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. Below is a list of the various loan options available, as well as details and requirements for each.
Undergraduate Student Loans
Federal Direct Subsidized Loan
A Federal Direct Subsidized Loan is a federal loan for undergraduate students who are U.S. citizens or permanent residents and who have demonstrated financial need determined by a completed FAFSA application.
Interest Rate & Terms
There is a 4.99% fixed interest rate for loans first disbursed on or after July 1, 2022, and before July 1, 2023. There is a 3.73% fixed interest rate for loans first disbursed on or after July 1, 2021, and before July 1, 2022. The government pays the interest while the student is in school. Previous years’ interest rates are available at studentaid.gov.
Loan Fees
There is a 1.057% origination fee for loans disbursed on or after October 1, 2020 and before October 1, 2023.
Repayment Terms
Repayment is 10–30 years, beginning 6 months after the student leaves school.
Maximum Loan Limits
Loan limits are set by the federal government and vary based on the student’s need and year in school. For additional details, please refer to the U.S. Department of Education’s page on Direct Loans.
Loan Limits | Dependent Undergraduate Student | Dependent Undergraduate Student with a Parent PLUS Loan denial* | Independent Undergraduate Student |
---|---|---|---|
First-Year (0 – 29 credits) |
$5,500 A maximum of $3,500 may be subsidized |
$9,500 A maximum of $3,500 may be subsidized |
$9,500 A maximum of $3,500 may be subsidized |
Second-Year (29.1 – 59 credits) |
$6,500 A maximum of $4,500 may be subsidized |
$10,500 A maximum of $4,500 may be subsidized |
$10,500 A maximum of $4,500 may be subsidized |
Third-, Fourth-, and Fifth-Years (59.1+ credits) |
$7,500 A maximum of $5,500 may be subsidized |
$12,500 A maximum of $5,500 may be subsidized |
$12,500 A maximum of $5,500 may be subsidized |
Career Maximum Loan Amounts |
$31,000 A maximum of $23,000 may be subsidized |
$57,500 A maximum of $23,000 may be subsidized |
$57,500 A maximum of $23,000 may be subsidized |
Federal Direct Unsubsidized Loan
A Federal Direct Unsubsidized Loan is a federal, non-need based loan for students who are U.S. citizens or permanent residents.
Interest Rate & Terms
There is a 4.99% fixed interest rate for loans first disbursed on or after July 1, 2022, and before July 1, 2023. There is a 3.73% fixed interest rate for loans first disbursed on or after July 1, 2021, and before July 1, 2022. This loan will accrue interest while the student is in school. Previous years’ interest rates are available at studentaid.gov.
Loan Fees
There is a 1.057% origination fee for loans disbursed on or after October 1, 2020 and before October 1, 2023.
Repayment Terms
Repayment is 10–30 years, beginning 6 months after the student leaves school.
Maximum Loan Limits
Loan limits are set by the federal government and vary based on the student’s need and year in school. For additional details, please refer to the U.S. Department of Education’s page on Direct Loans.
Loan Limits | Dependent Undergraduate Student | Dependent Undergraduate Student with a Parent PLUS Loan denial* | Independent Undergraduate Student |
---|---|---|---|
First-Year (0 – 29 credits) |
$5,500 A maximum of $3,500 may be subsidized |
$9,500 A maximum of $3,500 may be subsidized |
$9,500 A maximum of $3,500 may be subsidized |
Second-Year (29.1 – 59 credits) |
$6,500 A maximum of $4,500 may be subsidized |
$10,500 A maximum of $4,500 may be subsidized |
$10,500 A maximum of $4,500 may be subsidized |
Third-, Fourth-, and Fifth-Years (59.1+ credits) |
$7,500 A maximum of $5,500 may be subsidized |
$12,500 A maximum of $5,500 may be subsidized |
$12,500 A maximum of $5,500 may be subsidized |
Career Maximum Loan Amounts |
$31,000 A maximum of $23,000 may be subsidized |
$57,500 A maximum of $23,000 may be subsidized |
$57,500 A maximum of $23,000 may be subsidized |
Cornell University (Gardner/Shoemaker/Foreign) Loan
Gardner and Shoemaker Loan
The Gardner/Shoemaker Loan is Cornell University loan for undergraduate students who have demonstrated financial need.
