<p>Okay..I'm a transfer and I qualify for the..no-loan thing I think...for families that make less than $75,000.</p>
<p>How does it work? Will my entire tuition simply be..paid for without loans? Does it include room and board? And...are personal expenses and books added...?</p>
<p>Not sure how things work at your current school, but Cornell takes total cost (tuition and other expenses like books, room and board, etc) and subtracts from it financial aid (previously grants, loans, and outside scholarships) to give you your expected contribution. With the new no-loan policy, the loan component of your financial aid is replaced with grants.</p>
<p>I have an EFC of 0 though..so I'm asking..like, will my tuition be completely paid for, plus they'll give me money for books and personal items?</p>
<p>That's up to Cornell to decide. For this academic year my FAFSA EFC was like $400, but Cornell still had us pay nearly $5000. </p>
<p>Or maybe I'm not understanding your question. They include books/personal expenses in their total budget. You're going to end up paying whatever they tell you to, and you're going to buy your books separately.</p>
<p>well, they will give you the full 50k (includes books etc.) HOWEVER, you will get work study so its not like its a complete full ride.</p>
<p>Well I like work-study, lol.</p>
<p>You were only supposed to pay 400 but they made you pay 5000...?</p>
<p>How..it says on their FA website they are full-need met, and people making under 75,000 get full need-met without loans. So.uhh..someone explain?</p>
<p>yeah...."full need"</p>
<p>They have their own formula they use to calculate your family contribution. Cost of attendance minus the contribution is your need and that is covered with FA.</p>
<p>Cornell calculates your need based on income and assets. Do you parents own their home? have cars? own land? have savings? These are assets and are taken into consideration. </p>
<p>It's unfortunate...you're happy to have an EFC of 0...but Cornell expects every family to contribute to the cost of your education. And this can be unfair for those who really don't have the means to do so.</p>
<p>They calculate EFC using a different formula than the government so your Cornell EFC may be different than your FAFSA EFC. For example, my FAFSA EFC was $0 but med schools calculated my EFC as $50,000. </p>
<p>Even if your EFC ends up being $0, you will still have to do the work-study as well as contribute $2250 by working in the summer. Otherwise, you will have a full-ride.</p>
<p>Okay I think I get it..</p>
<p>But I would think Cornell would still qualify me at EFO 0 even with their formula...</p>
<p>like I said...it's the income and assets that they nail you on...</p>
<p>Consider yourself lucky. My family's EFC is $73,000 this year according to FAFSA. I get next to nothing each year from my parents, and Cornell will give me nothing as well.</p>
<p>So I have to take out a $60,000 private loan. Ew.</p>
<p>^^gotta love those private loans...with their super awesome interest rates</p>
<p>Haha don't remind me. </p>
<p>Because of that I will seriously have to consider if going to Cornell is worth it (if I get in), especially with the direction the economy is going. And my bank just dropped student loans altogether...</p>
<p>oy...tell me about it. I have one private loan with a 13% interest rate b/c my parents couldn't co-sign.</p>
<p>It's unfortunate that students are getting screwed over by the economy....I hope things get better soon.</p>
<p>Assets:
160 K home, with only 60K paid off.
One vehicle, 2002 model, paid only 22,000 for it.
No other land or assets.
No income at this point.</p>
<p>well...your parent's income, home and car will be factored in to the family contribution. Any income or savings you have will be factored in to the student contribution. </p>
<p>For instance...my parent's income is $114,000...we have 2 cars (a 2001 and a 1996 model), they have a $320,000 mortgage (yay for 2 re-fis) with $50,000 paid off and they have no savings and I'm the only kid in school....My Cornell EFC is $15,000.</p>
<p>In the 2006 tax year...I made $1,700 and have no savings...but my Cornell calculated student contribution was $3,500.</p>
<p>Well EFC of $15,000 with a 114,000 income.</p>
<p>We have 0 income and I only have one parent. Surely they don't expect my EFC to be any higher than 0.</p>
<p>Well the obvious question is...how are you getting the money to pay for food, mortgage, etc.?</p>
<p>Our point...is that Cornell expects families to contribute to your education. If you own a home and have an income...they expect you to chip in a little bit. You won't have a very high EFC, but you will probably have a small contribution.</p>
<p>I have a friend from home who is dirt poor and she still had a Cornell EFC of $4,000.</p>
<p>Father's child support for bills/food, family friend is paying mortgage. Going through a rough time since my mom lost her job.</p>
<p>That's what I'm saying. We have a family friend paying our mortgage for us while my mom applies for jobs, so I couldn't imagine Cornell trying to make me pay anything -- at this point that would be like saying my family would have to give up power or food for me to go..we're cutting it THAT close.</p>