Applying Early and Financial Aid

<p>I'm interested in applying to NYU early but am concerned about their financial aid. I've heard some people occasionally mention that you can turn down your early decision acceptance if the financial aid package is not sufficient. Is this true? Who determines whether it's sufficient?...FAFSA will probably say that my parents can pay at least 3/4 of an NYU education, which they're probably not going to do. So, for example, if NYU offered me a total aid package of 10,000 when I got in ED....and I didn't think that was enough, I could say sorry, no, and I'd be released from the ED Contract?</p>

<p>...and along the same lines, do students who apply early really get better aid packages? NYU's FAQ section online says no, but I've heard otherwise.</p>

<p>bump...please. Kind of important</p>

<p>If you are worried about not being able to pay don't apply ED. I'm sure you can get out of it. But it is meant to be binding.</p>

<p>I think it is not binding, any ED people out there???</p>

<p>Most financial aid packages are a combo affair. Some grant money, some work study and some loans. It could be a high percentage of loans and thus it is possible for one to attend but the payback will be high at the exit. What you will be looking for is merit money or grants which don't require payback. Yes one can get out of an ED for dire financial straits but it is not wise. You need to become more familiar for if your family has the ability to pay .75% then you are not solely looking for straight up financial aid. If you parents can pay but choose not too your choices are loans or merit money.</p>

<p>I know they'll be able to pay...a lot, and I understand full well the components of financial aid, but they make over 100,000 a year, I'm an only child and I've got a college trust fund and am part of a pre-paid state college program that can carry over about 7,000 a year to NYU...but if i get in ED and they give me 5,000 merit...I'd rather just stay in state and pay virtually nothing to go to a state school, even though my parents can "afford" it, so if I'm in a situation like this, can I just say no thank you...your aid package isn't sufficient.</p>

<p>No, dude. What part of binding do you not understand? If you, your parents and your h/s counsellor sign that little slip of paper, it means you're going to enroll. The agreement doesn't say "I agree unless I don't get $XX in f/a."</p>

<p>It works this way. You can tell them no way.....and you may be already admitted to your state school but NO other school will look at you. Your HS counselor won't/shouldn't supply needed materials to other schools. It is a professional ethics issue. NYU could hold you to the agreement to pay. You are knowingly planning to breech an agreement you will have to sign, your school will have to sign and you will not qualify for a hardship exemption. I recommend you don't apply early.</p>

<p>It's unfortunate that one has to be rich or willing to be in a hell of a lot of debt in order to even consider attending NYU.</p>

<p>ED is binding. It is EA that is non-binding</p>

<p>Right, but NYU says on there bulletin board that if the financial aid package is not sufficient, the ED contract can be released.</p>

<p>"New York University is my first-choice college, and I am applying to NYU as an Early Decision candidate. I understand that the New
York University Early Decision Program is binding. If I am admitted under the Early Decision Program, I agree to withdraw all
other college applications I have submitted and pay the required nonrefundable $300.00 tuition deposit within three weeks of the
date of my offer of admission.
My signature on this form certifies that I am a candidate for the Early Decision Program at New York University and that I agree to
abide by the conditions stated above."</p>

<p>True. But if you are worrying about the financial aid package not being enough or even considering getting out of it, maybe you shouldn't be applying ED. ED is not to bargain over the aid they give you. By signing that contract you agree to attend regardless of what they give you. Unless it is really not enough and you can absolutely not pay it.</p>

<p>Directly from NYU's bulletin board-</p>

<p>We encourage all students who might apply as Early Decision candidates to do some research about financial aid BEFORE they apply. The Web site for the Office of Financial Aid (<a href="http://www.nyu.edu/financial.aid%5B/url%5D"&gt;www.nyu.edu/financial.aid&lt;/a&gt;) provides a lot of information and helpful links for you to figure out what your expected family contribution might be. Once you have a sense of what your meed might be and what NYU has to offer you can then make a decision about whether or not early decision is right for you. You might decide that applying early (to any college) is not the right choice for you and your family.</p>

<p>If you do decide that you would like to apply early to NYU you should apply for financial aid at the same time, following the instructions in the application. (See the question on this Bulletin Board concerning estimated financial aid packages.) </p>

<hr>

<p>If you are offered admission and the estimated financial aid award is not sufficient to enable you to attend, you will be released from the Early Decision agreement allowing you to apply to other schools. At the same time your offer of admission will be cancelled.</p>

<hr>

<p><a href="http://nyu.infopop.cc/groupee/forums/a/tpc/f/2794011391/m/991108022%5B/url%5D"&gt;http://nyu.infopop.cc/groupee/forums/a/tpc/f/2794011391/m/991108022&lt;/a&gt;&lt;/p>

<p>Filing Instructions
Please answer all questions beginning with Section A below. Use zeros if the answer is 0 or N/A if not applicable but do not leave
blanks. When you submit the form, you must also attach your parents’ individual federal 2004 tax returns. If your parents are sepa-rated,
include the information for the parent with whom you reside. If your parents are divorced, then include the information for
the parent with whom you reside and, if remarried, that parent’s spouse’s income information. Please review the “Early Decision
Checklist” at the end of the application to ensure completion of the process. It is important that you complete the information
completely and thoroughly as described to avoid a delay in the processing of your application. Delays may ultimately affect your
financial aid eligibility. Incomplete applications cannot be processed. The deadline for filing this form is November 1, 2005. Note
that you must confirm your Early Decision Program estimated award by filing a 2006-2007 Free Application for Financial Aid
(FAFSA) after January 1, 2006 and no later than February 15, 2006.
Please feel free to fax materials to the Office of Financial Aid at 212-995-4661. Remember to fax both sides of any two-sided document
and to write the student’s name and Social Security number on both sides of all documents. If you prefer to mail the information,
send the completed application with accompanying documents to New York University, Office of Financial Aid, 25 West Fourth Street,
New York, NY 10012-1119. Please review the checklist at the end of this application and be sure to fax or mail all materials
simultaneously. (Do not mail financial aid materials to the admissions office.)</p>

<p>Hazmat, what about it?</p>

<p>Are you asking what about getting out of ED? I know nothing about your HS but I know that my HS would not agree to do what you are asking. Perhaps your school doesn't follow the professional ethics code......I cannot tell you more than what I have read and know myself. How you think you can tell them you cannot pay after what you have posted here is beyond me. I guess you can interpret the NYU site anyway you see fit. Good Luck</p>

<p>I thought financial information was personal. My high school has no business delving through my family's financial records, they are between my family and NYU. If my family says they cannot pay for NYU for whatever reason, that should be enough reason...?</p>

<p>Hey....you have already made up your mind. IF you feel that you can do this and you believe that is the intent of NYU....to shop for an aid package thru ED and declining for "whatever" reason then go for it. There is not much else anyone on CC can add.</p>

<p>Thank you for your kind words.</p>