How Much Debt/Expect Debt for a Cornell Degree

Colleges and Universities A-Z Cornell University
1

<p>Looks like I may have to take out a small loan each year to cover my costs at Cornell. The office was great about meeting my needs though.</p>

<p>I was just wanting to see how many others are having to take out loans to go to Cornell. Don't list loans your PARENTS took out for you, just loans in YOUR name: the total debt YOU will owe when you graduate with a bachelor's.</p>

<p>Ok, I'll go first:</p>

<p>1st year (Transferred in - not Cornell): $3,600
Years 2-4 (Cornell): $3,000 per year.</p>

<p>Total: $12,600 in debt.</p>

<p>Anyone else? Is mine high, low, average?</p>

2

<p>For students who take out loans, you are definitely on the low side. $12.6k in debt is very serviceable.</p>

3

<p>What if any loans your parents take out you have to pay back?</p>

4

<p>Well yeah..if you have to pay them back, count them.</p>

<p>Is 12.6 K really low? I actually got full aid for room and board...it's just I will have to take out the 3K loan each year for fees, books, living expenses, ect.</p>

5

<p>im taking about 12k a year i assume for cornell, since my parents arent paying all of their expected family contribution, basically almost 50k in debt, not including interest</p>

6

<p>I guess you received much aid for transfer student. 12,6K in debts shouldn't prevent you from going to Cornell.</p>

7

<p>mine are about the same as elec's. :( come to think of it, maybe i should've just gone to Cal/LA and made it easier for my parents. :/</p>

8

<p>It isn't stopping me - I'm still going! lol</p>

9

<p>~5/yr so about 20k. can't really complain.</p>

10

<p>woooo.....$59,647 of debt baby!!!!!</p>

<p>and that's without the interest :-(</p>

11

<p>Geeze Dew...lol. Okay I feel better about taking out a 3K loan per year now.</p>

12

<p>Yeah...it sucks...big time. But I have a Cornell diploma and it will be nice to know that I paid for my own education...without help from anyone.</p>

13

<p>I'm kinda screwed. I'm getting no financial aid...so its a bit over $50,000 this year plus travel to get there along with other expenses. Maybe next year when we have 50k more of debt they will give some aid. Parents are going to take out the loan but I'm going to pay it back. Worst case scenario will be around $220,000+ plus interest.</p>

<p>Could have gone to school here for the cost of books (I had the scholarship offer and everything), but I did the math, and I'll be far ahead in the long run.</p>

14

<p>Isn't there a new plan in which students with a $75-120K or so family income can only take out $3,000 of loan per year?</p>

15

<p>$3,000 for need-based loans. This does not include the parent or student contribution and so students may need to take out additional loans to cover this cost.</p>

16

<p>what's the difference? sorry, I am new to this. my family income is maybe 80 to 90 k? I also have two younger sisters whom my parents will have to support. what do you think the situation looks like for me?</p>

17

<p>Your need-based loans will be capped at $3,000 per year. Financial need is calculated as total cost of attendance minus family contribution. FAFSA and Cornell will calculated a parent and student contribution as well. Student contribution is calculated from personal savings or trust funds if they exist. The parent contribution is based on income and assets (do you own your own home, business, cars?) and number of children currently in college. Since I assume you'll be the only child in college your EFC (I'm only guessing) might be around $10,000. You or your parents would need to take out a non need based loan to cover this amount if (like most families) your parents cannot physically write a check for that amount.</p>

18

<p>$10,000 sounds too little....my family makes from 80 to 90k with no other children in college and our EFC was $22,000 (don't ask me how they got that number)</p>

19

<p>thanks..by the way, is there a difference in FA when applying ED or RD?</p>

20

<p>
[quote]
$10,000 sounds too little....my family makes from 80 to 90k with no other children in college and our EFC was $22,000 (don't ask me how they got that number

[/quote]
</p>

<p>Well...my parents make $114,000 and our EFC was $15,000. Like I said...it really does vary since they count your assets.</p>

<p>I don't think there is a difference between ED and RD aid.</p>