Financial Plan - Cornell University Division of Budget & Planning

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U.S. Senate Response (continued)The mean net tuition and mandatory fee amounts paid peryear are displayed in Table 3 (below), weighted for the relativeproportion of student enrollments at the different tuitionrates shown in Table 2 (on page 75). Net tuitions werecomputed two ways: (a) by taking gross tuition revenues andsubtracting grant aid from Cornell’s sources and (b) by takinggross tuition revenues and subtracting grant aid from allsources: Cornell, governments, and other externalities. Thoseaverages have been contrasted with the weighted average“sticker” prices charged during the period. The first methodrepresents what Cornell experiences as net revenue; the secondrepresents what the student experiences as net price.The figures in Table 3 (below) represent on-campus enrollmentsand rates only. The population of students enrolledin off-campus programs (and their attendant special tuitionrates) was not considered in these calculations. Factoredinto the analysis, however, are lower tuition rates that werecharged to continuing nonresident contract college studentsduring some of these years.As is evident in Table 3 (below), Cornell provides most ofthe grant-aid that its students receive and has increased theproportion of that grant aid as a percent of the “sticker” priceover the past six years. Over the past ten years, the fraction ofCornell’s “sticker” price paid for from external grant aid—including federal and state resources—has declined steadily,from 7.3% in 1997-98 to 5.6% in 2006-07.Cornell cannot easily provide the median net tuition andmandatory fee amount charged for the ten-year period, as theuniversity did not track this metric during this time. Untilrecently, the bursar files that would be required for such adetailed, person-by-person analysis were purged every year atthe start of a new year’s billing cycle.2b) Please provide the amount of tuition assistance (notincluding loans or work study) that the university hasprovided to undergraduate students year-by-year forthe last ten years.Response:Cornell provides undergraduates with financial aid that helpsto pay for the total cost of attendance: tuition, fees, room,board, textbooks, and miscellaneous expenses (e.g., travel toand from home to campus). Thus, the financial aid provided(grant aid, as opposed to loans and work/study) is not just for“tuition assistance,” and for some students it exceeds the costof tuition. Table 4 (at the top of page 77) displays the totalamount of grant aid provided in each year from Cornell’sresources, including aid to international students.Reference: Appendix G of Cornell University’s annual financialplan booklet, available by fiscal year. (http://www.dpb.cornell.edu/FP_Current_Pubs.htm)2c) For the most recent year, please provide the percentageof students receiving university grants ( for example25%; 50%; 75% and 100% of tuition and fees). Pleaseprovide the average grant amount.Response:Table 5 (at the bottom of page 77) indicates the number of undergraduateswho received grant aid from Cornell’s resources,by the ranges suggested in question 2c—including the numberTable 3. Tuition & Mandatory Fees – Undergraduate – “Sticker” Versus NetTuition & Cornell Aid Tuition & All AidTuition Fees Net Sources Fees Net Sources& Fees of Cornell as a % of of All Aid as a % ofYear “Sticker” * Sources * “Sticker” Sources * “Sticker”1997-98 $18,912 $14,656 22.5% $13,274 29.8%1998-99 19,931 15,374 22.9% 13,930 30.1%1999-00 20,814 15,994 23.2% 14,508 30.3%2000-01 21,830 16,815 23.0% 15,255 30.1%2001-02 23,107 18,041 21.9% 16,426 28.9%2002-03 24,424 18,718 23.4% 17,057 30.2%2003-04 25,862 19,375 25.1% 17,597 32.0%2004-05 27,575 20,391 26.1% 18,665 32.3%2005-06 29,152 21,475 26.3% 19,830 32.0%2006-07 30,637 22,520 26.5% 20,814 32.1%* Tuition and mandatory fees displayed in this table—“sticker” and both net amounts—have been weighted for the relative proportion of student enrollmentsat the different main tuition rates shown in Table 2 as well as the lower tuition rates that were charged to continuing nonresident contractcollege students during some of these years.76
U.S. Senate Response (continued)of students whose grant aid exceeds 100% of tuition—basedon the individual tuition and mandatory fee rates that eachpaid. (See answer to question 2a above concerning Cornell’svarious tuition and mandatory fee rate structures.)Because undergraduate financial aid is awarded based onthe overall cost of attendance—tuition and mandatory fees,room and board, books, and personal expenses—a number ofstudents (631 in 2006-07) qualify for grant-aid in excess oftheir individual tuition and mandatory fee rates.3a) Please explain your university’s financial aid policy.Response:Cornell’s undergraduate financial-aid policy—which waspredicated on its founding mission as the land-grant universityfor New York State; its founding goal to extend educationto students regardless of race, gender, creed, or economiccircumstances; and a history of providing significant financialassistance to students—was adopted by the Board of Trusteesin March 1998.Cornell University makes admissions decisions without regardto the ability of students or parents to pay educational costs.Students who are U.S. citizens or permanent residents andwho demonstrate financial need will be assisted in meetingthat need through one or more of the following: federal andstate grants, employment opportunities, loans, The CornellCommitment programs, scholarships from endowments andrestricted funds, and Cornell grants. Annual adjustments willbe made in self-help and family contribution levels.Cornell will continue its commitment to excellence and diversityin the student population. Self-help levels for individualstudents may reflect the University’s recognition of outstandingmerit, unique talent, commitment to work and communityservice, and its commitment to diversity in the class.Within this policy, Cornell assists each family in assemblinga portfolio of resources that will cover that student’s cost ofTable 4. Grant Aid * – UndergraduateCornell ResourcesFiscal YearGrant Aid1997-98 $56,217,0001998-99 60,868,0001999-00 65,463,0002000-01 67,653,0002001-02 69,368,0002002-03 77,679,0002003-04 87,909,0002004-05 97,194,0002005-06 102,959,0002006-07 109,253,000* Includes aid to international students.attendance. This portfolio is highly customized, taking intoaccount family income; federal, state, and local income taxes;family assets; medical and dental expenses; number of dependentsin the family and the number of those dependents incollege simultaneously; and a variety of special circumstances(such as noncustodial and self-employed parents). The family’scontribution toward educational costs is determined by usingthe 568 Presidents’ Group Consensus Approach methodology.Cornell is a founding member of the 568 Presidents’ Group,named for Section 568 of the Improving America’s SchoolsAct (IASA) of 1994. Section 568 applies only to institutionalaid and only to colleges and universities that admit all studentson a need-blind basis—that is, without considering thefinancial circumstances of the student or the student’s family.(http://www.568group.org/) It permits those institutions:• To agree to award aid only on the basis of demonstratedfinancial needTable 5. Grant Aid as a % of Tuition & Fees – Undergraduate (2006-07)Number % of % of Overallof Grant-Aid Undergraduate AverageCategory Students Population * Enrollment GrantTotal with Cornell Grant Aid 5,553 100.0% 40.9% $18,77825% and 50% and 75% and 100% of Tuition/Fees 631 11.4% 4.7% $33,368* Excludes those international students who are not eligible for financial aid under Cornell’s March 1998 financial-aid policy. In the fall semesterof 2006, Cornell enrolled 1,070 international students of whom 781 were not eligible for grant aid under that policy. Some of these 781international students received grant aid under a separate program established to aid international students.77
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Financial Plan - Cornell University Division of Budget & Planning

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