Financing Options

Financing Options

If your family doesn't demonstrate financial need, or requires supplemental assistance, Cornell offers a variety of financing options:

Cornell Installment Plan

The Cornell Installment Plan (CIP), administered by AMS, allows you to pay tuition, housing, and dining costs in equal monthly installments. There are no interest or finance charges, but there is a small annual enrollment fee. You may pay in either 10 or 12 installments for the full year, or in 5 installments for a single semester.

You determine how much you need to budget through CIP. If you are paying a year's expenses this way, half the budgeted amount is credited to your bursar account in the fall semester (appearing on the July bill) and half in the spring (on the December bill). If you choose to pay for the fall or spring semester only, the whole amount is credited in that semester.

If you are a returning student, you will not receive your financial aid package for the year before the first CIP payment is due. If there aren't any major changes to your circumstances, you should use last year's family contribution to plan your CIP. If necessary, you can make changes to the CIP after you have received your package.

For more information on CIP, please call 1-800-635-0120 or visit the Cornell page at tuitionpay.com.

Loan Options

William D. Ford Federal Direct Unsubsidized Loans 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.

Loans to parents of Cornell students are available annually in any amount up to the year's total education costs minus other aid received. The Federal Direct Parent Loan for Undergraduate Students (PLUS) is available through Cornell to parents of dependent students (U.S. citizens or permanent residents). Applications are available on line on the Forms page. Cornell University is a Direct Lending institution. If you decide to apply for a PLUS loan, this must be done through our office. The interest rate is fixed at 7.9%. Repayment begins 60 days after disbursement of the loan.

Additional Loan Sources

Alternative Loan
Any Cornell undergraduate student can apply for an alternative loan to help cover educational-related expenses. Alternative loan funding would be provided by an independent lender, not Cornell University. We cannot recommend any particular lender. You are responsible for contacting your preferred lender, obtaining information on terms and interest rates, and applying for this alternative loan.

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Financing Options If your family doesn't demonstrate financial need, or requires supplemental assistance, Cornell offers a variety of financing options: Cornell Installment Plan The Cornell Installment Plan (CIP), administered by AMS, allows you to pay tuition, housing, and dining costs in equal monthly installments. There are no interest or finance charges, but there is a small annual enrollment fee. You may pay in either 10 or 12 installments for the full year, or in 5 installments for a single semester. You determine how much you need to budget through CIP. If you are paying a year's expenses this way, half the budgeted amount is credited to your bursar account in the fall semester (appearing on the July bill) and half in the spring (on the December bill). If you choose to pay for the fall or spring semester only, the whole amount is credited in that semester. If you are a returning student, you will not receive your financial aid package for the year before the first CIP payment is due. If there aren't any major changes to your circumstances, you should use last year's family contribution to plan your CIP. If necessary, you can make changes to the CIP after you have received your package. For more information on CIP, please call 1-800-635-0120 or visit the Cornell page at tuitionpay.com. Loan Options William D. Ford Federal Direct Unsubsidized Loans 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. Loans to parents of Cornell students are available annually in any amount up to the year's total education costs minus other aid received. The Federal Direct Parent Loan for Undergraduate Students (PLUS) is available through Cornell to parents of dependent students (U.S. citizens or permanent residents). Applications are available on line on the Forms page. Cornell University is a Direct Lending institution. If you decide to apply for a PLUS loan, this must be done through our office. The interest rate is fixed at 7.9%. Repayment begins 60 days after disbursement of the loan. Additional Loan Sources Alternative Loan Any Cornell undergraduate student can apply for an alternative loan to help cover educational-related expenses. Alternative loan funding would be provided by an independent lender, not Cornell University. We cannot recommend any particular lender. You are responsible for contacting your preferred lender, obtaining information on terms and interest rates, and applying for this alternative loan.