How does debt-free actually work at Cornell?

[KendallJennerSniperLady69]

Currently deciding between med schools right now, and Cornell's stated debt-free commitment is its biggest draw for me.

The only issue is that my parents' income is around 350-400k per year, which I assume eliminates me from any consideration for financial aid. They are both retirement age however, and are still paying off a mortgage (I think they said ~200k left) . They said that they will continue to work in the coming years to support me through med school, which I am infinitely grateful for, but I also really, really want them to retire if they want to.

How does Cornell remain true to their debt-free promise? If there's a 100% chance that my parents can retire comfortably, and I can graduate medical school with 0 debt, then it would make my decision a lot easier.

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[zorcandpals]

Any answer you can get here is probably going to be crap relative to what the finaid office at cornell would give you. They're ususally pretty good so I would just ask this to them

 

[vitafusion]

They calculate your EFC using their own specific formula based on your CSS and FAFSA. CSS is pretty comprehensive, so their formula likely takes into account a myriad of factors including parental age, mortgage, etc.

Then your EFC is subtracted from the total cost of attendance. COA - EFC = the amount of grant/aid you get.

I have no idea how much your EFC would be, but for example if it’s like 75k and the COA is 90k, then you would get 15k in grants. If your EFC is 95k, then you would get 0 in grants.

 

[KnightDoc]

They calculate your EFC using their own specific formula based on your CSS and FAFSA. CSS is pretty comprehensive, so their formula likely takes into account a myriad of factors including parental age, mortgage, etc.

Then your EFC is subtracted from the total cost of attendance. COA - EFC = the amount of grant/aid you get.

I have no idea how much your EFC would be, but for example if it’s like 75k and the COA is 90k, then you would get 15k in grants. If your EFC is 95k, then you would get 0 in grants.

THIS^^^^. Debt free isn't going to help you at all with your parents making over $300K/yr, so you should just remove it from your consideration. All debt free means is that people who are deemed eligible for assistance, who in the past would have had loans be part of their package will now receive all grants as their assistance.

People like you will be "free" to borrow up to the full cost of attendance, but the only grants you will receive will be merit grants. If your parents fit the typical profile of people making what they make, your EFC will be far in excess of $100K, and you will receive zero need based grants. Debt free is not a policy directed at people like you. For that, you are looking at tuition free, not debt free. They are very different.

 

[Ms Procrastinator]

They calculate your EFC using their own specific formula based on your CSS and FAFSA. CSS is pretty comprehensive, so their formula likely takes into account a myriad of factors including parental age, mortgage, etc.

Then your EFC is subtracted from the total cost of attendance. COA - EFC = the amount of grant/aid you get.

I have no idea how much your EFC would be, but for example if it’s like 75k and the COA is 90k, then you would get 15k in grants. If your EFC is 95k, then you would get 0 in grants.

So if your EFC is 0 they pay for everything? Not just tuition either, but everything?! I think I just found my new favorite school.

 

[vitafusion]

So if your EFC is 0 they pay for everything? Not just tuition either, but everything?! I think I just found my new favorite school.

Yes, but I have no clue how low your family income would have to be to have an EFC of 0.

 

[KnightDoc]

So if your EFC is 0 they pay for everything? Not just tuition either, but everything?! I think I just found my new favorite school.

BINGO!!!!! The only catch is getting in!!! 😎

All kidding aside, the other common gotcha is that, for all but the least affluent among us, by the time they are done running the numbers through their algorithm, very few people think the EFC as calculated by the school reflects reality as experienced by the rest of us!

 

[wallstreetbroke]

Yes, but I have no clue how low your family income would have to be to have an EFC of 0.

Lol mine is 0

 

[KendallJennerSniperLady69]

Lol mine is 0

Do you have a family by chance

 

[wallstreetbroke]

Do you have a family by chance

I have parents but no family of my own as in a child