Consumer Information

Disclaimer:
Although every effort is made to present the most accurate, helpful and up-to-date information, the content of this website is subject to change due to alterations in federal, state, college, or lender policy or procedure.

Cornell College Privacy Policy:
Your privacy is important to us. To better protect your privacy, we've developed this notice explaining our online information practices and the choices you can make about the way your information is collected and used within our sites and services. Please review Cornell's privacy policy on our campus website.

Education Tax Credits:
The Taxpayer Relief Act of 1997 enacted the HOPE and Life Long Learning Tuition Tax Credits, tax free status for distributions from private prepaid tuition plans, penalty-free distributions from retirement funds for education, and a tax deduction for interest on educational loans. Credits are available for educational expenses paid by the parent for student. Because the specifics on each of the programs vary according to individual circumstances, we encourage you to discuss this with your tax consultant.  For more information on these programs, we encourage you to view information offered by the Iowa College Student Aid Commission and the Internal Revenue Service.

Taxability of Financial Aid:
A portion of the financial assistance you receive may be considered as taxable income. The following guidelines apply to students who are working toward a degree.

• Student loans are not considered income for federal tax purposes.
• Work-study earnings are considered taxable income. The college will report your earnings to the Internal Revenue Service (IRS). W-2 earnings will be mailed to students every January.
• The portion of any scholarship or grant attributable to services you perform is taxable as compensation.
• The portion of scholarship and grant assistance exceeding the cost of tuition, fees, books, supplies and equipment must be included as taxable income. (Room and board costs are not considered in the calculation.)

To comply with the IRS requirements, you will need to determine the portion of your scholarship, grant, or fellowship assistance required to be included as taxable income on your tax return. You should keep receipts for all tuition, fees, books, supplies, and equipment required for your degree program. The difference between these costs and the amount of your scholarship, grant, or fellowship awards is the amount that must be included as taxable income.

Loan Exit Counseling:
If you have received a federal loan for attendance at Cornell, you must participate in a loan exit counseling session when you leave the college. This is necessary upon either graduation or withdrawal.

Exit counseling sessions are scheduled prior to commencement for graduating students. The Financial Aid Office will provide individual exit counseling information to students who leave the college at other times during the year.

Financial Assistance Refund Policy:
Cornell's refund policy is available in the college catalogue.  Please take time to read the complete Cornell College refund policy if you are considering withdrawing from Cornell.


Financial Assistance Information at Cornell College:
Information pertaining to applying and types of financial assistance can be found in the Cornell College Catalogue. This would include, but is not limited to, federal, state and institutional assistance, how aid will be disbursed, the rights and responsibilities of students receiving financial assistance and criteria for measuring satisfactory academic progress.

FERPA Information at Cornell College:
Information pertaining to the Family Educational Rights and Privacy Act (FERPA) can be obtained from the Cornell College Registrar's Office, catalogue, or Web site.

Gramm-Leach-Bliley Act (GLBA):
The Gramm-Leach-Bliley Act (GLBA) requires institutions to make available the policies and procedures for safeguarding customer financial information. This information can be reviewed in the Information Technology office.