<p>Right now it's a pretty decent longshot for me to get in to either of those schools, but how generous are Chicago and Cornell with regards to finaid? My dad makes ~40k a year, but ~10k of it goes to paying my mom's medical bills (who obviously doesn't work), and I have no brothers or sisters. Would I get enough aid to make going to them reasonable or should I just stick to Chapel Hill (in-state)? Also, my grandmother left me $50k, so Chapel Hill is pretty much covered, but I won't have much left afterwards. </p>
<p>While UNC isn't bad by any means, after thinking things over I've decided that I would like to live somewhere else than NC for a change.</p>
<p>And finally, I know this is a stupid question, but is EFC the EFC expected per year or over all 4? Likewise, when "average aid/grant" details are listed, does this mean over all four years or just per year?</p>
<p>Ivies are pretty famous for being generous with financial aid if you've been accepted(big endowments and stuff). So if you get into Cornell I think you have a good chance of getting a generous bit of financial aid. Dunno about Chicago though.</p>
<p>The $50,000 your grandmother left you is definitely going to be taken into consideration for your financial aid package. </p>
<p>The fact that your father makes $40,000 and there are huge medical expenses, wil be taken into consideration as far as the parents contribution of the EFC. However, since you have assets in your name, approximately 35% (17,000) is going to be used as your contribution to your education. </p>
<p>Even in the best case scenario, if the school feels that your parents cannot afford to contribute anything , your demonstrated need would be as follows;</p>