Actual eligibility requirements for Weill Cornell financial aid?

[jchocho]

Is anyone familiar with the details of the financial aid process for Weill Cornell? I was heartened to read about their relatively new debt-free assistance program, but all the public info is quite vague regarding who is eligible and how aid is calculated.

I read here (https://studentservices.weill.cornell.edu/sites/default/files/20-21_md_fin_aid_handbook_0.pdf) that parental income/assets are considered. But I am a non-traditional applicant who would be 31 upon matriculation and am curious how much this would be a factor.

Also, I read somewhere else that some high percentage of students receive aid (I don't recall exactly but somewhere around 80%?) But there are no details on the amounts received- it's difficult to tell whether WC just gives small amounts of aid to people to boost these stats or if they are earnest about this whole "debt-free" philosophy.

Thanks in advance for your input.

---

Members don't see this ad.

 

[DNAJB6]

Step 1: Get admitted.
Step 2: Complete the FAFSA and CSS Profile by the March Deadline.
Step 3: Wait for a detailed financial aid package based on your unique circumstances. If it makes a difference in commitment deadline to another program, you can follow up with financial aid services.

 

[jchocho]

WCMC tried a a variety of strategies over the years to somehow define independent. At one time it was after age 44 for some reason. They gave up on them all due to fear of lawsuit.

https://studentservices.weill.cornell.edu/sites/default/files/officialfinancialaidhandbook.pdf
(emphasis in the original)

The Medical College's financial aid funds are need based. Students and their parents bear the primary responsibility for financing the student's medical education. All accepted students have "merit" and no differentiation is made among them for financial aid. The college is unable to assume the role of substitute for the family and thus does not recognize any student as "independent," for institutional funds regardless of age or prior independent status. However, as of July, 1993 all medical students are considered "independent" for federal loan programs.

Thank you for the info!

 

[proudofmykids]

Worst case so don’t worry - For any funds determined to be EFC by the Institution, you will always have the opportunity to borrow the full COA using Federal Loan programs.

That said, I believe most medschools do not have an age cutoff, even if you already have four kids or even grandparent so there isn’t much hope of not figuring in your parents unless deceased.

Cornell has the ultimate say what their own calculated EFC is, as do all med schools. That determination determines the remaining balance to which they are committed to providing financial aid. However, now can see you simply need to wait and see what they indicate in their fin aid offer.

Given that online FAFSA grad-school EFC calculators don’t use parental income and assets unlike med schools, I found one of the best estimates for what the med school will determine EFC to be is to use the UNDERgrad FAFSA EFC calculator! One thing is that nearly everyone is disappointed. :-(

 

[jchocho]

Worst case so don’t worry - For any funds determined to be EFC by the Institution, you will always have the opportunity to borrow the full COA using Federal Loan programs.

That said, I believe most medschools do not have an age cutoff, even if you already have four kids or even grandparent so there isn’t much hope of not figuring in your parents unless deceased.

Cornell has the ultimate say what their own calculated EFC is, as do all med schools. That determination determines the remaining balance to which they are committed to providing financial aid. However, now can see you simply need to wait and see what they indicate in their fin aid offer.

Given that online FAFSA grad-school EFC calculators don’t use parental income and assets unlike med schools, I found one of the best estimates for what the med school will determine EFC to be is to use the UNDERgrad FAFSA EFC calculator! One thing is that nearly everyone is disappointed. :-(

Super helpful, thanks so much. I just tried an undergrad calculator, and what do you know i was disappointed (acknowledging this is just a 3rd party estimate). But glad to know all this info though.

 

[proudofmykids]

Super helpful, thanks so much. I just tried an undergrad calculator, and what do you know i was disappointed (acknowledging this is just a 3rd party estimate). But glad to know all this info though.

It sure is crazy how much EFC is expected. In some cases I have see over 25% of parental income! It's pretty crazy expectations Even for a standard family with two working professional parents earning mid level salaries. Most families at this level of income save each year planning for retirememt, but at the same time typically have a spending budget expanded tomtheir income that is VERY different than what colleges expect them to still be able to pay.

Best tip, forget about financial aid unless your family is near poverty level, and expect to take it all out in loans. Only take Federal loans in case you try to participate in the various Federal IBR income based rrepayment loan payback programs. Lots of info on SDN linking to sources of great info.