<p>"It may be hard to enjoy the college experience knowing that tuition alone requires $34,600 a year, but the outlook for debt-ridden students may improve today with Cornell’s announcement of its new financial aid initiative. By the 2009-2010 academic year, students whose families make less than $75,000 a year will receive grants in place of the traditional need-based loans, while those from families with incomes between $75,000 and $120,000 will see their loans capped at $3,000 a year. </p>
<p>Meanwhile, for the 2008-2009 transition period, the University will replace loans for students with family incomes under $60,000 and cap loans at $3,000 for those with household incomes between $60,000 and $120,000."
-cornell daily sun</p>
<p>Exactly....this is plan is 4 years too late. And...the average student leaves Cornell with $23,00 in debt?!?!? I'm leaving with $70,000....I hate Cornell right now...haha</p>
<p>Wow this is awesome! Does this mean they are going to change current financial aid packages for people who were accepted ED and eventually RD? That would be so awesome.</p>
<p>According to Cornell, since my family makes below $60,000, how exactly will they "replace" my loans? Do they mean in place of grants, meaning NO LOANS whatsoever?</p>
<p>The Cornell new financial aid package is a "light" version of the other proposed Ivy League packages. Dartmouth's package includes free tuition for students who's families earn less thatn $75,000. Cornell will have the student take out loans for up to $3,000 per year. </p>
<p>The family contributions will not change. So if your family had to pay $20,000 this school year that will not change. It will in effect go up because the tuition is going up next year. </p>
<p>Typically, not to many families can afford to pay $20,000 a year for tuition. So the family, student or both take out loans to cover the shortfall. Then when the student graduates the family and/or student are still burden with a possible $80,000 loan. How about covering more of the family contribution.</p>
<p>isn't cornell requiring that students from families making below $120,000, but above $75,000 a year, to pay for loans capped at $3,000? that's not that much worse off from the columbia plan. we'll see what brown does next.</p>
<p>I was going to say ... oh dear, $3,000 a year!!! Imagine the heartbreak paying that off. I made more than that working a few hours a week at Cornell.</p>
<p>hmmm. do ED people get new fin aid packages in the mail soon then? I'M EXCITED! mannn. I have such a new rush of love for cornell...not only because of this but because they were so understanding about my 2nd semester senior year schedule too. =]]] <3333 cornell!</p>
<p>^^Trust me, it's still hard. Even after cutting down on spending we still couldn't put together the 4k they expected us to contribute, so we still needed to take out extra loans. Even if Cornell's tuition rises, I expect this no-loan policy will still be of great help to me, since at least I won't be nearly as in debt as I originally expected to be.</p>