Financial Aid

 

Student loans for Cornell Executive MBA and Cornell-Queen's Executive MBA

Many students receive some form of sponsorship from their employer. In some cases, students may need to apply for loans to cover all or part of their tuition. Please note that a large portion of student loans require a credit check.  We have designed this page for your information and to help you through the student loan application process.

Federal Direct Loan Program

The federal loan limit is $20,500 per academic year and carries a fixed interest rate of 6.8%. Simple interest begins to accrue at disbursement. The standard repayment term is 10 years and can be extended up to 30 years based on the amount borrowed. Repayment is deferred until six months after graduation (or upon ceasing at least half-time enrollment).

Federal Direct Graduate PLUS Program

The federal PLUS program has expanded to include graduate and professional students and is referred to as Grad PLUS. This federal loan program is an alternative to the private education loan program. Loans can be made to students to meet educational costs that are not covered by other financial aid. In addition to the FAFSA, this program requires a separate application and approval is based upon a review of your credit history. There is a 4 percent loan fee and simple interest will begin to accrue once the loan is disbursed. Repayment begins 60 days after the last disbursement, however, a student enrolled at least half-time is eligible for in-school deferment. Standard repayment term is ten years; however, it can be extended up to 25 years based on amount borrowed. The rate on the Grad PLUS is a 7.9 percent fixed. A separate application is required and final approval will be based upon a review of your credit history by the Department of Education.  Application and instructions will be included with your student loan award notification.

Federal student loans are availalbe to U.S. citizens and U.S. permanent residents (green card is required).  For additional information about the federal student loan programs visit www.studentaid.ed.gov 

How to apply for federal student loans:

  • Complete the 2012-13 Free Application for Federal Student Aid (FAFSA). Apply over the Internet at www.fafsa.ed.gov. Be sure to list Cornell's title IV school code 002711. Please note when completing the FAFSA online you will apply and receive a Personal Identification Number (PIN). It is very important that you keep your PIN in a secure place and do not share your PIN with anyone. You will use your PIN throughout your enrollment as a student and through repayment of your student loans.
  • Within 2-4 days of completing the FAFSA you'll receive an electronic Student Aid Report (SAR). If the information on your SAR is incorrect, please submit your correction(s) at the FAFSA website and notify our office a correction has been submitted.
  • Email the Financial Aid Office once you have filed the FAFSA on-line. This alerts our office that you have applied for student aid and to access your SAR electronically.

Submit your FAFSA online by June 1 to ensure that your student loans will be processed prior to the FALL tuition bill. We will create a student loan package for all ACCEPTED students who have completed the FAFSA and emailed our office.  After we have reviewed your SAR and determined your eligibility, a student loan award notification is emailed to you. This notification outlines the cost of attendance and the federal loans you qualify for.

Private Education Loan Program Information

We recommend that you review borrowing options through the federal loan programs first and then evaluate the private loan options as an alternative. Review our loan comparison chart to help decide which loan option may be better for you.

Learn about the advantages of taking federal student loans over private, non-federal loans.

Private loans may be borrowed in place of the Grad PLUS loan program. Private education loans are funded by private lending institutions and require a separate loan application. Private loans have variable interest rates based on a borrower's credit history and begin to accrue interest immediately and some lenders may require interest payments while enrolled. Private educational loans are available to students through various lenders. We have a neutral lender list which students from Cornell have previously borrowed through. Students may choose any lender, including one not on our list:

CitiBank: https://www.studentloan.com/

Discover: https://www.discover.com/student-loans/pay-for-college/index.html

Sallie Mae: https://www.salliemae.com/

Wells Fargo: https://www.wellsfargo.com/student/

Please note approval for Federal Graduate Plus and Private loans are based on a review of your credit history. It is important to have a good credit record. Start by ordering a Free Annual Credit Report.

Although scholarship support is not available from Johnson or Cornell, scholarships from outside the school are available from many sources. There is some effort involved in securing outside funds. The key is to apply early. Private scholarships may be based on various selection criteria: academic achievement, religious affiliation, ethnicity, memberships, civic activities, hobbies, or special talents.

College Scholarships, Grants, Competitions and Awards Resources. You can search the Web for free on the following sites:

http://www.fastweb.com
http://www.scholarships.com/about-us/
http://www.scholarshipsandgrants.us/

 

GI Bill Assistance

Applicants to our Executive MBA programs who have a military background may be eligible for several forms of financial benefits, however Executive MBA programs do not participate in the Yellow Ribbon Program. Veterans eligible for VA benefits should contact their Veterans Administration regional office for eligibility. Once you have received your certificate of eligibility letter from the VA, please forward a copy to our office.  Cornell's Office of the University Registrar will certify all enrollments to the VA beginning early September.  Please note the VA will use Ithaca, NY zip code 14853 for all Cornell students to determine housing allowance.  For further information on benefits visit the VA website at http://www.gibill.va.gov/.

Financial Aid Office
229 Sage Hall
Ithaca, NY 14853
Phone: 607 255-6116
Fax: 607 255-0065
e-mail: Financial Aid