<p>I'm thinking about applying to NYU ED II because it would increase my chances and NYU is my #1 school. My family technically makes a lot of money, but because of our debt and lack of college funds financial aid is important. NYU states that you can back out of your ED contract if the financial aid isn't enough.
Got a few questions:
1. When NYU sends an estimate financial package for ED, can I use that to say that there isn't enough financial aid and back out of ED?
2. If I can't get enough financial aid and want to back out before I withdraw all my other applications, will NYU release any notice to other colleges that will hurt my chances?\
3. Will NYU be willing to increase its financial aid if my parents can prove that our income is a fluke because of our current situation?</p>
<p>Your financial aid at NYU will be based on your family’s income and assets. Your debt does NOT factor into the financial aid calculation at all. Debt is considered a choice…one your family could have chosen not to make. MOST college bound students do not have “college funds”. </p>
<p>NYU does not guarantee to meet full need for accepted students. The school WILL expect your family to pay their calculated EFC. They cannot grant you need based financial aid to cover your calculated Expected Family Contribution. That HAS to come from your family. </p>
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<p>Remember,they don’t guarantee to meet full need AT ALL. Your fluke would need to be mighty compelling…lost job of family breadwinner, or very high medical expenses…and they would only be considered in a special circumstances request which would take some time to process. I don’t think you should bank on this for ED.</p>
<p>If you haven’t already done so, run an EFC calculator to see what family contribution you get as an estimate. If your family is not willing or able to pay AT LEAST this amount, I would urge you NOT to apply ED to NYU. NYU will very likely expect you to pay MORE than the calculated EFC. They typically do not meet full need.</p>
<p>By applying ED, you are saying you WILL attend if accepted. You will not be able to compare financial aid packages and total costs for your family between NYU and other possible awards. The problem is, with an high income, your NYU award COULD be the best you get. But you’ll have no way of knowing that until it’s too late. If financial aid is a serious consideration, you need to cast a wider net than ONE ED application will allow you to do.</p>
<p>BUT please…do find an EFC calculator and get an estimate of your family contribution. Like I said, your family will be expected to pay THAT amount at all colleges. You will not get need based aid to cover your EFC. If it’s high because of high income, you may need to completely rethink your college list to keep within your family financial budget…or apply to places where you will get guaranteed merit aid.</p>
<p>Thanks for replying so fast. For the EFC, wouldn’t my family have to pay less if I went to an in-state public school (much cheaper) than a private school even though I have the same EFC number. Also, NYU says you can back out of ED if you don’t have enough financial aid so is there any way I would be able to back out without any consequences? Or would they not let me back out at all because my EFC number is high?</p>
<p>By the time NYU releases you from your ED agreement, you would be essentially too late to apply anywhere else.</p>
<p>You are responsible for doing your due diligence and knowing what your EFC is. Your family could plug their numbers in to the FAFSA forecaster to get an estimate of your EFC.</p>
<p>When is NYU’s EDII application due date? If you file your FAFSA on January 1 you will have an idea of your EFC. Remember your Federal EFC will most likely be the minimum what your family will have to pay regardless of what school you attend.</p>
<p>IMHO, you should not be applying ED to NYU. Apply RD and wait to see how everything shakes out.</p>
<p>ED II’s deadline is Jan 1st and you hear back Feb 15th. NYU gives you an estimated financial aid package on Feb 15th when you get accepted so you know what to expect. You have a couple weeks to withdraw other applications and accept NYU. I was asking if I would be able to tell NYU that I don’t think the financial aid is enough and back out of ED without them telling other colleges and hurting my chances for somewhere else. The reason I am asking this is because NYU is known to be more stingy than other colleges. I know ED may sound bad, but my application is borderline and NYU is by far my dream school and I know that I will do well in an environment I like.</p>
<p>Do not apply to NYU ED if you need financial aid. It is a very dumb thing to do. If you are borderline for admission then they will definitely NOT give you good aid. NYU gives crappy aid to all but the upper 5% of its admitted students – and since you have a high FAFSA EFC, you are unlikely to get much in any case.</p>
<p>The time between mid-February and RD is not very long. Use the calculators with your parents and figure out if your family is able to pay. NYU does not guarantee to meet need so keep that in mind. If the answer is no, you’d be better off applying regular and having the ability to compare financial aid packages during the same time period this spring. ED is not something to be taken lightly and you need to this thoroughly with your parents.</p>
<p>Oh man, just don’t do it. If NYU was going to give you big aid, it would be because your stats are so high you would not need the ED advantage. The is one of the worst aid schools, they will in all likelihood expect far more than your EFC.</p>
<p>Yes. Let me answer your question with a quick example:</p>
<p>Let’s say your EFC is $30000 and you apply to a state school that costs, say, $20000 and NYU which costs, let’s say $50000. If you pick NYU, there’s a chance you might end up having to pay the EFC and up to $20k more on top of that if they give you no financial aid. If you pick the second school (the one whose price is less than your EFC), you will not receive any aid but you will only have to pay $20000. The EFC can reduce the cost of college if it qualifies you for aid, but it can never raise it (ie, they’re not going to increase the tuition of a cheaper school just for you to match your EFC). </p>
<p>Personally (and I have never attended NYU), I would not rely on NYU for significant financial aid. I am sure it is a great school but the sheer number of horror stories we get here about huge debt from them makes me shy of recommending them to anyone who needs aid above federal loan.</p>
<p>Yeah… NYU has a reputation for poor financial aid, and with loading students with unreasonable amounts of debt.</p>
<p>If you apply ED, they won’t penalize you if you need to get out the ED agreement as long as you communicate with them about it and do so well before any deadlines by which you have to commit. Just make sure they understand it is because your family can afford it.</p>
<p>Be sure to have all you other applications submitted and include some schools your family can afford without financial aid. Honestly, with a high income you’re not likely to get any. They don’t consider debt levels, except in certain cases some schools will consider very high medical debt, but that’s about it.</p>
<p>The only reason your family MIGHT pay less is because the cost of an instate school is less. BUT in ALL CASES…ALL…they will have to pay the EFC regardless of the school. Colleges cannot award need based aid to cover the family contribution. Not allowed. They can only award NEED based aid to cover NEED. Your FAMILY contribution is not part of your need…it’s the part you are expected to pay…at least.</p>
<p>The above example is good. If your EFC is $25,000, you will be required to pay that amount (or less up to that amount if the cost of attendance is less) at EVERY school. So if your instate public university costs $25K and your EFC is $25K, you will be a full pay at your instate public. In other words you will have NO NEED.</p>
<p>Also, remember too, most schools do NOT meet full need. They do not give you enough money to make up the difference between the Cost of attendance and your EFC. NYU gaps many students…doesn’t meet need. AND it’s an expensive school located in a very expensive city.</p>
<p>I would suggest you apply regular decision…that way at least you will be able to compare financial aid packages to a number of schools…not JUST what NYU might or might not give you.</p>
<p>You need choices if you NEED financial aid. Please consider this.</p>