Hello,
My daughter wants to apply to ED NYU but I’m not sure if from a financial perspective it will be affordable given I have not seen any financial aid disclosures from the college yet . Wanted to check if accepted n cost is unaffordable will we be able to withdraw from the contract ? What is involved n what are the consequences. Any help n guidance is appreciated here. Thankyou
If your daughter applies to NYU through Early Decision II and is accepted, and the financial aid package does not allow you to afford the school, you can decline the offer of admittance. Do not worry that you will be bound to a contract that you cannot break for financial reasons. (Note that it has to be that the school is unaffordable - not that you want to compare offers with other schools.)
You can run the Net Price Calculator (NPC) to estimate your cost, but the actual financial aid offer will only come with acceptance.
Good luck to your daughter!
But you should have at least a reasonable expectation of financial aid to do this. If you really don’t expect to get a package that will work then you shouldn’t take an ED spot. This is abused all the time.
I have seen people back out of ED because they didn’t get the MERIT award they expected and that’s just plain wrong.
You can withdraw from an ED2 acceptance if a college is not affordable. But I strongly recommend that you run the net price calculator for NYU before considering an ED2 application – if the college does not appear to be affordable I would apply RD.
What NYU says:
Please keep in mind that you won’t be able to compare financial aid packages from other schools if you apply early decision. Do not feel pressure to apply early decision if finances are a concern.
Check the NPC - but don’t let your daughter run you over. You don’t want to be strangled financially. They do meet need but you rarely hear good stories (on here) about their finances.
So personally, if you need aid, I think you should get a written estimate, using accurate information, before you decide to apply ED (and only apply if you can afford the estimated amount). This provides you with protection in case you don’t get an actual offer of at least that amount.
If you are a domestic applicant, you can just use their NPC and print out the results. If you are international, you may have to email Financial Aid to get an estimate.
Exactly. The subtext here is, expect to pay what the Net Price Calculator projects. If you’re not 100% okay with that price, do not apply ED. The “back out if the finances don’t work” provision is not meant to encourage applications where a financial aid miracle would have to occur for the ED offer to be accepted.
And be sure that the “costs” in the NPC are reflective of year 2023, and plan to increase them by 3+% for yr2024,
because many NPC do use outdated info (such as tuition from year 2021).
Example:
good luck
At least last year, NYU’s NPC was one where the top income bracket was $99k+. Obviously there’s a huge difference between $99k and $999k lol, so I find these pretty darn unreliable. It had our alleged total COA to be like 1/3 of our NPC, so we knew it was absolutely not correct. It was about half of what the actual total COA would have been at her most expensive SUNY option(we are in NY). She applied RD to NYU so this was a moot point for us. We were 99% sure NYU wouldn’t be a financial reality, which she was totally fine with. I was kind of hoping she came off the waitlist just to see how close my educated guess on the total COA was lol I guess my long winded point is that if all you need to get out of the ED is a screen shot of the NPC, it should be pretty easy. Good luck!!
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