Federal Loans

Students may apply for federal loans to pay costs that are not covered by scholarships, grants, or other types of financial aid. Students applying for federal student loans must complete a Free Application for Federal Student Aid (FAFSA®) using school code G04762.

The One Big Beautiful Act was signed into law on July 4, 2025, and makes significant changes to federal financial aid programs, including new loan limits, new loan repayment options, and updated eligibility requirements, for both current and future graduate students. Starting July 1, 2026, new master's degree students are eligible for Federal Unsubsidized Loans for $20,500 per year. For more information, visit Cornell’s Federal Financial Aid Changes page.

Federal Direct Unsubsidized Loan

This graduate student loan is offered by the U.S. Department of Education to help eligible students enrolled at least part-time (MD students at 4-credits and MS students at 5-credits) to finance the cost of higher education. Payments are not required on your federal student loan until six months after graduation or the student is no longer attending at least half-time. Recipients of unsubsidized direct loans are encouraged to begin paying interests before they leave school.

Application Process: Students must submit their annual FAFSA®, and (if first-time borrowers) complete the Loan Entrance Counseling and Master Promissory Note (MPN) at studentaid.gov; select “Joan and Sandford Weill Med College” to ensure application is received by WCM. Students must also accept their loan via LEARN→NetPartner.

Federal Direct Graduate PLUS Loan

The Graduate PLUS loan is a credit-based loan available to graduate students who are enrolled at least half time are eligible up to their cost of attendance, minus other estimated financial assistance. Students are required to have applied for their annual loan maximum eligibility under the Direct Unsubsidized Student Loan Program before applying for a graduate/professional PLUS loan.

Application Process: Students must submit their annual FAFSA®, consenting to credit-check and complete the PLUS Loan Master Promissory Note at studentaid.gov.

For additional information on Federal Student Loans including interest rates and fees and loan repayment and forgiveness programs, visit Federal Student Aid.

Federal Repayment, Deferment and Enrollment

Generally, the standard repayment period for federal student loans is ten (10) years. Extended and/or income-contingent repayment plans are available to qualified borrowers. Students must begin repaying their loans upon graduation, withdrawal from school (formally or informally), or drop below half-time status.

For more details, visit Federal Student Aid Loan Repayment Plans.

Loan Deferment

If the student seeks to defer loan repayment for reasons other than ongoing in-school enrollment (e.g., due to economic hardship), the student must contact the lender or loan servicer for information about available options. Visit studentaid.gov (in your Dashboard, after login) to find Federal loan servicer.

In-school Enrollment Loan Deferment

Enrollment verification is necessary for deferral of loan repayment during a student’s ongoing course of study and may be requested by completing “Credentialing Request Form” or by contacting the Registrar’s Office.

Federal Loan Exit Counseling

Federal Loan Exit Counseling is required of all students who have received federal student loans. This counseling must be completed when a student graduates, withdraws from school, or drops below half-time enrollment.

Public Service Loan Forgiveness (PSLF)

The PSLF program provides tax-free loan forgiveness for a borrower’s remaining Direct Loan balance after the borrower makes 120 qualifying monthly payments while repaying their loans under a qualifying repayment plan, and while working full time for a qualifying, public service employer.

For more details, visit Federal Student Aid Loan Forgiveness.