<p>The financial aid package is based mostly on a formula. You can find online calculators for “EFC” “expected family contribution”. Plug in the numbers for your family to see if your EFC would make college affordable for you. EFC is how much you would pay out of pocket. </p>
<p>So, when you ANONYMOUSLY speak to the admissions and/or financial aid officer, you can say to them “I have an estimated EFC of x dollars and my family can afford this. I would like to apply ED because Cornell is my first choice. But, if the actual EFC from Cornell is much higher than this, I am not sure my family could honor the ED. What should I do?”</p>
<p>Alternatively, you could simply apply ED and then renege if Cornell turns out to be too costly. They won’t throw you in jail. There is no way to enforce ED. You would have a moral basis for reneging on the ED for financial reasons. This might be your best alternative.</p>
<p>Another point is that Parent PLUS Loans from the US Department of Education have very reasonable terms and can easily make up a financial shortfall. My parents took out Parent PLUS Loans although they did not need to because they were earning more money in stocks than the Loan cost in interest.</p>