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For US citizens and permanent residents, we will determine your student loan eligibility after you have filed the 2008-09 Free Application for Federal Student Aid (FAFSA) form and notified our office that you have filed the FAFSA. This initial notification will be tentative until you submit a signed copy of your 2007 Federal Income Tax Return. Our office will notify you if any additional documents are required to complete your file. You will want to add our email address to your address book to receive additional information and notifications from the Financial Aid Office; FinancialAid@johnson.cornell.edu
Please follow the steps listed below to be considered for federal and institutional loans:
- Complete the 2008-09 FAFSA form soon after January 1. This can be done via the web at http://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 through out your enrollment as a student and through repayment of your student loans. Within 2-4 weeks of completing the FAFSA you'll receive a Student Aid Report (SAR).
If you are applying to our Accelerated MBA (AMBA) program, you will need to apply separately for summer aid. The steps are similar to the academic year except you will also need to complete the 2007-08 FAFSA and submit a signed copy of your 2006 federal income tax return.
- email the Financial Aid Office once you have filed the FAFSA on-line. This will alert our office to access your SAR electronically.
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.
- Send a signed copy of your 2007 Federal Tax Return (AMBA's also submit 2006 for summer aid) to the Johnson School Financial Aid Office.
You will receive notification of your student loan eligibility after you have been admitted to our program and have completed the FAFSA form. There is no connection between applying for financial aid and the admissions committee's decision.
All financial aid sources will be applied first to your university tuition bill. If any of these funds result in a credit balance to your account, the credit will be refunded to you after university registration.
Eligibility for Financial Aid
Of course, when dealing with limited funds and federal programs, there are strict guidelines and policies we must follow. Some federal and institutional loans are awarded on the basis of financial need. Need is the difference between the cost of education and the amount you can contribute toward your educational costs. Congress has mandated a formula to calculate this amount. The factors used to determine the amount you can contribute are your (and your spouse's, if married) income, and in some cases your assets. We calculate your contribution based on the information you provided on the Free Application for Federal Student Aid (FAFSA) and reported on your SAR. Need is determined by subtracting your contribution from the budget. Due to limited amounts of both federal and institutional funds, we are not able to meet your full need. In many cases students must be prepared to borrow from alternative educational loans and/or use their own resources to cover the unmet need and/or student contribution portion of their aid package.
Educational costs, also referred to as the cost of attendance or budget is more than just tuition; room-and-board costs, books, computer and personal expenses are used to compute the budget:
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