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STUDENT FINANCES

Tuition and Fees, 2004–2005
Undergraduate Students

Meals are available on an individual basis from the cafeterias at the Wilf and Beren campuses and in local restaurants. On-campus food costs average $4,755 per year for students in residence including the $2,055 Dining Club Membership fee, and approximately $3,600 for commuting students.

Part-time students taking fewer than seven credits per semester are charged $815 per credit plus a $25 registration fee.

Undergraduate students enrolled for seven or more undergraduate credits per semester pay full-time tuition. Undergraduate students enrolled for fewer than seven undergraduate credits are part-time students, and are charged at the undergraduate per-credit rate.
Full- and part-time students may enroll in approved graduate courses at no additional charge during their last year of undergraduate study. Part-time students are charged at the graduate per-credit rate for graduate courses.

Financial Aid

What is expected of parents and students?
College students’ single most important source of financial help is their parents. Some families of very modest means can give only minimal support, but the overwhelming majority of parents can and do provide substantial financial help.

Yeshiva University is eager to help parents meet educational expenses, but expects each family to pay as much as it can reasonably afford and as much as other families in similar circumstances. The university expects a family to draw on both current income and accumulated assets to meet education costs.

Filling the gap between the cost of education and a family’s financial resources can include a variety of elements. The university will do its best to fill in as much as possible with financial aid. Where there remains a gap, students would do well to explore these additional areas:

a. the student’s personal savings, including trusts and bonds;
b. summer work;
c. part-time work during the school year;
d. loans obtained by parents through family, friends, or commercial organizations;
e. student loans; and
f. scholarship grants—from federal and state scholarship programs and programs sponsored by community, fraternal, and industrial organizations.

Financial Assistance Programs
Students seeking financial assistance from Yeshiva University are required to submit the Free Application for Federal Student Aid (FAFSA). Prospective students should file the FAFSA as early as possible after January 1 of the year they will attend Yeshiva University. The quickest and most accurate way to file is online at www.fafsa.ed.gov. Forms are also available from the Office of Student Aid and the Office of Admissions (YU School ID = 002903).

The Yeshiva University Financial Assistance Program includes many sources of aid including scholarships, grants, loans, and work-study. Following are brief descriptions of the programs.

I. Academic Scholarship

A. Yeshiva University-Sponsored Scholarships Based on Academic Merit
These scholarships are designed for exceptionally gifted students who demonstrate high academic achievement and a commitment to Jewish studies. Annual awards range from $3,000 to full tuition support for undergraduate studies at the university’s New York campuses.

B. Distinguished Scholars Program
Qualified applicants may be designated as Distinguished Scholars. Each receives full tuition or $10,000 scholarship for up to four years of on-campus study toward a bachelor’s degree.
Distinguished Scholars automatically enter the Jay and Jeanie Schottenstein Honors Program and participate in an enriched course of study, including freshman honors seminars and special events that tap the unparalleled cultural and intellectual resources of New York. A faculty mentor provides individualized guidance for each participant.

C. Academic Scholars Program
The Academic Scholars Program offers substantial scholarships to outstanding undergraduate students who are not named Distinguished Scholars. Annual awards range from $3,000 to $10,000 for up to four years of on-campus study. Some Academic Scholars also apply to and are admitted to the Jay and Jeanie Schottenstein Honors Program.

II. Need-Based Grants

A. Yeshiva University Grant
University grants are direct gifts from the university to the student and depend on the amount of financial need and student eligibility for funding from other programs.

B. Federal Pell Grant
The Pell Grant is administered and funded by the federal government and provides grants of up to $4,050 per year toward the educational expenses of eligible students. Eligibility is determined by a formula set by Congress, and is based on most of the information requested in the FAFSA.

C. Federal Supplemental Educational Opportunity Grant
The SEOG program was established by the federal government to help students from the lowest-income families meet educational expenses. Grants start at $200 and are based on extreme financial need. Recipients also must be eligible for and receive the Pell Grant.

D. New York State Tuition Assistance Program (TAP)
TAP provides grants of up to $5,000 per year for students who are legal residents of New York State. Awards are determined by the amount of parents’ net taxable New York State income (gross income less all exemptions and deductions). Students from families with net taxable income of up to $80,500 are eligible. This cutoff is higher if more than one family member is attending college.

