<p>To get an idea of what a college will expect your family to be able to pay, run some of the FAFSA and CSS calculators. You can start with the ones at [College</a> Calculators - savings calculators - college costs, loans](<a href=“College Board - SAT, AP, College Search and Admission Tools”>Calculate Your College Costs – BigFuture | College Board) These calculators will give you an estimate of your Expected Family Contribution (EFC). </p>
<p>Colleges that meet full need will come up with a package of scholarships, loans, and work-study money to cover the difference between their estimated Cost of Attendance (COA) and your family’s EFC. How your family comes up with the EFC is entirely up to you. Usually it is a mix of current income, savings, and parent or private student loans.</p>
<p>Each college/university decides what your family’s EFC is based on the FAFSA, CSS Profile, and/or other information. You can ask that they reconsider, but you have very little control over their determination. Each college/university designs its own financial aid plan - some give more scholarship money out, some give out more money in loans. Again, you can ask for a reconsideration, but you don’t have a lot of control. This is why the general recommendation is that students who need aid shouldn’t apply Early Decision. All too often families determine that the ED school is un-affordable and then the student has to get out of the commitment to that school before they can be considered anywhere else.</p>
<p>Unless your parents are completely behind your decision to apply to NYU, and you have the money on hand to meet your EFC, do yourself (and them) a big favor, and don’t apply ED.</p>