<p>I'm going to go all copypasta from another thread because I know it took me a while to sort this whole mess out and as a prospie who is dependent on financial aid, it's the biggest thing for me in the college search process. I figure this will make it easier for people like me to save themselves a bit of time and a lot of confusion.</p>
<p>I'll try to give a clear overview of who gets what under the new financial aid policies Cornell announced in November.</p>
<p>Everyone that qualifies for financial aid gets a small (like $2,000 or something around that number) work study award which can be met by working a few hours a week on campus (you get the money--the award is just the feds subsidizing your job--and use it to pay off the bursar for room and board or tuition that isn't met with other parts of your financial aid package or use it to cover the rest of the Cost of Attendance [which includes stuff that the bursar isn't involved in, like books n' such]) plus a summer contribution of around $2,000 (you can work to pay this off [can easily make $2000 over the summer AND send some $$$ back to Mom and Dad--it is a recession and they're probably struggling too!--or take out a loan]; the same rules apply here as they do to work study...you may need to apply this to tuition/room and board if your package doesn't otherwise cover those OR you may just use this as book/personal expenses money).</p>
<p>Now for the rest of the package:</p>
<p>Family income under $60,000 with assets below 100K.
*No parental contribution. This means your full cost of attendance is covered.
*No loans.
*Basically, you're getting free tuition, room, and board from Cornell. Yippee!</p>
<p>Family income under $75,000
*You WILL have to pay a parental contribution. This will vary based on your family's situation with regards to assets, sibs in college, etc.... Just google any financial aid calculator to figure it out.
*No loans (unless of course you need to take one out to meet the parental contribution).
*Unless your family has a lowish income but owns a ton of stuff/was responsible and saved for college (the fact that the current system of financial aid for higher education in this country PUNISHES those who save is for another time, but I suppose the thinking is some families [like mine] used that money for like, um, food), you'll have an easy time paying for Cornell.</p>
<p>Family income under $120,000
*Same rules for parental contribution as above.
*You will receive loans in your financial aid package, but they will amount to no more than $3,000 a year.
*Depending on the size of your parental contribution, you could be making a fairly sizable investment (with, depending on how you use your degree, what should be a MUCH, MUCH larger return-- Which</a> College Grads Earn the Most? - BusinessWeek ). Even so, you're still getting QUITE a bargain.</p>
<p>Family income above $120,000
*If you qualify for financial aid outside of work study (and it's a big "if" at this level), loans as a part of your package will be capped at $7,500 a year.
*If you NEED financial aid, this the level where I would suggest (but what the heck do I know) to hold off on falling in love with the school and to make sure to compare packages (no comment on the "compare packages" bit...LOL).</p>
<p>Now, I'm just a prospie who needs financial aid and is at the first level mentioned. So, I'm gonna pull the trigger on ED...heck, it's not like I'm even going to get in. My only knowledge comes from my crazed midnight combing overs of the Cornell website, so take advice from actual Cornellians before you listen to mine (if any of you have any corrections, let me know). But, I mean, the University is going to abide by its published policies so I don't think any of the info is WAY off. Hope I helped.</p>
<p>Cornell</a> Chronicle: Cornell enhances financial aid program</p>