<p>I applied early decision to Cornell Architecture last October and got in. The only problem is that I received my financial aid letter yesterday which only awarded only approx. 22,000 in financial aid out of the 54,000 estimated cost of attendance. Only 12,500 of this was as a grant, with 7500 in need-based loans and 2000 in work study making up the other portion.</p>
<p>My EFC was 30,000 and student contribution amounted to 2500. </p>
<p>My parents income is approximately 110K per year and we have a very low amount of assets. The house (purchased for 210K) isn't paid off and my dad's retirement funds are very low. Does this financial aid seem low? (Maybe I should be asking on the Cornell boards about this). To me it seems an unreasonably high amount to have to pay, especially since Cornell promised capping need-based loans at 3,000 for households with incomes below 120K. </p>
<p>It seems doubtful that my parents will be able to afford this amount, and now I don't know what to do. Deadlines to applying to other universities have largely passed. I can't even apply to UT. </p>
<p>Is there any way I would be able to pay? Is the price tag really worth it? What can I expect my income to be were I to graduate from Cornell? I really don't want my parents or me to be drowning in debt in five years. Cornell has been my dream school for years now, and it's upsetting that I probably won't be able to go because of money issues. </p>
<p>EFC stands for Expected Family Contribution. A $30K EFC means that you and your family are expected to provide $30K per year towards your schooling. (Cornell has offered $22K in financial aid to help you pay for the rest.) So if you had run any of the financial calculators and came up with an EFC of $30K before you applied, this should not be a surprise to you now.</p>
<p>Based on other threads I have seen on CC, an EFC of $30K sounds about right for an annual income of $110K. The school is not expecting all of this to come out of current income; they expect that your parents have been putting money in your college fund for the past 18 years in anticipation of your need. If you think there has been an error – for example, you cite a family income of $110K but Cornell’s offer of a $7500 loan implies that they think your family income is over $120K – or if you have some extenuating circumstances that perhaps were not covered in the FAFSA/CSS forms, then you should definitely file an appeal and provide some supporting documentation. Unfortunately, if your parents are just unable, or unwilling, to pay that much, your only alternative will be taking out huge loans if you want to go to Cornell.</p>
<p>And since you applied ED, you now have limited options because you committed to attend Cornell if accepted. (This is exactly why students are always advised NOT to apply ED when financial aid might be an issue.) Cornell will likely release you from your commitment -- but only to attend a substantially cheaper school like your State university. </p>
<p>If you want to reduce the amount of loans needed, you might see if you can defer your enrollment and then work for a year to raise some more money. Admittedly though, in today’s job market, it’s going to be hard to find a job that pays anything above minimum wage.</p>
<p>Air Painter, I think you should talk to the financial office at Cornell and explain your situation. Ask them if they can provide you with more financial aid. Cornell is expensive. Maybe Cornell will offer more loans to you. You should think very carefully if you want to graduate with massive amounts of debt. Cornell is a very good program, but I'm sure you can find other excellent Arch programs that are not that expensive. If you don't get additional aid, I think you should try to defer enrollment. In the meanwhile, if you don't want to lose one year of schooling maybe community college would be an option. You're in a difficult situation. Best luck to you!</p>
<p>Doing the math quickly in my head it's going to cost you in loans plus family and student contributions over 40K to attend first year. That amount will rise with any tuition and fee increases, plus it's a minimum 5 year program totaling near $250,000. Then add in the interest payments on those loans. Whoa, for an education in architecture? Yes, a world class education, but at a very substantial amount of money.</p>
<p>If you don't have the money and can't stomach the loans, you need to call FA and see if they'll adjust your aid package or you're not going :(</p>
<p>A "better value" option to consider, see if you can get out of your contract with Cornell due to financial reasons, apply to a "lesser" school, with a lower COA. -Quickly now, times awasting - With stats that got you into Cornell you would be welcome at many, and probably offered merit aid at some to reduce your cost even more. Yup, there will be things that won't be up to Cornell's standards, but that won't matter if you become the top student there, spend some of the monies saved on arch seminars, travel, & books. Take classes at other universities. Connect with professors that know their stuff (my son's current favorite prof did his undergrad at Cornell and his masters at Harvard, the guy is not an internationally known architect, but he's a fantastic teacher). This route could lower your cost easily by half, maybe more. In the end you'll still sit for your exams, get licensed and find work as an architect :) That is your goal, right?</p>
<p>Now please allow me a slight hijack on this thread for the benefit of students applying next year.</p>
<p>As posted above and elsewhere, you must be realistic about money.</p>
<p>Do an EFC calculation before applying ED anywhere.
It does you no good to be accepted to a college that you cannot afford.
** E*xpected * F*amily * C**ontribution is usually a much, much higher number than most families think it should be.</p>
<p>Thank you all for your advice. It has been very helpful. And I thought my college search was over. I just wish it had been more clear to me earlier that I wouldn't be able to pay. So yes to those applying in the future please do learn from my mistake. (like 4trees said)</p>
<p>4trees, excellent advice. I would add to students and parents. Start looking at your finances and go to finaid or collegeboard to calculate an estimate of EFC. Do this your junior year. When researching colleges, check into their reputation for financial aid. Also, read about finances and financial aid at the start of junior year. Look at what should be in the parents name and what in the students name. This all affects EFC and financial aid.</p>
<p>A local hs senior (CA) just got a full ride, outside scholarship, specific for Cornell, but not architecture :(. Soon as I catch up with him I'll ask who's money it is. Might be helpful to someone next cycle.</p>
<p>4 trees, Can't he get some kind of loans somewhere? Sorry about this Air Painter. My D applied to Cornell too but regular decision. This financial thing is ridiculous especially for people like us in CA. If she gets in, we probably will get nothing from them even though we are just an average family here. Look at he bright side, you do get 22K, that is a lot.</p>
<p>You should have only applied early decision if you knew you could afford it. Colleges and all college counselors say if you don't no if you can afford apply regular so you can compare the financial aid packages between colleges. It was dumb decision to apply ED.</p>
<p>You said;
[quote]
If she gets in, we probably will get nothing from them
[/quote]
I don't think that is true. I think she will be offered a financial aid package that will fill the gap between your family's EFC and the school's COA. By now you should know your EFC, if you are unable or unwilling to meet that contribution (plus some of the gap will probably be student loans) then your options are a less expensive school or a school that will offer merit aid.</p>
<p>4trees, unfortunately, our EFC is more than the Cornell total cost. We will see where else she gets in - she already got merit aid from IIT and Tulane.</p>
<p>There is always the option to have your parents apply for a Federal Parent Plus Loan to cover the rest of your tuition and expenses. Cornell is a very prestigious school. I personally believe it is worthwhile to take our loans. </p>
<p>The fact of the matter is that many schools such as cornell only give need based aid up to the EFC. However, the form of the money is up to the school (e.g. loans, grants, work study). I have come across similar difficulties in my undergrad experience and have a few tips.</p>
<p>Contact the people who work in fin aid at the school (they usually have a soul) and request that your loan and work study aid be converted to grant money. </p>
<p>When I did this I also requested that I be able to maximize my unsubsidized loans, which can be given in excess of the EFC. This means that if your EFC is 30k and the school costs 54k you can get grants up to 24k and then receive an additional 7.5k in unsubsidized stafford loans (bringing your total aid up to 31.5k without your parent taking out plus loan or w/e they are called or getting the completely worthless work study as it will be incredibly easy to find a student/easy job at a school like cornell). You should do this as it will show that you, as a student, are willing to shoulder part of the financial burden (you would be taking the loans anyway and subsidized v unsubsidized is not a huge deal).</p>