Loans + Payment Plans
Investing in your education with additional student loans.
Tuition Payment Plans
Cornish provides flexible payment plans for families who wish to pay monthly throughout the academic year, rather than all at once at the beginning of each semester. Contact the Office of Student Accounts to discuss options for a payment plan that is right for your family.
Federal Student Loans
Federal student loans offer low-interest rates for those who wish to finance a portion of their tuition or housing costs. After filing a FAFSA, admitted students will receive an offer letter that outlines whether they have qualified for Federal Subsidized or Unsubsidized Stafford Loans.
Federal Direct Subsidized Loans are available to undergraduate students only who are enrolled in at least half time status (6 credits). The loans are limited by the student’s financial need and do not accrue interest as long as a student is enrolled in at least half time status.
The amount of Federal Direct Unsubsidized loans that students may receive is limited to the student’s cost of attendance minus any other financial aid awarded. The unsubsidized loan begins to accrue interest after the first disbursement. Direct loans benefits are discussed during Entrance Counseling: federal entrance counseling website.
Funding Amounts per Grade Level:
|Year||Dependent Students (except students whose parents are unable to obtain PLUS Loans)||Independent Students (and dependent undergraduate students whose parents are unable to obtains PLUS Loans)|
|First-Year Undergraduate Annual Loan Limit||$5,500—No more than $3,500 of this amount may be in subsidized loans.||$9,500—No more than $3,500 of this amount may be in subsidized loans.|
|Second-Year Undergraduate Annual Loan Limit||$6,500—No more than $4,500 of this amount may be in subsidized loans.||$10,500—No more than $4,500 of this amount may be in subsidized loans.|
|Third-Year and Beyond Undergraduate Annual Loan Limit||$7,500—No more than $5,500 of this amount may be in subsidized loans.||$12,500—No more than $5,500 of this amount may be in subsidized loans.|
For information and resources about student loan repayment, or to submit a complaint relating to your student loans or student loan servicer, please visit Washington Student Achievement Council or contact the Student Loan Advocate.Cornish College of the Art’s three-year cohort default rate is 0.0% for FY 2019, compared to the national average of 10.1%. A cohort default rate is the percentage of a school’s borrowers who enter repayment during a specific federal fiscal year and default or meet other specified conditions prior to the end of the second following fiscal year. More information about federal student loans can be found at studentaid.gov.
Parent Plus Loans
This loan is available to the parents of undergraduate students who have filed a FAFSA for the current academic year. The parent borrower may borrow up to the amount of the total cost of education less the financial aid their student has been awarded.
To Apply: Parent borrowers apply for this loan online at studentaid.gov. The application opens on/after April 1st for each upcoming academic year. Parents must use their own FSA ID to log in to the loan application.
Parent borrowers must complete a PLUS Loan Master Promissory Note (MPN) before loan(s) will be processed and disbursed. Complete this step online. All loans must be processed and disbursed prior to the end of each academic semester.
Parent borrowers who do not pass the credit check, can pursue an endorser or a credit override by calling the Direct Loan Applicant Services Center at 1-800-557-7394. Or in the event that a Parent PLUS Loan is denied, the student is eligible for increased Unsubsidized Loan. Please contact the Office of Financial Aid for additional details.
After a Parent PLUS Loan has been disbursed, the Federal Department of Education assigns it to one of their loan servicers. That loan servicer will be responsible for answering questions about the parent borrower’s loan account, processing deferments and forbearances and for sending out bills and processing loan payments. Parent borrowers can go to studentaid.gov and log in to find out which loan servicer is responsible for servicing their loans.
Repayment begins 60 days after the loan is fully disbursed for the academic year. For instance, for an academic year that is two semesters, repayment begins 60 days after the Spring Semester disbursement in January. However, the parent borrower may request that payments be deferred while their student is enrolled by calling the loan servicer. Parent borrowers can find the loan servicer contact information at studentaid.gov.
Some families prefer to use private student loans instead. Cornish will work with your lender of choice, should you choose to use a private loan. We are happy to help walk you through important factors when considering a private loan, many of which will be unique to your individual situation. Remember, we are unable to recommend private lenders, but if you have questions about terminology or terms, please feel free to ask us.
Private loans are non-federal loans issued by a private lender such as a bank or credit union. They require a credit check, and normally require the student borrower to have a cosigner. Interest rates are generally variable and interest accrues while the student is in school. Generally, repayment of the loan can be deferred until the student leaves school or drops below half-time enrollment.
You may access a list of lenders selected by Cornish students in the last three years at ELMSelect.
For information and resources about student loan repayment, or to submit a complaint relating to your student loans or student loan servicer, please visit the Washington Student Achievement Council webpage or contact the Student Loan Advocate.