Quick Question - High EFC and Aid?

I’m transferring from a state school to Cornell, so my tuition’s going to see a bit of a spike (from $9k to $47k). After running the FAFSA and all of that, I found out my EFC is a bit over $54k. That’s somewhat doable for my family (it’ll mean lots of debt), but I’m curious as to if I’ll receive any aid at all? If I’m reading the FAFSA’s website correctly, my “need” is $64k-$54k, which means I have a need of $10k. Since Cornell meets all need, or something like that, will I be getting $10k in grants? Or would it be the Staffered Loans/work study/etc etc?

Thank you!

I thought Cornell requires CSS profile, which may lead to a different EFC than the FAFSA. Did you try running financial aid calculator on Cornell’s website - which goes to College Board? Many more questions about your parents’ income, deductions, credits, than the FAFSA.
Good luck sorting through. You may not qualify for any aid via CSS Profile.

I believe Cornell packages federally funded loans in their financial aid package. If you are transferring as a sophomore, you will be eligible for $6500 in direct loans. That would mean that $3500 is left to fund for the full cost of attendance.

It is very possible that Cornell will expect a student contribution as well…and this might be the remaining $3500.

Do you currently have a job? Have you taken the Direct Loan for,the current school year? If not, you can do so, and use it for future costs at Cornell.

You will need to complete the Profile as well.

It is very possible you won’t get need based aid from Cornell.

Cornell meets 100% demonstrated need which applies to both first time applicants and transfer students.

The only thing that the FAFSA does is determine your eligibility for federal aid. SInce Cornell uses the FAFSA to determine Federal and and the CSS profile/non-custodial profile to determine institutional aid, you need to sit with your parents and run your numbers through their net price calculator.

If your FAFSA EFC is 54k, chances are once you run your numbers through Cornell’s net price calculator, you will probably receive very little or no need based aid from Cornell (based on your family having considerable income and assets).

Whether or not your parents are willing to pay or borrow the cost of you attending Cornell as a full freight paying student is another issue. You would still be eligible for a loan (it may be unsubsidized) and while you may not be eligible for work -study, you may still be able to find a job on campus (employment).

You will likely get no “free money.” Your “need” of about $10k, will FIRST be filled with a $7500 student loan. Then, the remaining $2500 might get filled with work study or a tiny grant.


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. That's somewhat doable for my family (it'll mean lots of debt)

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What is your family saying? Are they saying that they can afford to take on “lots of debt”? Many families can’t/won’t take on “lots of debt” because they can’t afford the payments, or they also have other kids to put thru school.

You (the student) will have $7500 in debt from each year. Your parents will have to decide whether they can afford to pay back $100k+ in debt for Cornell if they can’t pay much in real time, (which is a ridiculous amount for parents to take on).


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Industrial and Labor Relations. Started out as a Poli Sci/Econ double, but wanted to focus more on the human side of business/interaction between labor

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Seems like a lot of debt to take on for that major and career goal.

Another vote for running the Cornell net price calculator on the financial aid page of their website. They do their own calculation of need with their own formula, separate from the FAFSA.

I agree…this seems like a huge amount of debt for undergrad school. Are you at UMD? It’s a great school,with tons of majors from which to choose. Most likely you will go to grad school anyway.

Not sure I fully understand the reason for transferring to Cornell…unless the money isn’t an issue…at all.

Your parents are comfortable with taking out and repaying substantial Parent Plus loans?

Thanks for the helpful responses everyone!

The debt won’t be too much, and my parents have expressed that they are comfortable with taking out and repaying the Parent Plus loans. We inherited a somewhat significant amount of money recently and will see a huge income jump in a few years (2 or 3). Appreciate the concern. We’re in that “donut hole” of people who will have to take on debt to go to a good school and won’t receive aid. Mostly I wanted to know how the EFC worked. Appreciate the help.

Cornell will calculate its own EFC by its own method. Cornell’s EFC for you is likely to be different from the FAFSA EFC. Use Cornell’s net price calculator to get an estimate applicable to you for Cornell.

http://finaid.cornell.edu/cost-attend/financial-aid-estimator