Hey everyone,
I am a prospective NYU student who was offered a “Stern Scholarship”. The value of it is $48,000, which I’m guessing is a combination of merit and financial needs. I did not receive anything in another section that stated something like “financial award.” Rather, everything was just clumped together in the “Stern Scholarship” along with some loans. Ultimately, my question is, will this reward be given to me all 4 years? Money is a huge factor with me attending NYU or not, so I need to be absolutely sure.
*I’m a prospective undergrad Stern student
Institutional scholarships are expected to be roughly the same throughout the four years provided that your financial circumstances do not drastically change
OP, did you call the FA office and ask if it is a renewable merit award vs a need-based award? Perhaps they can provide you with an explanation, and the criteria for renewal, if applicable.
@Ghentzphenze- what qualifies as “drastically,” if you know? Perhaps that can help the OP in his planning.
I called and they said that the same amount would be given to me all 4 years as long as I mantain a 2.0 and my family keeps similar financial needs! @prospect1
I should call again, however, to make sure that the reward is a combination of financial and merit aid @prospect1
@whatisgoingonmid I was offered a CAS Schlorship and would like to know too! How similar does the financial situation have to be? And is the Stern schlorship a combination of need and merit or just merit?
I was also told Institutional scholarships are expected to be roughly the same throughout the four years provided that your financial circumstances do not drastically change. They are based on your financial need that is why they will change if your finances change. I was also told that even though the tuition will likely rise, the scholarship will now.
This is where I see a disconnect: if the scholarship is based on “financial need,” then even relatively minor changes in income can impact EFC, and therefore impact a scholarship that is based thereon. On the other hand, if the scholarship is based on “merit,” then changes in income should not affect it. This sounds like some sort of hybrid: only “drastic” changes in income can affect it? What is “drastic?” A 25% rise in income? A doubling of income? More than that? I would want to know more.
Those scholarships are NOT merit, they are the generic financial aid scholarships given to NYU admits. They just name them after the school to be cutesy
They are a hybrid combination of financial aid and merit. Someone without need–EFC above the cost of attending–would not qualify for a stern scholarship even if they are an exceptional candidate. An accepted student with an average application will most likely get a lower amount than an accepted student with an exceptional application based on the same level of need. Since most students are gapped, there is some leeway with still qualifying for aid even though there might be income variations over a 4 year period. I’d expect an adjustment to aid if your EFC would disqualify you from receiving aid all together, but regular cost of living increases or raises should not impact most students.