Frequently Asked Questions
- All applicants applying for institutional aid are required to provide parental financial information.
- All financial aid recipients are required to borrow an annually determined minimum amount—a unit loan—before becoming eligible for institutional scholarship funds.
- A debt management plan will help you keep your financial responsibilities from deciding your career path. Our goal is to enable you to choose a career that fulfills your intellectual, emotional and professional needs, regardless of salary.
- Financial aid applications must be submitted annually.
- Financial aid awards may change from year to year based on changes in family circumstances. The most common factors affecting the parents' contribution are taxable and untaxable income, assets, family size and number of siblings in college.
- Q: I have submitted all required information and documents, but the financial aid office does not have a record of them. How can this happen?
A: The best way to avoid problems is to:
Enter the student's name and Student ID at the top of every form.
- Be sure to use the correct financial aid office mailing address:
Office of Financial Aid
Yale School of Medicine
367 Cedar St.
New Haven, CT. 06510
- Be sure the correct educational institution has been entered when completing the Need Access form for the Supplemental Needs Analysis.
- Be sure the correct FAFSA federal institution code number has been entered in section Step Six, lines 86-97 (001426)
- Q: Because I am required to complete a Needs Access Application form so early, may I estimate income?
A: Yes. Adjustments (if necessary) will be made on the basis of the actual information listed on the income tax return submitted later with the financial aid application.collapse
- Q: What forms must be provided to document income information?
A: Signed copies of income tax returns submitted to the Internal Revenue Service, including Form 1040 (if submitted), as well as copies of all schedules completed for the IRS. If either Form 1040A or 1040EZ was submitted, copies of those forms must be provided. If no tax return was filed, a statement of earnings and documentation of earned income must be provided. In all cases, W-2 Forms are required.collapse
- Q: How should I complete a FAFSA for more than one school?
A: Complete the FAFSA form on the FAFSA website. List all the schools you want to receive the results.collapse
How Your Financial Aid is Determined
- Q: Can you give me an overview of how financial aid at the Yale School of Medicine is determined?
Our Philosophy and Policies
All financial aid at The School of Medicine (YSM) is need based and this policy helps to ensure that YSM will be accessible to talented students no matter what their resources. The Financial Aid Office is committed to working with families in determining a fair and reasonable family contribution and will meet the full demonstrated need of every student including international students for all years.
The goal of the financial aid program is to provide qualified students with the financial assistance they need to attend Yale without it posing an overly burdensome financial hardship. This policy has long been a cornerstone of the Yale's "need blind" admissions process.
By selecting students based on their merits, without regard to their financial circumstances, we are able to enroll a student body of exceptional quality and diversity.
Fundamental to our commitment to meet full need is the expectation that you and your parents together will assume the initial responsibility for meeting the cost of education.collapse
- Q: Who receives financial Aid at YSM?
A: Applicants from a range of socio-economic backgrounds may be eligible for need-based aid. We understand that each family has unique circumstances that may warrant consideration for financial assistance.
- In the 2012–2013 year, 86.70% of all School of Medicine students received financial aid from all sources.
- Q: How does need based financial aid work?
How Need-based Financial Aid Works
The School of Medicine (YSM) determines financial need by subtracting a family contribution from the cost of attendance, which includes tuition, room, board, books, supplies, technology fee, student activity fee, personal expenses, transportation and health insurance. YSM meets 100% of demonstrated financial need.
Cost of Education
The cost of attendance used in the financial need calculation includes direct and indirect expenses. In addition to the tuition, room and board (if living on-campus), Yale health insurance, technology fee, and student activity fee for which you will receive a bill from Yale, we also include estimated allowances for non-billed expenditures such as books, supplies, transportation, and personal expenses. These non-billed costs are standard amounts and the actual amount you spend on these items may be different depending on your personal spending habits and choices. The budget will not be increased if you spend more than the allocated amount for a budget item.
