Yale Announces Term Bill for 2003-04
Yale University announced today that undergraduate tuition and room and board for the 2003-04 academic year will total $37,000, an increase of 4.6 percent over the current term bill.
“In five of the last six years, Yale’s term bill increase was the lowest, or tied for the lowest, in the Ivy League,” said President Richard C. Levin. “Due to the reduced growth of the endowment this year, we are required to increase the term bill by a higher rate than has been the case in recent years. We will continue to make Yale affordable by meeting the full financial need of all admitted students.”
Yale College tuition for 2003-04 will be $28,400 and room and board will cost $8,600. Tuition in the current year is $27,130 and the charge for room and board is $8,240 for a total of $35,370.
Yale admits all students without regard to their ability to pay for their education – a policy called “need-blind” admissions – and meets the demonstrated financial need of all students. All financial aid offered by Yale is based on need.
The average annual scholarship grant from Yale to students on financial aid is $21,600 and the top grant is $35,400. Nearly 40 percent of undergraduates receive financial aid from Yale. The financial aid budget for Yale College is expected to exceed $40 million in 2003-04. None of this financial aid from Yale is in the form of loans or pay for campus jobs. Enhancements in financial aid policies at Yale in recent years have increased both the average student aid grant and the total budget for financial aid. Additional changes in the financial aid formula taking effect in 2003-04 will also increase Yale’s financial aid budget.
Students on aid at Yale are expected to pay a share of the cost of their education, and may elect to do so through a combination of term-time earnings, summer earnings and low-cost loans. Last year, Yale announced a significant reduction in the students’ expected contribution that would save students $13,780 over four years, or an average of $3,445 a year. The expected contribution from students for 2003-04 will remain well below the levels that were in effect for the 2001-02 academic year. A student’s financial aid grant is the difference between the term bill and the combination of the contribution expected from the student and the student’s family.