Cornell College cuts federal loan debt in half for dozens of students
The Cornell College admission team is kicking off another round of funding to cut federal loan debt in half for 65 incoming first-year students after a successful inaugural year of the Cornell College Debt Reduction Pledge.
The pledge is a promise that the college will pay half–up to $12,000–of students’ federal debt at the time of their graduation. It’s awarded to students who have been granted admission to Cornell College, and the deadline to apply for the program is Feb. 1, 2023.
“Last year (2021-22), we successfully offered all of our awards to students, and in three years those students will graduate with lower debt,” said Director of Admission Drew Shradel. “Getting a college degree anywhere can be expensive. We have created this program to allow dozens of our students to access a quality Cornell education and take the next steps in life with fewer financial worries.”
A’ryn Jackson is one of the 65 students who applied for the first round of Debt Reduction program awards. They’re a first-year student from Georgia who enjoys playing women’s basketball for the Rams.
“This program means that I won’t have to worry about having to figure out what I need to do every day to pay my loans back,” Jackson said. “I was blessed to be able to be one of the students in my class to get this, and now it helps my parents to not really worry as much about my loans.”
Here’s how it works: The college will pay half of a student’s federal loans. For example, if students take out $24,000 (or more) of federal loans, the college will pay up to $12,000. If students take out less than $24,000, the college will pay half of their final federal student loan bill. For example, at the time of graduation, the college would pay $4,000 for a student who has borrowed $8,000 in federal loans.
“Before I got to Cornell, debt was the first thing on my and my parents’ minds every day because we were trying to figure out what could we do to get me into Cornell and what would I have to do after I graduate to pay them back,” Jackson said. “It was in our minds 24/7. ”
Admitted students don’t need to fill out any additional complicated forms to participate in the program, just the FAFSA and a very simple Cornell interest form located on the website that shows their interest in the program with no detailed financial aid questions.
The Debt Reduction Pledge works in conjunction with all of Cornell’s current financial assistance support and doesn’t impact any aid, scholarships, work-study, or other support students would receive in their financial aid package. The admission team will select the candidates for the program based on student achievement, student need (based on their FAFSA), and composition of the incoming class.
Cornell has prioritized the reduction of student debt and improving financial aid modeling during the creation of its latest strategic plan, which is why this new Debt Reduction Pledge, the Cornell College Freeway Scholarship, the Cornell College Runway Scholarship, and the revamped Cornell College Iowa Promise Scholarship are all new initiatives.
Students and families can contact an admission counselor or email debtreduction@cornellcollege.edu for more information about the Debt Reduction Pledge.
The college will select its next round of applicants by March 1, 2023.
