Cornell University offers financial aid as part of its mission to attract a socioeconomically diverse student body. The cost of attendance before Cornell financial aid is extremely high -- well over $50,000 annually -- but fortunately, Cornell places a premium on awarding students financial aid, and has a robust $5.3b endowment. When evaluating students' eligibility for receiving Cornell Financial Aid, the school considers income, family status, the cost of attending Cornell, and the student's/family's earning capacity. As a result, the majority of students at Cornell qualify for Cornell Financial Aid. Cornell Financial Aid decisions are upon admission; returning students are required to re-apply on an annual basis. When re-applying for aid or appealing an aid package, Cornell considers change in a family's financial status over this period, as well as changing costs associated with attending Cornell. Cornell Financial Aid is limited for international students.
Applying for Cornell Financial Aid is a pretty simple process, much like at any other school. Before submitting any applications, you should absolutely speak to the Cornell Financial Aid office about any grants and/or scholarships you might be eligible for. Also, be sure to ask whether you may need to take out federal student loans to cover the cost of attendance. After that, file the Free Application for Federal Student Aid (FAFSA) and the CSS/PROFILE forms, which will be used to determine your financial need and ultimately your aid package. After submitting these forms, just wait to hear an aid decision.
The largest component of Cornell Financial Aid packages tends to be university grants. These are 'free money' awards, meaning they do not have to be paid back; naturally, these are the preferred type of awards (i.e. free money is awesome). Most students who receive Cornell Financial Aid will also be offered student loans in their financial aid package, and will be encouraged to participate in a work study program. If you need to borrow money to pay for Cornell, be absolutely, utterly, totally certain to borrow all you can through federal loans first. If you exhaust your federal loan options and still need money, then you should turn to private loans. The world of private loans can be very messy and/or scary/confusing, so check out SimpleTuition's student loan comparison tool to find the loan that's best for you.