Parents and students concerned with financial aid, please read

<p>People generally don't seem to understand how NYU financial aid works. So to re-iterate: </p>

<p>(1) NYU DOES NOT meet full need. They are VERY stingy with funds, as our endowment is VERY small. And don't quote it's 2.3 billion! That's so much money! Well, that has to keep NYU operational. If we look at an expenditure, how much does all that New York City real estate cost yearly? Professor salaries, other staff salaries? Providing for 43,000 students in the heart of one of the most expensive cities in the world, in one of the most expensive zip codes in New York, is VERY costly.</p>

<p>(2) NYU gives aid NOT on a need basis, but RATHER on a desirability basis. Most NYU financial aid comes in the form of scholarships, large scholarships are given to the students they want more, whereas smaller ones given to students they want less. Admissions ranks the desirability of students and the financial aid office allocates funds based on the rankings of the students. Typically students are ranked in tiers of desirability.</p>

<p>(3) There are of course exceptions to (2), wherein NYU will give larger amounts to people more in need. However, these usually occur within the same desirability ranking. E.g. a student in tier 1 (most desirable) with EFC $10,000, MAY get more than another student also in tier 1 with EFC $25,000.</p>

<p>(4) Trying to appeal a financial aid decision is VERY difficult and in some cases impossible. Even if you can appeal, NYU RARELY grants appeals. This is true not only for financial aids, but for all students appeals in any regard.</p>

3 Likes

<p>NYU, thank you for this well written summary.</p>

<p>NYU2013,</p>

<p>You got it. This is exactly the way NYU works. Also, I noticed the FA Office seems to have hired the "coldest, most stern" people you can talk to on the phone. I felt a sense of intimidation just in asking about submitting some income docs to support the FAFSA.
I realized in three calls to the same office, very off-putting (I am sure this is the point.)</p>

<p>"Stay Away" is the message. IMHO.</p>

<p>Wow, and I am a parent. Can you imagine some of the students trying to appeal on their own behalf? They likely will "mow" over the person. This is one of the worst aspects of NYU. :(</p>

<p>I'm curious about NYU scholarships. Keeping the scholarship level of funding depends on the families' financial situation. That sounds like if we do much better financially this year (which it seems we will), then we'll get less next year, all else being equal. This scholarship sounds like a bait and switch after you read the fine print. I haven't seen this at some of the other colleges. Just a little disturbing.</p>

<p>is it still possible to apply for fin aid?</p>

<p>good4college,</p>

<p>You had to submit the FAFSA by the deadline (I think it was 2/1/11).</p>

<p>rmac, I know. If your income changes by a "little" (maybe thousands), they do not change the package. However, with a big change in income, it is unclear to the CC NYU members here what that means? I do not remember anyone commenting about this from first hand experience. Time to call FA office and nail them on the changing income issue (larger changes in the upward direction) and how that affects "scholarships."</p>

<p>good4college
You missed the deadline by several months.</p>

<p>no, but i heard from a student that you're still able to apply for fin aid, you just might get less. for usc, it stills says you can apply for fin aid, even if you missed it.</p>

<p>Yes, you can apply, but you may get less than you would have received had you applied on time. I</p>

<p>NYU2013, I love the way you spelled it out clearly.
I knew they did it differently than anyone else. The more they wanted you, the more they appeased with a better FA package. I feel better now about my own D FA that she has been receiving. They did meet 100% of our need with a scholarship and her student loans. I always wished they gave her more so my EFC would be less.</p>

<p>My experience has always been positive whenever I have talked to a FA counselor over the phone. Always pleasant and resolved a discrepancy immediately while on phone and has not reoccurred since. Not intimidating at all. I was even suprised as how nice they are considering they must get hundreds of calls a day.</p>

<p>It's that time of year again and rather than link everyone to this, I'll simply bump it up.</p>

<p>Is it that really how NYU aid works? I was placed in LSP for my first two years (meaning the university probably didn't find me that desirable) and I still received substantial need-based aid. I thought NYU gave pretty much only need based aid and almost no merit based?</p>

<p>Yes, NYU aid is a combination of merit and need.</p>

<p>Is it possible to write a letter/call them/e-mail them asking for more aid? Has anyone had any success with that? What was your situation and how did you articulate it to them?</p>

<p>Well, posters in the past have stated from their experience that NYU might give you $1000 to a few thousand by appealing your aid package through calling the FA office. However, the FA office is not likely to change your aid package by much more than that, as reported by others over the years.</p>

<p>However, if your circumstances have changed substantially, e.g., unemployment of a parent, disability, death, etc., there may be some re-consideration by NYU. I am fairly certain this entails completing and submitting one of the forms posted on the FA office website.</p>

<p>OK, here is the form you need to fill out for special circumstances to appeal your FA package:</p>

<p><a href="http://www.nyu.edu/content/dam/nyu/financialAid/documents/profjudge2011-2011-05-24.pdf%5B/url%5D"&gt;http://www.nyu.edu/content/dam/nyu/financialAid/documents/profjudge2011-2011-05-24.pdf&lt;/a&gt;&lt;/p>

<p>When my D was admitted in 2008, we appealed for more aid, mentioning what other college offered her, and they did give her 2000 a year more and that has continued through the 4 years she has been there.</p>

<p>Hi NYU2013, does NYU offer merit-only scholarship? My family status may not qualify for any need-based financial aid, but I am wondering if I can apply for any merit scholarship based on my academic status?</p>

<p>thanks for your time!</p>

<p>I see on accept/decline fin aid page on Albert that I'm not able to check accept box for loans. And I've heard that that offer becomes finalized when you commit to it. What does it mean exactly by 'committing'? Thank yoi</p>

<p>@NorthernLight </p>

<p>Yes, NYU offers merit-based money. Sometimes it's quite large, other times it's not. You would have to apply to find out what you would get. I can't really give you anywhere near an exact number.</p>

<p>@gdbaby77</p>

<p>You have to send in your deposit and confirm that you will be attending NYU in order to accept you financial aid.</p>

<p>Are you planning on studying politics at NYU? Or are you planning on a mix of majors/minors? Or just unsure yet?</p>

<p>Yes, I am planning on studying politics as my major. And I haven't decided whether or not I will minor anything. Thank you NYU2013. You are sooo helpful :D</p>

<p>Are you by any chance studying politics also?</p>