Frequently Asked Questions

Financial Aid

Financial Aid awards are based entirely on calculated need, where “need” is defined as the difference between the cost of attending Yale and the ability of the student and their family to pay this cost. Yale considers the financing of a student’s education to be a family responsibility, including the student, the student’s parents, and the student’s spouse/fiancé(e).

• The Basic Formula: Budget – Resources = Need
  Budget = total cost for one year, including tuition, room/board, and all other estimated expenses
  Resources = funds available from the student, spouse, and the student’s family (usually parents)
  Need = difference between the total budget and total available resources

• Need is first met with the unit loan, which is the amount a student is expected to borrow towards their educational expenses. Half of the unit loan is in the form of a Direct Unsubsidized loan, and the other half consists of a Yale Alumni Loan. For international students, the full unit loan consists of the Yale Alumni Loan.

• Any remaining need above the amount of the unit loan is met with Yale scholarship funds. The unit loan is $10,000. Any student receiving need-based scholarship from YSM is required to borrow the full amount of their unit loan in order to receive the scholarship. Students may also choose to replace the unit loan with a private educational loan or a loan from family members without jeopardizing their scholarship eligibility. To do this, the loan promissory note must be submitted to the Financial Aid Office.

Will YSM match my award if I get a significantly better offer from another school? All financial aid at YSM is need-based, and assessed according to the family’s financial situation. Your award cannot change unless there is a change in family circumstance, or you are able to provide additional information or clarification. You are welcome to submit a request for a review, and we are happy to take a second look. We cannot match merit awards from other schools.

• Direct Unsubsidized and Graduate PLUS loans are available through the Federal Department of Education. Yale Alumni loans are awarded based on eligibility. For more detailed information on federal student loans, please visit our loan page. As of July 1, 2026, the Graduate PLUS loan is only available to legacy borrowers. For more information, please see Yale's informational page.

• For those who prefer to borrow from private lenders, please refer to the loan comparison tool, available through our loan processing partner.

How are my financial aid funds disbursed? After submitting your completed financial aid application, you will receive an award letter notifying you of your financial aid eligibility. You must sign and return your letter, along with all accompanying paperwork in order to accept the award. Both loans and scholarships are disbursed to your student account electronically by the start of each semester and are applied first to the charges on your bill. If your aid is more than what is needed to pay your bill, you may request a refund of the excess through the Yale Hub system to use for living expenses and other educational costs. Funds are divided between terms, as detailed on your financial aid offer letter. More billing information is available at the Student Accounts website.

Why must I include parental information when they give me no financial support? Through its need-based financial aid program, the Yale School of Medicine makes an enormous contribution to the support of its students. If financial aid awards were based only on the resources of students, without taking parental resources into consideration, the needs of students from more affluent families would likely be equivalent to the needs of students from more disadvantaged backgrounds. Because the total amount available for annual scholarships is finite, eliminating parental resources from the financial aid formula could result in sharply diminished scholarship support for students with the greatest real need. This in turn would inevitably reduce the school’s ability to attract a diverse and talented student body. Beginning in the 2024-25 academic year, parental information is no longer required for students 30 and older.