Policies & Funding Sources
Financial Aid Policies Overview
The College adheres to federal regulations and financial aid administrative guidelines established by Cornell University. Awards are based upon the following assumptions and policies:
- Primary responsibility for meeting the costs of a veterinary education rests with the student and the student's family. Financial aid resources available from the College are viewed as supplemental to other resources. "Need" for this aid is based on the family's ability, rather than preference or intent, to help the student.
- The total amount of aid may not exceed a student's demonstrated need or educational budget.
- A student who accepts financial aid thereby accepts the standard allowances in the student budget and will be expected to provide complete documentation of any unusual expenses for which a budget adjustment is sought.
- In order to be eligible to receive financial aid, students must be registered as full-time students (defined as a minimum of 12 credits per semester).
- Recipients of financial aid must meet the College's academic standards and the College's policy on satisfactory academic progress in order to remain eligible. Failure to do so may result in the loss of financial aid.
- The final responsibility for awarding financial aid rests with the College and the University, following an analysis of each financial aid applicant's economic circumstances as documented by the applicant and the applicant's family.
- Questions about a financial aid award should be discussed with the Director of Student Financial Planning. If a satisfactory resolution is not reached, an appeal may be made through the Assistant Dean for Learning and Instruction.
- Scholarship award recipients are expected to send letters of acknowledgment to donors. Compliance with this policy will affect eligibility for future gift aid.
Sources of Funding
SOURCES OF FINANCIAL AID PROVIDED IN 2015-2016
Our financial aid applicants received financial assistance from the following sources:
LOANS: federal and campus based
GIFT AID: grants, scholarships and fellowships
SELF HELP: student earnings and parental contributions
OUTSIDE GIFT AID: state grants and private scholarships
Cornell uses five main sources of funding to help students finance their education in veterinary medicine. Please note that Cornell views these sources as supplemental to student and family contributions.
Each year, more than 90% of our veterinary students receive some form of need-based assistance. Typical financial aid packages are comprised of institutional gift aid, loans, and external scholarships, in addition to student earnings and parents' contributions.
Our College commits more that $2 million annually to provide financial assistance to students. We strive to make a Cornell veterinary degree accessible to a diverse student body, and to ensure that those with demonstrated financial need can afford to pursue their dream of becoming a veterinarian. All applicants for financial aid are automatically considered for any gift aid available through the College, providing they have supplied the necessary documentation.
Criteria for Financial Aid Awards
All offers of financial aid are based on financial data, provided by students and their families. We base awards of financial aid on a careful analysis of each student's need. Individual packages will vary depending on personal and curricular circumstances.
All students younger than age 30 on January 1 of the year of financial aid application are considered to be dependent on their families. The ability of the family to assist the student (rather than parental preference or intent) is the basis for determining eligibility for institutional aid such as College grants and scholarships, and the Health Professions Student Loan (which is mandated by federal guidelines).
Students in graduate and professional programs seeking aid from the Federal Direct Loan programs and Federal Work Study are considered independent. Students who want aid only from those programs need not provide parental data.
Federal verification is an important part of the financial aid application process. If you are selected for federal verification, the requirements must be met in order for us to disburse financial aid to your Bursar account.
Cornell’s federal verification deadline is the end of the term or academic year for which the student is enrolled, whichever is sooner. Federal verification materials must be submitted and reviewed before we can process and disburse any federal aid. Students who are applying for institutional aid will not be considered to have a complete financial aid application until all materials have been submitted, including any items related to federal verification.
NOTE: students should only complete federal verification documents if they have been selected for verification and have been notified by the Office of Student Financial Planning of their selection.
Students completing verification requirements for the 2018-19 academic year will need to verify
2016income tax information.
All verification documents should be submitted to the Office of Student Financial Planning with your application documents.
What are the requirements to be met for federal verification?
1. The Federal Verification Worksheet and supplemental documentation. Be sure that you are submitting the worksheet that corresponds to the academic year for which you are applying.
2. A complete, signed copy of the 2016 federal tax return that was submitted to the IRS.
Nontax Filers' Requirements
Nontax filers must provide a non-filing statement with supporting W-2s and/or 1099s if there is earned income. This is part of our standard aid application requirements.
Individuals Who Filed an Amended IRS Income Tax Return
When the school is aware that an individual has filed an amended tax return, the school needs to collect the following documents to complete verification for that individual:
- A complete, signed copy of the 2016 federal tax return that was submitted to the IRS.
- A signed copy of the IRS Form 1040X that was filed with the IRS.
