Tuition and Financial Aid
Student Loan Programs
Loan Program Information
An endeavor for a Master of Business Administration degree is an investment that, like any other major investment, should be evaluated carefully. Education loans represent a serious debt obligation and the monthly payments that will be encountered upon graduation should be considered. Manageable education loan repayments represent 6.5 to 12 percent of after-tax income or 5 to 9.5 percent of gross starting salary. Please be advised that you will incur a heavy amount of debt if you choose to finance your education entirely with loans.
Outlined below is information on several loan programs supported by our office. If you have additional questions regarding these programs, please feel free to contact our office.
Federal Direct Loan Program
Cornell participates in the Federal Direct Loan Program, which includes federally subsidized and unsubsidized loans. As a direct lender, we will use the information you provide on your FAFSA to calculate your eligibility. No additional loan application is necessary. Cornell University uses an online Master Promissory Note (MPN) and our office will notify you once available for your signature. Eligibility is limited to U.S. citizens and permanent residents. The loan limit is $20,500 per academic year; up to $8,500 may be interest free while in school depending on the applicant's financial need as reflected on the SAR. Repayment is deferred until six months after graduation (or cease at least half-time enrollment) and carries a fixed rate of 6.8%.
Federal Direct Grad PLUS Program
The Federal Grad PLUS program has a 7.9% fixed interest rate and is designed to help meet educational costs and allows you to borrow to cover your expected contribution and/or unmet need reflected on your award notification. In addition to the FAFSA, this program requires a separate application, approval is based upon a review of your credit history and interest begins to accrue at disbursement. There is a 4% 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. 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 10 years and can be extended up to 25 years based on amount borrowed.
Grad PLUS application
Johnson School and Institutional Loan Program
Institutional loans are loans funded by Cornell University. We have several different loan programs which have different terms and conditions. Eligibility for each of these loans is limited to U.S. citizens and permanent residents, based on financial need and is awarded at the discretion of the financial aid office. No additional loan application is necessary.
Private Education Loan Programs
Private educational loan programs may be an alternative loan to the Grad PLUS program. Private education loans are funded by private lending institutions and require a separate loan application. 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). There are also cumulative borrowing limits which may affect the amount you qualify to borrow, and 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. Please do not submit a private loan application before June 1.
Citibank CitiAssist Loan
You may find out more information on their web site or by phoning Citibank at 1-888-812-5030 or 605-331-0821 Collect.
Access Group
You may find out more about this loan program by visiting their web site or you may phone Access Group at 800 282-1550.
Sallie Mae
You may find out more about Sallie Mae MBA LOANS on their web site or by calling customer service staff at 1-888-440-4MBA (1-888-440-4622 ).
For more information, contact:
Financial Aid Office
106A Sage Hall
Johnson Graduate School of Management
Cornell University
Ithaca, NY 14853-6201
phone: 607 255-6116
e-mail: Lisa Pastrick
