SPEAKER 1: Understanding your financial aid award notification will help you navigate the financing decisions you and your family will need to make during your time at Cornell. If you applied for financial aid by the application deadline, the Office of Financial Aid will review your application and notify you by e-mail when you can view the financial aid decision information online. You will need your applicant ID or net ID to log into the secure site. If you do not qualify for need-based financial aid, you will receive a message indicating this. If you do qualify for need-based financial aid, you will see your aid package details, which include a breakdown of the budget it costs to attend, the elements of the expected family contribution, and the specific aid types and amounts offered by semester.
The estimated financial budget breakdown lists the detailed [? costs ?] to attend Cornell for one academic year. The budget includes allowances for expenses that you will see on your [INAUDIBLE] bill, such as tuition and housing, as well as expenses that are not billed. Expenses that do not appear on your bill, such as books and supplies, are generally financed through the expected family contribution.
The financial aid summary lists the expected student and parent contribution amounts we calculated based on your application. The cost of attendance minus the total family contribution equals your financial need, and the amount of financial aid that makes up your package.
The award summary, which is split evenly between fall and spring semesters, lists all the components of your financial aid package, including academic year work expectations, need-based loans, and any federal, state, or Cornell grants for which you qualify. The work component is an expectation of earnings that you will make from working during the academic year, and any loans you accept will need to be repaid after you graduate or leave school.
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Understanding your financial aid award notification will help you navigate the financing decisions you and your family will need to make during your time at Cornell. This video reviews all components of a Cornell financial aid award. We encourage you to learn more at
http://finaid.cornell.edu/apply-aid/newly-admitted-students and to contact us with any questions.