Federal Loans
Federal Stafford Loans are low interest loans available through the Department of Education. There are two different types of Stafford Loans, Subsidized Stafford Loans and Unsubsidized Stafford Loans. First year students can borrow up to $3500, sophomores may borrow up to $4500 and Junior and Seniors may borrow up to $5500 in the Stafford Loan program. Students need to qualify for the Subsidized Stafford Loan by filing the FAFSA. All students, regardless of need, or grade level, may borrow up to an additional $2000 in the Unsubsidized Stafford Loan program.
National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
Direct Subsidized Loans are low-interest loans available through the Department of Education. There is no interest charged on Subsidized Stafford loans as long as the student is enrolled at least half-time. Students have to demonstrate need by filing the FAFSA to be eligible for the Subsidized Stafford Loan. Repayment begins 6 months after students leave school or are enrolled less than half time. For new loans disbursed after July 1, 2009 the interest rate is fixed at 5.6%. If you have questions about your direct loans, you can visit the Department of Education's website or call 1-800-508-1378.
Direct Unsubsidized Loans are low-interest loans available through the Department of Education to students regardless of their level of demonstrated need. Interest accrues on the loan from the time of disbursement; the principal balance is deferred. For new loans disbursed after July 1, 2006 the interest rate is fixed at 6.8%. Unsubsidized Stafford Loans are available to all students regardless of income. If you have questions about your direct loans, you can visit the Department of Education's website or call 1-800-508-1378.
Information you should know about your William D. Ford Direct Stafford Loan
There is a .5% origination fee associated with the Federal Direct Stafford Loan. This fee is taken out of the loan proceeds that are sent to the college.
Students only need to complete a Master Promissory Note and Entrance Interview once during their career at Cornell to borrow through the Stafford loan program each year. If you have not borrowed the Stafford loan previously, but would like to borrow the Stafford loan for the first time, please visit the Department of Education websiteto complete your MPN electronically. Please also complete your Entrance Interview at the Department of Education's website as well.
Questions regarding student loans should be directed to the Financial Assistance Office at Cornell College.
Direct Consolidation Loans: Direct Consolidation Loans allow borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages. Please visit the Department of Education's website for additional information on Direct Consolidation Loans. If you have questions regarding Stafford Loans that you borrowed through a lender that the Department of Education has now purchased, you may call 1-800-508-1378.
Perkins Loans are low-interest loans available through Cornell College for first-year and sophomore students who demonstrate eligibility. Repayment begins 9 months after students leave school or are enrolled less than half time. Interest rate during repayment is a fixed 5% on the unpaid balance. Individual loan amounts range from $500 to $5,500 annually.
The Direct Parent Loan for Undergraduate Students (PLUS) provides loans to parents of undergraduate dependent students. Parents may borrow the difference between the student's cost of education and all other financial assistance. Payment and interest charges begin within 30 to 60 days of receipt of funds. For new loans disbursed after July 1, 2006 the interest rate is fixed at 7.9%. There is a 2.5% origination fee that is with-held from the proceeds of the loan. Please follow the steps outlined on our websiteto complete the Master Promissory Note (MPN) and addendum to borrow the PLUS loan.
If you would like to see if you would be approved for the Parent PLUS loan, you can complete the
Pre-approval form and return it to the Office of Financial Assistance. Our staff will be able to request a credit check to determine if you would be approved for the Parent PLUS loan.
Loan Calculator
Interested in calculating what your monthly payments will be on your student loans? This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)
