<p>DD1 wished she had applied ED, since she ended up there RD and it was her first choice; she could have saved the agony of preparing all those (too many!) other applications.</p>
<p>DD2 learned from it; she applied EA to her second choice and got in, so she sent only one more app RD to NYU and was fortunately admitted. So why didn’t she apply ED to NYU? I dunno; she didn’t say.</p>
<p>I’d note that at a school that factors merit into its aid awards – like NYU – the high end ED applicant might also end up getting less aid than they would if applying RD, just because of the way that colleges leverage aid money to try to attract high end applicants. If they already know that a student will come – why throw extra money at that student? </p>
<p>I have no idea as to what NYU’s practices are with ED vs. RD-- but here’s an article that explains how colleges use financial aid as part of enrollment management:
<a href=“http://www.uccs.edu/Documents/retention/2000%20The%20Role%20of%20Financial%20Aid%20in%20Enrollment%20Management.pdf[/url]”>http://www.uccs.edu/Documents/retention/2000%20The%20Role%20of%20Financial%20Aid%20in%20Enrollment%20Management.pdf</a></p>
<p>I do know that NYU essentially awards its aid in a tiered fashion – they give generous aid to students in the top 5% of the applicant pool, modest grant awards that are not tied closely to need for a significant chunk of admitted students, and then nothing to those who are low priority for admission. So whether or not you get $$ at NYU isn’t about level of need – it’s about standing within the enrollment pool.</p>
<p>vonlost…there is a HUGE difference in applying EA (early action) as opposed to ED (early decision). EA applicants have the early acceptance (or not) in hand, usually by mid January at the latest. EA is NOT binding and the applicant can apply to other schools and has until May 1 to make a matriculation decision and compare financial aid offers.</p>
<p>ED applicants will receive an early acceptance, and financial aid, but are given a very small window of time to accept (or not) the admissions offer and acceptance. If they accept, they are required to withdraw all other acceptances and pending applications. They do NOT have the ability to compare multiple financial aid offers as they will just have the ONE ED acceptance in hand.</p>
<p>All schools are required to send you whats called a financial aid award letter prior to you stepping into class. If your Freshman year of college will be within the 2013/2014 Academic Year ( July, 1 2013 - June 30th 2014) then you can actually list NYU on the FAFSA right now. If you are accepted the award letter will outline:
The key is to see what your “net cost” will be.</p>
<p>NYU will give you your financial aid offer when you are accepted for ED. The dilemma is that you will not have your RD offers to compare it to. The best you will have are some EA and rolling admissions decisions. But since you don’t have to pay your deposit on EA or rolling admissions decisions prior to May 1, you may know that you are accepted, but might not have your financial aid info by the time you need to give your ED school an answer.</p>
<p>In terms of ED vs. RD merit aid at NYU–I know that talent merit aid isn’t awarded by the various departments until the spring and that only RD candidates are considered since the ED students have already accepted or declined their offer. This is the case for merit aid without need in theatre, music and art. I am not sure how applying ED effects your financial aid package for those with need which often has additional need-based merit aid as Calmom described if they really want to entice you to attend.</p>
<p>Another consideration is that Financial Aid packages for ED are based on income and expense estimates, as the application is submitted well before the end of the calendar tax year. This might not be a problem with people who’s incomes and expenses are stable from year to year, but it could become an issue for people with variable incomes, especially the self employed and small business owners.</p>
<p>This information really helps me. I appreciate the thoughtful replies.</p>
<p>Actually, I think I need to add: NYU historically has presented financial aid letters in a deceptive manner – they list parent PLUS loans as if they are financial aid, making it look at first glance that full need is met. So the applicant will see that the COA is, say, $50K – and that the bottom line on the letter of what is remaining to be paid is -0- and think that NYU has been generous – it is only later that they realize that is based on the student taking the maximum available stafford loans and the parent borrowing $35K+, just for the first year. NYU also tends to give largish work study grants – work study is an authorization to get a campus job, but the student will need to work the hours to earn the money. I know as a parent that when I saw school authorizing $4500 or more in work study money that it was unreasonable to expect a freshman to get a job with a pay rate or the number of hours needed to earn that much. </p>
<p>So an unsophisticated person who follows the steps outline in post #24 above would also tend to misconstrue NYU’s award. </p>
<p>(It’s possible that NYU has changed the format of their aid letters to be more clear – but my point is that when you are able to compare awards from other schools, you will also get a betters sense of how the various components of an award: scholarships, grants, loans, work study – should break down.)</p>
<p>That’s a very good point Calmom about how award letters are written. Each school has their own presentation and it can be confusing. I recently saw the award package of a friend’s son and it was just as you described with huge PLUS loans in the mix like they didn’t even have to pay anything at all upfront. This was a kid with a Pell grant so they were lower income to start with so the whole thing was very ill-advised. Not NYU but a state school, still too much debt. You have to get to the bottom line on these awards and that can be difficult for those new to the game.</p>
<p>I agree it is very misleading, but I have seen the presentation of student unsubsidized loans and parent PLUS loans presented as financial aid in other schools, too.</p>
<p>Also it is hard to determine the ultimate bottom line cost to attend because many schools only give estimated costs for ED students.</p>