By Sam Cross
The concept of need-based aid has long been a hallmark of Cornell’s financial aid policy. However, the University’s most recent financial aid policy, which in part reflects its desire to more aggressively recruit some select students, has raised controversy.
Last November, Cornell announced a new financial aid policy with three main components. For students with family incomes below $60,000 and assets below $100,000, the first component promises to eliminate parental contributions. For students whose families have annual incomes above $120,000 but still need financial aid, the second component promises to cap need-based student loans at 7,500 annually. The third component addresses these selected students who will receive higher-quality aid, such as in grants rather than in loans.