<p>So I applied to Cornell as a transfer and got in!
My main concern is the cost and the ridiculously little financial aid I got.
My parent's FAFSA EFC was $0, but Cornell says it's $30k. It's really disheartening, because my parents told me if they try their hardest, they can only pay up to 10k/year.
If I graduate from Cornell, I'd have 40-50k in debt for just two years(total cost for both years would be around 75-80k, but parents+ work can help defray total cost).
Do you guys think I should do it, specifically if I want a career in finance?
Is Cornell notorious for giving bad financial aid to transfers? I tried appealing twice to no avail. I currently have a full scholarship at a local college, only expounding the difficulty of the decision. I think at my current program, it will be very difficult to get the finance job I want, and it will be difficult but much more likely from a top school...thanks.</p>
<p>Hey guys,
I got into Cornell as a transfer.
My total cost for the next two years is around 75-80k in total (around 35-40k per year).
My parents didn’t get the FA they think they deserved, so I would be left with around 40-50k in debt when I graduate.
If I want a career in business/finance should I take out theses (40-50k)loans and pay 80k more than at my local U which I can get a full-ride for on merit?
It’s possible to get where I want to go from my local U, but from what I hear, finance is very prestige based. I think it would be a lot easier finding a good finance job at Cornell, and would be very hard at my local U…wondering your thoughts…thanks</p>
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<p>Cornell is a school that meets 100% demonstrated need
Cornell uses both the FAFSA to determine eligibility for federal aid and the CSS profile/non-custodial profile to determine eligiblity for their own institutional aid</p>
<p>Having a 0 EFC on the fafsa does not necessarily translate to having a 0 EFC when it comes to need based financial aid. If Cornell determined that your family can afford to pay 30K, your family has income/assets to draw from in order to make this happen.</p>
<p>First of all, I would go back and check the FAFSA to determine how you may have been eligible for a 0 EFC</p>
<p>Are your parents married to each other and living together</p>
<p>If not, are either one of your parents remarried?</p>
<p>Does your family own a business or farm?</p>
<p>Does your parents own property other than their primary residence?</p>
<p>DO your parents have money in the bank, stock, investments (even if they feel that this money is being used for their retirement, to take care of their parents, other family members, etc)?</p>
<p>from your other thread you stated that you tried to appeal the award twice and both attemps were unsuccessful</p>
<p><a href=“Terrible Financial Aid - Cornell University - College Confidential Forums”>Terrible Financial Aid - Cornell University - College Confidential Forums;
<p>It seems as if the tribal counsel has spoken (and is standing by their decision)</p>
<p>If your parents cannot/will not pay the 30k EFC, then follow the money and stay with your full scholarship</p>
<p>** #4
CORNELLWANNAB
New Member
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Join Date: Jul 2013
Posts: 5
Basically my parents had income from a relatively rare source, and Cornell counted that as income, even though the FAFSA didn’t. Cornell’s official response is that they cannot yet evaluate my family’s financial situation because it is unique, so I should apply at the end of the year. Kind of ridiculous, honestly…any thoughts?
