Yale Announces 2010-11 Term Bill; Maintains Position Among Least Expensive Ivy League Institutions
Yale University today announced undergraduate term bill increases and expected financial aid improvements for the 2010-11 academic year that continue its position among the most affordable Ivy League institutions.
The Yale College term bill – covering tuition, room and board – will increase 4.8 percent to $49, 800, among the lowest of Ivy League institutions. In addition, the University expects financial aid expenditures to increase more than 10 percent with an average Yale scholarship totaling more than $35,000. With the measured increase and continued financial aid, Yale remains committed to ensuring all admitted students, regardless of family finances, can attend Yale College.
“When Yale’s endowment was growing rapidly, we consistently kept our term bill increases lower than our peer institutions, allowing the families of all Yale College students to benefit from our extraordinary prosperity,” Yale President Richard Levin said. “Although this year’s increase is larger than those of recent years, full-paying families will still pay much less than the total cost of a Yale education. Parents of students receiving financial aid will not experience any increase in the amount they contribute to support their children’s education.”
For the past three years, Yale has kept its term bill increases below the average of its primary comparison group: the Ivy League schools, Stanford University and MIT. According to the Association of American Universities Data Exchange, Yale had the lowest total cost (term bill plus fees) of the eight Ivy universities this year, and was 23rd of the association’s 26 private university members.
Despite the global economic downturn, Yale is committed to its fully funded need-based financial aid program. Yale financial aid packages do not require a loan; however all students receiving financial aid are expected to contribute to their education. This “self-help” expectation will increase from $2,600 to $3,000 for 2010-11. Students may choose to earn the self-help contribution through campus jobs, which pay an average of $12.50 an hour.
Over the last decade, the number of students receiving scholarship grants from Yale has increased from 35 percent to the current 55 percent. The total aid budget over that time has increased by 264 percent, compared to a 44 percent increase in the term bill.
“Although our endowment has declined due to the global economic downturn, we have preserved both the extraordinary quality of a Yale College education and a far-reaching financial aid commitment matched by few other institutions,” Provost Peter Salovey said. “An increase in the term bill is necessary, but it is important to note that the education of every Yale student is subsidized, thanks to the generosity of all those who support the University.”