Yale Announces Undergraduate Term Bill for 2004-5
Yale University announced today that undergraduate tuition and room and board for the 2004-5 academic year will total $38,850, an increase of five percent over the current term bill.
“The term bill for next year, along with revenue from the endowment and other sources, will allow Yale College to provide an outstanding educational experience for its students,” said President Richard C. Levin. “Yale will also ensure through its financial aid policies that it meets the financial need of new and current students.”
Yale College tuition for 2004-5 will be $29,820 and the charge for room and board will be $9,030. Tuition in the current year is $28,400 and the charge for room and board is $8,600, for a total of $37,000.
Yale admits all students without regard to their ability to pay for their education-a policy called “need-blind” admissions-and meets the full demonstrated financial need of all students. All financial aid offered by Yale is based on need.
The average annual scholarship grant from Yale to its students on financial aid is $21,500 and the top grant is $37,300. Nearly 40 percent of undergraduates receive financial aid from Yale. The financial aid budget for Yale College is more than $43 million for 2003-4, an increase of 12 percent over the previous year. Yale expects its total undergraduate financial aid budget to increase by more than 10 percent in 2004-5. 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.
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. The expected term-time earning/loan component for 2004-5 will be $4,200, which is well below the levels that were in effect several years ago. 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.