GRANTS
What types of Law School grants are available to students?
The Cornell Law School has over $3 million in need-based grant funds to award to new and returning students. Almost 50% of Law School students receive scholarship assistance. Candidates wishing to be considered for institutional grants should complete the Cornell Law School Financial Aid Application and Need Access Report by March 15, 2009 and submit both parent and student tax returns to the Financial Aid office.
Students receiving grants will receive a three-year award. It is not necessary to renew the Need Access every year.
Students who enroll in the first year without receiving a Law School grant should not expect to receive grant funds in the second or third year.
What if my parents are unwilling to help?
Cornell Law School requires parental information to calculate institutional aid. Without this information we will not be able to offer a grant. You should assure your parents that their information is used only as a tool, and Cornell Law School does not necessarily expect them to contribute funds toward your education. Most students substitute Graduate PLUS loans for parental contributions.
What if I am an independent student?
Federally, all graduate students are considered independent and do not need to provide parental information on the FAFSA form.
Institutionally, all students are considered dependent unless they petition the Financial Aid office and receive a dependency waiver. This should be done well before March 15th, 2009.
What are the criteria to receive such a waiver?
Waivers are considered on a case-by-case basis. Some of the factors we consider, but are not limited to are:
OUTSIDE SCHOLARSHIPS
What happens to my grant if I receive an outside scholarship?
Cornell Law School will reduce your loans in the amount of the outside scholarship if necessary. We will do our best to maintain your grant, but in some cases, a grant adjustment may be necessary.
FEDERAL LOANS
What kind of Federal Aid can I receive as a law student?
Law students are only eligible for federal loans. Each year a student may receive $20,500 in William D. Ford (Stafford) loans. Of this amount, only eligible students may receive the $8,500 subsidized portion.
Perkins loans are only awarded in the second year.
How do I apply for these Federal Loans?
To receive these loans you must complete a Cornell Law School Financial Aid Application and file a FAFSA form and send a copy of your student tax return with all W-2 and 1099 forms to the Financial Aid Office. Later, you will need to complete a Federal Verification Worksheet and Statement of Educational Purpose.
To renew your federal loans, you must complete this process each year.
What happens next?
Once your Cornell Law School Financial Aid Application is received and your FAFSA is filed having used school code 002711, the Financial Aid office will verify your eligibility and offer you the appropriate federal loans.
I remember receiving Federal Loans at my undergraduate institution, but I applied through a third party. Do I need to do that here?
No, Cornell Law School is a direct lending institution. We will verify your eligibility and award you the loan directly. Once you have elected to attend Cornell, you will be required to complete a Master Promissory Note and Entrance Interview.
What is a Master Promissory Note and Entrance Interview?
A Master Promissory Note (MPN) is a binding contract signed by you when obtaining a student loan. You should read all the information carefully and remember that this is a contract with the lender. The promissory note can be found onhttps://dlenote.ed.gov.
The Entrance Interview is a listing of your rights and responsibilities as a borrower. There is a short quiz that must be completed. The entrance interview can be found by logging on to: www.dlssonline.com.
Why are these two items important?
If you have not signed the MPN and completed the Entrance Interview, the Law School cannot pay out your Federal Aid.
When should I complete this process?
Please sign the MPN and complete the Entrance Interview once you have decided to enroll and have paid the final deposit.
How long is an MPN and Entrance Interview valid?
Starting in 1999, all approved Master Promissory Notes and Entrance Interviews remain on file for 10 years. If you are a Cornell graduate and have borrowed through Cornell, you should not need to complete another promissory note.
Does this MPN apply for all Federal Loans?
No, this MPN is only for the William D. Ford (Stafford) loan. The Perkins loan, given in the second year, has its own MPN that must be signed.
Will my federal loans cover my tuition?
No, students are only eligible for $20,500 per year in federal funds. You will most likely need to round out your aid with private loans.
How do I receive a Federal Graduate PLUS loan?
To apply for a Graduate PLUS loan, download the application from the Cornell Law School website and mail the completed form to the Financial Aid Office. You then need to complete the Graduate PLUS loan Master Promissory Note found on dlenote.ed.gov.
