<p>So I still haven't received my finaid packet yet...and every time I call they always tell me that I'm missing some form (and I'm pretty sure they lost the tax return I sent wayyy before Feb 15). So now I think I've filled out all my forms....but I won't get my package till early June. </p>
<p>I'm worried. Should I be worried? Is this normal....? </p>
<p>All my summer plans have been put on hold until I get this resolved...and its killing me because airline ticket prices are skyrocketing right about now. </p>
<p>mine was off too last year. it was within 10,000 but i had to take out loans for money i was supposed to contribute from summer earnings and EFC. so, my est. made it look like I had a full-ride based on the COA, but when i got to campus i learned i had to take out like 5k in addt’l loans. so–i would call FA and talk to them. but yeah, i wouldn’t think it would be more than 10k off.</p>
<p>^ Same with me! What was weird was that my own EFC was higher than my parent’s. Stocks? Bank account? Even so, it’s not like I have that much money in either of them.</p>
<p>I don’t know whether this is a common misconception, but people generally think that if your family makes under a certain amount, you don’t have to pay a dime. What I’m seeing is that though private universities cover most of the costs, they still expect you to pay EFC. Not that it’s unreasonable, but it’s just an observation.</p>
<p>^yep. cornell was generous with aid–i think i had like a 29k grant or something. but i had no idea about the summer savings b/c it wasn’t on their website and wasnt included in my fa est award letter. i was so psyched b/c my award letter made it look like i only needed to come up with 3,000 (my EFC) but really it was much more b/c of summer savings. i wasnt going to receive a refund in order to buy books and or having living money b/c of the summer savings. cornell fa is really tricky. then when i got to campus i learned about printing fees and how fast brbs with the dining halls limited hours (i was on west). cornell was really expensive for me and i had, what i think, was a very generous aid package. </p>
<p>i think what i had to pay is FAR less than most. i mean, i didnt actually have to pay anything after taking out loans–but without the loans (which were not mentioned on my fa award letter) i would have owed cornell money.</p>
<p>well according to my estimate my EFC is zero but I have to pay student contribution, which I’m guessing is the summer savings. If my aid does change will be the EFC or student contribution? (well I guess it doesn’t really matter tho.) But just wondering.</p>
<p>im not quite sure what you’re asking. your EFC won’t change, so if it’s zero you will just need to take out a loan for summer savings and you should receive a refund (based on the COA) for books, personal, transportation, etc. </p>
<p>is your finaid est showing they meet your full need (full COA) since you have an EFC of 0?</p>
<p>If I remember correctly, EFC = Student Contribution + Parent Contribution, especially since it stands for “Estimated FAMILY Income.” I’m not sure where they’re getting the number for Outside Scholarships unless you’ve already notified them about your scholarships.</p>
<p>Though I don’t know your family’s situation, your estimate looks about right (in terms of having the numbers adding up correctly lol). My guess is, you’d basically be paying approximately 2.5k for Cornell, which should be your EFC.</p>
<p>Does anyone know how they are calculating Student Contribution? Maybe they only care about the total amount of money they have, regardless of where the money comes from?</p>
<p>your EFC reduces your est. need: COA-EFC = NEED…your fa award is always = NEED (not COA)</p>
<p>your EFC is 0. your EFC is you and your family EFC. </p>
<p>so in OP’s case, COA-EFC=COA (b/c EFC is 0)</p>
<p>the student contribution must be your summer savings. are you a fresh? it increases every year—i trans in as a jr. </p>
<p>you will need to take out a loan for 2,440 to cover your contribution + federal aid. you can take out the loan once you get to campus</p>
<p>again, i would always call and ask–this is just imo. i dont want to give you incorrect advice with something as important as fa. im pretty sure this is correct but not 100%</p>
<p>I think we’re generally talking about the same thing, hyperlite, but if I’m wrong, then I sincerely apologize for any misleading/incorrect information.</p>
<p>Yeah, you could always wait to see your official FA letter or call in.</p>
<p>i went back and read your post–yeah i misread it (sorry about that). i think we are talking about the same thing. </p>
<p>most important to the OP: your fin aid award is based off your EFC and summer savings. i didnt know about summer savings so that was an unpleasant surprise. my fa award letter was 1 page and looked great. there isn’t a whole lot of info on finaid on cornell’s website, so i would call and see if they can give you a breakdown of what you are really responsible for</p>
<p>There will always be a student contribution component even if your EFC is 0. Your student contribution could also be work study on campus, not just from your summer savings.</p>
<p>If you have any income or assets, your student contribution will be higher. Also if you’re not a freshman, your contribution will be higher. Also depending on your parents’ income, you may be required to take loans on top of your student contribution and work study.</p>