<p>Here's my situation: I am a senior from NJ who was accepted to Cornell University as an ED candidate. My intended major there is Applied Economics and Management (this is Cornell's accredited business program). My parents and I expected that we would receive at least some financial aid from them; however, we recently received a notice from Cornell saying that we are not eligible for financial aid based on their estimate. Paying for Cornell will be a heavy burden for my family, and this will only worsen once we also have to pay for my 16 year old brother's tuition. </p>
<p>I was also accepted to Fordham University's Gabelli School of Business, with an offer of a full tuition scholarship. We are now trying to weigh the value of a Cornell education vs. withdrawing from the early decision agreement, a choice which will give me more freedom to either accept Fordham's offer or apply to other schools (in the week or so that remains) while also making the Cornell acceptance null. </p>
<p>The lack of financial aid from Cornell came as a big surprise to us, and we are forced to try to asses the overall value of four years at Cornell as compared to Fordham..the first option will cost about $55,000 a year, and the other less than $20,000. </p>
<p>Can anyone help me answer this question? What can make one university worth so much more than another? I really appreciate any input!!</p>
<p>My family went through literally, the exact same situation. In reality, we made our decision by looking at it this way: is an education worth 200,000 in debt when other colleges could be free? Our answer: no.</p>
<p>Your situation is exactly the type where you should withdraw from ED – since you applied for aid but were told that you wouldn’t qualify for any, you should have no problem getting released from Cornell. (It’s not like you are debating whether you need a bigger grant – they have offered you -0-)</p>
<p>Obviously Fordham has made a generous offer. You should accept their offer or-- if you want to apply to other colleges as well, do your homework so that you know what your FAFSA EFC and have a better idea of what sort of aid you can expect from other schools.</p>
<p>I’d point out that if you plan to major in “Applied Economics and Management”, then this is lesson #1 in your subject area, and it’s a pretty easy lesson. Simple math gives you the answer. (If you can’t figure that out, I’d suggest a different major).</p>
<p>the fact that your family expected aid suggests that they can’t really afford the full cost of Cornell. </p>
<p>You’ll get a great education from Fordham. Cornell isn’t worth big debt for you or your family.</p>
<p>Can I ask…did your family run any financial aid calculators before you applied ED? I find it odd that a family would expect aid and get none at an ivy. That suggests that your family has a high income and/or substantial assets.</p>
<p>Totally agree with all the others – no reason to go to Cornell and strap yourself with all that debt! This would be an easy choice in our home …</p>
<p>I don’t get. This should be a difficult decision insteand of an easy one! I know many good undergraduate business school but honestly Fordham is not one of those! AEM is easily among the top 10 if not top 5 in terms of undergraduate business program. Other things being equal, you cannot compare a top 5 school to one which may be 50th, etc. Of course, i understand one can be successful from any college, but there is also tremendous value (physical and psychological as well) from studing at a prestigious school.
I think he should appeal to the Financial Aid office at and try to get as much as possible. If that doesn’t work, try to ask for a deferred decison until April when he can compare packages from other school. But make sure you can still choose AEM at that time. This process is tougher but you should be prepared to handle adversity if you are going to major in business!</p>
<p>Yes…he should find out if Cornell will give more money.</p>
<p>However, if Cornell says “no”, then it does become an easy decision.</p>
<p>this is a family that was “shocked” to learn that they wouldn’t get any aid. Being “shocked” does not suggest that they were expecting $5k or some small amount. It suggests that they were expecting a decent amount with the idea that they would have to pay some, too. </p>
<p>I don’t know how much they expected to pay, but if they were thinking something like $25k (and that would be a stretch for them), then coming up with $50k+ may be like asking for $500k…just not happening.</p>
<p>Yes, Cornell may be better, but is it really $200k+ better? That represents quite a few decades of sacrifice, hard work, savings and thrift. It’s a mind-boggling sum of money, actually.</p>
<p>A full tuition scholarship at Fordham is certainly nothing to sneeze at! This is an undergraduate business education; Cornell will not unlock secrets that are more important than your own initiative and drive.</p>