UPDATE: The name of the program has been changed to the Promise Scholarship for Iowans as of September 2015.
Cornell College will offer a new scholarship for all qualified Iowa high school students beginning in Fall 2015, with a minimum of $20,000 available per student.
The Promise Scholarship for Iowans is renewable for four years, bringing the total value to $80,000.
The new grant program is designed to offer more Iowa students the opportunity to fulfill their promise and potential through the rigorous liberal arts education that Cornell College offers.
“Educating Iowa students has been at the core of our mission since our founding in 1853,” said President Jonathan Brand. “We want to support promising students and believe this is good for not only our students, but the region and the state.”
In addition to the scholarship, Iowa students may qualify for up to $5,000 annually from the state’s Iowa Tuition Grant to attend an Iowa private college. By supporting homegrown talent with the new grant, the college plans to increase over the next few years the number of Iowa students who stay in-state to attend a national private liberal arts college. Cornell’s student body currently represents 45 states and 19 foreign countries, with 17 percent from Iowa.
Even before this scholarship was created, Cornell students were graduating with less debt, on average, than those from other Iowa colleges and universities. According to the
Project on Student Debt, Cornell graduates have lower average debt ($27,227) than graduates of other Iowa public and private four-year institutions ($29,456). Cornell College graduates have a far lower college loan default rate (4 percent) than the national average (13.7 percent).
Cornell is nationally recognized for its value, including by
Kiplinger’s, which included Cornell on its
list of the 100 best values in private colleges for 2014, and
Washington Monthly, which included Cornell on its
list of the 100 Affordable Elite Colleges. Cornell is also one of 40 “Colleges that Change Lives,” a select group of schools recognized for their academic quality and the exceptional opportunities they offer.
Fast Facts
Why are you offering this scholarship? Educating Iowans has been at the core of our mission since Cornell College was founded in Mount Vernon, Iowa, in 1853. We want to make sure Iowa families understand the value that Cornell offers. With this grant we also continue to invest in the region and the state.
What percent of your students are from Iowa? 17%
What percent of Iowa students were in the incoming class? 12%
What is your goal for growing the percentage of Iowa students you serve? 20%
What percent of alumni live in Iowa? 18%
What is Cornell doing to encourage students to stay in Iowa? In addition to the grant for Iowa students, and the fact we draw students from around the nation and the world to Iowa, the college’s Career and Civic Engagement Center is involved with the Cedar Rapids Metro Economic Alliance’s Stay Here program, which works to keep college students in the region after graduation.
Why is a low default rate on student loans important? A low student loan default rate shows that our graduates are finding well-paid positions after graduation and are able to meet their loan obligations.
