If a student is eligible for this institutional loan program it would be reflected on your financial assistance award letter. 

Mabel Sherman Loan:  The interest rate for the Mabel Sherman loan for the 2016-2017 academic year has been set at a fixed 3%.  Each year the rate will be determined based on the usury rate in accordance with the provisions of the Iowa code section 535.2(3)(a), on July 1.   Principal payments will begin one year from the first day after sepearation from Cornell College.  Interest will begin to accrue at an annual rate of 3.000% on any delinquent principal amount at 60 months (5 years) past due.


McElroy Loan:  The interest rate for the McElroy loan for the 2017-2017 academic year has been set at a fixed 3%.  Each year the rate will be determined based on the usury rate in accordance with the provisions of the Iowa code section 535.2(3)(a), on July 1.  The set interest rate after July 1 will be below the usury rate at that time.  Interest will accrue six (6) months after you leave school or are enrolled less than half time.  Repayment shall not exceed 10 years.

Loan Calculator
Here's an online student loan repayment calculator to help you better understand how you can pay less interest and payoff student loans faster.