COVER STORY: New financial aid is opening doors
Saldivar's financial aid package offers him the opportunity to graduate with no student loan debt at the end of four years. Given his interest in pursuing advanced degrees, Saldivar says there's "no way" he could have afforded a Cornell education without this level of help.
Since students of lesser means will graduate with little or no debt, their career choices following graduating will open up and not be as affected by finances.
"It is partly about access, but it's also about what happens post-Cornell," said Tom Keane, director of financial aid for scholarships and policy analysis. "If someone leaves Cornell with $40,000 in debt, they're going to be faced with interesting graduate education or job issues. They're not likely to be able to take a job as a social worker in New York City, for example. We really need to help our students keep their wider options open to them, whether in advanced study, graduate work, research or travel."
Sabina Sattler, front, with her family on campus during Move-In Weekend. See larger image
Having the opportunity to graduate from Cornell owing nothing in loans is "a dream come true" for Sabina Sattler, a freshman communication major. The daughter of a bookkeeper and self-employed video producer who make less than $60,000 combined, Sattler had long aspired to be accepted at a top-tier school. From the beginning, she was aware of the loan debts she might owe upon completion, and she would have to depend on financial aid to even consider Cornell.
"I know that if you want something, sometimes you have to pay for it in the long run," Sattler said. "So when it ended up being that I wouldn't have to do that, it was something I wasn't expecting, and it was more than I could ask for."
High costs, many applicants
Loan debt, of course, is directly related to the cost of attendance. It's no secret that college costs are rising across the board, and Cornell is no exception.
According to the College Board, which tracks statistics on higher education, college tuition and fees have risen steadily over the last several years at schools across the nation. From 1997 to 2007, tuition at private, four-year colleges rose 2.9 percent per year on top of inflation. Total charges, including tuition, room, board and other fees, rose 2.6 percent annually.
To cope with the higher costs of offering a world-class education, the Cornell Board of Trustees approved a 4.9 percent increase in tuition for the 2008-09 academic year for the endowed colleges (Arts and Sciences; Architecture, Art and Planning; Engineering; and Hotel Administration) over the previous year.
The total cost of room, board, tuition and mandatory fees has risen to $48,194, up from $46,021 in 2007-08. Compare that with the 1997-98 academic year, when tuition was $21,914, and room and board was $7,161, for a total of $29,075.
For students in the state-supported undergraduate colleges (College of Agriculture and Life Sciences, College of Human Ecology and the ILR School), 2008-09 tuition, fees, and room and board are $31,800 for New York state residents and $46,840 for non-residents.
Despite cost increases, Cornell's admissions office staff members are up to their ears in applications, receiving almost 12,000 more annually than they did five years ago, even though Cornell is admitting new freshmen at about the same rate.