Cornell University The Johnson School at Cornell University

Financial Aid

Financial Planning (Tuition & Fees)

Pursuit of an MBA is an investment in your future. It will most likely require you to take on some educational debt. There are ways to limit the amount of education debt you accumulate as a student. The easiest way to reduce your overall debt is to reduce your discretionary expenses. It is much easier to live like a student when you are a student than to live like a student when you are earning $90,000 annually. If you were to reduce your student loans from $50,000 to $40,000 you would save approximately $121 per month in student loan payments.

Budgeting Information

Your educational costs may be different from the budget we use for financial aid purposes. Many Johnson School students meet their educational costs by borrowing through various student loan programs. As outlined above, student loan debt represents a serious financial commitment with long-range repercussions. Please remember that you cannot use education loans (even private education loans) to cover costs above our published budget. You may have to plan carefully to ensure that you can meet all your expenses during the year. Prudent borrowing strategies can help you have more disposable income in the future, and allow you the freedom after graduation to achieve your personal financial goals (buying a home, new car, etc.)

2009-2010 Financial Aid Budget - Tuition and Living Allowance

Summer 2009 Budget 2009-2010 Academic Year Budget (Ten Months )

Tuition*

$27,700

$47,150

Housing and Food~

$3,375

$11,250

Books

$550

$1,100

Computer**

$3,000

$3,000

Health Insurance***

$478

$1,634

Personal Expenses

$1,458

$4,860

Total

 $36,561 $68,994

* Although we make every effort to inform students of changes in advance, the amount, time, and manner of payment of tuition, fees, or other charges may be changed at any time without notice. Average tuition increase per academic year 3-5%

~ Based on the cost of sharing a moderately priced apartment ($700 rent/$425 food per month). Your living costs will depend on your lifestyle and living arrangements.

** Computer cost is a one-time expense

*** Cornell student rate for 2009-10

Additional Expenses

Additional expenses, up to, but not exceeding the amounts listed, can be used to increase the financial aid budget on a case-by-case basis after discussion with the Financial Aid Office. Any increase to a student's budget will be funded through Grad PLUS or private educational loans only.

Additional Expenses:

Calculators

Many websites offer calculators to assist you in making college affordable. Although there are several websites (including those set up by lenders) that provide useful calculators, we suggest you start with those listed below:
FinAid http://www.finaid.org/calculators/
New York State Higher Education Services Corporation http://www.hesc.com/content.nsf/SFC/0/Financial_Aid_Calculators CollegeBoard http://www.collegeboard.com/student/pay/add-it-up/401.html

Bursar Procedures

Most University charges and credits are processed through the University Bursar system. Your fall semester tuition bill will be available online mid July and due early August. Note that for the Accelerated MBA program, summer tuition bills will be available online in April/May. Your fall (or summer) tuition bill must be paid to register. Any financial aid processed by our office by July 1 will be reflected as estimated financial aid and will reduce the amount you are required to pay to cover your semester charges. Federal Grad PLUS and Private loan applications must be submitted and certified by our office to be used as estimated aid towards your bursar account. Your admissions deposit (less a $50 matriculation fee) will be credited against your tuition amount.

Cornell offers online payment with Cornell Net.Pay and a monthly installment plan. Please visit their web site http://www.bursar.cornell.edu for more information.

Financial Readiness

  1. Make adjustments to your lifestyle.
  2. Start to save from each paycheck. Open a new school expense savings account and have money directly deposited from your paycheck.
  3. Begin to reduce your discretionary expenses. Dine out fewer times during the week, bring your lunch to work, limit impulse purchases, email friends and family instead of phoning.
  4. Develop a personal budget. You may find it helpful to use software such as Quicken or MS Money.
  5. Begin to search for outside scholarships. Use the Internet, local libraries, check with your employer or any civic or fraternal organizations you participate in to see if they offer scholarship assistance.
  6. Find one or more roommates to share expenses.
  7. Request and review your credit report. Approval for Federal Grad 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. You can also contact one of the three major credit reporting agencies:
    Equifax; 800 997 2493 or web: http://www.equifax.com/ Experian; 888 397 3742 or web: http://www.experian.com/ Trans Union; 800 888 4213 or web: http://www.transunion.com/
  8. Some lending institutions will base their interest rates on a borrowers credit score. You can check your credit score from Fair Isaac. Web: http://www.myfico.com
  9. Eliminate any credit card balances you currently carry and only use your credit cards for emergencies only.
  10. Do not buy or lease a new car. Cornell offers great public transportation.
  11. Don't use up all your savings to take a dream vacation before returning to school.
  12. Don't hesitate to ask family members for support. I'm sure you don't want them to foot the bill for your entire education, but on gift giving occasions, they can get you a backpack, a pre-paid long distance calling card or perhaps even buy you a new computer as a "going back to school gift."
  13. Avoid impulse purchases and beware of buying for convenience.
  14. It is much easier to live like a student while you're a student than to live on a student budget after you've earned your MBA.

The following expenses cannot be covered by Federal or private educational loans:

For further information, contact:

Financial Aid Office
106A Sage Hall
Johnson Graduate School of Management
Cornell University
Ithaca, NY 14853-6201

phone: 607 255 6116
email: lac8@cornell.edu