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<p>If your parents’ “rare source of income” means a “family contribution” of $30k, it must be substantial.</p>
<p>FAFSA numbers give you eligibilty for the PELL, DIrect Loan, Perkins, Work Study and SEOG. Really just the federal programs and only Pell and Direct loans are guaranteed. They also screen your parents for eligibility to apply for PLUS. Many schools also use the FAFSA EFC to get a need figure, but I don’t know a single school that guarantess to meet full need based on that.</p>
<p>So your zero EFC give s you the PELL and maximum Direct Loans, It;s up to each school to decide how to distribute their funds. For whatever reason , your family resources are assessed by Cornell so that your famlly needs to come up with about half the cost of going there, the $30K. If you can’t afford what they charge, you find another more affordable option. Cornell can distribute its private funds as it pleases, and your financial situation does not fit its definition of need what ever the uniqueness of it may be. Thier money, their rules. You’ve appealed and that’s their final word.</p>
<p>This happens frequently with those with family businesses, properties, unusual business arrangements, and sometimes it is unfair. There are times things are assessed that really have no value in reality, but that’s just the way it works. Either the family gets rid of such arrangements and the student tries again next year, or you pay, or you move on to another school that may not take the same view.</p>
<p>The short answer to this is no. First of all, it will be difficult to borrow that much - that is far more than your federal loan eligibility, and there are no guarantees that you will qualify for a private loan in that amount. Second, I honestly don’t think any undergrad degree is worth $80k more than you would pay at another school. Borrowing that much will negatively impact your future. You have other options, and my advice is to stick with an option that is less expensive.</p>
<p>At this point, it may be best to save some debt capacity for grad school, and select a less expensive undergrad school. A bachelors degree is not worth that extent of debt. Remember that after you exceed the first $20K or so of subsidized federal loans, the cost of borrowing rapidly increases. It is because the interest rates are higher and there is no one paying the interest while you are in school. Therefore, the second 20K of debt may be much more expensive to you then the first $20K of debt. </p>
<p>There are online calculators where you can run the numbers for various amounts of debt and various interest rates. It can be the difference between having to wait to buy a new car vs. not being able to pay your food bill.</p>
<p>Did Cornell include student loans (Stafford, Perkins) in your aid pkg? If not, you can borrow $7500 per year that way.</p>
<p>Also, if you cut back on personal expenses, etc, your contribution can be reduced.</p>
<p>I would probably need to borrow 7500 per year and then the rest in private loans.</p>
<p>Cornell does not owe you an inexpensive education. It is your responsibility to pay what you can afford, as an investment in your future. The school expects your family to use their assets to help you, also as an investment. Your family has “unusual” income - can you borrow that from them and pay them back rather than take out private loans that you may not qualify for anyway?</p>
<p>You are a business/finance major. I am pretty sure that your professors would agree that it makes sense to stay where you are rather than get hopelessly in debt.</p>
<p>What have you and your parents borrowed to date for your first two years of college?</p>
<p>If you can earn $2500 this summer-I do hope you are working, and during the school year, that and the Direct loans is $10k, and your parents are paying $10K. Perhaps you can split the difference with your parents on the additional $10K per year in loans. . With a lot of scrimping that is possible.</p>
<p>Be aware that your grades as well as your GMAT scores are going to be important in terms of getting into a top MBA program which is usually the surest way into a high paying finance type job. But MBAs mean 100% loans for the most part, especially the top programs. Seriously, if you can do very well in your courses at present school and stay loan free, that may be your best route and getting the most out of your money. </p>
<p>I do agree that getting finance type jobs is a tough go for ugs and coming from a top school does help the odds,but even with a Cornell degree, it is not a given. I know Cornell grads working unpaid internships and very low paying jobs, many of them. To have the loan nut to crack is tough under such circumstances. MBAs seem to do far better in finding the higher paying jobs, almost a certainty with a “name” program, so that is probably the better route to take.</p>
<p>
Do you have any data to support that?</p>
<p>@4kidsdad Yes I do.
Financial firms don’t recruit at my school, so getting that first interview is going to be tough.
