How Much is Too Much?

calmom
Fri, 30 Mar 2007 00:11:42 +0000

Anirak, the money you earn and save during a gap year will substantially reduce your eligibility for financial aid the following year; unless you live at home during the gap year, it will be a losing battle because your EFC will go up by more than you will be able to save. (EFC will go up by almost half of what you earn plus 20% of whatever you manage to save).

The amount that you are looking at is really too much for either school, especially as they are likely to expect you to borrow more in subsequent years.

NYU will not increase your aid substantially and is not interested in what other schools. (We know - d. went through that last year). However, if you appeal the NYU award they usually will increase the grant amount by $1000-$2000.