Cost of Attendancehttp://medicine.yale.edu/education/finaid/md_program/budget/index.aspx
Expected Family Contribution (EFC)
The Financial Aid staff carefully analyzes the documents required for an aid application and calculates a family contribution based on federal and institutional methodology. The formula that we use measures the family’s ability to contribute toward medical school costs and expects a contribution from your parents. If your parents are divorced, we require the information from your custodial parent and step-parent (if applicable). If your parents are separated, we require the information from both parents. When you file the Need Access Application, Yale will receive an estimated calculation of your family’s expected contribution toward the college costs. We will review this estimate and may make adjustments according to YSM policies and any additional information or special circumstances that you may submit. The calculation considers factors such as:
- Parents’ total income, both taxable and non-taxable
- Parents’ assets (cash, savings, home equity, other real estate and investments)
- We do not include the amount of savings in retirement accounts
- Family size and number of children attending college
In addition to a parent contribution, the Estimated Family Contribution (EFC) also includes a student contribution, which consists of a contribution from a student's own assets, if appropriate, along with a student income contribution. We expect a minimum student income contribution from first and second year students.
The unit loan is the first portion of every student's need-based financial aid award. The loan type and amount of the unit loan are determined each year by the Financial Aid Committee. In order to receive Yale Alumni Scholarship, you must borrow the full amount of the “unit loan”. The only exception is if you are receiving outside scholarships or research funding.
Financial Need = Cost of Attendance - Expected Family Contribution
To calculate financial need, the sum of the parents' and student's contribution is subtracted from the cost of attendance. The difference is the "demonstrated financial need" and is the basis of all financial aid awarded to any Yale student.
Total Estimated Expenses $71,640* Expected Family Contribution Parent Contribution $10,000 Student Income Contribution** $2,500 Student Asset Contribution $250 Total Family Contribution $12,750 FINANCIAL NEED $58,890 Sample Financial Aid Award Unit Loan*** $24,500 Yale Alumni Scholarship $34,390
* Based on 2012-2013 first year student budget
** Minimum for first year student in 2012-2013.
*** $8,500 Unsubsidized Direct Loan, $4,500 Perkins Loan, $11,500 Yale Alumni Loan
If you expect to receive scholarships from outside agencies, benefits from a government agency such as the Veterans Administration or from your parent(s) employer, these must be reported to the Financial Aid Office so that we can adjust your financial aid award.collapse
- Q: How are the components of the student budget determined?
A: Tuition is set each year at a level proposed by the provost of the university in consultation with the dean of the School of Medicine, and ultimately approved by the Yale Corporation, the governing body of Yale University. Other items in the student budget (room and board, personal transportation, health insurance charges, student fees, and other expenses) are determined by various officials within the School of Medicine and the University.collapse
- Q: How are "resources" determined?
A: Financial information is gathered from three principal sources: The Need Access Application (including parents financial information); the Free Application for Federal Student Aid (FAFSA) for students who are US citizens or permanent residents; or the CSS International Application for those who are not US citizens or permanent residents, and the Yale School of Medicine Financial Aid Application. Based on all this information, an "available resources" figure is calculated. This figure includes two components: the student's contribution and the student's family's contribution.collapse
- Q: How are loan and scholarship amounts determined in a financial aid award?
A: For the 2012-2013 academic year, need up to $24,500 was met with educational loans. This amount is called the "unit loan." Any need above the $24,500 unit loan is met with Yale scholarship funds. Please note that the unit loan may change each year.collapse
- Q: Once my financial aid is awarded, can the amount of loans and/or scholarship change?
A: Yes. Any time your financial situation changes, your financial aid award is subject to change. Examples of items that will impact your financial aid award are:
- You list on your application that you and a sibling will be enrolled in school for the upcoming academic year, but it turns out that only you are enrolled. This would increase the parental contribution and decrease your scholarship eligibility.
- If you receive research funds, the amount you receive is considered a resource and will reduce your scholarship eligibility.
Any time your financial situation changes, you must notify the Financial Aid Office. The information will be reviewed and, if necessary, an adjustment to your award will be made.collapse
- Q: How do I find out information about outside scholarships?
A:Students should visit the AAMC, https://www.aamc.org/ and the AMA, http://www.ama-assn.org/ama/pub/education-careers/becoming-physician/ama-financial-aid.page for information on potential outside scholarship sources. Students are encouraged to check with their local towns for potential scholarship funding sources as well. The Financial Aid Office receives scholarship information from various organizations periodically throughout the academic year. Students are notified about these scholarship opportunities via emailcollapse
- Q:How do outside scholarships affect my financial aid package?
