Section 9 of the original charter of Cornell University ensured that the university "shall be open to applicants for admission ... at the lowest rates of expense consistent with its welfare and efficiency, and without distinction as to rank, class, previous occupation or locality".
The University Charter provided for free instruction to one student chosen from each Assembly district in the state.

Starting in the 1950s Cornell coordinated with other Ivy League schools to provide a consistent set of financial aid.
However, in 1989, a consent decree to end a Justice Department antitrust investigation ended such coordination.
Even after the decree, all Ivy League schools continue to award aid on financial need without offering any athletic scholarships.
In December 2010, Cornell announced a policy of matching any grant component of financial aid offers from other Ivy League schools, MIT, Duke University or Stanford, if an accepted applicant is trying to decide between Cornell and those other schools.

On January 31, 2008, Cornell announced a new financial aid initiative to be phased in over the following two years.
In the first year, 2008–2009, Cornell replaced need-based loans with scholarships for undergraduate students from families with incomes under $60,000 and capped such loans annually at $3,000 for students from families with incomes between $60,000 and $120,000.
The following year, 2009–2010, the program improved by replacing loan with scholarships for students from families with incomes up to $75,000, and capped annual loans at $3,000 for students from families with income between $75,000 and $120,000.
 For families above $120,000, need-based loans were capped at $7,500 per year.
The initiative costs an additional $14 million per year to fully implement.
Although Cornell's endowment dropped 27% in the second half of 2008, its president announced that the financial aid initiative will continue by withdrawing an additional $35 million from the endowment for undergraduate financial aid in 2009–10.
Cornell is seeking $125 million in gifts to support the financial aid initiative.
In 2010, 1,647 of the 3,181 full-time freshmen enrolled were found to have financial need (40%).
Of these, Cornell could meet the full financial aid needs of all 1,647 freshmen.
Cornell's average undergraduate student's indebtedness at graduation is $21,549.
Section 9 of the original charter of Cornell University ensured that the university "shall be open to applicants for admission ... at the lowest rates of expense consistent with its welfare and efficiency, and without distinction as to rank, class, previous occupation or locality". The University Charter provided for free instruction to one student chosen from each Assembly district in the state.
Starting in the 1950s Cornell coordinated with other Ivy League schools to provide a consistent set of financial aid. However, in 1989, a consent decree to end a Justice Department antitrust investigation ended such coordination. Even after the decree, all Ivy League schools continue to award aid on financial need without offering any athletic scholarships. In December 2010, Cornell announced a policy of matching any grant component of financial aid offers from other Ivy League schools, MIT, Duke University or Stanford, if an accepted applicant is trying to decide between Cornell and those other schools.
On January 31, 2008, Cornell announced a new financial aid initiative to be phased in over the following two years. In the first year, 2008–2009, Cornell replaced need-based loans with scholarships for undergraduate students from families with incomes under $60,000 and capped such loans annually at $3,000 for students from families with incomes between $60,000 and $120,000. The following year, 2009–2010, the program improved by replacing loan with scholarships for students from families with incomes up to $75,000, and capped annual loans at $3,000 for students from families with income between $75,000 and $120,000.  For families above $120,000, need-based loans were capped at $7,500 per year. The initiative costs an additional $14 million per year to fully implement. Although Cornell's endowment dropped 27% in the second half of 2008, its president announced that the financial aid initiative will continue by withdrawing an additional $35 million from the endowment for undergraduate financial aid in 2009–10. Cornell is seeking $125 million in gifts to support the financial aid initiative. In 2010, 1,647 of the 3,181 full-time freshmen enrolled were found to have financial need (40%). Of these, Cornell could meet the full financial aid needs of all 1,647 freshmen. Cornell's average undergraduate student's indebtedness at graduation is $21,549.
Cornell University