Cornell FinAid Question.

Paying for College
1

<p>n order to facilitate the financial aid application process for you and your parents, the staff of the Cornell Office of Financial Aid & Student Employment is here to help. Regardless of whether you are a new or returning student, we are committed to working closely with you and your family. Your success as a Cornellian is important to us.</p>

<p>We encourage all students who think they need financial aid to complete the application process. For families with demonstrated financial need, we will design an individualized financial aid award based on our review of your application.</p>

<p>Building on a long history of providing access to students regardless of economic circumstances, Cornell recently announced a new financial aid initiative to reduce or eliminate need-based loans for eligible undergraduate students. In the 2009-10 academic year, the program will eliminate need-based loans for students from families with total incomes below $75,000, and cap annual loans at $3,000 for students from families with total incomes between $75,000 and $120,000. Cornell’s financial aid program will make it possible for students from diverse economic backgrounds to attend Cornell.</p>

<p>We invite you to review the information on our web site, and also call or e-mail our office if you have additional questions. We look forward to being of assistance to you and your family, now and throughout your undergraduate career.</p>

<hr>

<p>Can Someone explain me the situation for families with income 75-120k.</p>

<p>What does it mean "and cap annual loans at $3,000 for students from families with total incomes between $75,000 and $120,000."</p>

<p>They give loan 3k per year, what about all 47ks of tuition and board;Will they cover it? or what?</p>

2

<p>Your family will be expected to contribute. Cornell will look at assets such as your home and investments and will calculate the amount your family will have to pay. They may have a calculator on their web site to help you determine that number.</p>

<p>The $3K refers to the maximum loan they will ask the student to pay as part of his contribution. The student may also be asked to perform a work study job on campus and to contribute summer earnings.</p>

<p>A very rough guess is that parents without extradorinary expenses (medical or such) would be expected to pay something above $17,000 if they make $75,000 and something above $25,000 if they make $100,000. More if they own significant assets.</p>

3

<p><a href=“http://talk.collegeconfidential.com/cornell-university/754340-prospie-prospie-cornells-financial-aid-policies.html[/url]”>http://talk.collegeconfidential.com/cornell-university/754340-prospie-prospie-cornells-financial-aid-policies.html&lt;/a&gt;&lt;/p&gt;