Note:

Financial Aid awards are based entirely on calculated need, where “need” is defined as the difference between the cost of attending Yale and the ability of the student and their family to pay this cost. Yale considers the financing of a student’s education to be a family responsibility, including the student, the student’s parents, and the student’s spouse/fiancé(e).

This policy has long been a cornerstone of the school’s “need blind” admissions process. By selecting students based on their merits, without regard to their financial circumstances, the school is able to enroll a highly qualified and exceptional student body.

The basic formula is:

• Budget – Resources = Need Budget = total cost for one year, including tuition, room/board, and all other estimated expenses
• Resources = funds available from the student, spouse, and the student’s family (usually parents)
• Need = difference between the total budget and total available resources

Once a student’s calculated need is determined, financial aid in the form of scholarship and loans is offered to meet the cost.

Need is first met with the unit loan, which is the amount a student is expected to borrow towards their educational expenses. Half of the unit loan is in the form of a Direct Unsubsidized loan, and the other half consists of a Yale Alumni Loan. For international students, the full unit loan consists of the Yale Graduate and Professional Loan for International students. Any remaining need above the amount of the unit loan is met with Yale scholarship funds. Beginning in the 2023-24 academic year, the unit loan is $10,000.

Any student receiving need-based scholarship from YSM is required to borrow the full amount of their unit loan in order to receive the scholarship. Students may also choose to replace the unit loan with a private educational loan or a loan from family members without jeopardizing their scholarship eligibility. To do this, the loan promissory note must be submitted to the Financial Aid Office.

Direct Unsubsidized and Graduate PLUS loans are available through the Department of Education. Yale Alumni loans, Graduate and Professional loans for International students and Loans for Disadvantaged Students are awarded based on eligibility. For more detailed information on federal student loans, please visit our loan page.

For those who prefer to borrow from private lenders, please refer to the loan comparison tool, available through our loan processing partner.

After submitting your completed financial aid application, you will receive an award letter notifying you of your financial aid eligibility. You must sign and return your letter, along with all accompanying paperwork in order to accept the award.

Both loans and scholarships are disbursed to your student account electronically by the start of each semester and are applied first to the charges on your bill. If your aid is more than what is needed to pay your bill, you may request a refund of the excess through the Yale Hub system. to use for living expenses and other educational costs. Funds are divided equally over the fall and spring semesters.

More billing information is available at the Student Accounts website.

Through its need-based financial aid program, the Yale School of Medicine makes an enormous contribution to the support of its students. If financial aid awards were based only on the resources of students, without taking parental resources into consideration, the needs of students from more affluent families would likely be equivalent to the needs of students from more disadvantaged backgrounds.

Because the total amount available for annual scholarships is finite, eliminating parental resources from the financial aid formula could result in sharply diminished scholarship support for students with the greatest real need. This in turn would inevitably reduce the school’s ability to attract a diverse and talented student body.

If either the student or the student’s parents decide not to contribute the amount of resources specified in the financial aid award, these funds may be replaced with unsubsidized loans, or the student may use outside scholarships to cover the contribution. We cannot offer or increase scholarship based on a family’s choice not to contribute.

However, if a family feels they cannot contribute due to additional expenses or other circumstances, and would like to appeal, you are welcome to complete and submit a Request for Review of Financial Aid Award, found on our forms and resources page.

If you would like us to review your award in order to consider a change in circumstance, you may complete and submit a Request for Review of Financial Aid Award, found on our forms and resources page.