<p>If the combined income of my parents is less than 60k USD, am I pretty much guaranteed a full ride? There are 3 kids in my family.</p>
<p>Yes, provided your family doesn't have a ridiculous amount of assets.</p>
<p>What if my parents have about 200k in assets?</p>
<p>I believe the cutoff is officially set at less than 100,000 in assets.</p>
<p>but your primary residence is not counted in said assets, its tricky. Just wait until monday.</p>
<p>You won't have loans but you may still have an EFC to pay upfront. It doesn't sound like your EFC will be a very large amount but when people hear about the "no loans if you make less than $60,000" they forget that means no loans AFTER your EFC is paid for.</p>
<p>I think the no EFC policy that starts next fall is only if the assets are under 100k too. I fall well under the 60k mark (single parent-<25k, both combined still under 50k, but that shouldn't matter). Problem is, our house, albeit small, is paid off and is valued a little bit over 100k on the taxes. We have hardly have any other assets that they asked about, ie. cash in bank (don't think they asked about cars or boats). Our house, which is on a large, beautiful lake in florida is grossly under valued on taxes anyways (my parents bought it like 25 years ago though). I don't think Cornell is in the business of property appraisal, so not concerned about that. </p>
<p>edit: Tboonepickens, if that is true, I should be good to go next fall with the no EFC policy. However, I am a spring transfer, so I will still be paying one this semester. And norcalguy, they just amended the FA policy again for next fall and eliminated EFC for families with income <60,000 and assets <100,000.</p>
<p>Even if you do qualify for no EFC, I believe you still have to pay a $2000 students contribution and $1800 work study. That should not be difficult at all though.</p>
<p>does having one house count as an asset?</p>
<p>Oh good, if my primary residence isn't counted as well as my parents' saved up retirement money, my assets should be around 50k.</p>
<p>is the 60,000 threshold gross income?</p>
<p>house doesn’t count? thats crazy, then most people have under 100k assets… unless they have like a plane</p>
<p>^Well, I’ve also heard house is capped at 1.2x income. Also, any money in bank accounts/investments are considered assets.</p>
<p>thought it was <75,000 now</p>
<p>1.2x income is nothing. the fin aid plan is so weird. i know PLENTY of people with under 40k annual incomes with million dollar houses in new york city. guess they’ll be getting a boatload of grants</p>
<p>correct kartrider, it is 75,000 now. i thought it was kinda too good to be true until i got my package on tuesday. my student contribution is $2320, parent contribution $0, and 1540 of the 2320 is for “personal/miscellaneous expenses” that aren’t actually paid to the school, so i’m basically going to school for about $800 for the year.</p>