<p>Does the EFC include work study and summer work?</p>
<p>Based on the numbers you provide, it suggests that your family might have a fair amount of financial assets that they think you can tap into. Otherwise it seems like the EFC at that level should be more like $6-8k.</p>
<p>
[quote]
So I started off with an EFC of 18,000 dollars. I appealed because my father lost his job.</p>
<p>My total income is now $43,000 dollars and they brought my EFC to 13,000. I don't understand. Half my income is gone and they bring down my EFC 5,000 dollars. This is extremely painful for me.
[/quote]
</p>
<p>It doesn't work that way. You said your dad JUST lost his job. That means last year's income was unaffected and Cornell is assuming your dad will find a new job. So, while your income is $43,000 right now, I think we can all agree that you are not a $43,000-income household. You weren't in the past and you won't be in the future. There's no reason for Cornell to base your EFC only on what has transpired in the past few months.</p>
<p>With an EFC of 13,000 assuming cornell meets the rest of it in grants, that leaves you with 52000 in debt after 4 years. Now thats quite a bit of debt and nothing to scoff at, but it is manageable especially with a cs major from cornell's salary. (starting salary on average is around 60k, will be higher by the time you graduate) And thats assuming your parents contribute nothing. </p>
<p>Now if you consider the debt of going to med school if you pursue that, then it becomes quite a bit.</p>
<p>That's true. My father lost his job between my junior and senior years. So he was unemployed for a month, but he found a new job at basically the same salary. </p>
<p>He lost his pension, but that's a different story, and this is George Bush's America.</p>
<p>Even if you had to take all of it out in debt, $52k in debt isn't too bad. I think the basic rule of thumb is to only take out no more than loans as you will earn in an annual salary upon graduation. </p>
<p>Nothing good in life ever came easy. Except, of course, if you are George Bush.</p>
<p>My dad has lost his job over 4 months ago. He's hurt and they know about that.</p>
<p>I do have 26,000 dollars in terms of Florida Prepaid College and my parents own our home. I'm guessing thats what they're after. But what will my EFC be when all 26,000 dollars are gone and my parents have no assets except the home?</p>
<p>43,000 dollars a year - NO ASSETS except house = how much EFC?</p>
<p>Do you have a mortgage on the house?</p>
<p>Again the 13k EFC is based on last year's situation. If your dad stays unemployed and your income remains at 43k for this entire year, then next year you will have a dramatically reduced EFC and no loans. FA is recalculated each year.</p>
<p>No... I do not have a mortgage on the house. And my Assets are pretty much going to be gone by next year because we're using them up at an exponential rate</p>
<p>Sounds like a carbon copy of our situation.
D/S accepted to Cornell & UF but would have cost $24 K yr for cornell & $0 yr for UF.
D/S also looking to do Pharmacy / Pre Health.
Here's a suggestion:
We asked for and recieved a 2 yr "guaranteed transfer" from Cornell after the FA package came out.
You could ask for a 1 yr GT until your families finances straighten out.
Go to UF for 1 or 2 years & then take your GT back to Cornell.
You need to be carefull because you may end up loving UF so much you decide to not pursue your GT.</p>
<p>PS with a campus with 48 thousand students you will find many, many students "smarter than you" and they do sell coffee & tea at UF.</p>
<p>Without a mortgage, your 43k income is actually equivalent to someone else's much higher income as housing costs are usually the biggest expense for a family. </p>
<p>And, again, you don't have a $43,000 income. You have a $43,000 projected income IF your dad stays out of work for an entire year. FA is based on the previous year's situation and Cornell was generous in that it made allowances for your current situation. If your income stays low, it will be reflected in next year's FA.</p>
<p>As long as you are living in a reasonable house (e.g. no multi-million dollar McMansions), I believe your parent's house can't be counted against your EFC. I think the reason why your EFC is so high is because of the $26k in college funds you refer to. Once those are depleted, and assuming there are no changes in your family's financial situation, I think your EFC would drop down to less than $4 or $5k.</p>
<p>I know, it's rather perverse. Middle-class Americans are given a disincentive to save under the need-based financial aid policies of top colleges. But on the flip side, if you had only been accepted to the University of Florida, which doesn't give out a lot of need-based aid, your $26k college fund would be a godsend.</p>
<p>If your right... Cornell will be cheaper than UF</p>
<p>26,000 - 11,700 - 4000 - 4000 - 4000 < 26,000 --- This will cover 4 years at Cornell etc...</p>
<p>At UF all this money would be spent on dorms and tuition. Dining and Books and etc would not be covered. Cornell covers these costs in FA</p>
<p>So there you go.</p>
<p>If you can graduate from Cornell with less than 25k or debt or so, I think the Cornell degree is definitely worth it -- especially in the engineering fields. That said, make sure you study hard and take advantage of everything that Cornell has to offer. Partying three or four nights a week your freshmen year isn't necessarily the best use of your money, as appealing as it may be.</p>
<p>It just frustrates me sometimes how uninformed I get in life. If I had applied to Columbia... I believe I would of been accepted and they give full rides for people who's family make less than 60,000 dollars a year. Columbia about equals Cornell so I'd have the same education for free. That money could of been left for my parents without me taking it. Sometimes I get really frustrated at myself for being misinformed all the time :P</p>
<p>Bah. Columbia's policy only came out two months ago. Hindsight is twenty-twenty.</p>
<p>Personally, I find it crazy that some of the schools aren't asking families to shoulder at least some of the burden of college. Saying tuition free is one thing, but adding in free room, board, supplies, etc. is a whole other can of worms.</p>
<p>I don't understand... Columbia requires no parental contribution... they take care of it for you. Period. Anyways.. maybe God wants me to go to Cornell.. I hope its worth 25k more than Columbia :P</p>
<p>*I don't understand... Columbia requires no parental contribution... they take care of it for you. *</p>
<p>Exactly. I think that financing higher education should be a shared burden by different groups -- families, public funds, and private charity. But you should have some skin in the game wherever you go to school.</p>
<p>Besides, I'm pretty certain Columbia would have seen the money set aside for college and asked you to use that as well.</p>
<p>Dude... I'm not complaining about free college :)</p>
<p>The less my parents contribute the better. I don't mind contributing however :). I agree to that</p>
<p>"Exactly. I think that financing higher education should be a shared burden by different groups -- families, public funds, and private charity. But you should have some skin in the game wherever you go to school."</p>
<p>Not everyone has the means to contribute. I think the new financial aid initiatives are brilliant and necessary.</p>
<p>yeah...but then you've got the middle class families who get screwed by some of the initiatives b/c they're slightly over the threshold for aid and they don't qualify for the loan limit and in some cases they prob don't have the resources to contribute b/c they're already stretched thin with other expenses.</p>
<p>Oh well....I don't think the world of college financial aid will ever be a fair and equitable one. But...as an almost Cornell alum I am proud that my university is working hard to make an education more affordable. I guess I'm just bitter b/c of all the debt I'm leaving with....but as much as I complain, every cent was worth it :-)</p>