Director of Financial Aid Caesar Storlazzi announced today that Yale will further expand the financial aid initiatives rolled out earlier this year designed to support low-income students.
The financial aid initiative launched earlier this year included start-up funds for students with the highest financial need and a reduction of the student effort portion of the financial aid package — the amount of money students on financial aid are expected to pay toward their Yale education. Under the new policies, all incoming freshmen whose parents make under $65,000 and who have typical assets will receive a $2,000 “start-up fund” for freshman year to support essential purchases — like that of a computer or winter clothing — as well as a $600 annual allowance for the following three years, in addition to their full Yale scholarship.
Also, these students will only be expected to provide $1,700 as part of their summer income contribution during the sophomore, junior, and senior years – a contribution 35 percent less than that of most students on financial aid.
Today’s announcement comes almost exactly a year after Yale announced reductions in the student effort portion of the financial aid package last December. Yale has also increased funding for other financial aid programs, including a $1,000 first-year allowance for high-need freshman international students, and a $1,500 annual vacation allowance for all international students on financial aid. The latter grant is designed to support travel, housing, and meals for International students on financial aid during the holiday breaks.
According to Storlazzi, the student effort portion of the financial aid package will not increase for the 2017-18 academic year, marking the second consecutive year with no increase in the student effort in spite of the expansion of Yale’s financial aid budget.
Director of Undergraduate Admissions Jeremiah Quinlan noted that the new financial aid initiatives “help to solidify Yale’s commitment to ensuring that costs are never a barrier to students who are offered admission. We stand by this commitment even as the college expands and includes more students from lower socio-economic backgrounds.”
Earlier this week Yale also announced its partnership with the American Talent Initiative, a new nationwide cooperative effort which aims to increase the amount of low-income students at top schools by the year 2025.