Cornell and FAFSA EFC Discrepancy

<p>Earlier this past April I received a finaid letter from Cornell giving me the following package:</p>

<p>$10,921 in grants
$2000 in work study
$3,500 in Fed Direct Subsidized Loans
$4,000 in Perkins Loans.</p>

<p>However, it looked like when FAFSA sent my EFC to Cornell it actually lowered my finaid because FAFSA's EFC is higher than Cornell's. Now my loans changed...</p>

<p>I've lost the subsidized stafford loans, which are now unsubsidized so my interest will accumulate during my four years at Cornell. And I'm hoping "Shoemaker (Std U Loan %) -4" is the same Perkins loan, but I'm not too sure. </p>

<p>This doesn't seem fair. If you're gonna give me loans, at least let me keep the good ones. I know the finaid packages are subject to change but is there any way I can fight for my subsidized ones without a long, tedious appeals process or a change in financial circumstances? When I asked the operator this, she pretty much gave me an ultimatum saying that it's either this or a decrease in my grants. I'm pretty upset about this.</p>

<p>What is your FAFSA EFC?</p>

<p>federally-subsidized loans are based solely on fafsa. Cornell's calculation of your "need" is based on Profile. Cornell has no authority to "give" you federal loans -- you either qualify based on fafsa or you do not.</p>

<p>Was your original award based on estimated fafsa numbers (Cornell's finaid app is due in Jan) which you then updated when your parents filed a 1040 in April?</p>

<p>Yeah I think you're right... I guess I can't really blame Cornell if FAFSA doesn't see it fit to provide me need based loans.</p>

<p>FAFSA doesn't GIVE you anything. BUT the information on it determines your eligibility for federally funded need based aid. As noted by Bluebayou, the formula FAFSA uses determines your need based aid. </p>

<p>Some questions...was your FAFSA selected for verification?</p>

<p>Did you go into the FAFSA website and check to see if any changes were made to your FAFSA by Cornell? This can be done and you should check to see if the changes (if any) are accurate.</p>

<p>As Mom2 asked, was your first financial aid award based on a FAFSA that was done as a "will file" (before your family completed their taxes)?</p>

<p>And lastly....did you call the Cornell financial aid office to ask them why these changes were made to your package? They can tell you.</p>

<p>Also, re: unsubsidized loans...you know you CAN pay the interest yourself as you go along so that it does not grow with your loans.</p>

<p>What IS your current FAFSA EFC? Is sounds like your total financial aid AWARD was the same (or am I reading that incorrectly) but that your loan is now subsidized instead of unsubsidized. To be honest, I would call Cornell and ask why this has changed. It honestly could be a mistake.</p>