@motherpugger you would have to contact the FA office with the new information. Sometimes schools make adjustments.
You will apply for financial aid annually. For 2018-2019, information from 2016 was used.
If your mom recently lost her job…then she contributed to her 401k for most of 2017…which will be used for the 2019-2020 school year.
And she might find a new job where there is a 401k early in 2018.
Fact…she HAD that 401k income in 2016. She chose to put it into a 401k account.
BUT…if your parents are now both unemployed…this is something you should discuss with Cornell. They might be able to help you out…not because if the 401k issue…but because your parents now have no income.
Did your mom get any kind of severance package when she lost her job?
As discussed, you want to discuss with FA office. What I recommend is you outline your “special circumstances” in writing, and then email or fax them the write-up, plus call them to discuss the email. This makes it easier for that contact to talk to the “committee” to see what they can do for you. Very quickly, you want to work on what if any more free money they may provide and get that settled ASAP.
Also, looking at your package, they outline total costs ($70,521?). Subtract the “free” money – that equals what I call your “true cost”. Then subtract the offerred loans (typically $3500 of subsidized Stafford Loans, plus their own “interest-free” loan) plus Work Study. This will give you your total “out-of-pocket” costs. Once you see that number, WORST CASE, you have various ways to come up with the money. If parents cannot (or will not) pay anything, then pursue government loans (ask Cornell for this info) and check to see if the state where you live has a college loan program. Once you get all of that info, please post info here…
I can try to help you…I am helping another current ED Cornell student right now
Yes, we wrote a letter to our daughter’s prospective school, outlining what had been going on in our family and business for a few years. They awarded her more aid, which made it possible for us to send her to the school. 
Good luck to you!
But you need to see how the school requests this info be provided. Some have their own form(s.)
And @motherpugger You said you got the package but haven’t told what they offered. Is it $7500 after the student loan, is work study already included in the bottom line, etc?
Plus someone may have said: some costs not directly included in tuition and fees (books, personal) are often lower than a college projects. Eg, it often works to rent texts or buy used. My kids spent less that way.
You could let this poster group help you interpret the offer.
Don’t count the work study $ to be available when the bill comes due.
You first have to find a work study job and then earn the money as a regular paycheck during the semester.
Figure direct billed costs (tuition, fees, room, board) minus grants and scholarships.
That is direct net price.
Just a matter of opinion, but I prefer for apples to apples to calculate “true cost” and “out of pocket”. What matters first is to as much free money as possible to reduce the true cost. THAT is the amount needed to fund living at the school (including what I call “toothpaste, laundry detergent, and an occasional pizza”). That number is then met by “cash”, loans, or a earnings from a student job. Clearly, you can get used books, not get a pizza, etc. but that is not this student’s major issue…
What are Cornell’s billable costs? Tuition, fees, room, board?
What was your aid package?
Did your aid package already include $5500 in Direct Loans?
@thumper1 @lookingforward
The total Cost of Attendance is $70,521.00
The total Aid Offered (this includes loans and work study, which is shown below)
61,721.00
Minus Total Family Contribution is 8,800.00
Students Contribution
2,700.00
Parents Contribution
6,100.00
And then for the fall semester (this is the same as the spring semester)
Fed Direct Sub Loan
1,250.00
Work/Study
1,300.00
So in total, my loans are 2500 for the whole school year, and 2600 for work study.
That’s a very good package. Your contribution can be earned through summer work. If your parents can’t afford their contribution, you could take out the full federal loans. I bet you could also lower your indirect costs, which are estimated in your package (in the full COA).
@motherpugger You can take another $3000 in federal loans your freshman year for a total of $5500. Sophomore year you can take $6500 in loans. Junior and Senior years you can take $7500. Try for local scholarships this year to help also.
You can take 3000 more in loans…they will be unsubsidized. But they are available to you.
$5500 total can be YOUR loan.
These are the costs that are BILLED to you:
Tuition and student activity fees = 52,853
Housing = 8,564
Dining = 5,766
Health-Related Expenses - 358 (I believe this is a billed expense at Cornell)
TOTAL BILL = 67,541 (33,770.50 per semester)
Your total aid that will be available to pay the bill when the bill comes out is 59,121 for the year (29,560.50 per semester). I got that number by subtracting your work-study award (61721 - 2600) – that money is not available to you when you need to pay the bill – you get the work-study money paid to you when you work.
BOTTOM LINE:
You get a bill at the start of each semester.
Semester bill = 33,770
Aid available to pay the semester bill = 29,560 (it will be automatically applied)
Difference that you have to pay out of pocket for one semester = $4,210
$4210 is the cash you have to have on hand just before the start of each semester for your freshman year. Can you and your parents pay that?
These items, included in the calculation of total cost of attendance, are NOT BILLED to you – they are expenses you will incur on your own while at Cornell.
Books and supplies = 930 for the year (this is an estimate)
Personal and misc. expenses = 1,850 for the year (an estimate)
It’s a good idea to use your work-study job earnings and other savings for these expenses. You will need the money for books the first week of classes. You can always save by buying used books or renting books.
You did a great breakdown!!!
Did you include the $3000 as an unsub loan? This would bring her semester payments to approx 2800 between her and her family.
She may need to use her summer earnings for start up cost getting to Cornell; she will need necessities for her dorm, she will have to get to Ithaca and she needs books and school supplies for the first day of class.
I agree with what you said about Op needing the work study to meet her day to day expenses while in Ithaca. She should not expect to use this to pay the bill
Looks quite doable. Have you not saved any money during high school for your college expenses? Do you have a vehicle you can sell? I’ll bet you can save $5000 or better before school starts in September if you hit the bricks now. Congratulations, Cornell is a fantastic opportunity for you!
You absolutely need to get the rest of that Direct Loan…$3000 per year more.
Contact financial aid ASAP about that. Ask how that additional unsubsidized loan can be added to your package. It shouldn’t be a problem…but get it done.
@brantly – Just writing to confirm that the $350 annual health fee expense is mandatory, even for those students who have adequate coverage under their parents’ medical insurance plan. I was skeptical at first, but the care and access has been a very pleasant surprise.
Book costs really vary by major. My son has spent less with each passing year. The same can be said about personal expenses. Cost to travel home for breaks is the biggest variable.
Once a student moves off campus, housing and food costs can be kept below Cornell’s COA figure, so that presents an opportunity to save.
The only other unknown I can think of is the student’s medical insurance. If the coverage provided by the parents’ plan is inadequate, the university will require the student to purchase SHIP (Student Health Insurance Plan administered by Aetna). The coverage is excellent, but it does cost an additional $2300 for the 12 month plan. People who have HMO coverage that does not provide coverage out of the home area are usually required to add this coverage.
I hope the OP understands all of this advice…going to Cornell based on this package should be a no-brainer. Additional info to OP; IF your parents are unable to qualify for a PLUS loan, you can get a “supplemental Stafford loan” in your name only as well…PLEASE work with Cornell FA office – they will help you! Based on this package, they truly want you to attend!!
@motherpugger You will need to go over these last posts and see what you don’t understand that posters can explain further.
That “books and supplies,” at $900+ is roughly what my kids saw in their packages. They spent much less by renting textbooks (even many college bookstores now offer this, you can check) or buying used online or again, via the bookstore.
“Personal and travel” is often something kids have some control over. If you need to fly home, you book early for best pricing, maybe spend some short breaks on campus. Rather than running out for every little thing you need, you buy at discounts when home.
You can look into housing and dining plans, see if there are choices.
And what we’re saying about the student loan is that the typical combo is $5500, for 1st year. Not sure why the college doesn’t incude the missing 3k, but ask.