At its meeting in February, the Yale Corporation approved a 4% increase in undergraduate tuition for the 2015-2016 school year and reaffirmed its longstanding commitment to keeping a Yale education accessible and affordable to the most talented students from around the world, regardless of family income.
The Yale College term bill for the 2015-2016 academic year will be $62,200, including $47,600 for tuition, $8,200 for room, and $6,400 for board.
Students receiving financial aid will not see an increase in the amount they pay because aid packages are automatically adjusted to compensate for changes in the term bill. The average grant for a student receiving need-based financial aid from Yale this year is $41,250. The median net price — the amount students and families actuallypay for their education — for these students is $11,925.
“The net price for students on financial aid is up only $301, in real dollars, over the past 10 years. That is a remarkable statistic,” said Provost Benjamin Polak. Caesar Storlazzi, the university director of financial aid, noted that Yale’s average grant award is higher than all of the schools in its peer group of Ivy League schools and other leading private research universities, and Yale’s average net price is lower than most.
Yale is one of the most affordable colleges in the country for families making less than $200,000 in annual income, Storlazzi noted, and is significantly less expensive than attending a top public university, even as an in-state student. For a family with an annual income under $65,000 and typical assets, Yale requires no parental contribution toward the cost of the student’s education. In the current academic year, 52% of students receive need-based aid from Yale, and more than 64% of Yale undergraduates receive financial assistance from Yale or an external source.
“Thanks largely to the generosity of our alumni, Yale continues to be a leader in the world of higher education in making an undergraduate education accessible and affordable to students and families,” said Jonathan Holloway, dean of Yale College. Last month saw the launch of Access Yale, a two-year initiative to raise $200 million for financial aid at Yale.
As part of their financial aid package, students are expected to contribute between $4,475 and $6,400 per year from their earnings during the summer and part-time campus jobs during the school year. The current student contribution levels will not increase in 2015-2016.
Based on the financial information a student’s family submits, Yale develops a financial aid package that enables students and families to meet the full cost of attendance without requiring loans. Reflecting Yale’s comprehensive financial aid commitment, 84 percent of the students in the Yale College Class of 2014 graduated free of any loan debt. Of those who chose to borrow, the average cumulative debt was $14,853. Both the percentage of Yale College students graduating with debt and the average debt burden at graduation have declined dramatically over the last 10 years.