William D. Ford Federal Direct Subsidized Loan
U.S. citizens or permanent residents with financial need who are matriculated undergraduates are eligible to receive this award. Freshmen are eligible for up to $3,500 a year, sophomores are eligible for up to $4,500, and juniors and seniors are eligible for up to $5,500. The interest rate is fixed at 6.8%. Because the loan is subsidized, interest does not accrue while the student is in school. Repayment begins six months after the student leaves school.
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William D. Ford Federal Direct Unsubsidized Loan
This loan is available to US citizens or permanent residents who are matriculated undergraduates. If you don't qualify for the subsidized Direct Loan, the unsubsidized Direct Loan is available to you. Freshmen are eligible for up to $3,500 a year, sophomores are eligible for up to $4,500, and juniors and seniors are eligible for up to $5,500. The interest rate is fixed at 6.8%. Because the loan is unsubsidized, interest accrues from the time of disbursement, but may be deferred until after the student leaves. Repayment begins six months after the student leaves school.
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Federal Perkins Loans
US citizens or permanent residents with financial need are eligible to receive this award. Awards can be up to $4,000 a year, depending on the student's financial need. The interest rate is set at 5%. The loan is subsidized so no interest will accrue while the student is in school. Repayment begins nine months after the student leaves school.
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Cornell University Loan
This loan is available to students with financial need. Awards are dependent on the student's financial need. The interest rate is set at 8%. The loan is subsidized so no interest will accrue while the student is in school. Repayment begins six months after the student leaves school.
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Federal Direct Parent Loan for Undergraduate Students (PLUS)
This loan is available to parents of dependent students (US citizens or permanent residents). Applications are available from the Office of Financial Aid and Student Employment. Cornell University is a Direct Lending institution. If you decide to apply for a PLUS Loan, this must be done through Cornell. Parents can request funding up to the total cost of attendance less any financial aid the student is eligible for. The interest rate is fixed at 7.9%. Repayment begins 60 days after disbursement of the loan.
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Federal Work-Study (FWS)
US Citizens and permanent residents with financial need may be eligible to receive FWS. The typical freshman award is $1,800, with the FWS award generally increasing each consecutive year. The award indicates the amount you are expected to earn by initiating a job search and working (Cornell does not place students into jobs). The FWS award amount appears in your financial aid package and on Bear Access / Just the Facts. Your earnings are not credited to your bursar bill. When you work you are paid biweekly through Direct Deposit or a paycheck, and you determine how best to use those earnings towards your educational expenses. If you do not work, or do not earn the full amount of your FWS award, the balance cannot be converted into cash nor can it rolled forward for use in the next academic year.
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Employment Earnings Expectation (EEE)
Students not eligible for Federal Work-Study may have an Employment Earnings Expectation amount listed in their financial aid package. EEE is an estimate of the amount you are expected to earn through part-time employment during the academic year, helping to meet your educational expenses. This amount may vary from year to year, and appears in your financial aid package and on Bear Access / Just the Facts. Cornell does not place students into jobs and earnings from jobs do not appear as a credit on your bursar bill. When you work you are paid biweekly through Direct Deposit or a paycheck, and you determine how best to use those earnings towards your educational expenses.
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University Grants
Grants are available to students with financial need. The amount of University grant is based on your family's situation: there is no minimum or maximum. University grants are awarded after nonuniversity funds, work-study, and loans.
The aid comes from several sources - university endowments, your college's own funds, alumni, and a general fund. Endowments from Cornell alumni are especially meaningful. These endowments can establish a direct connection between you and the donor; most donors welcome the opportunity to meet or correspond with the students who receive their awards.
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New York State Tuition Assistance Program (TAP)
New York state residents attending college full-time whose families' New York State taxable income is less than $80,001, are eligible for TAP. Submit the FAFSA application and then complete Express TAP Application mailed by the New York State Higher Education Services Corporation (HESC). Awards are based on your family's income. The range of assistance for new recipients of TAP grants is $500-$5,000. Additional information on TAP can be found at www.hesc.com.
