<p>Princeton is one of a few schools that gives “super aid”. Cornell is NOT one of those schools.</p>
<p>Here it is, after careful checking. The other home is an apartment with value of $100k but we only get rent of $5000 a year. We didn’t put that in the form, did they probably think we could get a substantial amount of money from the value? We are still in debt of about $60000 (mortgage and loans), we didn’t put that in the form as well. Mother’s saving is $6000 and we put $30000 in the form. We have expenses about $30000 higher than what we put in the form. Will these probably make up for the difference of $12000 in fin-aid? We have documentation of all these.</p>
<p>Your forms need to be
ACCURATE. Call Cornell and find out how you can correct your Profile to reflect accurate numbers. Keep in mind, they are going to review your information very carefully as they always do, but particularly since your initial filing had some significant omissions (a rental property with equity and rental income is a significant omission).</p>
<p>Sorry on the form it says "Land and buildings(other than home or business): That was were I put the value of the rental property, is that were it’s supposed to be or would they probably have thought it was actually a land or building because its just an apartment and there’s no other appropriate place to put it in. Should I just indicate this in the appeal letter or put it in there. I don’t want them to think that I have immediate access to that money because all we get is rent of $5000 a year.</p>
<p>You have a rental property which MOST people do not have. The equity in that AND the rental income are both counted in the Profile formulas. In addition to the $5000 a year in rental income, you also have $40,000 in equity in that property. </p>
<p>Owning a second property is a choice, not a necessity. Are you suggesting that the college should ignore this asset?</p>
<p>I already included that in the previous form. What I’m asking is, is that the appropriate place to put it in and why is the value put in the formula when the rent is significantly lower than the value.</p>
<p>The equity of your SECOND piece of real estate is considered an asset. That is why it is out on the forms. Your rental income is IN ADDITION to the equity in this second piece of real estate.</p>
<p>Your family made a choice to purchase a second piece of real estate. They Could have chosen to secure a loan to pay for your college costs instead. MOST college student families do NOT own a second piece of real estate. This is viewed as a choice, not a necessity like your primary residence is. It COULD be sold and the money uses to pay for your college costs. I know that sounds harsh, but need based financial aid is not awarded do that a family can afford to own a second piece of property.</p>
<p>Actually that was our previous home till my mom got transferred. But thank you so much 
. Hopefully, I’ll get more aid.</p>
<p>You also need to look at the deadline date to accept your ED offer of admission to Cornell. You might need an extension while you correct your Profile and they review your financial aid. Make sure you get that too.</p>
<p>And just FYI, it doesn’t matter that it USED to be your primary residence. Most folks are unable to purchase a second home without selling the first. You are fortunate that you didn’t need to do so.</p>
<p>Does Cornell exempt primary home equity or just cap it? I don’t remember. If you are not currently living in the house, it is not treated as a primary residence even if it once was.</p>
<p>And, yes, if your family is renting out the house, it is listed as an asset AND the rent received is listed as income.</p>
<p>The other home is an apartment with value of $100k but we only get rent of $5000 a year. We didn’t put that in the form, did they probably think we could get a substantial amount of money from the value? We are still in debt of about $60000 (mortgage and loans), we didn’t put that in the form as well. Mother’s saving is $6000 and we put $30000 in the form. We have expenses about $30000 higher than what we put in the form. Will these probably make up for the difference of $12000 in fin-aid? We have documentation of all these.</p>
<p>If I’m understanding this right, you put a lot of wrong info.</p>
<p>You put a value on the rental property without subtracting the mortgage on THAT property. What is the mortgage on that property??? </p>
<p>What is the value of the primary home? What is the mortgage on that property.</p>
<p>When you determine equity for FA, you take the amount that you could sell the property rather quickly (likely a discount) then subtract mortgage and fees (realtor, etc).</p>
<p>You forgot to include the rent.</p>
<p>You put that your mom’s savings is 5 times higher than it is (how does someone make THAT mistake???)</p>
<p>As for estimating family expenses…you need to correct that, but don’t know if adding $30k is going to be believable. What did you originally put? What is your family size? What is the mortgage/rent on the home you live in.</p>
<p>
</p>
<p>Doesn’t matter if it’s believable. Make all necessary corrections . . . and then provide explanations of anything that seems like it might need further explanation.</p>
<p>No one can predict how any of this will impact your award . . . but the first and most important thing to do is make sure that ALL the information you provide is accurate.</p>