III. Loan programs

A. Federal Perkins Loan Program
The Federal Perkins Loan, a federal program administered by Yeshiva University, provides very low cost education loans toward undergraduate educational expenses. Undergraduate students may be awarded up to $2,000 per year. Repayment begins nine months after the borrower ceases to be a half-time student and is made in quarterly installments for up to 10 years. No interest accrues on the loan before the payment period begins; thereafter, simple interest of 5 percent per year is paid on the outstanding balance.

B. Yeshiva University Student Loan Program
These loans are available to needy students. A maximum of $1,500 per year may be borrowed at 5 percent interest. Repayment begins nine months after the student is no longer enrolled at Yeshiva University and ends 10 years later. Eligibility is determined by financial need.

C. Federal Stafford Loan Program
The Federal Stafford Loan Program makes loan funds available to college students for financing their education. Under this program, students may borrow a maximum of $2,625 for their first year, $3,500 the second year, and $5,500 each year for the remainder of their undergraduate years to a maximum of $23,000. Depending on computed financial need, the federal government may pay the interest due on the loan while the student is in school; otherwise, the interest is due while the student is in school or may be capitalized until after graduation.


IV. Student Employment

Federal Work-Study Program
The Federal Work-Study Program provides students who demonstrate financial need with possible employment to help meet supplementary educational expenses. The Office of Human Resources places students in jobs that, wherever possible, are in keeping with their career goals and previous work experience. In many cases, students without prior work experience receive on-the-job training.

The academic year Work-Study Program provides part-time employment of up to 15 hours per week while classes are in session at the Wilf Campus, Beren Campus, and Brookdale Center.

The summer Work-Study Program provides employment of up to 35 hours per week either off-campus near the student’s home or at a YU campus. Only students who will attend in the fall semester may participate in the previous summer Work-Study Program.


V. Tax Credit

Hope Scholarship, Lifelong Learning Tax Credit
The Hope Scholarship is a tax credit of up to $1,500 available to students enrolled at least half time in the first two years of undergraduate study. Parents of dependent students may claim the tax credit. Full- and part-time students beyond the first two years may be eligible for the Lifelong Learning Tax Credit, which can be up to $1,000. More information is available from the Office of Student Aid. Families should also consult their accountant or tax advisor.

VI. Canadian Student Loan Program
The Canadian Student Loan Program makes bank loans available to Canadian students who need financial assistance to engage in full-time study toward a degree.
To be eligible, a student must

1. be enrolled, or intend to enroll, as a full-time student;
2. be a Canadian citizen or have lived in Canada at least a year; and
3. declare the intention to live in Canada after graduation. (Quebec Province grants loans only to students studying in the province).

For complete information on scholarships, student employment, loans, and other methods of educational financing, consult the Office of Student Aid, Yeshiva University, 500 West 185th Street, New York, NY 10033-3201; (212) 960-5269. E-mail at studentaid@yu.edu, or visit our web page at www.yu.edu/studentaid.


Determining “Need” for Financial Aid
Programs that award financial aid based in whole or in part on need use a special definition of the term. “Need” is defined as the total cost of attending the institution minus the amount the student and the student’s family can contribute toward that cost. This latter amount, the “estimated family contribution,” is determined by the standard congressionally approved formula using the information supplied on the Free Application for Federal Student Aid.

Each institution calculates the total cost—the “student expense budget”—using federally approved guidelines. Each student’s budget is based on enrollment status and whether or not the student lives on campus. Sample expense budgets for Yeshiva University undergraduate students are provided below.

Student Expense Budgets
The following budgets show expenses for the nine-month school year. All figures are approximate, especially transportation costs. The student would incur many of the personal expenses (clothing, laundry, recreation, etc.) and food costs even if not attending college. The table does not list laboratory fees, as these vary with program.

Sample Budgets (2004–2005)

Payment Procedures
Invoices for each academic semester (fall and spring) are mailed approximately one month before their due date. Tuition and fees and room and board are normally due three weeks before the beginning of the semester. Fall 2004 semester payment arrangements are due in early August. Payment arrangements for spring are due in mid-December. Continuing students pay a residence registration fee and a nonrefundable residence deposit of $250 in the spring to assure continued placement in the residence halls for the next school year. No student is permitted to register until all outstanding balances have been paid in full or satisfactory arrangements have been made with the Office of Student Accounts.