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ALTERNATIVE LOANS
How do I apply for alternative loans?
Many alternative lenders have internet and telephone application processes.
When should I apply?
You should apply for alternative loans after you have paid your final deposit.
Do lenders pull credit reports?
Yes. A lender will determine whether or not they want to lend to you based on your credit history. Your credit might be an issue, pull your credit report and make any corrections you can. The PLUS loan program has more flexible credit requirements.
To receive a copy of your credit report, go to one of these websites:
If I am turned down for a loan, can I borrow from Cornell or can Cornell Law School secure a loan for me? No, Cornell Law School does not have an internal lending program. If you are turned down for a loan, we cannot secure a loan for you.
I’ve picked a lender, but I am not sure how much I should apply for?
The quickest way to figure out the maximum amount allowable is to take the cost of attendance for the year and subtract your grant, federal loans and any outside scholarships that you will receive.
For example: John Doe’s Award
| Cost of attendance 2009-2010 | $67,250 |
| Grant | -$10,000 |
| Federal Loans | -$20,500 |
| Outside scholarship | -$5,000 |
| Total | $31,750 |
John Doe may apply for no more than $31,750 for the academic year. Please note that private loans must be renewed with the lender each year.
What if I need more?
If you think that you will need more funds, please contact the Financial Aid Office. Loans will only be approved up to the cost of attendance unless you have made an arrangement with the office.
Students with children should contact the Financial Aid Office for the revised budget. The Law School does not increase budgets for spousal costs.
BUDGETING
What is the cost of attendance and what does it include?
The cost of attendance is the budget the law school has set for the year. Here is the breakdown for 2009-2010:
| Tuition | $48,950 |
| Room and Board | $11,000 |
| Books | $850 |
| Personal/Travel | $4,900 |
| Health Insurance | $1,550 |
| Total | $67,250 |
What if I exceed this budget?
On a limited basis, the Financial Aid Review Committee may accept budget increases with proper documentation. These adjustments come only in loans.
What items may be considered in a budget increase?
The following items will be considered:
These items may be considered on a case by case basis?
Please note that neither consumer debt nor car payments can be considered. Additionally, please note that cost of living increases may not be approved. Do not count on receiving more funds than the published budget.
How do I live within my Budget?
Why is it important to budget?
Every budget increase to your loan is unsubsidized. This means that you are accruing interest throughout the year on your loan. A student who borrows $50,000 in private funds over three years at a 7% interest rate will have a monthly payment of roughly $800.00. If you add the federal loans, which will amount to $55,500 with a monthly payment of $600 per month or so, you are looking at paying $1400.00 per month after graduation. This is a lot of debt to take on – even for a lawyer!
If you budget wisely and live within your means, you can minimize these payments. Please Note: Loans incurred as a result of budget increases cannot be included in the Public Interest Low Income Protection Plan.
Now that I have my aid and I am enrolled, how do I access those funds?
Once you are enrolled, your loans are approved, and you’ve completed the appropriate paperwork, your aid will pay your bursar bill no earlier than 10 days before classes begin. Once these funds cover items that have been charged to your bursar bill (tuition, fees, and health insurance), a refund will be issued to you. If your aid does not exceed your bill, no refund will be issued.
Students can sign up for direct deposit with the bursar and receive their funds electronically. This must be done several weeks before classes begin. If you are interested in direct depositing, contact the University Bursar.
How do I know if I have a refund?
The Cornell Bursar’s office will contact you via email once your refund is ready. If they have not, please contact them before calling the Financial Aid office.
When will I be charged tuition?
Students receive their first bill in July. Tuition will be due at that time.
What do I do if I am covering all costs with loans that will not pay until August?
Don’t worry, if you applied for your private loan before July and you have completed your FAFSA, your bursar account will indicate that you have pending aid and you will not be charged late fees.
RECORDKEEPING
What items do I need to save?
It is important that you start a financial aid file. In it, keep your award letter, letters coming from the federal government and all bursar statements. This should help with taxes and repayment after graduation.
How Do I contact the Financial Aid Office?
If you need help, please email Financialaid@lawschool.cornell.edu or call 607-255-5141.
