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Private Loans

In addition to federal loans, students may need to use certain state or private supplemental loans, such as Law Access Loan (LAL), the Gate Y-Loan or Connecticut Family Education Loan Plan (CT-FELP). The University has negotiated favorable rates and terms with a few lenders.

The Financial Aid Office will determine how much you are eligible to take out in private loans. You are not required to take the full amount; please consider how much you will really need. You will then need to apply for the loan, following the instructions below.


The Law Access Loan
The Gate Y-Loan
The Connecticut Higher Education Supplemental Loan Authority (CHESLA)

The Law Access Loan
The Law Access Loan (LAL) is a private loan program offered by The Access Group. It is a national loan program designed by law schools that provides loans in amounts up to the cost of attendance each year. For 2007-08 the guaranty fee and origination fee are 0 percent. The variable interest rate, which changes quarterly, is based on 3-month LIBOR, plus 1.7 percent, 2.7 percent or 3.3 percent depending on your past credit history. This loan has a nine-month grace period. The current LIBOR interest rate as of February 2007 is 5.37 percent. To apply for this loan call Access Group’s Loan Line at (800) 282-1550 or visit the website.

The Gate Y-Loan
The Gate Y-Loan program was designed for simplicity, affordability and wide availability. The loan is offered to you in cooperation with Bank of America as Lender and First Marblehead Corporation as Program Manager. It is available without a co-signer for domestic and international students attending Yale Law School.

The Gate Y-Loan has a variable interest rate that changes on the first day of each quarter (January, April, July, October), has no origination fees, a 20-year repayment schedule and 6 month grace period after graduation or enrollment of less than half-time. The loan program also offers other incentives such as no payments during enrollment or graduate study, no prepayment penalties, combined billing and the ability to pay ahead while in repayment.

To apply for this loan complete the Notification and Confirmation Form and submit it to the Financial Aid Office.

The Connecticut Higher Education Supplemental Loan
The Connecticut Higher Education Supplemental Loan Authority (CHESLA) offers the Connecticut Family Education Loan Program (CT-FELP), which provides loans from $2,000 up to the cost of attendance per year ($125,000 cumulative maximum) per student and allows up to 140 months (11.67 years) after graduation for repayment. There is a 3 percent reserve fee. The current (February 2007) interest rate is fixed (non-variable) at 6.15 percent. Further information and applications may be obtained online or by calling FELP at (800) 252-3357 in Connecticut or (860) 236-1400 from out of state.

Students and parents may also wish to contact their own state loan guaranty agency directly to determine and compare the terms and rates of any local supplemental loan program for which they may be eligible.

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