I don't think I can afford Cornell. What do I do now?

Colleges and Universities A-Z Cornell University
41

<p>How the heck does Utilities add up to 13K?!
Learn to go back to your basics and tell the difference between luxury and necessity.
You need food, about 2500 calories worth per person per day. Store brand is not going to kill you.
Learn to do all your car activities at once.
Cable is overrated. Everything ends up on the internet. Kill the landline if you have a cell.
Still 13K!!!!, that is unreal.</p>

<p>Your lifestyle compared to others would be considered wasteful.
I believe I can live on a 20K annual salary and still be happy with nice stuff in my house. How do I know, CAUSE I been living like this for 18 years.</p>

<p>Favoring luxury now than investing it for higher education that is invaluable that can get you an awesome job later is the dumbest thing to do in this economy.</p>

<p>I agree with CayugaRed2005.</p>

42

<p>You can make all the sniping comments you want, but this is the actual reality many people here face, to live their lives in a very ordinary way. There are many two professional families who are both working, in the face of this reality. Several years ago our realtor told us many people were turning down offers to transfer to the area because, once they'd done the numbers, they couldn't afford it. Others weren't necessarily fortunate enough to have other options.</p>

43

<p>I agree with playhacker. I don't mean to direct this at anybody on this board, but when a lot of people take a step back and look at their lifestyle, it becomes very easy to start finding areas that will save them $1k+ a year. Cable television is a great example. My family didn't have it when I was in high school and college, and there was really no loss. Nor did I have a television when in college or living on my own. Expensive cell phone plans are another great example. A friend of mine who is probably going to lose her $60k a year job (in San Francisco of all expensive places!) just signed up for a $100 a month iPhone plan. Absolutely ridiculous!</p>

<p>More broadly, and I don't mean to direct this at anybody on this board either, but the "aspirational upper-middle class" often gets conned into a lifestyle that doesn't really benefit them. A lot of $250k a year earners think that one day they will make over $1 MM a year, even when the probability of such a move is actually quite low. So they start living a more affluent lifestyle -- even voting and supporting policies that might only benefit the richest one percent, not the richest ten percent -- and dig themselves into a hole pretty quickly. So much of the very high incomes that people earn is pure luck -- being at the right place at the right time, genetic endowments, or random skill -- that should really be taxed at a much higher rate (this, coincidentally, would actually help to bring down both property values and property taxes). </p>

<p>But somehow the corporatists in both the Republican and Democratic parties have convinced us that the best marginal tax rate for millionaires should only be two percentage points higher than the marginal tax rate of somebody making $100k a year. There was a reason why the middle class felt so much more stable and secure in the 50s and 60s -- and it might have had something to do with the marginal tax rates.</p>

44

<p>Don't forget, in a certain sense the numbers are also what they are today because we're still unwinding from the real estate bubble. Property values are still largely out of whack on the coasts. Probably 20 to 30 percent out of a whack. It's going to be a very tough decade. </p>

<p>I can definitely feel for any family struggling to keep up with their neighbors. Life isn't fair. You try to do your best. Then one day you die.</p>

45

<p>How the hell can you live in a $1.5 million dollar house on $120k?</p>

<p>I apologize if I come across as mean to anybody. I'm not trying to provoke needlessly. It's an interesting discussion, and I completely agree with oldfort that the upper middle class students from backgrounds between $100-$250k a year are getting screwed over in the financial aid game. There are tough decisions that need to be made.</p>

<p>
[quote]
His salary supports 7 people, and we live in a pretty average 4-bedroom house, no pool, no attic, no huge backyard, it costs about $1.5 Mill...I understand in some parts of the U.S that money can buy a mini-mansion, here, it's a typical home.

[/quote]
</p>

<p>Mini-mansion? More like one of the nicest houses in the entire city!</p>

<p>58</a> RUMSEY, BUFFALO, NY 14209</p>

46

<p>Why is everyone being mean to this poor kid? First of all, he said his parents make $127K, not $250K. Second, it's hard to get FA in that range, and no, private college isn't easy to afford even with that money.</p>

<p>My dad makes like $120K, which supports 7 people. We live in a NY suburb, so property is expensive. I live in an average 4-bedroom house, no pool, no huge backyard, no attic, and it's like almost $1.5Mill. Crazy, I know. My parents have to pay out of pocket for college tuition, and I'm commuting to save money. We don't live extravagantly - 1 car, shop at Costco/Target, no expensive clothes/shoes/country club or any of that kind of stuff. We live comfortably and I have nothing to complain about, but paying out of pocket for college is NOT easy, even with that kind of salary. It comes out to $200,000 for 4 years of tuition, and that's not easy to afford, even with a $120K salary.</p>

