<p>I've got quite a dilemma on my hands guys, I'd appreciate some help.</p>
<p>It's been my dream to attend Cornell University for years and years now, and last Thursday I was accepted into CALS for Bioengineering. Today, I got the Financial Aid packet from Cornell, and I've got to my parents' financial contribution is $40,000. My parents are none too happy about this, and, quite frankly DO NOT want to pay.</p>
<p>I've found my options to be:</p>
<p>a) opt out of the ED agreement and attend a state school (my parents are encouraging this but I REALLY want to attend Cornell)
b) apply to as many scholarships as possible and hope for the best
c) get some student loans or something by myself, and find a way to get myself through college.</p>
<p>why did you apply ED if your family wasn't supportive financially ? Isn't the application binding, and didn't you understand before submitting your application ?</p>
<p>You would likely be able to opt out of the ED acceptance for financial reasons. But I do have to agree...didn't you and your parents discuss the financial implications of this college PRIOR to your application? </p>
<p>I would not advise taking out in excess of $40k per year in loans. That is simply too much debt.</p>
<p>You need to have a conversation with your parents ASAP regarding exactly what they WILL contribute to your college education each year. Until that is decided, you really aren't in a position to make any decisions. If they will not contribute to Cornell, and your EFC is in the $40K range, you just might not be able to attend there.</p>
<p>If you pull out of the ED acceptance, you can only do so to attend a public funded school in your own state...not another private U.</p>
<p>First you need to talk to your parents and find out exactly what they are willing to pay a year. Only then can you decide what you must do next.</p>
<p>If they are not willing/able to contribute a substantial part of the $40k a year then you do need to be realistic and find a more affordable option. It is not realistic to "find a way to get myself through college" when you are talking about $40k a year. You will not find scholarships that will cover anywhere near $40k a year. In the unlikely event that you are able to borrow $40k a year you will graduate with a very burdensome debt. Ther is a loan calculater here FinAid</a> | Calculators | Loan Calculator
When you enter the debt and the interest rate it will show you how much your monthly payment would be. For $160,000 (assuming you can pay the interest as you go along which is unlikely) the monthly payment would be @ $2,000 a month every month for 10 years. If you cannot pay the interest as you go along then it ill be added to the loan and you will owe interest on the interest. The debt will grow to @ $190,000 by the time you graduate which, of course, will increase the monthly repayments.</p>
<p>If they are willing to contribute a substantial part of the $40k then you may be able to meet the difference with loans and working.</p>
<p>You need to talk to your parents and see exactly what the situation is.</p>