Cornell Financial Assistance Programs

Merit Scholarships
Merit scholarships and awards are awarded to first-year and transfer* students. Scholarships and Awards are only awarded to students in their matriculation year to Cornell College. Students with merit-based scholarships and/or awards, either academic or fine arts, must maintain the renewal criteria listed below. Please contact the Admission Office for specific scholarship amounts.

If a student forfeits a scholarship or an award, s/he will NOT be awarded a different scholarship or award, though eligible students may be awarded additional need-based aid. A student will not be awarded an additional award or have a scholarship upgraded based upon her/his academic performance at the college. Grades earned at another college do not apply toward the GPA renewal requirement, i.e., only grades earned at Cornell are applicable.

Note: Scholarship amounts may be adjusted for students living with parent(s). Contact the Admission Office for specific amounts.

*Transfer students who enter with junior status may retain their scholarship/award for a maximum of 18 terms, 2 years, or until graduation, whichever occurs first; sophomore status, a maximum of 27 terms, 3 years, or until graduation, whichever occurs first; first year status, a maximum of 32 terms, 3 1/2 years, or until graduation, whichever occurs first.

**Additional performance criteria are also required. Please contact the Art, Music, or Theatre departments for renewal criteria.

Probationary Policy for Scholarships and Awards

If a scholarship recipient's Cornell GPA falls below the required minimum GPA for scholarship renewal by more than .25, the student will be awarded the next scholarship for which they are eligible to receive. For example: Student A has an Academic trustee Scholarship worth $15,000 and must have a 3.25 minimum GPA to renew the scholarship. At the end of the first year at Cornell Student A has a 2.85 cumulative GPA. Student A would then be awarded the Presidential Scholarship worth $10,000. If the student is in good academic standing and his/her cumulative GPA is within .25 of the required GPA, the student retains the scholarship but is placed on scholarship probation. During the probationary period, the student is given one academic year to raise the GPA to the required level. If the student is successful in achieving the required GPA, he/she is removed from probation. Only one probationary period would be allowed. If the student does not raise his/her GPA to the required level, he/she will be awarded the next scholarship below the original award (see the above example) for all future years at Cornell College.

The Vice President for Enrollment and the Director of Financial Assistance will review exceptions to the probationary policy on an individual basis. Generally, approved exceptions are granted on the basis of the magnitude of circumstances beyond a student's control.

Institutional Need-Based Gift and Self-Help Financial Assistance

• Ministerial Awards are available to children of ordained clergy, regardless of denomination, as long as the clergy's chief employment is either in a parish ministry or a ministry directly supported by the church. Awards are based upon financial need as determined by the federal needs analysis formula and institutional policies.
• Cornell Grants/Endowed Scholarships are funds made available by the college and are based on the financial need from the federal financial aid form (FAFSA), students must file the FAFSA every year. Grant amounts may vary each year depending upon financial need.
• The Mabel E. Sherman Loan is awarded to students who are Iowa residents. Priority is given to students who are in their first or second year of college. The loan has a 7 percent interest rate and the interest will accrue one year from the day after separation from Cornell College. Repayment shall not exceed 10 years. Funds as available.
• The McElroy Loan is awarded primarily to students during their first and second years of college. The loan has an 8 percent interest rate. The interest will accrue beginning six months after separation from Cornell College. Repayment shall not exceed 10 years. Funds as available.