Cornell Matching Financial Aid

This probably could go in any forum, OK not tickets, but the Sun reports that the U will match aid packages of other Ivies and maybe the old Ivy Overlap Group. That's great news for recruiting.

Here's the CU announcement from July 7. I don't quite understand how the difference in the way the schools figure packages works. Any help and example of how they might differ?

Jim Hyla
Any help and example of how they might differ?

More grant dollars, fewer loan dollars? Smaller contribution expected from on-campus work?

Jim Hyla
This probably could go in any forum, OK not tickets, but the Sun reports that the U will match aid packages of other Ivies and maybe the old Ivy Overlap Group. That's great news for recruiting.

Here's the CU announcement from July 7. I don't quite understand how the difference in the way the schools figure packages works. Any help and example of how they might differ?

First, the school subtracts a "student contribution" amount from the total cost of attendance - usually around 2k, Cornell is around 3k. This you are expected to pay but is technically "covered by your financial aid package" because FA office gives you a Federal Work Study allocation. You don't get this amount unless you find a job on campus - FWS makes it easier for people to hire you. A lot of people don't work on campus so they just pay it out of pocket.

Then, how much you pay is based on your EFC. This is a number calculated by the FASFA website, which is based on your family's combined income, wealth, and tax returns. Cornell and Columbia use an alternative system called the "Institutional Methodology," which basically increases the amount you're expected to pay by 2k-3k (see how this adds up even if you make 60k a year?).

So the number that's left over is what each school promises to "cover" using their financial aid package. Other Ivies usually gives grants and most have eliminated loans with more grants, so you don't have to pay them back. CU and Columbia (these are the ones that I know of) still use loans. So while you don't have to pay in school, you're stuck with it after graduation. In addition, if you have a scholarship from somewhere and they pay directly to Cornell, you cannot get that money. Instead, CU decreases the grant they give you if you have these scholarships.

With all these factors combined, the cost of attendance easily goes up. If you are accepted to any other Ivy except for Columbia, you are likely to get a better financial aid package.


On a side note, Harvard has its own system; they have the highest threshold in terms of financial aid cutoffs. For example, for families making less than $180k a year, Harvard gives a grant that cover tuition, fees, room & board - basically you could attend for free - they don't really use EFC and their packages are generally more generous.

Thanks, so we do more loans and the article states we are similar to Columbia, but I still didn't understand how, if we will match "their" package, there can end up still being differences. This quote confused me:

As a result of these differences, it is possible that two students with identical financial backgrounds could be paying very different tuition prices to attend Cornell, Keane said.

I guess the differences are between students at CU. No differences between attending CU versus another Ivy.Like the following example, your match depends upon who else accepted you.

“The most challenging scenario we keep considering is what if a set of twins applies to Cornell and they’re both accepted, but one is also accepted to Columbia and the other to Princeton …” Keane said. “One twin will probably get a better aid package since Columbia and Cornell [calculate financial aid in a similar way].”

I guess since Princeton's package would be better, and we're like Columbia, the PU student get's a better ride at CU.

Jim Hyla
Thanks, so we do more loans and the article states we are similar to Columbia, but I still didn't understand how, if we will match "their" package, there can end up still being differences. This quote confused me:

As a result of these differences, it is possible that two students with identical financial backgrounds could be paying very different tuition prices to attend Cornell, Keane said.

I guess the differences are between students at CU. No differences between attending CU versus another Ivy.Like the following example, your match depends upon who else accepted you.

“The most challenging scenario we keep considering is what if a set of twins applies to Cornell and they’re both accepted, but one is also accepted to Columbia and the other to Princeton …” Keane said. “One twin will probably get a better aid package since Columbia and Cornell [calculate financial aid in a similar way].”

I guess since Princeton's package would be better, and we're like Columbia, the PU student get's a better ride at CU.

Yes Jim, that is what I got from the article as well. I also see parents getting really mad about this and suing the university for acting in a monopolist manner. If government broke up the earlier group that determined commonly-accepted students' packages, this policy is effectively doing the same.

Personally, I'm kind of upset too. If I knew this would happen, I would at least try to apply to more Ivies just so I can get a better package from CU.

ajh258
Yes Jim, that is what I got from the article as well. I also see parents getting really mad about this and suing the university for acting in a monopolist manner. If government broke up the earlier group that determined commonly-accepted students' packages, this policy is effectively doing the same.

Personally, I'm kind of upset too. If I knew this would happen, I would at least try to apply to more Ivies just so I can get a better package from CU.

Great point - kiss the Early Decision pool goodbye!

The Early Decision pool generally doesn't apply to anyone who needs to see their financial aid package before making a decision. Can't commit to a school in November when you won't know if you can afford it until April. I suppose you could make some assumptions if you're dealing with one of the schools that goes heavy on the grants, but that would be a bit risky.