Required Financial Aid Application Procedures

Required Financial Aid Application Procedures

Applicants are strongly urged NOT TO WAIT for notification of admission before filing financial applications. The deadline for completing all applications is February 15, 2015. Although Yale School of Drama is committed to meeting an applicant’s need with an appropriate financial aid package, a delay in the application may negatively impact the amount and nature of the applicant’s award and the School of Drama’s ability to assist the applicant.

In order to have an applicant’s need individually evaluated, and to receive the aid he or she is entitled to, the applicant must complete the following forms required for a U.S. citizen/permanent resident or international student:

U.S. Citizens/Permanent Residents

1. FAFSA

All applicants requesting financial assistance who are U.S. citizens or eligible non-citizens are expected to file a Free Application for Federal Student Aid (FAFSA). This is essential for establishing eligibility for federal financial aid programs, including the Federal Work-Study and the Federal Direct Loan programs. For efficiency and accuracy, complete the application online at www.fafsa.ed.gov.

File a 2015-2016 Free Application for Federal Student Aid (FAFSA) by February 15, 2015 at www.fafsa.ed.gov. Yale’s federal school code is 001426 which is necessary to complete the FAFSA and to ensure that Yale School of Drama receives the processed information electronically.

2. Need Access

All applicants wishing to be considered for federal work-study, federal direct loans, and Yale scholarship assistance must file their application on the web at www.needaccess.org.

File a 2015-2016 Need Access Application at www.needaccess.org by February 15, 2015.

3.FEDERAL TAX RETURNS

All applicants must submit a copy of their and their parents' federal tax return.

Mail signed copies of the applicant's and parents' 2014 federal income tax return by April 1, 2015. Please include copies of all W-2s and schedules.

International Students

In order to receive visa documentation, international applicants must submit proof that income from all sources will be sufficient to meet expenses for one year of study. Evidence of funds must come from one of the following sources: affidavit from a bank, copy of an award letter stating that financial assistance has been offered, certification by parents of their ability and intention to provide the necessary funds, or certification by employer of anticipated income.

International Student NEED access Application And Certification of Finances

All international applicants requesting financial assistance are expected to file the Need Access application and the International Student Certification of Finances. Both forms are essential for establishing eligibility for student employment, loan, and Yale scholarship.

1. NEED ACCESS

Complete the 2015-2016 Need Access Application by February 15, 2015 on the web at www.needaccess.org.

2. INTERNATIONAL STUDENT CERTIFICATION OF FINANCES

Mail the International Student Certification of Finances by February 15, 2015 to the School of Drama Financial Aid Office. The International Student Certification of Finances can be downloaded and printed clicking here.

3. FEDERAL TAX RETURNS AND/OR INCOME STATEMENTS

Mail signed copies of applicant's and parents' tax documents, and income statements (U.S. and Home Country) by April 1, 2015.

Mailing address:
Yale School of Drama Financial Aid Office
P.O. Box 208325
New Haven, CT 06520-8325

Determination Of Need and Financial Aid Award

Yale School of Drama’s Financial Aid Office makes awards which, when added to the funds that are expected from students, their spouses, their families, and other available sources, should enable students to meet the basic costs of attending Yale.

Student Resources

Assets
Students are responsible for contributing toward the cost of their own education. Finan­cial aid recipients are expected to use a portion of their savings and assets during each year of enrollment at Yale School of Drama. Students are advised not to reduce their assets by more than the expected contribution since the balance will be assumed to exist whether spent or not. If the assets of the student increase, the expected contribution from these resources will also increase.

Earnings
It is assumed that students will contribute to their budget an amount based on either last year’s or next year’s earnings. The minimum required student contribution is $2,000. If a recipient is married, the spouse is not a student, and there are no dependent children, the spouse will also be expected to contribute to the student’s budget from his or her wages.

Other Resources
Other resources such as outside scholarships and Veterans Administra­tion benefits are included among a student’s resources.

Components of the Financial Aid Award

A financial aid award is determined by first establishing a standard budget, or cost of education. Using a set of formulae developed by the U.S. Congress, called the Federal Methodology, and the formulas developed by Need Access, called the Institutional Meth­odology, a calculation of a student’s resources and expected family contribution (EFC), if applicable, is determined. The difference between a student’s cost of attendance and the student’s personal and family contribution constitutes that student’s financial need. Under no circumstance may financial aid exceed a student’s cost of attendance.

For incoming students during the 2014-2015 academic year, the first portion of a student’s need was met through work-study employment, the earnings for which ranged between $2,300 and $4,900 depending on the student’s program of study; the next por­tion came in the form of an educational loan; and the balance of a student’s demonstrated need, if any, was covered by tuition scholarship.

Sample Awards Based on High Financial Need 

 

First-Year Students

Second-Year Students

Third-Year Students

Average Work-Study $2,700-
4,900
$2,300-
4,900
$2,700-
4,900
Educational Loans $7,000 $0 $0
Average Scholarship $27.250 $27,250 $27,250
Average Stipend for Living Expenses 0 $7,150   $7,550
Average Total Aid Awarded $38,100 $38,500 $39,000

After the successful completion of the first year and assuming that there are no changes in the needs analysis for the student, it is the policy of Yale School of Drama to improve the financial aid award offered to the student in his or her second and third years. Spe­cifically, the educational loan is decreased and the scholarship is increased based upon calculated financial need.

Work-Study consists of a combination of required and elective work-study jobs within Yale School of Drama or at Yale Repertory Theatre. All students except special students are required to accept work-study assignments totaling 150 to 200 hours per year, providing enhanced opportunities for both training and income. Students may pursue elective work-study assignments in addition to, but not in place of, required work-study. The earnings are paid weekly or semi-monthly.

Educational Loans make up an important part of many aid awards. The basic loans are issued through the federal student loan programs and various supplemental loan programs. Private supplemental loan programs offer funds to students who are not eligible for the federal loan programs. A student may convert their expected student contribution to a loan, if needed. Students interested in seeking additional loans for this purpose should consult with the School of Drama Financial Aid Office.

Tuition scholarships If the student’s financial need is greater than the total of the Work-Study award and the educational loan, the next portion of unmet need will normally be pro­vided by a tuition scholarship. Eligibility for scholarship assistance is ordinarily limited to six terms of study; exceptions are extremely rare.

Living stipends A stipend to assist with meeting living expenses may also be awarded as part of the student’s financial aid package. Stipends are paid semi-monthly (twice each month on the 15th and the last business day of the month) over the nine-month academic year beginning on September 15 and ending on May 15.