Scholarships and other grants are often referred to as gift aid, because they do not need to be repaid. All undergraduate financial aid at Yale is awarded on the basis of financial need, with the goal of making a Yale education affordable to all students and families. Yale's financial aid resources meet the full demonstrated need of every undergraduate—regardless of citizenship or immigration status—without relying on student loans, for all four years. Applicants from a range of income levels qualify for need-based aid.
Yale’s need-based grant aid for undergraduates, the Yale Scholarship, is a gift and thus never has to be repaid. If a student is awarded financial aid, the Yale Scholarship amount is included on the Financial Aid Award Letter. The Yale Scholarship can vary from a few hundred dollars to over $70,000 per year; the average Yale need-based scholarship is over $50,000. In order to be eligible for this award, applicants must demonstrate financial need.