Need Based and Non-Need Based Loans

Loans are a resource that can help fund your education. Typically, you do not have to begin repaying loans until after you have left school. The chart below provides the various loans available, details, and required application elements and informational links for each for the 2016-17 academic year.

 

Maximum Loan Per Year

Interest Rate Terms

Interest Rate

Loan Fees

Repayment Terms

Required Applications

Need-Based Loans

 

 

 

 

 

 

Federal Direct Subsidized Loan

800.557.7394

sign your MPN: http://studentloans.gov

Entrance counseling: http://studentloans.gov

$3,500 freshmen

$4,500 sophomores

$5,500 juniors and seniors

Government pays interest while in school

3.76% fixed

1.068% prior to 10/1/16

1.069% on or after 10/1/16

10-30 yrs. Begins 6 mos. after student leaves school

Direct Loan Repayment Calculator

FAFSA

Loan Request

Federal Perkins Loan

sign your MPN: http://www.ecsi.net/promM3

$5,500

No interest while in school

5% fixed

None

Up to 10 yrs. Begins 9 mos. after student leaves school

Cornell Aid Application Process

Cornell University (Gardner/Shoemaker) Loan

sign your MPN: http://www.ecsi.net/promM3

Varies

No interest while in school

6% 2015-16 and beyond

8% prior to 2015-16

None

Begins 6 mos. after student leaves school

Cornell Aid Application Process

Non Need-Based Loans

 

 

 

 

 

 

Federal Direct Unsubsidized Loan

800.557.7394

sign your MPN: http://studentloans.gov

Entrance counseling: http://studentloans.gov

$5,500 freshmen

$6,500 sophomores

$7,500 juniors and seniors

Interest accrues while in school

3.76% fixed (undergraduate)

5.31% fixed (graduate)

1.068% prior to 10/1/16

1.069% on or after 10/1/16

10-30 yrs. Begins 6 mos. after student leaves school

Direct Loan Repayment Calculator

FAFSA

Loan Request

Federal Direct Parent Loan for Undergraduate Students (PLUS)

1.800.557.7394

sign your MPN: http://studentloans.gov

 

May borrow up to the total cost of attendance less any financial aid

 

Interest  accrues while in school

6.31% fixed

 

4.272% prior to 10/1/16

4.276% on or after 10/1/16

Begins 60 days after second disbursement OR may be deferred until 6 months after student leaves school

 

Borrower must be parent of dependent student.

FAFSA

PLUS Application

For alternative non-need-based loan options, click here.