January 31, 2008 - 1:00am
By Wendy Wang
It may be hard to enjoy the college experience knowing that tuition alone requires $34,600 a year, but the outlook for debt-ridden students may improve today with Cornell’s announcement of its new financial aid initiative. By the 2009-2010 academic year, students whose families make less than $75,000 a year will receive grants in place of the traditional need-based loans, while those from families with incomes between $75,000 and $120,000 will see their loans capped at $3,000 a year.
Meanwhile, for the 2008-2009 transition period, the University will replace loans for students with family incomes under $60,000 and cap loans at $3,000 for those with household incomes between $60,000 and $120,000.
