Cornell University announced less than a year ago that they were improving their financial aid for undergraduates. Despite that recent announcement and the recent economic downturn, Cornell has announced yet another improvement to its undergraduate financial aid.
The latest financial aid news from Cornell has three components. First, they will be elminating a parental contribution for families with income below $60,000 and assets below $100,000. Second, need based loans for students that have financial need and whose family income exceeds $120,000 will have their yearly loans capped at $7,500. Third, the parent contribution will be reduced for those families with income above $60,000 a year. Under the previous announcement, Cornell has already eliminated need based loans for students with family income below $75,000 (starting in fall 2009) and caps need based loans at $3,000 a year for those students with family income between $60,000 and $120,000.
I congratulate Cornell on enhancing their financial aid particularly in these difficult economic times.