Please help- Will I receive enough Financial Aid?

Colleges and Universities A-Z Cornell University
1

<p>Hey guys, I will probably be going here next year as a transfer if I do get in, but the cost of this college is starting to have me question some things:</p>

<p>I'm from a not so high paying family, both of my parents combined would be around $24,000, that is what I put down on FAFSA: Parents' 2007 Adjusted Gross Income: Around $ 24,000.</p>

<p>So basically both of my parents combined is $24,000, but Cornell also costs a lot to go to. I looked up how much the "Average" Financial Aid Package is, and it was around $29,000. So this would mean that if I received that amount, I would have to pay around another $20,000 because I will also be dorming, and I just simply added up the expenses on collegeboard: College</a> Search - Cornell University - Cost & Financial Aid</p>

<p>So I'm wondering, do I count as the person that receives the "Average Financial Aid Package of $29,000", or would I get more, because that is the "Average" amount given out? I really want to go here, but I need to figure out how much Financial Aid I would be given.</p>

<p>Other things go into consideration also when they determine it, so I have one brother who is also in college. Also I know there are loans, but my parents told me to try and not get into that because of the way it works out. </p>

<p>So with this information, how much can we estimate my package to be, sorry if it's not a lot of information, but basically both of my parents combined 2007 Adjusted Gross Income is around $ 24,000, and I have one brother who will also be at college. I don't know how easy it is to get scholarships for Cornell if we are transferring there, so can someone also explain that to me.</p>

<p>Thanks!</p>

2

<p>Under the new FA plan, you won't have ANY loans. $0.</p>

<p>Your EFC for that kind of income will probably be a couple of thousand, which will be sliced in half due to the fact you have a sibling in college. My guess is that you'd pay roughly $1000-2000 a year to attend Cornell with no loans.</p>

<p>I don't work in the FA office however so nothing is guaranteed.</p>

<p>What kind of assets do you guys have?</p>

3

<p>I just chcked my status for my FAFSA, and under Expected Family
Contribution (EFC) it says: 00000</p>

<p>This was my FAFSA I did this year for other colleges, of course Cornell wasn't in it because I have yet to transfer, so I'm not sure if that number and information will help you guys figure stuff out.</p>

<p>I thought I would be paying a lot more actually. Like for Rutgers, for a non-NJ resident, everything included (Room, tuition, etc.) adds up to $30,000. For Financial Aid, they gave me around $19,000.</p>

<p>For Penn State, the total costs came out to around $28,000. For Financial Aid, I was given around $16,000.</p>

<p>So my EFC says "00000", and I gave a few examples of Financial Aid offers I have gotten. Also, is it safe to assume that this "Average Financial Aid Package" of $29,000 is given to those that probably have a lot more income then my family, making my package most likely bigger?</p>

<p>I just really want to know because it does cost a lot, but just estimates on what you guys think might be my offers would be appreciated.</p>

<p>Thanks again!</p>

4

<p>Good chance you'll have to do $2250 or so for student contribution and $1800 in work-study. Cornell seems to have a higher EFC than the FAFSA, so your family might have to contribute a couple thousand.</p>

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<p>Sorry I'm so new to this stuff, but what does having a high "EFC" mean? Like I said before, I checked mine on my application and it came out to be 00000.</p>

<p>What do you mean by saying I'd have to do $2250 or so for student contribution, and $1800 in work-study? Sorry I really have no idea on any of this, kind of new to it.</p>

<p>"Cornell seems to have a higher EFC than the FAFSA, so your family might have to contribute a couple thousand."</p>

<p>Not sure what EFC is meant by in this either =/</p>

<p>Anyways to the main point; is it safe FOR THE MOST PART to assume how much our offer for Financial Aid will be based on the combined income for both of our parents?</p>

6

<p>Ah, yes, I forgot about the summer contribution and work study. Cornell will expect you (regardless of your income) to work during the summer and the school year to pay for part of your tuition (~$2000 for the summer and $1800 for the school year). If you don't want to work that much, you'll have to take out loans.</p>

<p>As for your EFC, the individual schools calculate EFC their own way so their EFC may not be the same as the one calculated on your FAFSA. I still say you'll have to pay just a couple thousand dollars + summer savings + work study. Everything else will be grants.</p>

