Yale unveiled a new service on Wednesday that will allow prospective applicants to easily calculate how much financial aid they might be entitled to if they enroll as undergraduates.
MyinTuition, a service used by 29 other American universities, asks students to submit information about their families’ finances in order to produce low, best and high estimates of what portion of the total sticker price their families would likely have to pay. The service will complement the more in-depth net price calculator that Yale has offered for more than five years. Unlike the net price calculator, which requires detailed information from sources like tax returns and checking accounts, MyinTuition asks only six simple questions and takes about three minutes to complete, according to the Office of Undergraduate Admissions.
“MyinTuition is a real game-changer for our outreach efforts,” Director of Undergraduate Financial Aid Scott Wallace-Juedes said. “The tool cuts through the jargon and gives families exactly what they need to feel comfortable when considering a college. A family can get an estimate in just a few minutes without any paperwork.”
MyinTuition was developed by Wellesley College economics professor Phillip Levine. Levine’s service asks users for only nine pieces of information, including their family’s total annual income before taxes, the current market value of their home and the total cash balance in parental savings or checking accounts.
The calculator originally launched at Wellesley in 2013 and was quickly adopted by other schools, including Columbia University and Dartmouth College.
“Our extraordinary financial aid policies are the centerpiece of a commitment toward socioeconomic mobility and positive social change,” Dean of Undergraduate Admissions and Financial Aid Jeremiah Quinlan said. “But scholarships alone don’t produce the kind of change we seek. We have a responsibility to help every high-achieving student in America understand that a Yale education is affordable. I believe these efforts will ultimately strengthen and diversify the Yale student body and will help make the next generation of leaders and scholars as diverse as our country.”
Director of Outreach and Communications Mark Dunn added that Yale’s own analyses and national research reveal that there are “thousands of high-achieving students from lower- and middle-income families” who do not consider applying to Yale and other colleges because they are not aware of financial aid opportunities. Dunn said MyinTuition is “a powerful way to reduce the anxiety that prevents some students from realizing their potential.”
To advertise the tool, Dunn added, he is planning a “large-scale outreach strategy” that will entail messaging prospective students, high school counselors and even parents. The Admissions Office will also mention MyinTuition in this year’s targeted direct-mail campaign to high-achieving low-income students, which has recently been expanded to reach more than 30,000 high school students across the country.
In 2000, Yale became one of the first colleges in the U.S. to offer need-blind admission to international students.
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