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Yale Loans

Students whose loan needs exceeds federal limits or who are not eligible for federal or supplemental loans or whose private loan need is less than $1,000 may apply for Yale Student Loans (YSL). The interest rate for 2007-08 is fixed by the University at 7.5 percent with a six month grace period. There is a 5 percent origination fee that is deducted from the proceeds of the loan. The loans do not have an interest subsidy, so they should be considered loans of last resort.