<p>I'm just wondering if anybody could explain how Cornell deals with financial aid for off-campus housing. This year, living in a double, my expected housing budget was a little over $8000. Will this be the same next year if I plan to live off-campus? Will the fact that I'm not being charged for a room on campus lower the amount of money in FA that I receive next year?</p>
<p>Your FA will be based on Cornell’s Estimated cost of Attendance. If you live on campus, off campus or in a Fraternity house, the housing budget will be $8112. Depending on the amount of aid you receive, you may get a check from the school to cover your off campus housing. Your amount of aid will not change based on your housing choice. </p>
<p>What maxsdad said is exactly how the CU financial aid office explained it to me. </p>
<p>Here are a few things to keep in mind.
Leases are generally 12 months June-May.
That leaves you about $675 a month from FA.
So you find a place at a fair price in Collegetown with 3 roommates where each pays, $650, but remember utilities (Electric, heat, water internet) will most likely not be included. Add an average of 80 bucks or so each roommate for utilities and now you are at perhaps $730. ($730 x12= $8760)
If you sublet the summer months, you won’t get the full rent, because rooms are plentiful so maybe you get $400 a month. That puts you just about at the $8112 that FA will give you.
HOWEVER… you will need to come up with a month’s security deposit when you commit to the landlord. That is usually the fall before your June lease begins. By march, they will most likely want first and last month’s rent.
So that means you will have to come up with $1950 before you even move in.
Next thing to know is that the CU Bursar won’t release any money to you until very late August or even early September. Be prepared to pay July, August and maybe September rent before you get reimbursed from any FA.
This means that you may have to be prepared to fork over as much as $3900 out of pocket before you get any money disbursed to you.
If as you say, you are not being charged for a room on campus, it could be a lot less hassle to stay in a dorm if you can.
I know living off campus is what most juniors and seniors do, but just be aware of the potential upfront costs.</p>