A:Any outside award is first applied towards parent contribution and then toward loan reduction, starting with the institutional loans in a student's financial aid package. The Yale Alumni Scholarship is the last award that is impacted by receipt of outside scholarships.collapse
- Q: I'm in a combined degree program with another Yale school. How will my financial aid package change from year to year as I leave one program and join another?
A: Several joint degree programs are available to medical students. The MD/PhD program normally takes at least six years to complete. Other joint degree programs normally take a year less than taking the two degrees separately (an exception is the MD/MPH). For purposes of tuition charges and financial aid administration, each school is responsible for a specific number of semesters. Eligibility for student loans during a joint degree program depends on the length of the program.
MD/PhD (jointly offered with the Yale Graduate School of Arts and Sciences)
MD/PhD students pay 3.5 years (7 semesters) of tuition to the School of Medicine and 2.5 years
(5 semesters) to the Graduate School of Arts and Sciences. The MD/PhD program is funded by the National Institutes of Health (NIH) and Yale University. You can get information about costs, tuition support, and stipends from the MD/PhD Office.
MD/JD (jointly offered with the Yale Law School)
During the 6-year program, MD/JD students pay 3.5 years (7 semesters) of tuition to the School of Medicine and 2.5 years (5 semesters) to the Law School. Costs and financial aid awards for each of the 12 semesters will depend on the school of enrollment for that semester.
The MD portion of the program is funded by the School of Medicine, and the JD portion by the Law School. Costs and financial aid policies of each school apply during their respective semesters of responsibility.
MD/MPH (jointly offered with the Yale School of Public Health)
Students in the 5-year MD/MPH program must meet the admissions requirements of the one-year Master's Degree Program in Public Health (http://publichealth.yale.edu/admissions/programs/joint/index.aspx).
MD/MPH students begin as MD students and complete the MPH curricular requirements during their 5th year. MD/MPH students pay one half of the School of Medicine tuition during the year they attend EPH. The MD portion of the program is funded by the School of Medicine and the MPH portion by the School of Public Health. Costs and financial aid policies of each program apply during their respective semesters of responsibility.
MD/MDiv (jointly offered with the Yale Divinity School)
During the 5-year program, MD/MDiv students pay 3.5 years (7 semesters) of tuition to the School of Medicine and 1.5 years (3 semesters) to the Divinity School. The MD portion of the program is funded by the School of Medicine and the MDiv portion by the Divinity School. Costs and financial aid policies of each school apply during their respective semesters of responsibility.
MD/MBA (jointly offered with the Yale School of Management)
During the 5-year program, MD/MBA students pay 3.5 years (7 semesters) of tuition to the School of Medicine and 1.5 years (3 semesters) to the School of Management. The MD portion of the program is funded by the School of Medicine and the MBA portion by the School of Management. Costs and financial aid policies of each school apply during their respective semesters of responsibility.collapse
- Q: I'm planning to take a 5th year. Will my financial aid package be reduced that year, since I won't be paying tuition or taking classes? If so, what can I do to minimize my expenses?
A: A student's decision to take a 5th year must first be approved by the Associate Dean for Student Affairs. After a decision regarding tuition charging has been made, the student must complete a Tuition Specification Form and submit it to the Office of Financial Aid. Students must be enrolled at least half-time to be eligible for financial aid.
Extended-study tuition options
Students not taking a full course load but attending at least one class at Yale or elsewhere and/or doing an approved research project toward the thesis requirement will be charged according to one of the options listed below.
- Pay full tuition for four consecutive years
- No tuition for the 4th and final year
- Continuing Registration fee for the 4th year
- Students are not eligible for Yale scholarship or Yale Alumni Loan aid in the year in which the registration fee is paid, but are eligible for loans to cover expenses.
Option #2 - Split Tuition
- Pay ½ tuition for 5th and 4th year
- Pay ½ of the registration fee in each of these two years
- Q: How much money would disqualify me for financial aid?
A: Students who have access to resources (including both their own and their parents' contributions) equal to the entire annual budget would not be eligible for financial aid.collapse
- Q: What if I earned money during the academic year? How will this affect my financial aid award?
