Financial Policies & Information
Adjustments for Withdrawal | Billing | Checks | Emergency Loans | Enrollment Deposit | Financial Assistance
Adjustments for Withdrawal (Refunds)
Adjustments are available on a prescribed schedule for students who must leave while College is in session. The number of days of College attendance affects the amount of the adjustment. Students should meet with the Dean of Students prior to leaving campus to complete the withdrawal process. Consult the College Catalogue for the policy.
Billing
Each June students receive an annual billing statement outlining College charges and, if applicable, financial assistance awards. Payment should be made before July 20. Flexible deferred payment options are available, as explained in the letter accompanying the annual Statement of Charges.
Checks
Students may cash checks for a maximum of $100 at the Business Office, Monday-Friday between 8:30 a.m. and 4:00 p.m. A valid Cornell College ID must be presented to cash checks at the Business Office. Checks
not honored by the bank will be assessed a $11 fee.
Local banks welcome student checking accounts and cash checks. Many merchants in Mt. Vernon extend to Cornell students the privilege of writing checks for purchases. ATM machines are located in the Commons and in town. The College is concerned when students attempt to pass bad checks in the community. Though a personal matter, such actions jeopardize the position of other students. Through the Dean of Students Office the College cooperates with local businesses to bring such matters to the attention of individual students. The College will not protect students from civil action. Students who attempt to cash bad checks lose the privilege of cashing checks at the College.
Emergency Loansor personal expenses. Limited loans for educational or health emergencies are available by application to the Dean of Students Office. A date for repayment is agreed upon at the time the loan is granted so that the loan fund is replenished and available to other students. If the loan is not repaid when agreed, interest will begin to accrue. No student with delinquent College bills is eligible for an emergency loan, and an emergency loan will not be granted to pay college bills or personal expenses.
Enrollment Deposit
A non-refundable enrollment deposit of $200 is paid when a student is admitted and decides to attend Cornell. Once a student enrolls, the College retains the deposit until all accounts are closed following graduation or until the student officially withdraws from the College. At the time of graduation or withdrawal, the deposit, less any amount owed to the College, is refunded to the student. An enrolled student who plans to finish the academic year but chooses not to return the following fall, may not participate in room selection activities and must notify the Dean of Students Office by the first Wednesday of Term 8, or the deposit will be forfeited.
Financial Assistance
Cornell College is dedicated to providing financial assistance to students in a way that, based upon available College resources, ensures equal access to Cornell for all individuals seeking admission.
The staff of Cornell's Financial Assistance Office believes it is of primary importance that you know the various types of assistance Cornell offers. "Financial Assistance" means assistance provided to students from a variety of federal, state, private, and College sources. With the exception of the federal Pell Grant, the Academic Competitveness Grant, the SMART Grant, the federal SEOG program, and the Iowa Tuition Grant, your financial assistance is applicable only at Cornell; you cannot take it with you if you decide to transfer to another college or university.
Each year you must fully complete a Free Application for Federal Student Aid (FAFSA) or a federal Renewal Application, which is mailed to you by the Department of Education. Cornell has a submission deadline date of March 1 for the FAFSA or federal Renewal Application. You may also be asked to submit additional forms (such as federal tax returns, W-2 forms, etc.).
Calculation of your eligibility for financial assistance is based upon the information you and your family provide on your FAFSA or federal Renewal Application. If your family situation changes, such as another family member enters college or your family's income or assets significantly increases or decreases, your financial assistance award may change as well.
Additional information about financial assistance policy and procedures and types of financial aid is available in the Cornell Catalog.
