I recently got into Cornell (two days ago to be exact) for the Fall 2017 semester. I will be starting as a sophomore. However, my family did not qualify for any need-based aid. My parents have about 70,000 left to pay for college. That’s all they’re willing to pay, however, I know they can afford to pay much more they are just unwilling (Income is around 300k, retirement savings is 1 million, and they own two houses - one with a mortgage).
Is there anything I can do besides taking our private loans??? I know I can only take out about 30k as a student, and my parents would have to cosign. As a transfer student, there are so few private scholarships for someone in my situation. I was blessed by the opportunity to get into Cornell, however, I do not want to ruin myself financially.
I also got into American, University of Richmond, Case Western, and Baylor. Baylor was the only one who gave me merit aid of 12k a year. The other three did not offer merit scholarships to transfer students.
Also, I have not put a deposit down at Cornell. Do not worry.
Cornell was unlikely to have awarded you more as a freshman admit as it is uses a need based financial aid system with only a few exceptions. College is expensive. You need to decide if you want to pay that amount for college.
Cornell just may not be affordable for you. Did you discuss a budget with your parents before applying? Transfer students typically don’t get a lot of merit aid and you really don’t apply for any needs based aid. Your best option is to find a school that is within your budget.
I think your parents have provided you with a nice start financially. It is unclear whether the amount you mention is for one year only or money per year. You are not in a position to know the intricacies of your parents’ financial situation. As spending what could be one-third of your parents income on your tuition is outrageous. You can be employed after high school so their financial obligation to you is less. There are many, many schools you can afford.
Cornell is wonderful, but you are unproven to that school. Seek financial help for your major or other specific characteristics. You might also get loan for your first year and seek money for later years.
If your parents are making 300k, $1million in savings and 2 houses), you are not going to receive need based aid anywhere.
If your parents are not willing to pay the cost of Cornell, then you will have to move on and attend a school that is in the budget that they set for you.
Cornell is a great school but it is not affordable. No one is going to give you a private loan of $220K,
If they have given you a budget of 70k over the next three years, you need to attend a school where your out of pocket cost are $23k + a $6500 loan (approx 30k/year).
At some schools – including Cornell – transfer students do apply for and can be awarded need-based aid.
Sounds like you can’t afford Cornell, American, Richmond or Case Western. I’m guessing $12,000 in merit won’t make Baylor affordable either, since its COA is over $60,000 and $12K in merit (plus1/3 of your $70K and a $6500 federal loan) leaves you over $19K short. Where are you attending now? Can you afford that school with what your parents are willing to pay?
^^the op already said he did not qualify for FA from Cornell.
"However, my family did not qualify for any need-based aid. "
so he needs to choose a college that he CAN afford to go to without taking out loans that he cant qualify for as a student. .
Can you defer for a year so you can work and save up money?
@philbegas saving money for one year is useless since he probably won’t even make over $50k.
Don’t go to Cornell if you can’t afford it. Stay at your current university and transfer to a state school
If parents will pay a year and the student makes 25-30k in a year that’s a pretty significant chunk
If you were eligible for need based aid, Cornell would have awarded it. Your income is FAR too high for,that tombe the case…and owning two homes would not help,either.
How did you think you were going to pay for Cornell?
If you have $70,000 left to cover college costs…you basically have one year covered. Then what??
Where are you attending college now? How much does THAT cost? Are your parents able to cover those costs?
You applied to some expensive private universities…you are not eligible for need based aid.
It is not that your family cannot afford, it is your parent unwilling to pay. Unless you are independent, your parents should be the main ones to pay for your college education.
@billcsho – we don’t know for a fact whether the parents are unable or unwilling to pay. Kids often haven’t a clue what their parents’ finances are like, what the repercussions of spending $70,000+ are, what their long-term financial commitments are. Frankly it doesn’t matter. What does matter is how OP’s plans fit in with a budget that he/she has.
The student says…they have $70,000 left to pay for college. What we don’t know is…how many years does this student have left? How much have parents spent up to now…and for how many years.
Was the first college an affordable one? Why is this student transferring?
Did the parents agree to the transfer knowing the cost of attendance at these colleges?
Lots of unanswered questions.
^^ He said he’d be starting Cornell as a sophomore, so I’m assuming he has 3 years left. I don’t see anything OP posted that would answer the other questions.
@katliamom With two house and only one still in mortgage, it is his parents’ choice to put money in investment instead of OP’s education. Second property is an investment asset. Of course, no one wants to pay $60k+ per year if not necessary and his parents certainly have the right to decide where to invest their money (on a second house or their kid). In any case, parents’ willingness to pay or not is never a consideration for financial aid. I am sure if I buy another house, I would not be able to pay for my D’s education either. 
An awful lot of assumptions… and you know what happens when you assume… you make an ass, etc. 
Unfortunatel, the FA office makes decision based on these assumptions too. What is your point? LOL.