Loans
U.S. Federal Student Loans
U.S. Citizens and permanent residents are eligible to apply for federal student loans. To apply for a loan, you must complete the Renewal FAFSA and submit a copy of your 2007 federal income tax return to the Financial Aid Office by April 1, 2008.
Stafford Loans
Stafford loans have a fixed interest rate of 6.8%. Students may borrow a total of $33,000 through the Stafford Loan program, depending on other financial aid received. The Subsidized Stafford loan is need-based and the maximum any student is eligible to borrow is $8,500 per year. The government pays the interest on the Subsidized loan while you are in school and during the grace period following graduation. The Unsubsidized loan may be borrowed up to $24,500 (if the maximum of the Subsidized loan was borrowed) or up to a maximum of $33,000 depending on the amount of the Subsidized loan. The interest accrues on the Unsubsidized loan while in school and during the grace period. The grace period is 6 months. The interest does not compound, and it is added to the principal balance at repayment. Eligibility for the Subsidized Stafford loan is based on your financial need as determined by your FAFSA report.
Perkins Loan
The Perkins loan is a federal subsidized loan with a fixed interest rate of 5%. The amount awarded is dependent on the availability of funds each year. Yale is the lender on the Perkins loan and no application is required. There is a 9-month grace period on the Perkins loan following graduation.
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