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Loans

Federal Loans

The federal government considers all graduate or professional students independent of their families. However, due to the federal regulations regarding the Health Professions Student Loan (HPSL) and Loan for Disadvantaged Students (LDS), parental information is required on the CSS profile. If no parental information is provided, the student is NOT eligible for the HPSL, regardless of age or marital status. 

Types of Federal Student Loans

  • Health Professions Student Loan (HPSL) and Loan for Disadvantaged Students (LDS):

    Eligibility is based on financial need and funds are limited. Regardless of the student's age or marital status, complete parental data is required on the CSS Profile. The maximum annual loan available is defined as the cost of attendance; however, available funds are usually not sufficient to allow maximum awards. Interest is fixed at 5% during the repayment period, which begins one year after the borrower ceases to be enrolled at least half-time.

  • Federal Direct Unsubsidized Loans: 

    For new students after July 1, 2026, the Federal Direct Unsubsidized Loan allows DVM students to borrow up to $50,000 annually. During school and periods of deferment, the principal is deferred, but interest accrues from the disbursement date. The interest rate is fixed, and there is an origination fee for the amount borrowed.

Private Loans

With recent changes to federal loan options, some students may need to explore private education loan to cover funding gaps. Private loans are credit-based, so understanding your credit and comparing lenders is essential. We put together a little guide to help you navigate private loans.

Preparing for Private Loans: A Guide for Incoming Veterinary Students

Why Credit Matters

Private lenders use your credit score to determine:

  • Approval for the loan
  • Interest rate offered
  • Need for a cosigner

A strong credit profile can save you thousands over the life of your loan.

Building and Maintaining Good Credit

If you are new to credit or want to improve your score:

  • Become an Authorized User on a trusted adult’s credit card with a history of on-time payments.
  • Consider a Secured Credit Card (deposit-based, usually $200–$300).
  • Keep utilization under 30% of your credit limit. (e.g., $200 limit → keep balance under $60).
  • Pay every bill on time—payment history is 35% of your credit score.
  • Avoid multiple credit applications in a short period.
  • Explore rent/utility reporting services like Experian Boost to add positive payment history

Check Your Credit Before Applying

  1. Get free reports at AnnualCreditReport.com from Experian, Equifax, and TransUnion
  2. Review for errors and dispute inaccuracies.
  3. Understand your score:
    • 781+: Excellent (best rates)
    • 661–780: Good (likely approval)
    • 601–660: Fair (likely need cosigner)
    • <640: Poor (cosigner required)

Comparing Private Loan Options

When evaluating lenders, ask:

  1. Interest Rate: Fixed vs. variable? What rate do you qualify for?
  2. APR: Includes interest + fees—best for comparing total cost.
  3. Repayment Options: Immediate, interest-only, deferred, or fixed payment options.
  4. Cosigner Requirements: Is one required? Is there a cosigner release?
    • Cosigner Impact: Improves approval chances and may lower rates; check for cosigner release terms.
  5. Fees to Watch: Origination, late, and returned payment fees.
  6. Borrower Protections: Look for deferment, forbearance, hardship options, and discharge policies.

Tip: Applying to multiple lenders within 30 days counts as one inquiry. Some offer prequalification with a soft credit check.

Common Reasons for Denial Without a Cosigner

  • Low credit score
  • Minimal credit history
  • Delinquent accounts

We recommend applying with a qualified cosigner to assist with approval and potentially qualify for a lower interest rate.

Private Education Lenders

Private Education Lenders can provide student loans to help cover education expenses. Cornell cannot recommend any particular lender, but we encourage you to compare lenders and loan terms to select the lender that best fits your needs. Students are responsible for researching and applying for private education loans. You may borrow up to the total cost of attendance, less any financial aid. Learn more about the Student Loan Code of Conduct.

Visit Cornell ELM Select to learn more about lender options 

Additional Resources

  • AnnualCreditReport.com – Free credit reports
  • Experian Boost – Add rent/utility payments to credit history
  • Online loan comparison tools (credible, NerdWallet, etc.)