Student loans for the 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. We have designed this page for your information and to help you through the student loan application process. The loan programs outlined below are available regardless of financial need and the amount of eligibility depends on the total cost of the program.
: a significant amount of your student loans require a credit check. It is imperative that you establish and maintain a clean credit record. If you have had credit problems in the past, it is important to take steps to improve your record. All aid applicants should request a free credit report annually.
Federal Direct Loan Program
The federal loan limit is $20,500 per academic year; academic year 2013-14 Fixed Interest Rate 5.41%. 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. Academic year 2013-14 Fixed Interest Rate 6.41%. 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 2014-15 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.
Please submit your FAFSA online by June 1 to ensure that your student loans will be processed prior to the FALL 2014 tuition bill.
We will create a student loan package for all ACCEPTED students who have completed a FAFSA and emailed our office. After we have reviewed your SAR, a student loan award notification is emailed to you. This notification outlines the cost of attendance and the federal loans you qualify for.
Since the executive programs runs on a non-traditional schedule from the University, the Financial Aid Office will establish the loan period and disburse student loans based on the University fall and spring tuition billing dates.
Private Education Loan Program Information
Private loans may be borrowed in place of the federal loan programs. We recommend borrowing through the federal loan programs but it is a students choice if they decide to borrow through a private lending institution. Cornell can not recommend any particular lender, but encourages you to compare lenders and loan terms to select the lender that best fits your needs. Review our loan comparison chart to help decide which loan option may be better for you. Students are responsible for researching and applying for their alternative loan. You may borrow up to the published total cost of attendance less any financial aid received. If a student elects to borrow through a private lender we ask that you notify the financial aid office so we can certify your loan.
Learn about the advantages of taking federal student loans over private, non-federal loans.
Private education loans are funded by private lending institutions and require a separate loan application. Private loans may offer fixed and variable interest rates based on a borrower's credit history and credit score. Depending on ones credit score and if they have a co-signer the tier pricing can range anywhere from prime to prime plus 3-10%; and a fee from 0% - 5%