My kid gets in Cornell ED together with FA package. Today I found the website saying updated COA of 2017/18 jumps a bit. I am wondering if our FA package will be updated as well accordingly, or it will not increase any morer? Thanks!
Your finalized financial aid package is most likely based on the fall 2017-2018.
The FA award summary 2017-2018 we got last December shows: Tuition 33,968 and Total budget 51,419;
Now the school website shows coa of 2017-2018: Tuition 35,483 and Total budget 52,951.
I imagine when kid goes to school this fall, we have to pay 35,483 of tuition, instead of 33,968. If yes, our current EFC will be 52,951-51,419=1,532 higher than when applied.
This situation will not happen on RD students’ FA packages, right?
BTW, we are NY residents and the admitted college is CALS.
Thank you again!
Your EFC will not change. It is a “scientifically” determined amount that your family can afford to pay. They will increase your grant to compensate for price increases.
Because Cornell is a meet full need school you will be protected from the future price increases (student contribution may increase slightly next year). You will see the change in EFC only if your finacial situation changes.
With all due respect. Cornell calculates the family contribution using the Profile. The fafsa EFC has very little to do,with it.
The school will continue to meet full need for continuing students year after year…and if the family financial situation does NOT go up, the school aid will increase if the cost to attend does as well.
Many schools don’t announce their coat changes for the upcoming year until summer. Kudos to Cornell for doing so this early.
I would that @come2learn call Cornell and ask their question to the folks in the financial aid office.
For some students, an extra $1500 would be unaffordable.
Thanks for your reply!
May I ask another question:
As I mentioned above, now I am paying in-state tuition. If my family leave NY for another state, the out-of-state tuition will change from 33,968 to 52,853. Does that mean I have to spend almost 19K more money out of my pocket? That will definitely become unaffordable. Or the school will still keep same amount of my EFC and offer me 19K more in FA package? I really want to get a certain answer to this question because there is a better job opportunity in other state for me now.
Any insight is greatly appreciated.
Cornell setup as a private/public university is unique. You should probably call their finaid office with this out of state move question.
@thumper1 , I am not sure which part of my post you disagree with. Nobody was discussing FAFSA EFC here.
If your child is attending one of the NYS statutory colleges and you receive NYS tuition, if you leave NYS you will have to pay OOS tuition costs
If your cornell EFC is below the cost of attendance, you will receive need based aid based on the following premise:
Cost of attendance - EFC = demonstrated need
According to the formula (COA - EFC = demonstrated need), it seems EFC is a fixed value when Cornell figures out with family income. It does not matter if we live in NYS or other state.
Before I thought when Cornell calculates EFC , they take in-state or OOS residency as a factor to give a different number, ie, in-state resident gets lower EFC than OOS one (an advantage of NYS residents). It seems I was wrong.
Thanks a lot for clarification.