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.