Interest rates and loan fees are determined by the U.S. Congress. The interest rate for Direct Subsidized and Unsubsidized Loans borrowed between July 1, 2021 and June 30, 2022 is 3.73% and the interest rate for Direct Subsidized and Unsubsidized Loans borrowed between July 1, 2022 and June 30, 2023 is 4.99%. The interest rate for Direct Subsidized and Unsubsidized Loans borrowed between July 1, 2023 and June 30, 2024 is 5.50%.  The interest rate for Direct Subsidized and Unsubsidized Loans borrowed between July 1, 2024 and June 30, 2025 is 6.533%.   The origination fee of 1.057% is in effect for loans first disbursed on or after October 1, 2024 and before October 1, 2025. The loan fee is automatically deducted proportionately from each disbursement by your lender, the Department of Education.  The interest rate cap is 8.25%.

As of July 1, 2013, there is a lifetime limit on Subsidized Stafford Loans. New Borrowers, or borrowers with no outstanding Stafford loan balance, may receive Subsidized Stafford Loans for 150% of their program length (at Cornish, that means 6 years).  As of July 1, 2021, the SULA limit no longer applies to loans disbursed after July 1, 2021.  After this point, interest will begin to accrue. Students are encouraged to complete their declared program on a timely basis. Students transferring in and out of Cornish should pay close attention to this.

Click to see Loan Limits. 

0-29 credits: 1st year Freshman

30-59: 2nd year Sophomore

60-89: 3rd year Junior

90+: 4th year Senior