<p>From Yale</a> University SFAS: Financial Aid > Our Philosophy and Policies</p>
<p>Yale Financial Aid Initiatives</p>
<p>Beginning with the 2008-2009 academic year, Yale has announced a number of financial aid enhancements designed to make a Yale education more affordable to a broader range of students. You can read the press release here.</p>
<p>Extends the Zero Parent Contribution to Families Earning Less Than $60,000. In 2005, Yale exempted families earning less than $45,000 from contributing to their childs education; it also significantly reduced the contribution from families earning less than $60,000. Yale will extend the zero contribution to families earning less than $60,000, with subsidies extending to families earning less than $120,000. </p>
<p>Eliminates Loans for Students in Yale College. No student will be required to take out loans to meet the cost of a Yale education. Yale will reduce self-help to $2,500 from $4,400 per year. If student is willing to work about 7 hours a week in an on-campus job (Yales hourly wage scale starts at $11.30 per hour), he or she can graduate with no debt. </p>
<p>Reduces the Assessment on Income and Assets. Generally, the expected parent contribution is established by combining the calculated contributions from income and assets and adjusting that contribution if the family has more than one child in college. Yale will lower the assessment on income and assets and provide an even split of the parental contribution between the siblings. </p>
<p>Income Currently, disposable income is the single most important factor in determining the parental contribution. Yale, like other schools, assumes that a portion of parents disposable income is available for their childrens educational expenses. Yale will reduce the assessment on parental income across the board. </p>
<p>Assets Yale and many other schools also take parents assets into account
when determining parental contribution. In calculating the parental contribution from assets allowances are made for college savings and emergency expenses. </p>
<p>Yale will change its treatment of assets in two ways. First, Yale will exclude the first $200,000 of all assets from the calculation of the parental contribution. Yale will also reduce the assessment on assets above the $200,000 allowance. </p>
<p>Siblings Currently, when two or more siblings are in college at the same time, Yale calculates the parental contribution and then assumes that 60% of the total is available to finance a Yale education, as recommended by the College
Scholarship Service of the College Board. Yale will now make an even split among the siblings for the parental contribution. For instance, if there are two siblings in school, the parental contribution to Yale will be 50%. For three siblings, the parental contribution will be 33%. </p>
<p>Reduces Summer Earnings for Freshmen. Yale will reduce the student contribution for the summer prior to freshman year to $1,200 from $1,850.
Increases Vacation Allowance for International Students. Currently, Yale provides international students an allowance of $400 per year. It covers additional expenses, such as food and lodging, which international students often incur during school breaks and short holidays. Yale will increase this allowance to $1,500. The University will also assist first year international students with the tax implications of their scholarships</p>