<p>Hello, I am going to apply ED to cornell next November and i would like to know if in calculating aid, cornell (or other colleges) take into consideration money put away in iras or in the value of the home. My family income is around 50000 total, and our savings is about 25000, with these statistics we our contribution is estimated around 7000, but my dad has a ira for around 400,000, and our house which is almost fully paied off is another 400,000. It would make a huge diffrence if they factored these two things into the formula.
Thanks</p>
<p>Get this: a lot of low income including myself got adequate aid, but the aid package was filled with loans.</p>
<p>i just don't get it, colleges like cornell have billion dollar endowments and give loans instead of grants. why is that? what isthe endowment money used for?</p>
<p>I got a 3000 dollar loan and 43000 grant/scholarship for the whole 4 years. I think Cornell is actually pretty libral with its cash</p>
<p>Wow, do you think the same thing applies to international stuents?</p>
<p>I AM an international student</p>
<p>whats ur EFC?</p>
<p>Well, you go here and it doesn't go into too much detail about the formula:
<a href="http://finaid.cornell.edu/Shared/FAQ.htm%5B/url%5D">http://finaid.cornell.edu/Shared/FAQ.htm</a></p>
<p>I will tell you that Cornell's package for my son was about $2000 less than 2 other universities that I know do not take into account retirement accounts. Other than the retirement accounts we don't have a lot of home equity or other assets. We do have a big family. I'm thinking Cornell does not take retirement assets into the account. </p>
<p>momoffive</p>