Yale College term bill for 2018-2019 set at $69,430
Today Yale College announced the term bill for the 2018-2019 academic year, and reaffirmed its commitment to meet the full financial need of all undergraduate students, regardless of citizenship or immigration status. Dean of Yale College Marvin Chun and Director of Undergraduate Financial Aid Scott Wallace-Juedes also recently announced a series of new initiatives for financial aid recipients.
The Yale College term bill, which includes tuition, room, and board, will increase 3.8%, from $66,900 to $69,430. Tuition will be $53,430, and room and board for students who live on campus will be $16,000.
Wallace-Juedes explained that Yale’s financial aid awards move in step with changes to the university term bill. “Although the cost of a Yale education changes each year, students receiving financial aid can rest assured that their Yale financial aid award will continue to meet their full demonstrated financial need,” he said.
Currently, more than half of Yale undergraduate students receive a need-based Yale scholarship, and the average annual grant is more than $49,000. Yale’s financial aid awards meet 100% of demonstrated financial need without requiring students or their families to take out loans. The Office of Undergraduate Financial aid recently reported that nearly two-thirds of the student body (64%) received some form of financial assistance through a Yale need-based scholarship, external scholarship, or education loan, and more than 84% of the Yale College Class of 2017 graduated debt-free. Prospective students and families can quickly get a ballpark estimate of their Yale cost in less than three minutes with the new Quick Cost Estimator.
University Provost Benjamin Polak announced that Student Effort — the amount students receiving financial aid are expected to contribute toward their Yale education — will not increase for the 2018-2019 academic year. This will be the third consecutive year with no increase in Student Effort, even as Yale’s financial aid budget has expanded. The Provost’s Office anticipates that financial aid expenditures will increase more than 10% in the 2018-2019 academic year, up from almost $145 million in 2017-2018. The average scholarship award for aid recipients covers nearly the full cost of tuition.
In November, Chun announced the creation of the Domestic Summer Award, a new summer fellowship to support undergraduate students receiving financial aid while pursuing unpaid internships and other learning experiences with non-profit organizations, NGOs, government agencies, and practicing artists. The grants will provide students receiving need-based financial aid from Yale, with $4,000 to cover living expenses while completing an approved full-time unpaid internship during the summer after their first year, sophomore year, or junior year. The Office of Career Strategy, through its Common Good & Creative Careers team is currently reviewing and approving proposals for summer 2018.
For the third consecutive year, Yale will also expand financial aid for families with the greatest financial need. For several years Yale has not required parents earning less than $65,000 annually — with typical assets — to make any contribution toward the cost of a child’s education. Beginning in the 2018-2019 academic year, all students who qualify for one of these financial aid awards will also receive free hospitalization insurance coverage ($2,332 annually) and an additional reduction in Student Effort, beyond reductions announced in 2015 that set the summer income contribution for these students 35% lower than for others receiving financial aid.
Yale announced in 2016 that all students with this high level of financial need would also receive a $2,000 startup grant in their first-year, and $600 supplements in subsequent years. Yale also increased funding for other supplemental grant programs, which now include a $1,000 first-year allowance for freshman international students with high financial need, and a $1,500 annual vacation allowance for all international students on financial aid to support travel, housing, and meals during holiday breaks.
University Director of Financial Aid Caesar Storlazzi said, “As Yale College becomes larger and more diverse, our commitment to affordability remains the same. We are all grateful to Yale’s many donors for their generosity and Yale’s leadership for continuing to place need-based financial aid among the university’s top priorities.”
Over the past five years, the number of first-generation students and students receiving federal Pell Grants in the first-year class has increased by more than 60%.