A. Below is the Yale School of Medicine policy on how we incorporate earnings into the financial aid award:
In accordance with Federal Regulations, the Medical School is required to create a Standard Student Budget. The reason is that all students should be treated equally except under special circumstances. Special Circumstances include Medical Expenses not covered by the Health Insurance or emergency need such as a family illness that requires the student to travel home more than usual. Once the Standard Student Budget is established for the School and Class a student will attend, the Financial Aid Award is calculated based on Need only. The Financial Aid Office calculates Need by subtracting the Expected Family Resources from the Standard Student Budget. All Need is covered by scholarship and/or loans. On some occasions, the need also has a component from in-school earnings.
Students can earn money while enrolled at the Yale School of Medicine. All income earned during the academic year by a student must be reported to the Financial Aid Office, no matter what the source. The Financial Aid Office incorporates the earnings into the financial aid award for the period of enrollment that a student earns the funds.
Funding can come from a variety of sources. The student can receive funding from Yale University, Federal Funds or Research Grants. Examples of where the funds come from are as follows:
- Teaching Assistant
- Resident Monitors
- Working with the Audio Visual Department
- Individual projects.
- Working on special projects for the Dean(s)
- Working for Admissions
- Working for Professors
- Armed Forces Scholarship Program
- National Health Service Corps
- MD/PhD program.
- One Year Research
- Short term Research where they are paid by the quarter.
Impact on Financial Aid Award
When the Financial Aid is calculated for an academic period, the amount of earning a student will have during the period of enrollment is taken into consideration when determining how much they can contribute towards their education.
Known Prior to Original Financial Aid Award
When calculating the Original Financial Aid Award, if the amount of funding or earnings a student will be receiving during that academic year period is available and/or known to the Financial Aid Office, it is incorporated into the original Financial Aid Award.
Known After Original Financial Aid Award
When calculating the Original Financial Aid Award, if the amount of funding or earnings a student will be receiving during that academic year period is not available and/or not known to the Financial Aid Office, it will not appear on the original Financial Aid Award.
Once the Financial Aid Office is advised of the income, either through the Research Office, Business Office or other sources, it will be incorporated into the Revised Financial Aid Award.
You may choose to have the "Income" earned while you are enrolled replace the Total Resources expected from you and your family or reduce the loans already listed in your Financial Aid Award.
Because the Federal Expected Family Contribution is calculated based on Base Year Income, if we do use the funds earned during the academic year the funds are earned, we will make the necessary adjustments to income on the FAFSA and recalculate the Federal Expected Family Contribution by the amount of earnings per individual.
The examples listed below are based on a Third Year Student on a 12-month Budget in the 2013-2014 academic year. The student is receiving an additional $5,000 in a research grant.
The adjustments do not change your Financial Aid Award. The adjustments shift the components of your Revised Financial Aid Award.
Revised Award 1
The "Income" earned reduces the Total Resources required from the student and their parents.
Original Financial Aid Award Revised Award 1 Budget $83,290 $83,290 Total Resources* $ 9,000 $ 4,000 Need $74,290 $74,290 Scholarship $49,290 $49,290 Loans $25,000 $25,000 Other (Research) $0 $ 5,000 Total Award $74,290
Revised Award 2
The "Income" earned reduces the amount the student borrows in loans.
Original Financial Aid Award Revised Award 2 Budget $83,290 $83,290 Total Resources* $ 9,000 $ 9,000 Need $74,290 $74,290 Scholarship $49,290 $49,290 Loans $25,000 $20,000 Other (Research) $0 $ 5,000 Total Award $74,290 $74,290
* Total Resources is the amount shown on your Financial Aid Award as the Federal Expected Family Contribution - Student Contribution and Parental Contributioncollapse
- Q: Does my status as an "independent" taxpayer or a "dependent" on my parents' tax return have an impact on the financial aid package I'll receive? Does my tax status matter?
A: According to Federal Regulations all graduate and professional school students are considered independent. It doesn't matter if you are claimed as an exemption on your parents’ tax return. Students are considered dependent for Yale Financial Aid regardless of tax filing status, age or marital status.collapse
- Q: Who determines what factors are taken into consideration when calculating financial aid and the details of financial aid algorithms?
