In order for students to be selected for loan eligibility review, loan eligibility criteria must be met and students must not do the following: Students with any aggregate warning status must undergo careful review before the Stafford loan eligibility can be determined. Students who receive the checklist could either be approaching the Subsidized or Total Aggregate Limit (depending on the checklist) with less than one year remaining in eligibility or potentially have reached the limit. NSLDS will only include the running total of disbursed loans and will not include any undisbursed loans. Students who receive either the Subsidized or Total Aggregate Limit checklist on the To-Do List must log on to the NSLDS web site to review their loan history. Though it is non-need based aid, the amount of unsubsidized loan combined with other aid cannot exceed the total estimated cost of attendance. Independent students may be eligible for greater unsubsidized amounts than dependent students. Instead, the borrower is responsible for all the interest that accrues and capitalizes from the time the loan disburses. Government does not pay the interest on behalf of the student. Subsidized loans are available only to undergraduate students. The total amount of the subsidized loan combined with other “need-based” aid cannot exceed the student’s “financial need.”
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The EFC is based on information collected from the Free Application for Federal Student Aid (FAFSA). The student’s cost of attendance must exceed his/her Expected Family Contribution (EFC) to be eligible for “need-based” aid (such as grants, scholarships and subsidized loans). Once in repayment, the student is responsible for paying the interest on the loan as well as the principal amount borrowed. Government pays the interest on behalf of the student while the student is in the deferment period and grace period. For interest rates, please refer to the Federal Student Aid Interest Rates website and the Loan Comparison Chart. Both have a 6 month grace period (a period of time when a student is no longer enrolled for at least half-time and not required to make payments) and fixed interest rates, which are determined each year on July 1st. There are two basic types of Stafford loans: subsidized and unsubsidized. Please submit a copy of the official aid offer from the other institution directly to the Financial Aid Office.The Federal Stafford Loan is a non-credit based student loan for undergraduate and graduate students. It will not be applied to other siblings at Cornell. Assessments can only be made for the applicants who received the offer. We are unable to consider evaluating scholarship offers that are from schools other than the Ivy League, Stanford, Duke or MIT or offers based on athletics and/or merit scholarships. The components that we will evaluate are the parent contribution, student contribution, and initial offers of loan and work. If you have received a financial aid offer from another Ivy League institution, MIT, Duke, or Stanford, Cornell will strive to calculate the same eligibility based on the information provided. The mean debt at graduation among Cornell students who borrow is less than $24,000 – substantially lower than the mean debt of $32,600 for all private college graduates. Cornell makes initial offers of loan to a student based on their family’s income. Loans may be necessary for some families. Low Debt BurdenĬornell guarantees that any family with a total income of less than $60,000, and total assets of less than $100,000 (including primary home equity), will have no parent contribution and no loans in the initial aid package. In cases of divorce or separation, we calculate total family income for each parent and add them together.
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Total family income equals adjusted gross income for the tax year that we are looking at for financial aid purposes, plus any business or other losses, as well as any untaxed income.
Parent Contribution Initiativeįamilies with a total family income of less than $60,000, and total assets of less than $100,000 (including primary home equity), will have no parent contribution. All applicants attending and expecting to graduate from a US high school despite lacking citizenship, residency, or visa status will be evaluated as part of Cornell’s need-blind admission review alongside their US peers. Undocumented Undergraduate Applicant InitiativeĪs of fall 2021, all current and future enrolled undergraduate students who attended and graduated from a US high school without US citizenship, residency, or visa status are eligible for a Cornell financial aid package that matches their demonstrated financial need. To learn more, view all of our financial aid initiatives. Our unique financial aid initiatives exemplify our commitment to providing need-based aid and making Cornell affordable for admitted students.
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