<p><em>Edit</em></p>

<p>
[quote]
How the hell can you live in a $1.5 million dollar house on $120k

[/quote]
Hah I don't know. Good question. But no, it's not close to a mini-mansion. It's a typical suburban home, 4 bedroom, a living room, kitchen, dining room...pretty average.</p>

47

<p>Yeah, I wasn't suggesting that your house was a mini-mansion. Rather, I was suggesting that you could get an actual mansion -- not just a mini-mansion -- in other parts of the country.</p>

48

<p>Yeah we could probably live a really nice lifestyle in say, Kansas. Not that our current lifestyle isn't nice - I'm very grateful for all the nice stuff I have - but we do get screwed over in FA.</p>

49

<p>"Yeah, I wasn't suggesting that your house was a mini-mansion. Rather, I was suggesting that you could get an actual mansion -- not just a mini-mansion -- in other parts of the country."</p>

<p>We've found that this is somewhat difficult when there are no jobs available to us in those other parts of the country.</p>

<p>When one gets to a certain stage in one's career, getting a job is more complicated than filling out a form at the grocery store. Many people have very limited mobility.</p>

50

<p>Cayuga, although there is some truth to some of your somewhat negative statements in this thread, on balance they do seem a bit overly pessimistic to me. Yes, times are appalling -- this unfortunately is the main reason I currently have the time to write some posts here -- but it is probable that by the time at which Air Painter would graduate in 2014 the economy will be well up the ladder from where it is today. Also, while life is all too often unfair, sometimes it is better than fair. Getting into Cornell's AAP program is a prime example of something that is actually better than fair. How many pre-architectural students would give up a finger to be accepted at what is arguably the best architecture program in the country?</p>

<p>So, is it worth it for Air Painter to find a difficult financial strategy to attend the Cornell’s school of architecture? If his decision to become an architect is iffy, then no. If he really prefers architecture to any other profession then the answer is yes.</p>

51

<p>Actually that was a good point Cayuga...now that I think about it, there is no way my parents make $120K a year. I have never directly asked them about their salary, I just assumed it was around that much. I know my house is in the 1.3-1.5 range, so their salary is probably more. Hopefully I'll get more FA when my sister starts college next year. </p>

<p>I agree with Colm that if the OP is really into Architecture, then it's worth it for Cornell.</p>

52

<p>I think a good rule of thumb before you accept a new job offer - take 30% of your gross and see if you could cover your housing costs out of it (rent, insurance; mortage, property tax, insurance; to be extra conservative add utilities also), if not then it's a bad move.</p>

53

<p>.. assuming you have another job offer, or an existing job.</p>

<p>But that sort of analysis is why a lot of people were turning down those transfers, as I reported previously.</p>

54

<p>Interesting responses. Original poster is not too dissimilar from my son's situation. He is an Eng Frosh at Cornell.</p>

<p>We are that 'tween middle class group.</p>

<p>Built a successful business. Spent five years paying off the debt on the businesss, then five years making what I thought was really good money and saving like crazy. Then, four years ago, I was diagnosed with a very rare health condition and family income went from $300K to $30K. Fortunately, my wife had purchased disability insurance on me, so our total income is around $135K.</p>

<p>When our son was accepted to Cornell, the EFC was determined to be $53K when cost was $52K. Result, no FA.</p>

<p>We were faced with a very difficult decision. Do we pull the plug on the Cornell idea, or do we suck it up and pay from our savings and other assets we had accumulated in our five years of no debt and good income?</p>

<p>We are paying it. We will pretty much have depleted all of our savings (not touching our retirement accounts) by the time he graduates in 2012. But, we put a value on education, having been the first in our families to get college degrees, and seeing the benefit.</p>

<p>So, it might seem like a bad deal to get accepted only to get a bummer FA award, but like one reply stated, it is a privlege, not a right. It comes with some heavy financial decisions.</p>

<p>Some say we were punished for saving, as if we had not saved, son would have received FA. I don't really care, and I don't really buy into it. I have never asked for anything, and don't really want someone else paying for our family decision to send our child to a very valuable college.</p>

<p>It will be uncomfortable to have depleted most of our non-retirement savings, but as bad as my generation has screwed up the economic future for your generation, the least I can do is give my son the best education possible.</p>

<p>Unfortunately, too many parents ask their kids to shop for a Mercedes when applying for college; the kid picks out the one he/she wants by getting accepted to a great school; and then mom and dad decide they only want to pay for a Ford Pinto.</p>