A: The parameters for most calculations are determined at the federal level by Student Financial Aid and the Access Group. In some cases, those calculations are made by the Financial Aid Policy Committee of the School of Medicine.collapse
- Q: Where can I find more information on the School of Medicine's financial aid policies?
A: Your best source is the Financial Aid Bulletin, which is available at www.medfinaid.yale.edu. Click on "Book & Bulletin" in the menu on the left of the Office of Financial Aid home page. In addition, the Director of Financial Aid is available to answer your questions. Issues related to financial aid policy should be brought to the Financial Aid Policy Committee through the committee's chair, Dr. Laura Ment.
Parents' Income Information & Contribution
- Q: My parents are not going to contribute to my medical education. How do I cover the expected parent contribution?
A: Students may borrow Unsubsidized Direct Loan and Graduate PLUS loan to cover their expected parent contribution. International students have the option to borrow the Yale Graduate and Professional International Loan to cover their expected parent contribution.collapse
- Q: If my parents are divorced, do I need to provide financial information from both parents, or just from the custodial parent?
A: You will need to submit the information on the custodial parent. If the custodial parents is remarried, you must provide the information from your step-parent. The custodial parent will remain the same for all years that you are applying for financial aid.collapse
- Q: If my parents will not contribute, or if my parents refuse to provide any financial information, what are my options for financial aid?
A: As an independent student, you may cover unmet financial need with a Federal Direct Unsubsidized Loan, Graduate PLUS Loan, or through private loans.collapse
- Q: Why do married students have to submit financial information from both their parents and spouse? Is this required even if my parents don't contribute to my education?
A: YSM considers all available family resources when determining a student’s financial need for institutional funds. This policy ensures that the criteria in the awarding of need-based institutional funds are the same for all students.collapse
- Q: My spouse lives elsewhere and will not be moving to New Haven because he/she has a good job. How will this affect my financial aid?
A: Living expenses of student and spouse incurred during the academic period will be considered, provided that documentation of all expenses (including rent, food, utilities, etc.) for both households is submitted. An affordable contribution amount will then be determined, in accordance with federal regulations. Students should contact the financial aid office before assuming that they will not be eligible for aid because they are married. This assumption is often incorrect.collapse
- Q: May the spouses of student enroll in the Yale Health Plan?
A: Yes, a spouse of a student is able to enroll in the Yale Health Plan. However, if the spouse is a student in another school they are not eligible for the Yale services. We recommend that you contact that office directly with all of your questions on health insurance.collapse
Cost of Attendance & Budgeting
- Q: I need to purchase a computer. Are there financial aid funds available for this expense?
A: Students may borrow up to $2,500 in additional unsubsidized loans to purchase a computer, for school. A receipt of the computer purchase must be provided to the Financial Aid Office. Students interested in this option should speak with a financial aid staff member prior to the purchase. Note: requests for additional funding are limited to one such purchase increase during tenure at YSM.collapse
- Q: I ended this semester with extra money. May I use it to repay interest from my private loans? How do I do that?
A: Students with extra money at the end of the semester should pay down interest (on any type of loan) that accrued while in school. Then, if money remains, students should reduce the principal on their highest-interest loan. This can be done directly through the lender. The Financial Aid Office should be notified if a student uses extra money to reduce the outstanding principal on any loans.collapse
- Q: If we take out loans for more than tuition (to pay for rent and other expenses) when and how do we receive that money? Is this the money that is listed as "credit" on our statement?
A: Refunds of credit balances in student accounts must be requested on the Student Information Systems web site at http://www.yale.edu/sis. Log in to the Main Menu, the Student Accounts tab and then Refund Request from Student Account.
The fastest and most convenient way to receive a refund is by direct deposit to your personal checking account (for banks located within the United States only). You need only enroll on the Direct Deposit Authorization web site. Go to http://www.yale.edu/sis/. Select the Login option. After logging in, select the Student Accounts tab and then select Direct Deposit Authorization. Then, for the duration of your stay at Yale, any time you request a refund, the funds will be electronically deposited into your personal checking account within two banking days from the time we send the information to the national Automated Clearing House (ACH) system. All such direct deposit refund information will be sent to our bank for the ACH system one time (at mid-afternoon) each day (other than bank holidays) that our Cashier’s Office is open. Yale will automatically send an email to you each time that a refund is sent electronically to your checking account. It is your responsibilityto verify the availability of funds in your checking account before you make any transactions (writing checks, etc.).