Individuals Who Were Victims of IRS Identity Theft
A victim of IRS identity theft must submit both of the following:
- A complete, signed copy of the 2016 federal tax return that was submitted to the IRS.
- A statement, signed and dated by the tax filer, indicating that he/she was a victim of IRS tax-related identity theft and that the IRS has been made aware of the tax-related identity theft.
Individuals Who Filed Non-IRS Income Tax Returns
The tax authorities for Guam, the Commonwealth of the Northern Mariana Islands, the Commonwealth of Puerto Rico and the U.S. Virgin Islands charge a fee to obtain tax account information. Therefore, a tax filer who filed an income tax return with these tax authorities may provide Cornell with a signed copy of his or her income tax return that was filed with the relevant tax authority.
A tax filer who filed an income tax return with the tax authority for American Samoa must provide Cornell with a copy of his or her tax account information if selected for verification since these tax authorities do not charge a fee to obtain this information.
A tax filer who filed an income tax return with tax authorities not mentioned above, i.e. a foreign tax authority, and who indicates that he or she is unable to obtain the tax account information free of charge, must provide Cornell with documentation that the tax authority charges a fee to obtain that information, along with a signed copy of his or her income tax return that was filed with the relevant tax authority.
Individuals Granted a Filing Extension by the IRS
A tax filer who has been granted a filing extension by the IRS must provide Cornell with the following:
- a copy of IRS Form 4868, "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return," that was filed with the IRS for tax year 2016 (For an individual who was called up for active duty or for qualifying National Guard duty during a war or other military operation or national emergency, in lieu of IRS Form 4868, Cornell will accept a signed statement from the individual certifying that he or she has not filed an income tax return or a request for a filing extension because of that service);
- A copy of the IRS's approval of an extension beyond the automatic six-month extension if the individual requested an additional extension of the filing time for tax year 2016;
- Verification of Non-Filing Letter (confirmation that the tax return has not yet been filed) from the IRS or other relevant tax authority dated on or after October 1, 2016;
- a copy of IRS Form W-2 for each source of employment income received for tax year 2016, and;
- If self-employed, a signed statement certifying the amount of the individual's Adjusted Gross Income (AGI) and the U.S. income tax paid for the tax year 2016.
Please be advised that the Office of Student Financial Planning will NOT move forward with a review of a student's institutional financial aid eligibility until we have received a valid tax return that has been received and processed by the IRS. We will not accept draft returns or extension approvals.
High School Completion Status
Provide one of the following documents to indicate the student's high school completion status when the student begins college in 2018-19:
- A copy of the student's high school diploma;
- For students who completed secondary education in a foreign country, a copy of the "secondary school leaving certificate" or other similar document;
- A copy of the student's final official high school transcript that shows the date when the diploma was awarded;
- A state certificate or transcript received by a student after the student passed a State-authorized examination that the State recognizes as the equivalent of a high school diploma (GED test, HiSET, TASC, or other State-authorized examination).
- An academic transcript that indicates the student successfully completed at least a two-year program that is acceptable for full credit toward a bachelor's degree.
- For a student who was homeschooled in a state where state law does not require the student to obtain a secondary school completion credential for homeschooling (other than a high school diploma or its recognized equivalent), a transcript, or the equivalent, signed by the student's parent or guardian, that lists the secondary school courses the student completed and includes a statement that the student successfully completed a secondary school education in a homeschool setting.
A student who is unable to obtain the documentation listed above must contact the financial aid office.
Statement of Educational Purpose
You may be required to complete a Statement of Educational Purpose as part of the Federal Verification process. If you are unable to come to our office in person with unexpired valid government-issued photo identification, you may complete this Statement of Educational Purpose in the presence of a Notary Public.
This statement will need to be submitted to our office by mail or in person, as we are required to collect the original.
Satisfactory Academic Progress Policy
Federal regulations (General Provision CRF 668.1) require that Cornell University College of Veterinary Medicine review the academic progress of students who apply for and/or receive financial assistance.
Satisfactory academic progress is comprised of three areas as required by federal regulations. A student must complete their degree within a specified period, demonstrate they are making progress towards the completion of their degree by earning a minimum number of credits hours each semester, and achieve a GPA that is consistent with meeting graduation requirements. This regulation applies to each financial aid applicant, whether a previous recipient or not.
This policy on satisfactory academic progress relates specifically to students who apply for and/or receive federal financial aid and/or Cornell University College of Veterinary Medicine scholarships and grants. In addition to meeting the standard for receiving financial aid, students must also meet the academic standards previously defined above.
