<p>How many options are there? Which one is most common? Which is one is best for me if I have an EFC of 0 and have minimal contributions? Thanks.</p>
<p>If you have an EFC of zero, I thought you didn’t need a payment plan? In your finaid package it should’ve said something like “Yale scholarship $xxxxx, Outside funding $xxxxxx” and if the EFC really was zero, that’s it. You don’t pay back the scholarship. </p>
<p>You can take out the Yale student loan (or any other of the loans mentioned in the finaid handbook), but if your EFC is already taken care of, you shouldn’t have to do that. Is it the $4,400 work study portion you’re worried about?</p>
<p>Yes, I believe he is referring to the $4,400 work-study.</p>
<p>I also have an EFC of 0, and am wondering if I need to go on a payment plan and how it works.</p>
<p>If you choose to go with the Yale payment plan keep in mind that you only have ten months to pay the entire sum albeit without interest. That works out to 440 a month which is fairly reasonable if you ask me. I, however, am taking out a loan for this amount and paying back the loan mostly over the summer so that I can focus on my education while at Yale instead of a side job as well. I would discuss the financing options with your family to decide which one is best. I seem to have failed to answer your questions, all of the financing options are highlighted in the “Financing a Yale Education” brochure which you received with your admissions package. I would advise on a loan as it would allow you some flexibility in making payments because of the wider time frame (more than only 10 months). However, you must pay interest. I would actually think that Yale students borrow a good amount of their self-help as students leave on average with a 12,000 debt. Sorry, if I was redundant, hope I helped.</p>
<p>You can use outside scholarships to cover both the $4,400 work-study/loan and the summer earning contribution of $1850, local scholarships are the ones on which you should focus your attention. </p>
<p>Note that the minimum wage for work study will be $11.30 per hour for 2007-2008 and the average student works 7 hours per week, it is a good way to get involved in the life of the University or the City of New Haven. Apparently, studies have shown that students who work do better academically than those who do not if limited to less than 20 hours per week because they manage their time better.</p>
<p>The standard student accounts are set up to be paid monthly for expenses other that tuiition, room, board and health insurance, these are paid once each semester about 30 days before the term begins, if you have an EFC other than $0. The student accounts are for your books and other expenses are to be paid monthly.</p>
<p>Thanks for the replies. :)</p>
<p>How hard is it to get a work study job? Are they readily available? I’m actually finding it pretty difficult to get a job now here in CA.</p>
<p>I have the same worries. I’m on an F-1 visa, which means I’m limited to on-campus jobs. I’m hoping there are far less international applicants at Yale than at the school I’m currently at, even though I love being surrounded by so many different cultures, simply because the competition for on-campus jobs is too angsty as it is right now.</p>
<p>Does anyone know how we’re supposed to pay for the August 1 fee? Will we be set up with on-line banking accounts by then, or is the first payment sent by check?</p>