Does the $21k include the $6500 federal student loan? If not, your cost at Cornell is $27,500/year. Even if the difference is only $13k/year, if your parents have to borrow it then Cornell isn’t affordable. You have a great deal at CMU. I’d take full advantage of everything they have to offer.
UPDATE: I have decided to transfer to Cornell. 2nd semester just ended and now I’m thinking very hard to appeal this financial aid. I don’t know why Cornell gave me such poor aid. I’ll describe my aid package in more detail:
-Cornell expects my parents to pay $17,000, and for me to have a summer earnings of $3,000. I don’t know where they are pulling these numbers from but I don’t think I can work and save 3k this summer.
-My parents net income is 38k, and the equity of my home is 700k. My parents have less than $20,000 of liquid money in their checking account. Retirement funds (401k/pension/etc) total 200k.
I already emailed cornell asking the reason for my aid. I’m shocked. Why would they try to dig into my parent’s retirement funds? That’s reserved for their essential living expenses when they are seniors. And, it seems like Cornell is really expecting my parents to sell their house for me to go there. My dad is chronically ill (cancer) so he doesn’t plan to go back to work. We’re living off a floor of rental income and disability benefits that might terminate.
http://talk.collegeconfidential.com/cornell-university/720401-financial-aid-appeal.html
^A user commented from a discussion from 2009 that his friend’s dad “walked into the office” and asserted that he shouldn’t have to sell their house to have his son go to Cornell.
I don’t know the chances of a successful appeal for me to get aid, but I’m definitely going to try. My dad can’t work because of his health anymore. He has episodes of blacking out from chemo treatment so my mom is always taking care of him at home. My brother is currently in high school and his college costs will come soon too.
I’m just angry. Carnegie Mellon only costed me 7k a year. Cornell will cost me 21k. What is going on??? If cornell really was need based, why the heck is there such a gap.
If you can’t afford it, why would you commit??
I’ll find a way. This is my career on the line, my decision. If you respect it, please give me advice on how to approach this appeal process.
Additionally, I detailed the essentials of my family finances. I’m confused about my poor package. Can someone explain how Cornell decided my package? Of course I’m seeking direct answers from them now too.
bodangles is right. If you can’t afford it, you shouldn’t do it. Your process is backwards. First you figure out how to pay for it, then you pull the trigger.
Expecting that you contribute $3,000 from summer earnings is perfectly reasonable. Why can’t you work this summer? Why do you think that you have no personal financial responsibility here?
It’s highly unlikely that Cornell is expecting your parents to dip into qualified retirement savings to pay for your education. The $700k in primary home equity that you are claiming is much more likely to be the reason for a higher EFC. Cornell isn’t expecting that your parents sell the house to pay the bill. There are other, less imposing ways to take advantage of a high equity amount in a valuable piece of real estate.
If you’re already this upset about something Cornell is requiring, why on earth would you choose to transfer there?
They may well expect your parents to take a second mortgage. That’s a lot of equity.
But only Cornell can answer, none of us can.
Your parents have $700,000 in equity in their home.
I hope you haven’t withdrawn from your current college.
If you wanted to appeal this financial aid award, it should have been done the day you received it…not now.
thumper1. I already paid my deposit to Cornell because the deadline was approaching, and I was busy as hell when I got my financial aid package since it was nearing finals. I just came home from my semester a few days ago and now I’m getting down to business with this.
I’m sure paying my deposit won’t affect whether cornell will modify its aid offer. Even though it indicates my commitment, the process should be reviewed fairly.
I think the point @thumper1 is making is that you shouldn’t withdraw from CMU until you KNOW Cornell will be affordable. If you do and it isn’t, you could find yourself with nowhere to go.
I didn’t withdraw from CMU yet. I just have a deposit paid to cornell is all.
How much more aid do you want from Cornell??
I don’t think Cornell’s expectations for a family contribution are out of line. Many students are able to make $3000 over the summer. My daughter made that much working a minimum wage job. If you work two jobs you can make even more. A contribution of $17,000 when there is $700,000 in home equity that can be tapped (most people would borrow against it rather than sell the home) isn’t unreasonable, either. You may want to make the financial aid office aware of your father’s medical situation so that they can take that into consideration, though. Different schools use different methodologies in arriving at their aid packages, and obviously CMU’s was more beneficial to you. Luckily you have that affordable option if Cornell doesn’t work out.
OP’s said that his parents net income is 38k? How much is his gross income?
How much are they contributing to their retirement each year (this money is added back as income?
I agree with @beth’s mom, that the family has $700k in equity and savings (how much is actually part of the 401k and how much is earmarked for retirement that is not in a retirement account?)
You state that your dad is ill, are there any unreimbursed medical expenses? While your dad is not returning to work, is he still collecting an income (disability, etc)?
3K in summer work is not unreasonable.
You will be able to ask for professional judgment on your financial aid award given your father’s medical condition, but keep your expectations low- they are under no obligation to match CMU’s aid, and in fact, the financial aid officer may tell you that if you cannot afford Cornell’s package, you should stay at CMU.
This is a tough situation- best wishes for a full recovery for your dad. But blaming the college for coming up with a number you don’t feel you can live with is a waste of mental energy. Either stay at CMU or find a cheaper college. Plenty of people can’t afford Cornell- there is no shame in that. Especially since you’ve got a lot of other issues going on.
Hugs to your family.
D1’s future husband graduated from Cornell with 80k+ loans and her best friend graduated with 150K loans. They have both paid off their loans after 6 years out of college. They were both STEM majors and worked in high tech, not finance. If OP is to go into finance, tech, consulting…high paying jobs after graduation, with bonus in the first few years he should be able to pay off his loans fairly quickly.
CS degree from CMU is top, but business school from CMU vs Cornell is a different matter. On the other hand, if OP can’t afford it because he can’t get a loan then this discussion is moot.
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I'm just angry. Carnegie Mellon only costed me 7k a year. Cornell will cost me 21k. What is going on??? If cornell really was need based, why the heck is there such a gap.
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this does not compute! Lol…if I was angry at Cornell for its bad pkg, I certainly wouldn’t go there!
Where will your parents get the money that they’re lending you?
@thumper1 Even getting around 5k in aid, reducing my total cost to attend cornell 15k would make me happy. I know they are tight so I don’t have HUGE expectations. Even 5k would be a lot.
@beth’s mom Have you ever heard of similar stories like mine that have succeeded?
@sybbie719 Gross income is $46,000. Parent’s have NOT made any more contributions to retirement funds ever since 2009 when my father was ill. Luckily, most of my father’s medical expenses for radiation and chemo are covered, but have amounted to 3k a year roughly. Yes he is collecting disability currently, but not much, just barely enough for daily expenses of a house hold of 4, especially since this is the first year he had to fork out money for my freshman year.
@blossom thank you for the kind words. I really worked hard in high school seeing my parents hit such a low point in their lives. Having this chance to be an AEM major at Dyson is just difficult to get into, and something I’m really proud of, and it’s been my dream ever since 9th grade. I feel I built up too much to let it go.
Thanks everybody
Also let me add I’m a first gen college student too. Parents immigrated to the U.S. without a dollar in their pocket. I’m in that work and study hard culture. Being able to attend an Ivy League is literally a dream come true if you put yourself in my shoes. Hope you can taste that sweet flavor of achievement…
Good luck…and really…I hope it works out.