Terms and Conditions of your Financial Aid Award

Financial Aid

Federal standards and methodology determine financial need of a student. Financial aid summaries at Cornell College are based on a packaging policy established by the Vice President for Enrollment Services and the Director of Financial Planning and Assistance. The packaging policy is the basis for institutional scholarship and grant aid. All financial assistance is awarded on an annual basis, using costs for a full-time on-campus student, unless otherwise indicated

Award renewal

Merit based scholarships are renewed as long as the student maintains Satisfactory Academic Progress.  If there are Fine Arts scholarships in your financial aid package, renewal criteria were outlined in the “Fine Arts Agreement” that was provided to you on your admission checklist. For need-based institutional gift aid (Cornell College grants), if comparable need is demonstrated from year to year, you may expect that your institutional gift aid will also be at a comparable amount from year to year.

You MUST file the FAFSA each year if you wish to be considered for need-based financial assistance.  Renewal of need-based financial assistance is NOT automatic.  The amount of need-based aid can vary from year to year, depending on changes in family circumstances such as a change in family income, number of people in the household and number of people in the household attending college.  If a student’s student aid index (SAI) changes from year to year, the value of their need-based aid may increase or decrease.  Whether a student is living on or off campus, or at home with parent, as well as the availability of funding may also influence the amount of a student’s need-based aid.  While it is our goal to make it financially feasible for any student to enroll or return to Cornell, any student who submits their financial assistance information after April 1 will be awarded on a “funds as available” basis.

Four year commitment

Cornell’s financial aid program is designed to assist you in completing eight semesters of study. Students enrolled for a 9th or more semesters are NOT eligible for institutional scholarship or grant programs. Transfer students are eligible to receive Cornell funded scholarships and grants up to the time it will take to complete degree requirements.  For example, students that enter the college with sophomore class standing will receive their Cornell funding for 3 years or 6 semesters.

Off-campus housing

Enrolled students receiving permission and choosing to live off-campus or with parents will have their institutional financial aid adjusted proportionally to their actual college charges.

NCAA Division III Rules Regarding Outside Scholarships Bylaw 15.2.3.5

Outside scholarships may consider high school athletic participation, but they are subject to the below restrictions. Student athletes must not accept awards that do not comply with these rules. Note: awarding agencies may be asked to certify compliance.

• Awarded only to students initially enrolling in college. Cannot be awarded to continuing students.
• Renewal criteria must not be based on athletics.
• Awards must be available for use at any institution.
• Award donors may not have a direct connection to Cornell College.

• Award programs must be established, continuing, and not created for a one-time award.

Grants and scholarships in excess of direct costs

Should any scholarship or award recipient receive additional financial assistance that results in the over payment of direct charges for any academic year, Cornell College reserves the right to reduce the amount of any Cornell award by the amount of the overpayment.

Iowa Tuition Grant funding

In the event that available state funds are insufficient to pay the full amount of each approved grant, the Iowa College Student Aid Commission has the authority to administratively reduce the award.

Enrollment status and charges

Please see the Cornell College Academic Catalog for the definition of a full time student. Students will be charged tuition each semester based on the following schedule:

Students who move into the residence hall and vacate before the end of the semester will not receive a refund for room and board charges.

Changes in financial situation

We assume your family’s financial situation will continue as reflected in your application for financial aid. However, if your family does experience some type of change in financial circumstances, please be sure to contact us so we can send you the proper paperwork to review your award.

Academic probation and satisfactory academic progress

Please review the Financial Aid SAP Policy.