<p>In-state student here, so cost of attendance likely around $45Kish. Just got an e-mail saying my award is now available and can be viewed at the link they gave me which said</p>
<p>"The review of your financial aid application for the 2013 - 2014 academic year has been completed. After careful consideration of all the information you provided, we have determined that you do not qualify for need-based financial aid for the coming year...."</p>
<p>But the e-mail also said I could view my financial aid award "as well as your budget and Cornell's expected family contribution."</p>
<p>All I get is that message and don't see anything related to budget or what Cornell puts my EFC at (FASFA was just under 7K) So I'm wondering if anyone else that didn't get anyone aid, sees the same stuff as me, or if others see a budget and a Cornell EFC. I guess I'm optimistically hoping that they prematurely sent me this e-mail before my award was ready, as I had thought they were solid as far as aid goes.</p>
<p>I did send them an e-mail, but have not heard back yet. Kind of freaking out here so would definitely appreciate info from anyone in a similar situation just so I can know what's going on.</p>
<p>Am I really the only one this happened to? Haha well I guess that makes me more confident that it’s a mistake. Still haven’t been e-mailed back, gonna wait 'til I get whatever in the mail to call them, hopefully it’s straightened out by then.</p>
<p>Do your parents own their own business or have any rental properties? Are your parents divorced and does one make substantially more than the other?</p>
<p>No divorce or anything, but they own a small amount of rental properties ($480K value, $400K debt on those), and own my house ($180K value, $100K debt on it). Savings/cash etc. isn’t high at all and the income from the rental properties was insignificant (less than $5K), so I would certainly expect my EFC to be somewhat higher with those factored in (Cornell Calc. estimated $17K), but shouldn’t be close to $45K?</p>
<p>I have exactly the same message in Student Center. However, I didn’t get the email saying that my award was available for viewing, only the one saying,</p>
<p>“Our records indicate your 2013-14 application for financial aid is complete and ready for review. Aid decisions for current students are made available online from May through August. Please allow 4-6 weeks for us to review your application” (received 2-3 weeks ago).</p>
<p>Last year I received over $40K in aid, and this year my family made about $10K more, but I also have a sibling entering college.</p>
<p>Hopefully it’s just a mistake in Student Center while they’re not yet finished processing aid. Otherwise I don’t know what to think.</p>
<p>hmm an efc of 45k is around the $160,000-$170,000/year range. Cornell doesn’t take your adjusted gross income incase you’re wondering. They take your parents TOTAL income (box 12 of their W2s). Therefore, if your parents had a lot of deductions from their rental properties, Cornell adds it back in. Also, if your parents made payments to their 401K, Cornell adds that value back into the adjusted gross income.</p>
<p>You have a decent sized amount in equity ($160k). Cornell takes 12% of the home equity number and tacks it on your total income ($19,200). Therefore, with that type of equity, your parents would make a total income of around $150,000 to have it so you have absolutely no financial aid.</p>
<p>I doubt you can make that many deductions, but you never know. It typically takes about two to three working days for Cornell to reply after emailing financial aid. Calling is the quickest method.</p>
<p>Atrus… your message is different. Your application is up for the yearly review and the award hasn’t been granted yet. It may take the 4-6 weeks that the e-mail stated for the award to show up in student center.</p>
<p>Apple, when you mention Cornell and home equity, that’s not part of FAFSA, is it? You mean Cornell looks at home equity as part of their own approach to financial aid (in addition to FAFSA, I presume), yes? My daughter is a hs J, so I haven’t filled out FAFSA or CSS/profile yet, that’s why I’m curious. Thanks.</p>
<p>@sschickens You are right, home equity is not included in the FAFSA. Therefore, if you are applying to say a UC, which only uses FAFSA, your financial aid package will not reflect your home equity, but rather your Adjusted Gross Income.</p>
<p>Home equity is included in the CSS Profile, which is the main document Cornell uses. The CSS Profile essentially asks three years worth of financial information and is very detailed.</p>
<p>I would suggest anybody applying to colleges to use the respective college’s financial aid calculator. The calculators are actually very accurate.</p>
<p>Thanks, Apple. I’ve run the numbers on quite a few calculators, I’ve never really heard anyone attest to their accuracy until now. Thanks again.</p>