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 Counseling. Even if you have completed this for another institution it still needs to be completed for Cornell.
What is a Master Promissory Note and Entrance Counseling?
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 on https://studentaid.gov/mpn
Entrance Counseling is a listing of your rights and responsibilities as a borrower. There is a short quiz that must be completed. The Entrance Counseling session can be found by logging on to: https://studentaid.gov/entrance-counseling
Why are these two items important?
If you have not signed the MPN and completed the Entrance Counseling session, the Law School cannot pay out your Federal Aid.
When should I complete this process?
Please sign the MPN and complete the Entrance Counseling session once you have decided to enroll and have paid the final deposit. This will need to be completed even if you have already completed it for another university.
How long is an MPN and Entrance Counseling valid?
Starting in 1999, all approved Master Promissory Notes and Entrance Counseling sessions 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 unless it has been more than 10 years since you signed it.
Does one Entrance Counseling apply for all Federal Loans?
Yes. To fulfill this requirement you have two options: there is a combination Entrance Counseling option which covers the Federal Direct Unsubsidized Loan and the Graduate PLUS Loan or you can complete one Entrance Counseling session for the Federal Direct Unsubsidized Loan and one for the Graduate PLUS Loan.
Does one MPN apply for all Federal Loans?
No, the Federal Direct Unsubsidized Loan has its own promissory note. The Graduate PLUS Loan has its own promissory note as well.
The promissory notes for the Direct Unsubsidized and the Graduate PLUS Loans can be found at: https://studentaid.gov/mpn
Will my federal loans cover my tuition?
Yes, but students are only eligible for $20,500 per year in the Federal Direct Loan Program. You will most likely need to round out your aid package with the Graduate PLUS Loan, which can be taken out up to the cost of attendance established for the academic year.