Invoices are sent to each student at the address on file with the Office of Student Accounts as the billing address. Students should notify the office if they wish to change their billing address.
All payments must be sent to the Office of Student Accounts. The student’s name and identification number must appear on the front of all checks.

Full payment or arrangements for full payment must be made before the invoice due date to allow students to move into the residence halls and have proper credit applied to their meal-plan cards.
Payment through a parent’s employer requires a completed “third party form” indicating the payment dates, number of payments, and amounts to be paid.

Payment Options
A payment sheet describing the various payment options listed below is mailed, along with the invoice, to each student approximately one month before the bill is due.

Full Payment: The entire semester’s bill, less any financial aid, may be paid by either check or cash. Payment is due within 30 days after receipt of the invoice. Checks should be sent to the Office of Student Accounts, 500 West 185th Street, New York, NY 10033-3201. Payment by credit card may be made by contacting YU’s servicer, “Phone Charge Inc.” Phone Charge accepts Master Card, Discover, and American Express. Phone Charge may be reached at 877-903-9335 or at www.paybyinternet.com/yeshiva.


Payment Plans

Yeshiva University Deferred Payment Plan
Tuition Management Systems, Inc.
TMS is an outside organization working on behalf of Yeshiva University to offer a payment plan that begins in July and ends in April of the following year, allowing payment of the entire year’s balance (total yearly cost of attending Yeshiva University minus any financial aid) over a 10-month period. TMS charges a $65 fee. No interest is charged on this plan. The $65 fee may be paid by credit card. TMS sends out applications each spring, or the student may pick up a brochure from the Office of Student Accounts. The fee amount is subject to change without notice.

Foreign Check Policy
Yeshiva University bills may be paid only with international money orders, in U.S. dollars, not foreign checks. A second option is to wire transfer funds directly to the university bank.

Wire Transfer Information
Parties responsible for payment may transfer funds from their bank to the university’s account by wiring them directly to:
Chase Manhattan Bank
181st Street & St. Nicholas Avenue
New York, NY 10033

For the account of: Yeshiva University
Account Number: 025-006193
ABA number: 021000021

The student’s name and Social Security or identification number must appear on the wire.

Please note: Some banks charge a fee to wire funds, resulting in less money being credited to the university’s account. Please check with your bank regarding their fees.


Withdrawal Procedure and Refund Policy
Students who withdraw from the university by the end of the first week of classes are entitled to a 100 percent refund. Students who withdraw with the written approval of the dean and Office of the Registrar during the second week of the semester (Monday through Sunday) receive a 75 percent tuition refund. Students who withdraw during the third week of the semester receive a 50 percent tuition refund. Students who withdraw during the fourth week of the semester receive a 25 percent refund. No refund is given to a student who withdraws after the fourth week. Fees are not transferable or refundable.

Students who drop a course that results in a change in tuition will receive a refund for the dropped course as follows: first week, the student will receive a 100 percent refund; second week, a 75 percent refund; third week, a 50 percent refund; fourth week, a 25 percent refund.

The Office of Student Accounts will invoice students who add a course that results in a change of tuition.

If an undergraduate student drops below full time during the first three weeks of the semester, all university financial aid will be canceled.
Federal government guidelines require the prorated return of Title IV funds through the first 60 percent period of the semester. All federal and state financial aid will be returned in accordance with federal and state guidelines. Students should always meet with the Office of Student Finance before withdrawing.

Leave of Absence
Students who wish to leave the university temporarily should contact the Office of the Registrar for a leave of absence application. A fee of $20 per semester must accompany the application.


Consequences of Being in Arrears
Students will not be allowed to register for the coming semester unless all balances have been satisfied. In addition, a student is expected to pay for the next semester before entering the residence hall or starting classes. Students who owe money to the university or who are in arrears in repaying student loans will not receive a diploma or transcripts from the university.

Should it become necessary to refer an account to a third party due to nonpayment, the student will be responsible for any collection costs, attorney fees, and suit fees.

Please note: If a student has not made arrangements for payment or does not make a promised payment, the meal plan may be put on hold.

Yeshiva University is committed to making undergraduate studies affordable. Student Accounts advisors are always available to discuss any matter with students and family members. Call 212-960-5269 and a member of the Student Accounts staff will be glad to be of assistance.