Financial Assistance Programs Affected
Health Professions Loan
Federal Direct Unsubsidized Loan
Federal Direct PLUS Loan
Federal Work Study/ VETSEP
Cornell University College of Veterinary Medicine Scholarships
Annual financial aid Satisfactory Academic Progress (SAP) evaluations will be completed at the end of each academic year and cannot take place until final grades have been posted. This review will determine academic eligibility for the upcoming summer, fall, and spring terms. Every student who applies for financial aid must be making Satisfactory Academic Progress, regardless of whether they are a first-time applicant or have received financial aid in the past. Any financial assistance offered for the year ahead is subject to cancellation if the minimum standards of satisfactory academic progress were not met in the year prior.
Incoming first year and new transfer students will be considered for financial aid for one academic year prior to the evaluation of Satisfactory Academic Progress. At the end of the first academic year of attendance at Cornell University, all students will be evaluated based on the standards of their designated academic level. They will then be reviewed annually until graduation. Students who transfer to Cornell University College of Veterinary Medicine in January will not be evaluated until they have completed three regular semesters.
Each student's record will be reviewed under the direction of the College Registrar for compliance with the academic requirements and notification will be made to the Director of Student Financial Planning. Financial aid recipients will be notified of their failure to meet the SAP guidelines via a letter from the Student Financial Planning Office.
Maximum Time Frame for Degree Completion
College of Veterinary Medicine policies specify that a student must complete his/her degree within 150% of the published length of the program. The maximum time frame in the College of Veterinary Medicine is measured in semesters. Therefore, the maximum time frame to complete the DVM program cannot exceed twelve semesters. There are no appeals to the maximum time frame regulation.
Credits counted in the maximum time are all attempted credits (even when not a financial aid recipient). Attempted credits include:
• Earned credits -Passed (A through D-), Satisfactory (S)
• Repeated courses -both attempts
• Failures -Failed (F), Unsatisfactory (U)
• All accepted transfer credits
Federal regulations do not allow for the exclusion of courses in which a student has remained past the drop period and earned a grade of 'W' from its calculation of the maximum time frame.
Required Completion Rate
Federal regulations require that a student make steady progress toward degree completion by earning a minimum number of credit hours each semester. Progress is measured for all students by semester. In order to graduate within the maximum time frame (twelve semesters), a student must earn at least twelve credits per semester. Earned credit hours include:
• Grades of A through D-or S (with credit)
• Transferred credits -provided they meet degree requirements
Required Grade Point Average
Federal regulations require the student to meet minimum cumulative GPA standards to retain eligibility for aid. By the end of four semesters (measured by period of time, not grade level), a student must attain a C average, or an academic standard consistent with the college's graduation requirements, which is 2.0 for the College of Veterinary Medicine.
Failure to Meet Satisfactory Academic Progress
Students failing to meet Satisfactory Academic Progress standards will lose their financial aid eligibility. They will be notified in writing of their status by the Office of Student Financial Planning. Students terminated from receiving financial aid can reestablish eligibility by successfully completing the required number of credit hours and by attaining the overall required grade point average by the end of the next semester. Neither paying for one's classes nor sitting out a semester is sufficient to reestablish the financial aid eligibility of a student who has failed to meet SAP. If a special or unusual circumstance contributed to a student's lack of satisfactory academic progress, the student may appeal the denial of financial aid.
Financial Aid Appeal Process
The letter of denial from the Office of Student Financial Planning will describe the appeal process. Examples of special or unusual circumstances are a personal injury or illness, or death of a relative. The appeal must explain how the special or unusual circumstances have been resolved so that the student will now be able to complete the required number of credit hours or attain the required grade point average.
The appeal must be submitted to the Direct of Student Financial Planning for evaluation. The director will respond to the appeal in writing within two weeks of receiving the complete appeal.
If the appeal is approved, the student's financial aid will be reinstated for one semester. By the end of that semester, the student must have successfully completed the required number of credit hours and attained the overall required grade point average. Students who fail to make SAP by the end of that semester will have their future financial aid eligibility terminated. They will be notified in writing of their status by the Office of Student Financial Planning.
Federal regulations prevent a student from submitting an appeal two semesters in a row. However, there is no limit to the number of appeals a student can submit if they can document there are new circumstances preventing the student from making SAP.
No student shall be denied access to financial aid or be discriminated against otherwise because of race, color, religion, sex, national or ethnic origin, age or disability.
The admissions process will in no way be influenced by the need for financial aid. All information relating to an applicant's personal or familial financial circumstances is held in strictest confidence.