Financial Aid Examples

Micah Burke

Micah is from a family of five in Pennsylvania. His father is a copy machine technician and his mother is a clerk in a newspaper office. Their annual total family income is $51,000. The Burkes have less than $100,000 in assets. Micah has $3,000 in personal assets, given to him by his grandparents. He’s been accepted by the College of Engineering. His estimated costs for the first year, including travel, are $59,751. Of that total, $56,501 is designated as his financial need.

Estimated Cost of Attendance $59,751
Less Micah’s contribution -3,250
Less his parents’ contribution -0
Financial Need $56,501

Cornell offered Micah and his family a financial aid package that looks like this:

Cornell Grant $54,001
Federal Work Study $2,500
Student Loans 0
Total $56,501

How does this break down?
Estimated cost of attendance $59,751
Micah’s 2012-13 estimated cost of attendance of $59,751 consists of $43,413 for tuition and student activities fee, $8,112 for housing, $5,566 for dining, $820 for books and supplies, and $1,840 for personal expenses and travel.

Student’s contribution $3,250
From a combination of a portion of his savings ($750) and what he’ll earn in a summer job prior to entering Cornell ($2,500), Micah is expected to contribute $3,250 for his first year at Cornell.

Parents’ Contribution $0
Micah’s parents have an income of less than $60,000 and assets totaling less than $100,000, so the parent contribution is $0.

Federal Work-Study $2,500
Micah can earn $2,500 over the course of the academic year by working just ten to twelve hours per week in a campus job.

Student Loans $0
Need-based loans are eliminated for undergraduate students from families with incomes under $75,000.

Cornell Grant $54,001
The university’s grant of $54,001 is the largest portion of Micah’s package. Of this total, $15,000 came from a scholarship endowed by a Cornell alumnus and $39,001 was from Cornell general grant funds.

Ding Park

Ding is an only child in a family living in Korea. His parents own a moderately profitable business. Their income, in U.S. dollars, of $117,000, along with assets and savings, results in a parent contribution of $25,000. Ding plans on attending the College of Engineering.

Estimated Cost of Attendance $61,451

Less Ding’s contribution (international students only)

-0
Less his parents’ contribution -25,000
Financial Need $36,451

Cornell offered Ding and his family the following financial aid package:

Employment eligibility $2,500
Student Loans $5,000
Cornell Grant $28,951
Total $36,451

How does this break down?
Estimated cost of attendance $61,451
Ding’s 2012-13 estimated cost of attendance of $61,451 consists of $43,413 for tuition and student activities fee, $8,112 for housing, $5,566 for dining, $820 for books and supplies, and $3,540 for personal expenses including SEVIS fees.

Student’s contribution $0
International students receiving financial aid are not expected to work in the summer before attending Cornell.

Parents’ Contribution $25,000
The $25,000 parent contribution comes from a combination of income of $117,000 from the business Ding’s parents own, and from assets.

Employment Eligibility $2,500
Employment eligibility of $2,500 is considered self-help and allows Ding the benefit of working just a few hours a week to help pay for miscellaneous school-year expenses.

Student Loans $5,000
The $5,000 student loan is capped at the Cornell maximum for students whose total family income falls between $75,000 and $120,000.

Cornell Grant $28,951
The remaining $28,951 of financial need is covered by Cornell grant funds.

Chandra Novak

Chandra is one of four children in a family in upstate New York, with a sibling enrolled full-time in college. Her father is an engineer, and her mother is not employed outside the home. Along with an annual total family income of $130,000, the Novaks have house equity of $100,000, investments of $50,000 and a savings account of $2,000. Chandra has $6,000 in a trust fund established for her by a great aunt.  She will be attending the College of Agriculture and Life Sciences.

Estimated Cost of Attendance $43,451
Less Chandra’s contribution - 4,000
Less her parents’ contribution -16,000
Financial Need $23,451

Cornell is offering Chandra the following financial aid package:

Federal Work-Study $2,500
Student Loans $7,500
Cornell Grant $13,451
Total $23,451

How does this break down?
Estimated cost of attendance $43,451
Chandra’s $43,451 estimated cost of attendance for the year breaks down into $27,273 for tuition and student activities fee, $8,112 for housing, $5,566 for dining, $820 for books and supplies, and $1,680 for personal expenses.

Student’s contribution $4,000
Chandra will contribute $2,500 from money she earns during the summer, and $1,500 from her trust fund savings.

Parents’ Contribution $16,000
Chandra’s parents plan to borrow funds from an external lender at a variable rate for the year.

Federal Work-Study $2,500
Chandra can work part-time to help cover her personal expenses. By working ten to twelve hours a week she’ll earn $2,500 or more during the school year.

Student Loans $7,500
From a combination of federal and university sources, Chandra will borrow $7,500 for her first year. Need-based student loans are offered at reasonable interest rates, and most are interest-free during enrollment.

Cornell Grant $13,451
Cornell’s general scholarship funds will cover $13,451 of Chandra’s financial need.