Cornell ED Financial Aid Package

Colleges and Universities A-Z Cornell University
1

Hi all. I am very very happy to be accepted into Cornell ED and very very wish to attend there. Yet, I just received my Cornell financial aid package today, and I’ve been quite worried. When my family did the online calculator, we only expected family contribution to be $40K (which in itself, is a lot). However, the financial aid package turned out to be even worse: my parents are expected to contribute $53.8K per year. How can I appeal to Cornell about this? If calling Cornell is the best solution (is it?), what am I to say? Anyone with prior experience will be appreciated!!!

Edit: I do live in a house that is the property of my family. However, this is our only house, and we definitely cannot be selling it to afford college.

2

You need to contact the financial aid office and ask them to review your aid package with you. There may be some piece that is missing.

But frankly, how did your parents end up with a Net Price of $40k with an annual income of $67.5k? Unless your house is worth a lot of money, or your family has other investments somewhere, that number looks excessive to me.

3

This is sounds like something is off. Do your parents have a lot of assets?

4

Are your parents business owners?

5

I believe for the CSS as I recall, the house is counted as an asset, so if the house is worth a lot of money that is going to count as well as any other savings/assets your family may have. If there is no mortgage on the house, then they probably assume one can be taken because again the house has equity in it which can be used. I had a similar problem in our case with my daughter.

6

Thanks for all of your advice! I do live in NYC, so naturally the house is worth more money. But at the same time, colleges should account for the fact that the standard of living is higher? Also, my parents work stable jobs with a set salary.

7

This sounds very off indeed. It doesn’t seem likely that one can pay $40K with that salary. I guess the best method is to try to call the financial aid office about this.

8

Something isn’t right. Maybe there was a mistake in your CSS or FASFA? Does not compute.

9

Cornell does not expect your parents to fund your college with just their current income. Hopefully they’ve put some money aside for college. It is also not unreasonable for them to expect your parents to take out home equity loans to pay for your tuitions.