Student Loans: Quick Reference

March 22, 2017

We want to make it as easy as possible for students to understand financial aid options. We’ve created this chart to give an at-a-glance understanding of a few of the most popular types of loans students might qualify for and what differentiates them:

Loan Loan Provider Student Parents Interest free while enrolled Need Based Maximum Annual Award Additional Details
Direct Subsidized Dept. of Education X X X $3,500 for first-year students Interest rate is fixed.
Direct Unsubsidized  Dept. of Education X $5,500 for first-year students  (less any subsidized amounts received for the same period) Interest rate is fixed.
Direct PLUS  Dept. of Education X Cost of attendance minus any other financial aid student receives. Interest rate is fixed.
Mabel Sherman Cornell College X X X Award varies by need. Eligible students will be notified in their financial award letter. Interest rate is fixed. Principal payments begin one year after graduation.
McElroy Cornell College X X X Award varies by need. Eligible students will be notified in their financial award letter. Interest rate is fixed. Repayment begins six months after graduation and shall not exceed 10 years.
Private Various Institutions X* X Cost of attendance minus any other financial aid student receives. These loans can have fixed or variable interest rates, dependent on credit score. Repayment terms are determined by the issuing institution.

*Will most likely require a co-signer for undergraduate students.

If you want to talk in greater detail about loan options at Cornell, contact  us at financialassistance@cornellcollege.edu or 877.579.4049.