<p>I finally got my aid package today. based on the new financial aid policy, students with parents incomes under $120,000 will have student loans capped at $3000 per year. My parents make under $120,000 and not only did my financial aid package have 3 students loans, each was for more than $3000! Any one else find similar problems with their aid package? Boston University is looking better and better, BU told me to call and ask for more grants if I wanted to.</p>
<p>I think the New FA for for incomes under $120,000 begin the 09-10 year. Which would be your 2nd year at Cornell.</p>
<p>This year I believe it's like 75k or under.</p>
<p>yea i know I had read that somewhere but on the paper they sent me it says "New Aid Initiative for 2008-2009... Need based loans will be capped annually at $3,000 for students from families with incomes between $60,001 and $120,000."</p>
<p>I guess 2008-09 means admission year and not school year???</p>
<p>if you read the announcement on their website, it is clear that the new finaid initiative is being phased in over two years. Kimjoshy is correct. But, check with the finaid office about your Years 2-4 before you sign on the dotted line.</p>
<p>Actually, bluebayou, you must have not read it fully, because it clearly says
[quote]
Cornell's new financial aid initiative will be implemented over the next two years. In the first year, 2008-09, the university will eliminate need-based loans going forward for undergraduate students from families with incomes under $60,000,* and cap them annually at $3,000 for students from families with incomes between $60,000 and $120,000.*
Cornell</a> Chronicle: Sweeping new financial aid initiative
[/quote]
</p>
<p>if you dont get the proper financial aid, maybe you should consider suing (for false advertisement)!</p>
<p>I watched the video on the admitted students site about FA and the head of the department (i think) says that the under 120k comes into effect next year.</p>
<p>I've seen both it both ways but which one is correct? It would be awesome if i didn't have to pay $13,000 in loans for freshman year. I guess I'll call FA office tomorrow.</p>
<p>yeah... best to call up the actual office in this case.</p>
<p>why is cornell sending mixed messages? i doubt that policy for those under 120,000 is for next year, or else it wouldnt be printed on their own website, let alone at other websites: FinAid</a> | Answering Your Questions | No Loans for Low Income Students</p>
<p>yeah...call the office and post what they say here.</p>
<p>I'm doing a Cornell Days Q&A panel on Thursday and I want to know what I'm talking about if anyone asks :-)</p>
<p>I'm positive it's the 2nd year situation b/c I read all about it when it came out</p>
<p>hey guys i called the aid office today, they told me a financial aid officer would call me back in a day or two. no answers yet.</p>
<p>great! sounds like they might change your packet! please update because i am curious to know whats going to happen with their financial aid.</p>
<p>i spoke with the aid office today and since my parents untaxed income is $3,000 over i get the maximum amount of loans. i told them bu's grants were double but the lady said each school does it differently and what i have right now is much better than it would have been last year. so i'm looking at a minimum of $48k in loans to repay if i go to cornell. i thought the hard part was getting in.....</p>
<p>I just got a "FAQ for New Students" letter in the mail with my Finaid package and here's what it says</p>
<p>
[quote]
Cornell announced in January 2008 new financial aid packaging strategies. For the 2008-2009 academic year, need-based loans will be elimimated for undergraduate students from families with total annual incomes equal to or below $60,000. Need-based loans will be capped annually at $3,000 for students from families with incomes between $60,001 and $120,000. For students from families with annual incomes of $120,001 or over, standard self-help levels apply. Income levels are institutionally defined and are reassessed annually during the renewal application process.
[/quote]
</p>
<p>Just received this email sent out to alums:</p>
<p>At this time of year, the University receives a number of questions about financial aid. One specific question is about the financial aid appeal process. The Cornell University Office of Financial Aid and Student Employment has an official process, which has been outlined below:</p>
<pre><code>* Beginning for 08-09, there is an appeal application form to be completed by the parent or student, in order to make the process easier and more efficient. The form will be available for download on the Financial Aid and Student Employment website (http://finaid.cornell.edu). Receipt of all appeals will be acknowledged via e-mail (or postcard if the e-mail address is unavailable) within 24-48 hours of receipt.
* Families should describe in detail any circumstances that have a bearing on the appeal, such as changes in income or unusual expenses, providing necessary supporting documentation with specific dollar amounts where applicable.
* A copy of the family’s 2007 Federal Income Tax Return(s) should be on file in the Office of Financial Aid and Student Employment. This information is typically required for appeal evaluation.
* If a student has financial aid award letters from peer institutions, the student may forward copies of those letters to the office for award matching consideration.
</code></pre>
<p>tgc: wait, so because your parent's untaxed income is over 3000, that would make your income over 120,000 (according to cornell)? is that how it works?</p>
<p>$3000 over, not over $3000. His parents' untaxed income is actually over $120,000 which is why he didn't receive the benefits listed under Cornell's new FA policy.</p>