Budget Increases: What are they for and what do they get you?
The reality is that things may cost more than you expect, you may incur unforeseen expenses, or you may need things that Cornell does not budget when calculating your cost of attendance.
Did you know that Cornell offers a way for students to cover these costs? A budget increase will give you accessibility to funds in order to cover a variety of items:
- SHIP (Student Health Insurance Plan)
- Cornell Fitness Center memberships
- Bus passes
- Course fees (labs, PE, wines)
- Gannett and eligible medical charges
- Housing and utilities exceeding the cost of an on-campus double
- Costs of books and supplies exceeding $400 per semester ($680 for AAP)
Your laptop broke? Once during your undergraduate years here at Cornell, students are given the option to budget increase for a new laptop, up to $2,000. There are two ways to do this:
- You purchase first. When you fill out your budget increase form, you will provide the Financial Aid Office with receipts, and we supply funds to you for the amount spent.
- Funds come first. When you fill out your budget increase form, you will provide the Financial Aid Office with estimates of how much the laptop will cost. We disperse the funds based on your estimates, and you use this money to purchase your laptop. Once you’ve made your purchase, give us a copy of your receipt and we will adjust your aid for discrepancies, if needed.
Also note that the only forms of loan aid available for computer purchases are Federal Direct Loans.
Most of the aid granted from budget increase requests will be in the form of Federal Direct Loan. Be aware that if you have already taken out the maximum amount of loan available for your academic year (Freshmen – $5,500; Sophomores – $6,500; Juniors & Seniors – $7,500), you will likely receive only loan eligibility which allows you to borrow a greater amount from an outside lender. Employment eligibility is also an option, but you are not receiving actual funds – you are receiving eligibility to earn more wages.
If you had outside scholarships or tuition benefits that reduced your grant aid, you can recover those funds through budget increases as well. Just indicate “Other” as your aid option and write “Grant Replacement.” Note that unless you fall into this category, your only aid options are loan and employment eligibility.
Budget Increase Forms should be submitted to 203 Day Hall, faxed to 607-255-6329, or submitted electronically).
Remember! You are only allowed two budget increase requests per semester with a minimum of $50 worth of items for each request.
Lindsey Whang
Cornell University ’12
School of Hotel Administration
Student Employee: Office of Financial Aid