Loan Information

There are many types of loans used at the Yale School of Medicine to help students fund their educations, including The Federal Direct Loan Unsubsidized, Graduate Plus Loans, Yale Alumni Loan (MD students only), Perkins Loan, and Private Lender Loans.

The Federal Direct  Loans, Federal Graduate Plus Loans and Private Lender Loans require a Master Promissory note from the Department of Education. The Perkins Loan, Loans for Disadvantaged Students, and Yale Loans require a signed promissory note. Yale will provide promissory notes to any student who has received one of these loans after the financial aid award.

Types of Federal Loans & Yale Loans

  • A low-interest loan from the Federal Government.
  • Interest will accrue on this loan while you are in school. The interest will be capitalized when you are no longer a fulltime student or you have graduated.
  • This is not a need-based program, although you cannot borrow more than the difference between the cost of attendance and all forms of financial aid, including any Federal Direct Subsidized Loans.
  • Depending on your need, you may borrow up to $20,500 a year, less any Federal Direct Subsidized Loan for which you may be eligible (medical students may borrow $40,500).
  • The total amount Federal Direct Loan you may borrow as a graduate or professional student is $138,500 (medical students may borrow up to $189,125), including the remaining balance of any Federal Stafford or Direct Loan borrowed at the graduate and/or undergraduate level.

Terms and Conditions

  • Interest Rate is 5.41%.
  • You will be responsible for all interest accrued on this loan from the date of disbursement. Your repayment will begin six months after graduation or withdrawal from school, at which time you must begin to repay the loan.
  • A Federal loan origination fee of 1.072 percent and a guaranty default reduction fee of up to 1 percent will be deducted from the amount requested.
  • You must attend entrance and exit interviews and complete the necessary forms, including Master Promissory note, before the loan will be disbursed.
  • A low-interest loan arranged by the Federal Government.
  • Interest will accrue on this loan while you are in school. The interest will be capitalized when you are no longer a fulltime student or you have graduated.
  • This is not a need-based program, although you cannot borrow more than the difference between the cost of attendance and all forms of financial aid, including any Federal Direct Loans (both subsidized and unsubsidized).
  • Depending upon your need, you may borrow up to the cost of your education.

Terms and Conditions

  • Interest Rate is 6.41%.
  • You will be responsible for all interest accrued on this loan from the date of disbursement.
  • Repayment will begin immediately, within 60 days of the loans disbursement; however, you are able to defer payment on the loan if you apply for an in-school deferment.
  • A Federal loan origination fee of 4.288 percent and a guaranty default reduction fee of up to 1 percent will be deducted from the amount requested.
  • You must attend entrance and exit interviews and complete the necessary forms, including promissory note, before the loan will be disbursed.

This loan program is available to students who have exceptional financial need. The school determines the amount awarded based on both financial need and availability of funds.

Eligibility Criteria

  • You must demonstrate exceptional financial need.
  • You must not be in default on any student loan.
  • You must be a citizen or permanent resident of the U.S.
  • You must be enrolled or accepted as a fulltime student.
  • Parent information must be provided.
  • Available resources from student and parent are used to determine need.
  • You must certify that you have registered with Selective Service or that you are not required to be registered.
  • You must demonstrate satisfactory academic progress (SAP).

Terms and Conditions

  • The interest rate is 5 percent.
  • Entrance and exit Interviews are required.
  • This loan is interest free while you are enrolled in school and during the 12 month grace period while the student is in school or during authorized deferment periods.

If you are awarded Loans for Disadvantaged Students, your promissory note will be generated after you have accepted your financial aid award and returned the forms requested in your original financial aid package.

The Financial Aid Office administers these loans from a variety of institutional funds and other Yale-controlled funds such as specially endowed or named loan programs. The selection of one or more types is coordinated through the Financial Aid Office and depends on your financial need and other criteria (interest in a particular field, etc.). This loan program requires a creditworthy co-signer who is a citizen or permanent resident and cannot be either a student or your spouse. No separate application is required. If you are selected as a recipient of one of these loans, you will be notified on your award letter.

This is a need based program and only available to those who qualify according to the Need Access analysis. This is a Yale-administered loans and are authorized by the Director of Financial Aid. If you are awarded Yale Medical School Loans, your promissory not will be generated after you have accepted your financial aid award and you have returned all other the forms in your original financial aid package. No loan will be credited to your account until the note is signed. All loans must be signed before the end of the school year. If you will be away from the Yale campus for a long period, you should give the Financial Aid Office an address where you can be reached.

Because the signing of any loan note carries with it the obligation of repayment after graduation, you should discuss the provisions of the various programs with the Director of Financial Aid and with counselors at the Student Loan Office. It is important for you to have a long-range loan plan so you know what is expected of you and can plan ahead.

Click here to view the Truth in Lending certification statement and the application and solicitation disclosures.

Terms and Conditions

  • Interest Rate is 7.5%
  • Co-Signer is required and must be a U.S. Citizen or Permanent Resident
  • Loan is interest free while you are in school
  • Grace period of 6 month
  • Up to 2 years of deferments while in residency
  • 10 years to repay the loan

Yale University has made the Yale Graduate & Professional International Loan available to students who are not U.S. Citizens or Permanent Residents. The financial aid office administers these loans.

  • Interest will accrue on this loan while you are in school. The interest will be capitalized when you are no longer a full time student or you have graduated. The interest will capitalize after periods of forbearance and or deferments.
  • This is a need-based program, and you cannot borrow more than the difference between the cost of attendance and all forms of financial aid, including any Scholarship from within or outside of Yale.
  • Terms and Conditions

    • Interest rate is 7.75%
    • You will be responsible for all interest accrued on this loan from the date of disbursement. Your repayment will begin six months after graduation or withdrawal from school, at which time you must begin to repay the loan
    • A loan origination fee of 5 percent will be deducted from the amount requested.
    • You must attend entrance and exit interviews in the Student Loan Office and complete the necessary forms, including promissory note, before the loan will be disbursed.

    If you are awarded at Yale Graduate & Professional International Loan, your promissory note will be generated after you have accepted your financial aid award and returned the forms requested in your original financial aid package.

Private Loan Lenders

For those students who need additional funds to support their educational costs, there are Private Lender Loans available, please visit the Elm Select Alternative Loan List.