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At the start of fall 2018, undergraduates who come from middle-income families at the Cornell will be able to take advantage of the more expansive financial aid policy from the school.
The administration has already given a go signal to approve its new policy, which seeks to broaden the eligibility requirements for reduced loans. They say that this was done so that more families could benefit from the Cornell grant aid.
Senior Vice Provost and Graduate School Dean Barbara Knuth who happens to be the chair of the committee that recommended the new policy says that the change is considered important for Cornell as it will allow the university to continue accepting socio-economically diverse undergraduate students. He also says that this helps the issue in fairness as it aids rebalance income requirements, which were established a decade ago.
Reduced loans income bracket will now be from $60,000-$85,000, a significant change from the previous $60,000-$75,000 income bracket. With this change, families who are earning $75,000-$85,000 will experience a decrease in maximum annual loan amount from $5,000 to $2,500, which is the current level for families who are earning $60,000-$75,000. Other financial needs for these families will be met with Cornell grant aid according to Knuth.
The policy also changes $75,000-$120,000 family income bracket to $85,000-$135,000. From $7,500, the maximum annual loan will drop to $5,000 for families with an annual income of $120,000-$135,000. Similarly, the rest will be met with grant aid.
The changes will take effect starting fall 2018. The continuing students will be given financial aid packages as stipulated in the policies when they enrolled.
Families considered with the most financial needs, those who have less than $60,000 income, will be granted aid by Corner in lieu of any loans in their financial aid packages. Cornell will uphold its policy of no parent financial contributions for cost on education, intended for families with less than $60,000 income and with assets that are less than $100,000.
The policy was recently approved by President Martha E. Pollack and Provost Michael Kotlikoff, recommended by the Admissions and Financial Aid Working Group, chaired by Knuth.