe a refund on a federal grant or be in default on a federal education loan.
- You must have financial need (except for unsubsidized Stafford Loans).
- You must not have any drug convictions.
Graduate students are eligible to borrow up to $20,500 in Stafford loans, of which up to $8,500 may be subsidized by the federal government. Perkins loans, capped at $6,000, are available to students who demonstrate need beyond the level of a subsidized Stafford loan. While Stafford loans are available to all eligible borrowers, Perkins loans are limited by available funds. For more details on these programs, refer to the government Website.
Graduate PLUS Loan
The recently passed Deficit Reduction Act of 2005 will allow Graduate and Professional students to borrow under the Federal PLUS loan program beginning with the 2006-07 aid year. The PLUS (Parent Loan for Undergraduate Students) was previously available only to the parents of dependent undergraduate students. Beginning July 1, 2006, Graduate/Professional students may borrow from the PLUS program as well. Students may borrow the difference between the total cost of education (including books, fees, and personal expenses) minus any financial aid the student will receive. The interest rates are fixed at 8.5%.
To be eligible for this loan program, you must:
- You must be a Graduate/Professional student enrolled at least half-time in a matriculated program.
- You must be a U.S. citizen or eligible non-citizen
- You must complete a 2006-07 FAFSA.
- You must first borrow the maximum annual amount through the Federal Stafford Loan Program ($20,500).
- PLUS Loan borrowers are also required to pass a basic credit check.
- You must not be in default on an education loan.
- You must be registered with Selective Service, if required.
Repayment begins within 60 days after the final disbursement of each loan for the loan period for which you borrowed; there is no grace period. The maximum repayment period is 10 years, and the minimum monthly payment is $50.00. You may be eligible to defer payments as long as you are enrolled at least half-time. Students may also receive in-school deferment and be eligible for 6 month forbearance to align entry into repayment with Stafford loans. A loan fee of 3%, which is deducted proportionately from each loan disbursement, will also be charged. For more details on these programs, refer to the government Website.