Refunds by check will be available in the Cashier’s Office three business days after we notify you via email. Refund checks will not be mailed. For your protection, you will always be asked to present your valid Yale identification card when being served by the Cashier’s Office.
NOTE: Your student account is not to be used as a bank account. Please do not make recurring partial refund requests on an as-needed basis from your student account. If such a pattern becomes apparent, the Cashier's Office may, at its discretion, refund the full available credit balance on your account.
If you have any questions, contact Student Financial Services at (203) 432-2700, press 1, or firstname.lastname@example.org
- Q: Since I need a car to get to third-rotations, may I use federal loan money to buy one?
A: The cost of buying a car may not be added to a student's budget, according to federal regulations. However, the School of Medicine increases third- and fourth-year standard student budgets to cover transportation and other costs associated with rotations (the increase will not cover the purchase of a car).collapse
- Q: How would buying a house in New Haven affect my financial aid package?
A: This relates to how home equity is taken into consideration in calculating resources. Here's how it works:
Single Family House: If adjusted gross income is less than $125,000, home equity for a single-family house is not considered in calculating a student's (or parents') contribution from assets.
Multi-Family House: Because a multi-family house is defined as a business, home equity is considered, regardless of income. It is considered an asset because rent is collected, and the student (or the student's parents) must include the rent as income on tax returns.
Additional Sources of Funding
- Q: What are the sources of scholarship funds?
A: Most School of Medicine scholarship funds come from income generated by the school's endowment. Over the years, donors, including alumni, faculty members, and other friends of the school, have contributed to the financial aid programcollapse
- Q: Do you notify students about outside scholarships?
A: The Financial Aid Office sends emails to students whenever a scholarship becomes available for which medical students might be eligible.collapse
- Q: What happens if I am awarded an outside scholarship?
A: Students may receive scholarships specifically defined to cover their education costs, such as the MD/PhD program, an Armed Forces Scholarship or the National Health Service Corps Scholarship. Such scholarships increase the student's available resources, which in turn decreases the student's need. This means the total financial aid award must be decreased by the scholarship amount.
Scholarships from other outside sources will reduce first the parental contribution and then the loan obligations in the financial aid package, starting with the highest interest-rate loans. Only after all loan obligations have been eliminated, will the outside scholarship affect the Yale scholarship award.
Types of Loans & Basic Questions About Borrowing
- Q: What kinds of educational loans are available?
A: Federal Direct Unsubsidized Loans and Perkins Loans when available, Graduate PLUS Loan, Yale School of Medicine Alumni Loan, and various private lender loans. Each type of loan has its own requirements and features, and it is helpful to be aware of the differences.collapse
- Q: What is a Master Promissory Note?
A: A Master Promissory Note is a contract the student signs when taking out federal loans, including a Federal Direct Loan, Graduate PLUS and Perkins Loan. The Master Promissory Note also covers federal loans the student may receive for future enrollment periods. It is a legally binding agreement that the borrower signs promising to repay the loan, with interest, in installments. It may be signed either in writing or electronically.collapse
- Q: Can I consolidate loans at today's low interest rates?
A: As of April 1, 2006, no student who is enrolled in school may consolidate his/her loans while enrolled in school. Once you have graduated, you are allowed to consolidate but because the loans have fixed interest rates, you may actually increase your interest rate if you take advantage of this option.collapse
- Q: What happens to my financial aid if I take a leave of absence (LOA)?
A: Students not attending classes or working toward the requirements of the MD degree at Yale or elsewhere will be charged a registration fee for that year and will not be eligible for financial aid. All loans will go into repayment during the leave of absence. Students must make all necessary payments to avoid defaulting on loans. Students enrolled in another school during their leave of absence from the School of Medicine should secure any loan deferments to which they are entitled.
Students who are in default at the time they return from LOA status to fulltime status at the School of Medicine are not eligible for any form of financial aid.
Students on leave of absence are responsible for their own health insurance costs.