I am also accepted to MEng Cornell. Being international though I need to provide financial statement for 60k in May if I want to go which means I am in the same boat as you to take a student loan for at least 50k. That will cover the 41ish thousand for tuition and living expenses + i have few savings.
I have to agree with engin33r. I have the same observations. They reject PhD students to offer them MEng and make money. The official motto of the MEng program should be - we are self-funded lol. However, I believe that to be a good investment, and at the end this might be a very good choice. My main concern is the location. I would prefer to stay in Boston, but hey if no one wants me I wil go to Ithaca.
I went there last year to the Visit Day for MEng with a friend of mine that got accepted. All the students said they have job offers lined up waiting for them to graduate.