I saw that Cornell has a financial aid initiative that tries to limit the debt students will have post-graduation, but this rate is most relevant to students with under $100k in assets. My family’s income is 71k, and our assets include our home and two apartment buildings, which totals to $550k in assets (we still owe the bank $150k; $700k after we pay it off). These apartments had a negative net income of $12k last year, so we can’t depend on that for income. I was just wondering if anyone knows how assets are considered when Cornell analyzes my family’s profile. Any feedback will be greatly appreciated. While understanding that Cornell’s premium price tag is reflective of the experience that is offered, my family cannot realistically fork up more than $20k per year.
We own properties too. This is considered real estate and affects your EFC. My daughter did not receive much aid at all. The calculator is pretty accurate.
Well, the money my parents saved up making 71k annually was invested in this apartment building, so that doesn’t mean we’re rich, but rather we’re smart with money. But like I’ve mentioned, since we bought this in 2012, we’ve had a negative income of 12k annually. It’s a very messy business, especially if the building is old.
@lisaol: May I ask if your properties are apartments and, if so, their market value? Apologies if this is too personal.
The calculator gave me an EFC of 20k, which is reasonable.
Our properties are houses. They are rented but show a loss. They asked for us to send in an additional form showing each property, what we paid and what we owe. Our EFC was 38k.
