Hi, I recently calculated my EFC for the first time and it was reported as 0. After putting in two different colleges into the calculator to see how much my net price would be estimated as, two very different numbers popped up at me.
The University of Rochester has about a 35% acceptance rate, and about 10k students. NYU has about a 35% acceptance rate, and about 60k students. U of R’s net price for me was about 10k. NYU’s net price for me was about 30k.
Since NYU is a much larger college, I fail to understand why their grants are so low. NYU is basically one of my dream schools and I would love to attend but it seems like only the super wealthy can afford something like that.
Can someone explain to me why there’s such a huge difference in the amount they’re willing to offer me, especially since it has such a large student population, a billion dollars more in endowment than U of R, and my EFC is 0? Please excuse my ignorance because I simply don’t understand. Thanks to anyone willing to explain.
It is well known that NYU sucks in financial aid. Even if you have 0 for EFC, it does not mean the school would meet your need. Indeed, not many schools that meet full financial needs.
I’ve heard of their notoriety as well, but most students who go there are able to afford a good part of it. I would probably be much below average in family income if I went there, and it sucks to me that they seem to prize big money over education.
http://www.collegedata.com is a good resource. simply go to the ‘money matters’ section for a school and see what percent of need is met and you get a good idea. this reveals that NYU meets on average 72% of a freshman’s need (even worse for all UGs). in general anything below 90-95% is going to leave you wanting more aid.
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I’m feeling horrible that it’s come down to money.
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Yes, it can feel bad when money gets in the way. But you’re entering adulthood…you’re going to learn that nearly everything in the future will “come down to money”…the home you buy, the car you buy, the wedding you have, the trips you take, the food you buy, the clothes you’ll buy…and on and on and on.
Don’t think your special because money limits your choices. I assure you that you are not.
The great news is that you are a rather mature student who has looked into paying for college early in the process. With proper planning, you will hopefully land at a school that you can afford and enjoy.
There’s no need to be condescending just because I’m disappointed that money limits me. I know I’m not “special,” that’s the worst part: so many students don’t get the full breadth of opportunity because of their finances. I know people can say, “well, just choose another school,” or, “look for something that fits you,” but you can’t deny that it’s discouraging that I have to even do that in the first place while others have the advantages of choosing whatever school they please if their grades check out. I’m not trying to throw a temper tantrum, all I did was ask a question. Sorry.