<p>Well, I don’t want to pick on the OP but I think what’s going on here is, unfortunately, the “new normal” in our society - and apparently other countries as well. Entitlement! Just think how crazy it is to assume that Cornell, or any private institution, SHOULD pay for the OP (or others) to attend because they have other uses for THEIR money! Rather than be very appreciative of Cornell GIVING them $30k+ x 4 years, so $120,000.</p>
<p>Now, there’s nothing wrong with appealing the very generous offer if new information changes the financial situation … but just 'cause you WANT more??? Then, the “I guess I can’t go to college” pity request. Sorry, MOST can’t go to Cornell, Harvard, Duke, Notre Dame, and all the other $55k+ annual cost universities. MOST go to state schools, community colleges, work their way through, etc. </p>
<p>Sorry, I see this all the time and I just can’t believe this is where we are as a society. Someone else owes ME a LOT, not just some, but over $120,000 ! Please. THEN, the world owes them a job in 4-6 years as well. If it’s not the job I want at the pay I want then I guess I won’t pay back my loans that I agreed to pay! Oh… and make sure my parents keep a room and food for me just in case I don’t get what I want from the world.</p>
<p>OP, call Cornell, tell them that for some very strange reason you were unable to put accurate information on your financial aid form and ask THEM what you can do now about it. Yeah, it’s WAY too late to be dealing with this, but you can ask. Just don’t bother with the explanation that your family uses their excess income for other reasons so you’d prefer someone else pay for your Ivy league education - they won’t care and they’re not fools.</p>
<p>Agree with rundmc. Who does the OP think is supposed to pay for his/her college education? American taxpayers? Cornell full-pay families? Give me a break. I’m really getting sick of entitled brats everywhere, but particularly entitled brats who don’t even live in this country.</p>
<p>Bottom line…Cornell does meet the need for international as well as domestic students. This student has one huge issue that he doesn’t seem to be responding to. HE HAS A DEADLINE to accept that ED offer of acceptance. If he wants his financial aid reviewed, he needs to also ask for an extension on that deadline. </p>
<p>OP, what country are you from…because in MANY countries, a house worth $100,000 would be a very expensive piece of property.</p>
<p>Remember too, Cornell will compute your need using their formula. Did you use the net price calculator for an estimate (although rental income and second homes would add a twist to this)? </p>
<p>Whatever you do, be very prepared to provide IMMEDIATE documentation to Cornell to verify your financial changes. You are making some HUGE changes, and hoping for an increase to your aid. </p>
<p>And lastly, your family contribution at most colleges is largely based on your parents’ incomes. This asset exchange (which is how it looks to me…less savings, more home equity because of a second home) doesn’t sound like its going to net you the increased money you seem to need.</p>
<p>How much more are you looking for?</p>
<p>
I wonder if donors to Cornell’s endowment fund could direct their monies to only help out U.S. citizen students?</p>
<p>
Yes, the sense of entitlement is appalling. So many Special Snowflakes think they deserve more free money.</p>
<p>
I don’t care where the students come from as long as they bring gratitude and appreciation. Perhaps there should be a service component of these scholarships. Or at least an essay explaining why they are grateful and that they understand where the money came from.</p>
<p>Hey, it looks like you are short about 10k, maybe a little more. What you could try to do is fill out scholarship forms, participate in essay contests, etc to get at least part of the difference covered! I applied to a bunch bc a lot of my top choices r really expensive, and I don’t think my parents should have to deal with such a financial burden…it might help!</p>
<p>
Who do you think should bear that burden on your behalf?</p>
<p>Agree with rundmc. Who does the OP think is supposed to pay for his/her college education? American taxpayers? Cornell full-pay families? Give me a break. I’m really getting sick of entitled brats everywhere, but particularly entitled brats who don’t even live in this country.</p>
<p>lol…me, too. I know that Cornell has its own funds, but it does seem odd that so many int’ls think they should get free rides (or near free rides) to get educated here, when not only do few of our own domestic students get such aid, but our domestic students wouldn’t get a cent if they tried going to college in the countries of these int’ls. </p>
<p>I guess what more annoys me is that I’ve seen too many int’ls falsely report their income/assets. many live in countries with “black market incomes”. I recall a Greek student asking for my help and he revealed that while his American univ thinks he’s low income and gives him a free ride, his family is actually quite well to do because of black market income. He revealed that after I inquired how his family could afford to spend the entire month of July traveling around the world.</p>
<p>I also don’t like the fact that students who are American citizens and their parents aren’t, who haven’t lived in this country for years, but they get all the benefits. Their parents haven’t been paying any taxes here…no income taxes, no property taxes, no gas taxes, etc.</p>