I’ve looked at previous employment statistics at my school and very, very few people get good jobs at investment banks. However, I agree with the posters above that even from Cornell, a top finance job is far from a sure thing…</p>
<p>I do agree with the OP that finding a financial services job from an ivy is more likely than at a college that just doesn’t get many going to such venues. I mean the bigger name ones that do recruit. However, the odds are not good even at Cornell. Most of such jobs do go to the MBA grads. My DH worked in the are for many years, and really, there were very few UGs direct from college They were usually the computer scie and that sort of major where the job is more systems. You just don’t hire inexperienced 22 year olds with just a business degree from college in those types of jobs except in niche positions. </p>
<p>I don’t even know if you can really major in finance at Cornell. I know the Hotel School has a business major or sorts and you can be an econ major and pick up some finance courses. But really, the chances are a lot better with a MBA from a top school than going to Cornell or any school as an UG. I know Harvard grads looking for high pay jobs and having to face the reality check that it doesn’t pay off right away. So you aren’t likely to get payback for the excess cost for a while and seriously, the studies show that those who truly could get into these top schools but did not go do just as well as those who do. </p>
<p>I’d love my kids to go to Cornell or a top rated school to if they wanted it and got in, but if the money is just not there, I’d think long and hard. For you , IMO, it could be a go, depending on what you and your parents have already borrowed. You are talking about borrowing $35-40 altogether. But bear in mind that loading an MBA degree on that on borrowed funds is putting in you in a category altogether. And if you and parents have already borrowed for the past two years, this additional amount really isn’t worth it. You don’t need a finance degree to see that.</p>
<p>Cpt is right about the finance major. In addition, top investment banks/consulting firms are more likely to recruit at top schools. Were you admitted to AEM?</p>
<p>[Charles</a> H. Dyson School: Degree Requirements](<a href=“Applied Economics and Management Degree Program | Cornell Dyson”>Applied Economics and Management Degree Program | Cornell Dyson)</p>
<p>If not then I think you have to major in Econ. Even then to go to a top MBA program, you will need a few years of work experience under the belt. Even then to go to HBS, the cost is now ~ 72k/year with most of it as loans (or students who were able to save substantial amount of $$ and having no undergrad debt, paying a portion out of pocket).</p>
<p>My recommendation is to do well where you are, get some good internships under your belt and look into the 2+2 program at HBS.</p>
<p>[2+2</a> Application Process - MBA - Harvard Business School](<a href=“http://www.hbs.edu/mba/admissions/application-process/Pages/2-plus-2-application-process.aspx]2+2”>2+2 Program - MBA - Harvard Business School)</p>
<p>@sybbie719 thanks a lot for the advice. I was admitted to AEM.
The thing is with Harvard 2+2 is that it’s really hard to get into, and on top of that is primarily meant for engineering type students who want to do business, at least from what I’ve read. Therefore, it’s harder to get in as a business major.</p>
<p>Cornellwannab,</p>
<p>this is why you have to learn how to do your own research. While there are a large number of STEM students in teh 2+2 program there are also business and humanities students. you are right, the program is competitive, but if you have worked hard to get into Cornell, yu can work hard to be a viable candidate for the 2+2 (stay positive).</p>
<p>[HBS</a> 2 +2 Class of 2016 Profile - MBA - Harvard Business School](<a href=“http://www.hbs.edu/mba/admissions/admission-requirements/Pages/class-of-2015-profile.aspx]HBS”>Class Profile - MBA - Harvard Business School)</p>
<p>I can see why you want to go to Cornell. as it is a a great bird in hand. However, most every single one of the ones I knew, the rare birds who did get financial services or other high pay jobs right out of college, the top of that crop, every single one of them, went back to get their MBAs. I asked DH, and the only exception are some who took hiatus to have children (women) and those who just decided the field was not for them. Even if you get that great job, you will soon see that you are at the bottom of the ladder with the MBAs ahead of you. When it comes to leading a project, being a consultant, that MBA from some school, not necessarily Harvard, becomes important. Then you are talking about a $150K outlay to do so, which means loans. That’s what it comes down to. I doubt that in a few years even as a Cornell grad who ends up getting exactly what you are seeking (and the chances of that are very small) that you will make and save enough to not only pay off the Cornell differential AND pay for that MBA as well. At that point, you might as well not have sunk that money into Cornell. I’m looking at this strictly in terms of probable monetary return. If you had deep pocketed parents who could pay the whole thing, it’s a whole other story. But for a young person to accrue a lot of debt these days, without parents to serve as some fall back is very risky. Even with parents, it’s putting them in a financial bind.</p>
<p>Take the $30K. It sounds like it could have been worse.</p>
<p>It’s not the matter of taking the $30K that is the issue here. it’s how does the OP and parents come up with the other $30K+ and rising. If the OP and parents have already taken out some loas, it just makes it even worse. Now if not, if OP can find some work and throw in some money, parents throw in some money, OP borrows the Direct Loans max of $7500 and splits the difference of the rest with the parents. But that still means a lot of money on that table to be repaid by OP and family. And Cornell’s COA is not just $60K; it’s more and rising. Interest on loans for parents are about 8%… Are loans already in the package, as well for the student. It’s not easy. to do and gets harder, not easier. Stuff happens, and it doesn’t always take just 4 years, especially with a transfer in place.</p>