Eli Whitney Students Admitted in 2007–2008 or Beyond FAQs
How is Financial Aid Eligibility Calculated for Eli Whitney Students?
To calculate financial aid eligibility, Student Financial Services will first determine the Cost of Attendance (COA), based on actual tuition charged, which will be adjusted for any changes in the number of courses, plus the expenses for room & board, books, and personal expenses, and a travel allowance between home and Yale. The student's need will be calculated as the COA minus the expected family contribution that is determined by Student Financial Services. Institutionally controlled grant and scholarship aid will be awarded up to the amount of tuition charged for that student. Any remaining unmet need will be covered by additional aid (loans and term-time work) as well as outside scholarships.
Do these new financial aid policies apply to all Eli Whitney students?
No, these financial aid policies only apply to Eli Whitney students who entered the program in the fall 2007 or after.
What types of financial aid are available?
Institutional grants and scholarships will be awarded based on the Cost of Attendance (COA) minus the Family Contribution up to the cost of tuition
Other Federal Aid financial aid may be available as well. U.S. citizens or permanent residents who have not previously received a Bachelor's Degree will be considered for the Federal Pell Grant. Eligibility is based upon the Expected Family Contribution (EFC) calculated from the Free Application for Federal Student Aid (FAFSA) and your enrollment status. In 2013–2014 awards can range from $650 to $5,550 per academic year.
Students who are enrolled at least half-time (2 Yale course credits per term) will be considered for the Federal Stafford loan. Students who are considered independent by federal criteria (not required to supply parent information on the Free Application for Federal Student Aid) may have extended eligibility under the Unsubsidized Federal Stafford loan program (see All About Education Loans).
The parents of dependent students who have good credit histories may elect to borrow through the Federal PLUS loan program. The maximum amount a parent can borrow is the cost of attendance less other financial aid (see Selecting a Lender).
What other types of financial aid are available?
Credit-worthy students, or those with credit-worthy co-borrowers, can also pursue funding through the CT FELP Loan Program. This is a long-term educational loan with a minimum loan requirement of $2,000 per academic year. Information about CT FELP can be obtained by visiting their Web site at http://www.chesla.org, or by calling 1-800-252-3357 (outside Connecticut) or 860-236-1400 (within Connecticut).
Many lenders offer private alternative loans to help students and families meet educational expenses. Most of the loans are based on credit-worthiness and the ability to repay and therefore require students to apply with cosigners. Information about alternative loans can be found at Selecting a Lender.
We would encourage you to pursue private grants and scholarships from other organizations, such as your or your parents' employers, civic organizations, foundations, etc.
Is there anything I need to do once my aid has been processed?
The primary thing you need to do once you receive your financial aid funds is to keep Student Financial Services informed of any changes in your enrollment status from what you listed on the Eli Whitney Financial Aid Application . If you add a class, you may be eligible for more funds. If you drop a class, your grant and scholarship will be reduced and you may have to return loan funds if applicable.
Whom can I contact for further assistance?
You should contact Student Financial Services with questions about your financial aid, financing options, or your student account. Go to the Contact Information page for specific details.