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Hi, I recently got accepted into Cornell through its transfer option and the financial aid package came out today. It will cost me 21k total to attend Cornell next academic year for the Fall and Spring. I received 30k in financial aid for the total cost of attendance of 51k.
Currently, I am finishing my freshman year at Carnegie Mellon University. I only had to pay around 7k this year because CMU's aid package was 60k in aid from their total 68k cost of attendance. My family finances didn't have any major changes so I anticipate CMU's aid to be very similar to 8k next academic year. The whole year I've had the mindset of transferring and thus didn't really get involved in many campus activities, so this financial aid situation is really tough for me.
So in a nutshell I'm paying about 13k extra at cornell if I transfer. I didn't expect such a huge difference, especially since my EFC on fafsa is 0. Problem is, my parent's only asset is their primary residence, so they have a bit of home equity (indicated on collegeboard's CSS profile) but not a lot of liquid assets to pay for my college costs. My family income is below 45k with a house hold of 4, and both my parents have been unemployed for a while because of medical reasons. So the income comes from rental and benefit funds for not being able to work
Can anyone help explain why there's such a significant difference in the amount financial aid between CMU and Cornell?
I also plan to appeal my award letter to Cornell by explaining my situation and matching it with CMU's aid offer(if it comes out in time before mid may hopefully when i have to pay my cornell deposit)
Thank you very much!!!