Interest Rate & Terms
There is a 6% fixed interest rate and it does not accrue interest while the student is in school.
Loan Fees
There are no loan fees.
Repayment Terms
Repayment begins 6 months after the student leaves school.
Maximum Loan Limits
Maximum loan limits vary based on the student’s need.
Foreign Loan
The Foreign Loan is Cornell University loan for undergraduate, international students who have demonstrated financial need.
Interest Rate & Terms
There is a 8% fixed interest rate and it does not accrue interest while the student is in school.
Loan Fees
There are no loan fees.
Repayment Terms
Repayment begins 6 months after the student leaves school.
Maximum Loan Limits
Maximum loan limits vary based on the student’s need.
Graduate Student Loans
Federal Direct Unsubsidized Loan
A Federal Direct Unsubsidized Loan is a federal, non-need based loan for students who are U.S. citizens or permanent residents.
Interest Rate & Terms
There is a 6.54% fixed interest rate for loans first disbursed on or after July 1, 2022, and before July 1, 2023. There is a 5.28% fixed interest rate for loans first disbursed on or after July 1, 2021, and before July 1, 2022. This loan will accrue interest while the student is in school. Previous years’ interest rates are available at studentaid.gov.
Loan Fees
There is a 1.057% origination fee for loans disbursed on or after October 1, 2020 and before October 1, 2023.
Repayment Terms
Repayment is 10–30 years, beginning 6 months after the student leaves school.
Maximum Loan Limits
The maximum loan limit is $20,500.
Loan limits are set by the federal government and vary based on the student’s need and year in school. For additional details, please refer to the U.S. Department of Education’s page on Direct Loans.
Grad PLUS Loan
A Grad PLUS Loan is a federal, non-need based loan for students who are U.S. citizens or permanent residents.
Interest Rate & Terms
There is a 7.54% fixed interest rate for loans first disbursed on or after July 1, 2022, and before July 1, 2023. There is a 6.28% fixed interest rate for loans first disbursed on or after July 1, 2021, and before July 1, 2022. This loan will accrue interest while the student is in school. Previous years’ interest rates are available at studentaid.gov.
Loan Fees
There is a 4.228% origination fee for loans disbursed on or after October 1, 2020 and before October 1, 2023.
Repayment Terms
Repayment begins 60 days after the second disbursement OR may be deferred until 6 months after the student leaves school.
Maximum Loan Limits
The student may borrow up to the total cost of attendance less any financial aid.
Parent Loans
Parent PLUS Loan
A Parent PLUS Loan is a federal, non-need based loan for parents of a dependent student. To apply for the Parent PLUS Loan please fill out the Federal Parent PLUS Loan Application.
Interest Rate & Terms
There is a 7.54% fixed interest rate for loans first disbursed on or after July 1, 2022, and before July 1, 2023. There is a 6.28% fixed interest rate for loans first disbursed on or after July 1, 2021, and before July 1, 2022. This loan will accrue interest while the student is in school. Previous years’ interest rates are available at studentaid.gov.
Loan Fees
There is a 4.228% origination fee for loans disbursed on or after October 1, 2020 and before October 1, 2023.
Repayment Terms
Repayment begins 60 days after the second disbursement OR may be deferred until 6 months after the student leaves school.
Maximum Loan Limits
The parent may borrow up to the total cost of attendance less any financial aid.
- Have questions about repayment schedules? Visit Federal Student Aid's Repayment Estimator.
- In addition to federal and university loans, there are also alternative non-need-based loan and financing options to consider.