graduate, professional study
A new student loan program with low rates and other attractive features is being introduced to all Yale graduate and professional students beginning in the fall of 2005, President Richard C. Levin has announced.
The Y-Loan program resulted from Yale's desire to provide an accessible loan option for as many students as possible. Loans under the program will be available to international students as well as U.S. citizens. Students will not need a co-signer to qualify for a loan.
"We went looking for a more attractive loan program for our students and are pleased we found one. I know of no other program as attractive. I am particularly delighted that the program will be available to our international students," Levin said.
The Y-Loan has a variable interest rate (currently 4.64%) that is based on the three-month trailing LIBOR plus a margin of 2.6%. There are no fees.
Special features of the loan will include an efficient web-based application process with e-mail notification that will be especially useful to international applicants. No loan payments will have to be made during a student's enrollment period.
The Y-Loan will also feature a six-month grace period, a standard 20-year level repayment stream and no pre-payment penalty. Students will be able to use a Y-Loan to borrow the full cost of their education less any other financial aid they receive. The terms of a Y-Loan will be equal for all borrowers.
Over 1,000 Yale graduate and professional students currently depend on alternative loans to finance part of the cost of their education, and the accessibility to the comprehensive Y-Loan program with its attractive terms will benefit students.
The Y-Loan program is also expected to increase the number of international students able to attend the graduate and professional schools at Yale.
Full details of the Y-Loan program, including application information, will be made available to students soon.
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