Yale University Tuition and Fees

Yale University Tuition and Fees

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    By Kelly Boyer Sagert

    (Last Updated – 09/2022)

    Yale University is an elite Ivy League university in New Haven, Connecticut, known for its outstanding academics and competitive admissions process. In this guide, we’ll share insights into admission requirements, the Yale acceptance rate, tuition, financial aid, popular majors, and more.

    Total Cost of Attendance

    In 2021-2022, Yale University tuition and other expenses were as follows:

    •  Tuition and fees: $59,950, a 3.9% increase over the previous year

    •  Books and supplies: $1,000

    •  On-campus room and board: $17,800, a 3.5% increase over the previous year

    •  Other fees: $3,420

    •  Total expenses: $82,170, a 3.6% increase over the previous year

    Financial Aid

    More than forty years ago, Yale became the country’s first private research university to establish need-blind admissions, along with need-based financial aid, for undergraduates. The school says that one of their guiding principles is to make a Yale education something every student can afford.

    In the 2020-2021 school, 66% of first-time, full-time Yale undergraduates received some type of financial aid, with 58% receiving grants or scholarships, 39% getting federal grants, 21% receiving Pell grants, and 37% receiving other federal grants. Fifty-eight percent of Yale students received institutional grants or scholarships, 5% received student financial aid, and another 5% received federal student loans.

    Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

    Recommended: Scholarship Search – College Scholarships Finder Tool

    The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

    •  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.

    •  Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.

    •  Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.

    •  Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

    Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.

    You can find other financial aid opportunities on databases such as:

    •  US Department of Education – Search for grants from colleges and universities by state

    •  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

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    Private Student Loans

    In 2021-2022, less than 1% of students at Yale received private student loans with an average amount of $5,094.

    Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

    What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

    Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms.

    If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

    Recommended: Guide to Private Student Loans

    Projected 4-Year-Degree Price

    In 2021-2022, Yale tuition and fees cost $59,950. For four years at this price, Yale tuition and fees would equal $239,800. But keep in mind that these costs can rise.

    Here’s some Connecticut Student Loan & Scholarship Information for you.

    Undergraduate Tuition and Fees

    In 2021-2022, Yale tuition and total expenses were as follows:

    •  Yale tuition and fees: $59,950

    •  Total expenses for students on campus: $82,170

    Compared to the average total costs for a four-year, private university in the U.S. of $54,500 in 2020-2021, Yale University’s costs are 50.8% higher.

    Graduate Tuition and Fees

    In 2021-2022, Yale tuition for graduates was $45,700 with no additional fees.

    Cost per Credit Hour

    If undergraduates take 15 hours per semester, the cost per credit hour works out to $1,998.33. Graduate students, using the same formula, would pay $2,523.33 per credit hour.

    Campus Housing Expenses

    In 2021-2022, on-campus room and board cost $17,800. Each first-year student is randomly assigned to one of 14 residential units. Graduate students can choose between furnished dorm rooms or unfurnished apartments, and the university provides a helpful resource to compare dormitory and apartment life. Yale owns apartments to rent to graduates and provides a resource to search other apartments and homes. Find details here

    Yale Acceptance Rate

    Yale is extremely competitive. In fall 2021, 47,240 people applied and the Yale University acceptance rate was 5%.

    Yale Admission Requirements

    When you apply, you’ll need to include transcripts, two teacher recommendations, a counselor recommendation, and a mid-year report. Currently, ACT and SAT scores are optional.

    The early action deadline is November 1 of the year before the academic year. Regular decision applications are due on January 2 of the academic year.

    SAT and ACT Scores

    Yale University is test optional for fall 2023 enrollment. In fall 2021, 54% of applicants submitted SAT scores and 35% submitted ACT scores. The 25th and 75th percentiles were as follows:

    Subject

    25th Percentile

    75th Percentile

    SAT Evidence-Based
    Reading/Writing

    730

    780

    SAT Math

    750

    800

    ACT Composite

    33

    35

    ACT English

    36

    36

    ACT Math

    31

    35

    Yale Graduation Rate

    Yale graduation rates are as follows:

    •  4 years: 88%

    •  6 years: 97%

    Post-Graduation Median Earnings

    The median yearly earnings of Yale graduates is $88,655. That is 85.1% higher than the average annual earnings of graduates in the U.S., which is $47,891,

    Bottom Line

    Yale is a prestigious Ivy League university offering an exceptional education in a variety of fields. Yale University costs are higher than average, but the school’s need blind admissions policy creates opportunities for students from every economic background. The challenge is getting accepted: the Yale University acceptance rate is low and the admissions process is very competitive.

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    Photo credit: iStock/Rebecca Todd
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