Loans

GSAS participates in both federal and private loan programs. Please find loan information for these programs below.

Types of Loans

Federal Loans

• Must be a US Citizen or Permanent Resident
• You must file a FAFSA. If you have not already done so, you may complete the FAFSA online form using Yale University’s school code (001426) to direct the results to Yale electronically.
• Contact gradfinaid@yale.edu for a Graduate Loan Application.
• Complete, sign, print, and scand the Graduate Loan Application and send it as an attachment to gradfinaid@yale.edu.
• Once we receive the information requested above, we will be able to determine how much you are eligible to borrow.
   
• Federal Direct Unsubsidized Loan:
  • Students attending fall and spring terms may borrow up to $20,500 per year.
  • This loan is not credit based.
  • The interest rate for 2025-2026 is 7.94%.
  • The origination fee (loan processing fee) is 1.057%
• Federal Direct Graduate PLUS loan:
  • In addition to your Unsubsidized loan, you may borrow a Graduate PLUS loan up to your cost of attendance.
  • The interest rate for 2025-2026 is 8.94%.
  • The origination fee (loan processing fee) is 4.228%.
  • For every $100 you borrow in a Graduate PLUS loan, approximately $96 will be applied to your Yale Student Account, since $4 goes towards the origination fee.
  • A simple credit check is required for this loan.

If eligible, the Federal Direct Unsubsidized Loan will be awarded first. The maximum loan amount is $20,500. Any additional need would be borrowed through the Graduate Plus Loan. There is an origination fee of 1.057% that is deducted at the time of disbursement of loan funds to your Yale student account. Students eligible to borrow Federal Direct Unsubsidized loans are responsible for paying the interest that accrues. Repayment is deferred until after the student borrower has graduated or otherwise terminated enrollment in a degree-granting program.

Entrance Counseling/Interview and Master Promissory Note(s)
Once a Federal Loan has been approved and processed, you must complete an Entrance Counseling/Interview. The interview is required by the federal government to be sure that student borrowers understand the terms and conditions of the loans. You will also need to complete and sign a Master Promissory Note. Please note that if you borrow both the unsubsidized loan and the GradPlus Loan, a Master Promissory Note must be completed for each loan. You will receive instructions on how to complete the Entrance Counseling/Interview and the Master Promissory Note at a later date. Your loans cannot be disbursed without completing these requirements. You can access the Entract Counseling/Interview and Master Promissory Note at StudentAid.gov.

Private Loans

In lieu of Federal loans, you may wish to explore an alternative (private) student loan. Private loans are available to U.S. and non-U.S. citizens. Alternative loans are offered by many private lending institutions, but the terms and conditions can vary significantly. If you are considering an alternative student loan, you may shop around to find a program that best suits your financial needs. When shopping for a lender, you should review all terms and conditions carefully: these can vary significantly from one lender to another. Some considerations when selecting a lender include: interest rates; guarantee and origination fees; how often the interest is capitalized (i.e., how often interest is added to the principal to create a new balance on which future interest is calculated); whether there is a grace period and how long it is; what the credit criteria are; whether a cosigner is required; possible incentives in repayment, such as interest rate rebates for timely repayment; and deferment options. Alternative (private) student loans require Yale certification and need analysis; therefore, you must complete the Graduate School Loan Application.

A three-year historical list of preferred lenders is maintained by ELMSelect. This list is not exclusive and is provided for informational purposes only; it is not a recommendation. Students have the right to choose lenders not included on this list.

Before applying for an alternative loan, students should first determine how much aid they may receive from Federal, State, and Yale University sources. The Financial Aid Office advises students to consider borrowing Federal Direct Loans and/or Federal Direct PLUS Loans before seeking an alternative loan.

Under the Truth in Lending Act (TILA), lenders must provide borrowers with loan cost information for comparison purposes. Both Yale's Financial Aid Office and all lenders comply with TILA.

Your private education loan lender should provide you with the Private Education Loan Applicant Self-Certification Form.