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 $65,494. Of that total, $62,194 is designated as his financial need.

Estimated Cost of Attendance $65,494
Less Micah’s contribution -3,300
Less his parents’ contribution -0
Financial Need $62,194

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

Cornell Grant $59,694
Federal Work Study $2,500
Student Loans 0
Total $62,194

How does this break down?
Estimated cost of attendance $65,494
Micah’s 2015-16 estimated cost of attendance of $65,494 consists of $49,116 for tuition and student activities fee, $8,112 for housing, $5,566 for dining, $890 for books and supplies, and $1,810 for personal expenses and travel.

Student’s contribution $3,300
From a combination of a portion of his savings ($600) and what he’ll earn in a summer job prior to entering Cornell ($2,700), Micah is expected to contribute $3,300 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 approximately ten hours per week in a campus job.

Student Loans $0
Need-based loans are eliminated for undergraduate students from families with incomes under $60,000.

Cornell Grant $59,694
The university’s grant of $59,694 is the largest portion of Micah’s package. Of this total, $15,000 came from a scholarship endowed by a Cornell alumnus and $44,694 was from Cornell general grant funds.

Aran Wattana

Aran is an only child in a family living in Thailand. Their income, in U.S. dollars, of $33,000, along with assets and savings of $104,000, results in a parent contribution of $14,000. Aran plans on attending the College of Engineering.

Estimated Cost of Attendance $69,124

Less Aran’s contribution (international students only)

-0
Less his parents’ contribution -14,000
Financial Need $55,124

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

Employment eligibility $2,500
Student Loans $0
Cornell Grant $52,624
Total $55,124

How does this break down?
Estimated cost of attendance $69,124
Aran’s 2015-16 estimated cost of attendance of $69,124 consists of $49,116 for tuition and student activities fee, $8,112 for housing, $5,566 for dining, $890 for books and supplies, $2,500 for Student Health insurance, and $2,940 for personal expenses and travel.

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

Parents’ Contribution $14,000
The $14,000 parent contribution comes from a combination of income of $33,000 and from assets of $104,000.

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

Student Loans $0
Need-based loans are eliminated for Undergraduate students from families with incomes under $60,000.

Cornell Grant $52,624
The remaining $52,624 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 $49,354
Less Chandra’s contribution - 3,900
Less her parents’ contribution -12,000
Financial Need $33,454

Cornell is offering Chandra the following financial aid package:

Federal Work-Study $2,500
Student Loans $7,500
Cornell Grant $23,454
Total $33,454

How does this break down?
Estimated cost of attendance $49,354
Chandra’s $49,354 estimated cost of attendance for the year breaks down into $32,976 for tuition and student activities fee, $8,112 for housing, $5,566 for dining, $890 for books and supplies, and $1,810 for personal expenses.

Student’s contribution $3,900
Chandra will contribute $2,700 from money she earns during the summer, and $1,200 from her trust fund savings.

Parents’ Contribution $12,000
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 approximately ten 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 $23,454
Cornell’s general scholarship funds will cover $23,454 of Chandra’s financial need.