They aren’t including the additional $3k in loans because that part isn’t subsidized. It’s not unusual for colleges that have more institutional aid to distribute to package federal loans this way. Of course, as has already been pointed out, the student can still elect to take the unsubsidized part of the loans.
Plus I know Cornell has their “own” interest-free student loan as well on top of the subsidized $3500 and Unsubsidized $2000…
Thanks, BP.
@sybbie719 In answer to your question, no I did not include an additional, unsub loan of $3k. I based my calculations on the package that Cornell sent to her.
If I were the OP, I’d appeal for two things:
–an additional $3k in a subsidized loan. Cornell might be able to wrangle that.
–slightly bigger work-study allocation, perhaps $1500 per semester. The advantage of getting paid through work-study is that the income does not count against you in your Fafsa next year (although it is income for IRS purposes).
Does Cornell offer a tuition payment plan?
Like almost all colleges, Cornell provides the option of an installment plan. But you still have to pay the entire year’s bill within that year.
https://www.dfa.cornell.edu/bursar/students-parents/paying-your-bill/cornell-installment-plan
@thumper1 Hi! You helped so much so I was wondering if I could ask another question. I’ll be attending Cornell for sure now, and my main goal is to get as much money as possible (obviously). I have the Pennsylvania state grant from PHEAA. Will that still apply to Cornell, even though it’s an out of state university? Thanks! I also applied for a job at CVS – will likely be working full time to pay off my loans and everything!
Look at the responses on your other thread. It is NOT likely that PHEAA will give money to a college in NY. But you can ask.
But as noted on that other thread…if you get an outside grant, it will likely reduce the grant you received from Cornell.
Save your earnings…that will help you.
I don’t see the big deal. You take out loans. I am going on a year abroad and am going to take out about 20,000 dollars just for this year. Assuming you will get a decent job (50k+) after graduating, you should have plenty of room to repay.
As a student…where are you getting a $20,000 Loan without a cosigner?
@taylor96 I mean the big deal is that this is in regards to my own financial situation. While you may be able to pay those loans in the future, I’m worried because I have medical school to worry about too. I don’t want any debts.
@thumper1 My credit union. I have some years of credit history along with an auto loan. My dad is a co-signer.
Ok. I don’t want any debts either but reality is different. I can’t afford tuition and my parents can’t either. I also dreaded taking them, but eventually I realized it was the only choice if I wanted to go to the schools I wanted to go to.
@taylor96 I understand it’s reality, but I’m just trying to work, pay off my loans, and go to my dream school. I don’t know what you’re trying to say
You have a good package from Cornell, but you still have about $10k per year to come up with either from your parents or working, or -if you have to- borrowing. @taylor96 is saying that taking out a loan isn’t the worst case scenario. I was very anti loan but as my kids progressed through college, they became necessary.
Some kids get really good internships in the summer and make enough that they don’t have to take out the loans. Hopefully, you’ll be one of those.
It was $10,000 without the additional $3000 in Direct Loans. @motherpugger did you request this additional student loan with the Cornell financial aid office.
Just want to say that I’m so happy you’re going! I’m an alum. It’s great. And you live in PA, so not too far!
@thumper1 I did not request any loans. I’ll be paying 8,800 this year… right? Also, do universities look at your previous year’s financial aid package when determining the next one? I hope my financial aid package will be greater because my mom unfortunately got a less paying job
NO
The 2017/18 Cost of Attendance minus aid is $8,800
That includes estimates for books and personal expenses, you don’t pay those to the school.
Also it assumes a certain meal plan and probably double room, your actual cost might be lower, or higher.
It includes $2,600 work study that has not been earned yet.
It includes some loans, but not the maximum you can take.
It is not clear for us if you can waive the health insurance, that would be another $2,000 or so a year?
The best way to determine your cost is to list all of the billed cost (tuition, room, board) minus all grant aid.
Don’t include loans or work study for now.
Then see how this can be covered.
By your summer job earnings, parent contribution, savings, and maybe the $5,500 loan if needed.
You need to contact Cornell and see if they can take your mom’s lower salary into consideration to maybe give you more aid.
You need to find out if your health insurance coverage is sufficient for Cornell so you don’t have to buy theirs.
As I have said a few times now, PLEASE contact Cornell Financial Aid Department for assistance. They will help you!!! They will explain all, including your ability to get “interest-free” loans in YOUR name without a co-signor! At a minimum, you will get $3500 from the Federal government, and they have their own Cornell “interest-free” loan. IF your parents cannot get approved for a Federal PLUS loan (they have to apply), you can get an additional few thousand $$ in loans in your name with no co-signor (called a Supplemental Stafford Loan)
Get all the facts and then you can make informed decisions about what to accept or decline!
In my opinion ( I work with lots of kids in my community get into schools and help them with the financial aid process), having a total of $20K or so in total student loans by the time you graduate with a Cornell education is an AMAZING opportunity vs. NOT going…