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<p>Oh, I can probably work during the summer/school-year to make that amount of money, hopefully.</p>

<p>Norcalguy- "I still say you'll have to pay just a couple thousand dollars + summer savings + work study. Everything else will be grants." That keeps getting my hopes up and stuff, because I expected a fair amount, just not as much as it sounds like from you :P. How/Why do you expect a couple thousand dollars? Is it majorily based on both of my parent's income + one sibiling in college?</p>

<p>Like, if I were to ask you to do the same for Rutgers (I'm out of state/Non-NJ resident), or Penn State like I did in my above post, would it come out to around paying $10,000 for both schools? The package I got for both schools by the way also included a few loans, but yeah most of the info is in my above post, if you had to predict it, would it come out to around how much I got?</p>

<p>Thanks</p>

8

<p>EFC is based on income and assets...it usually goes down when there is more than one dependent child in college. You are also expected to chip in some money from summer employment and work study (like norcalguy said). This is why you'll end up putting in a few thousand.</p>

<p>This amount will probably differ from school to school as each institution has its own policies for calculating these amounts. I remember when I applied to college my FA awards differed significantly from college to college.</p>

9

<p>I would probably be applying for CAS or CALS, does it matter where I apply in terms of Financial Aid offer given?</p>

<p>So far norcal has said I probably won't have to pay much because of the numbers I provided, can anyone else offer any information? Like I posted before, I'm from a not so high paying family, both of my parents combined would be around $24,000, along with having one sibling in college, and I'm pretty sure if you think of assets as farmland and stuff, I don't have any of that lol, I think.</p>

<p>Parents' 2007 Adjusted Gross Income: Around $ 24,000.</p>

10

<p>Assets includes cars, savings, owning a home, etc...</p>

<p>As far as CAS/CALS....CAS is obviously more expensive than CALS (if you're an NYS resident) so you will obviously get a financial aid package that covers the entire cost.</p>

<p>You will probably have little to no EFC...depends on what Cornell calculates. You will have a lot of Cornell grant money, probably a Pell grant and work-study.</p>

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<p>How does work study operate? My EFC is even lower than Personin1's (and no assets, we are just poor), so should I expect to get a work study?</p>

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<p>most likely, you will have work study.</p>

<p>Basically, Cornell allots you an amount (~$2000 if you're not a freshman) of money and it's up to you to find a job on campus. Work study students are desirable to on campus employers because part of your salary is subsidized by the federal government. You will receive a biweekly paycheck and you choose what to do with the money.</p>

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<p>Hmm, that's a little confusing. So I have to get a job... but then I get to use the money (as in it doesn't go to Cornell)?</p>

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<p>^I think 50% of your wages is subsidized by the federal government which makes you VERY attractive to on-campus employers because they are essentially getting you for half price.</p>

<p>You never HAVE to work that much. It's just another part of your FA package that's there to help you find a job. I'm not sure if work-study is actually factored into your FA package. It might be that your loans/EFC/grants cover the entire cost of attendance and work-study is just another extra/optional thing on top of that.</p>

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<p>I wonder if you know of any engineers that did this? I am wondering if I can get a job somewhat related to engineering or not.</p>

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<p>you might see if you could get a job in a lab in the engineering schools...there are lots of labs that will only hire work study students.</p>

<p>Yes..it is confusing how the money works. But, the money goes directly to you to cover any expense you incur.</p>

17

<p>So about that job they basically give you, to make around $2000 or something. Is it easy to find these? I've read that the people offering these jobs from on-campus give priority to us, because they're 'hiring' us for half the amount of price or something?</p>

<p>What would happen if we didn't do this student-work thing? Is it called work-study actually?</p>

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<p>Yes..it's actually called work-study and on campus jobs are very easy to find....they're listed online. Work study applicants are desired by employers b/c they only pay 50% of your salary and the government pays the other half. If you are given work study and don't get a job...then you don't get the money.</p>

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<p>Cornell must be jumping for joy right now because theyre taking away my 20,000 scholarship to lower my grant. Life is so messed up. ;_;</p>

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<p>outside scholarships lower Cornell's contribution b/c the FA you receive cannot exceed the cost of attendance. Sucks...I know but most of us have to deal with it.</p>