<p>I wish you luck in your decision, but if you find the Cornell education to be worth it, you will find a way to pay for it. Even though that may mean leaving school with some debt.</p>

55

<p>Try looking into loans and local scholarships. Loans might be necessary but a cornell education will pay for itself</p>

56

<p>Umbopo, it is so refreshing to see such a thoughtful and well written post -- thanks. Let's hope that Air Painter, his parents, and other prospective Cornellians in similar situations take your enlightened message to heart.</p>

57

<p>Thank you everyone for your responses. They are much appreciated. </p>

<p>Now that a few days have passed and I've gotten over the initial shock, it seems more doable. It's possible that my parents simply don't want to pay, but it's hard for me to really know. Clearly though, they don't want to make any large sacrifices. </p>

<p>I'm in the process of applying for a couple of scholarships now. If I can get 12K worth then that will cover all the loans, student contribution, and work pay. Working should get me a couple thousand dollars more.. and that would leave me with about 20K (per year) not accounted for if I cut down on estimated expenses. (the 4,900 estimate for food seems rather ridiculous)</p>

<p>Hopefully it'll work out. I just find applying for all these scholarships (primarily essay-based) slightly intimidating. There are no guarantees or anything. Then there's the problem of convincing my parents. They're pretty dead set on me not going. </p>

<p>Urg, and I thought the hardest part would be getting accepted. </p>

<p>I was just so ecstatic about getting in. I don't want it all to be taken away now. </p>

<p>(oh, and I'm female. A lot of people were saying he.)</p>

58

<p>Good luck, Air Painter! When there is a will, there is a way!</p>

59

<p>25+ years ago, all four kids in my family went to private schools (mostly ivies) with maximum student loans, FA, and 3 home equity loans. Both my parents and us made our own sacrifices. We didn't have the luxury of pursuing our passions. We knew we had to maximize our earnings to pay those loans back. My sister, upon graduation from Stanford Law, went to work at a top NYC law firms. She wanted to work in a DA office, maybe become a judge someday. Her dream was to help under privileged people. My brother and I went to work in WS, putting in our dues. He graduated from Cornell with CS/math degrees, enjoyed CS very much, but knew finance would ultimately pay more. None of us had the luxury of taking a year off to travel or do what we wanted because of huge loans hanging over us. </p>

<p>We made the decision to go to top schools with my father many years ago, it came with a price for all of us. We are paying him back by allowing our own kids to go to any school debt free. Maybe our kids will have the luxury of pursuing their dreams and do something great with the privilege we have given them.</p>

60

<p>Our annual family income is around the same $127K as the OP's, we have 3 kids, live in the same reasonably-priced real estate region as the OP, and we live well within our means. And according to the federal financial aid estimators, even if we had $0 in savings and $0 in home equity...our estimated family contribution could never go below $27K/year. And if we have any assets, they apparently want all of them. :)</p>

<p>That's about TWICE what we could really afford in any normal state of affairs. Maybe they're trying to account for generous grandparents or other factors. So, OP, you have 3 options:</p>

<ol>
<li><p>Have your parents take out private loans - to the tune of $15K/year. They'll have to start paying back the interest immediately. And they'll have at least $60K or $70K in debt when you graduate - and they'll be paying that back for years and years and years. And that's on top of the $1,000/month to $1,500/month that they'll pay out of their pockets while you're in school.</p></li>
<li><p>Have your parents slash their entertainment and vacation budgets to $0, sell off any new cars they might have and trade them in for old junkers (or ride the bus to work), discontinue any luxuries like digital television, expensive hobbies, etc. Basically live WAY WAY BELOW THEIR MEANS for 4+ years so you can go to Cornell.</p></li>
<li><p>Decide that UT is just as good - considering you'll probably drop out of college after a year or two anyways to backpack around Europe to "find yourself", or you'll decide halfway through college that your true passion is to teach kindergartners. Or both. :) Seriously, a big investment like that is a big risk. And the worst part is the pressure hanging over your head the entire time to A) graduate on time, B) graduate in the career that you picked when you were 17 years old and had no clue.</p></li>
</ol>

<p>Bottom line: if you want to do college the RIGHT way based on your family situation - it may make sense to do #3 - take your time, one step at a time, see if you like your chosen major, see how much income you want to make when you graduate, etc., etc. You can always transfer to Cornell or go to graduate school there. Life is a long road. Slow down and put one foot in front of the other. You'll thank me for this advice someday.</p>