Cornell University The Johnson School at Cornell University

Admission

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. We have designed this page for your information and to help you through the student loan application process.

Federal Direct Subsidized and Unsubsidized Loan Program
Cornell participates in the Federal Direct Loan (DL) Program, which includes federally subsidized and unsubsidized loans. The federal loan limit is $20,500 per academic year and carries a fixed rate of 6.8%. Up to $8,500 may be interest free while in school depending on the applicant's financial need as reflected on the SAR. There is a 2.5% loan fee, however DL offers an upfront 1.5 percent rebate of the loan amount borrowed. You must make 12 required monthly payments on time or the rebate amount will be added back to the principal balance on your loan. 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 Grad PLUS Program
Effective July 1, 2006, the Federal Direct PLUS program has expanded to include graduate and professional students and is referred to as Grad PLUS. This federal loan program may be an alternative to the private education loan program. Loans can be made to students who need to borrow more than the maximum Subsidized and Unsubsidized loan amounts 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; however, offers an upfront 1.5 percent rebate of the loan amount borrowed. Once in repayment you must make 12 required monthly payments on time or the rebate amount will be added back to the principal balance on your loan. 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 interest rate. The Grad PLUS loan requires a separate application (Grad PLUS application)

Eligibility for federal loan aid is limited to U.S. citizens and permanent residents.

Please follow the steps below to be considered for federal student loans:

We will create a student loan package for all ACCEPTED students who have completed the FAFSA and submitted a copy of their 2007 Federal Tax Return to our office.

Private Education Loan Program Information
Private loans may be borrowed in place of the Grad PLUS loan program. Borrowers must be U.S. citizens or permanent residents. An international student may borrow with a credit-worthy U.S. citizen or permanent resident as cosigner. Private educational loan approval is based upon a review of your credit history. It is important to have a good credit record.

We have listed a sample of three major programs in providing education loans to MBA students: Citibank, Access Group and Sallie Mae. Private loans are variable rate loans and begin to accrue interest at disbursement. Repayment is deferred until six months after graduation (or upon ceasing at least half-time enrollment). You should consider each loan carefully before selecting a particular lender.

To apply for a private loan, contact one of the following lenders:

Citibank (CitiAssist): CitiAssist® Loans
Phone: 800-967-2400
Access Group: www.accessgrp.org
Phone: 800-282-1550
MBA Loans: www.salliemae.com
Phone: 888-440-4MBA (4622)

Canadian Citizens may find available funding at the following website: CanLearn

If you have any questions, please feel free to contact our Financial Aid Office.

Financial Aid Office
106A Sage Hall
Ithaca, NY 14853
Phone: 607 255-6116
Fax: 607 255-0065
e-mail: Financial Aid