<p>Hey everyone,
I just got accepted into CALS last week and I don't think everything has settled in yet....and I think it's because of the financial aid. I have done research and found that Cornell claims to "eliminate family contribution" for families that make under $75k. While my family makes around $60k, we do have a significant fund in the bank from selling property a few years ago...and we answered one of the questions asking how much we were willing to pay each year was $15k. The thought that Cornell will really "eliminate" all family contributions for families making under 75k is so amazing its hard to believe....so I was wondering if anyone here that has qualified for such aid and actually received it? What were the loopholes/exceptions/etc? What exactly did it cost? Just tuition?</p>
<p>Schools that promise to eliminate family contributions for incomes below certain amounts do usually add a caveat that assets will also be taken into account. Cornell specifies that the elimination of the parent contribution requires income below $60k and that assets must be under $100k.</p>
<p>Undergraduate</a> Admissions noncustodial parent</p>
<p>
[quote]
Beginning 2009-2010, Cornell will:</p>
<ol>
<li>Eliminate the parental contribution for students from families with incomes below $60,000 and assets below $100,000;</li>
<li>Cap need-based student loans at $7,500 annually for students who have financial need and whose families have annual incomes above $120,000; and</li>
<li>Reduce the parental contribution for selected students who have financial need and whose families have annual incomes above $60,000
[/quote]
</li>
</ol>
<p>Is home equity an asset for Cornell?</p>