<p>HI! Here are the FA awards I am receiving from NYU :D ( I was surprised! lol)</p>
<p>CAS scholarship $11,000
Provost's Grant $1,000
University Grant $ 3,620
Expected ACG Grant $750
Expected FSEOG Grant $4,000
Expected Pell Grant $5,550
Federal Work-Study $4,000
Direct Stafford Loan $3,500
Direct Unsubsidized Stafford Loan $2,000
Direct PLUS Loan $20,646</p>
<p>Total $56,066 </p>
<p>So,,my questions are....
Q1: Do I receive this FA award just for one year?(2010~2011)
Q2: If I'm going to NYU, I will be a 7-year dental student(BA/DDS),,then can I receive $56,066(per year) for 7 years?
Q3: For the Loans(the last three)...I have to pay for this right after I graduate from NYU?</p>
<p>I’m pretty sure this is for all four years and I’ve also heard that students with good grades can petition for even more aid after about a year at NYU.</p>
<p>sat2350, that is your financial aid package for this year. The FAFSA must be completed every year. Your package, as you can see, includes approx. $26,000 in loans which multipled by 4 years, or 7 which is even worse!, is going to leave you with a very large amount to pay off when you graduate. In addition, keep in mind that that is counting on you working enough hours to earn $4000 in workstudy. Are you prepared to do that so that it won’t interfere with your studies? Is your scholarship dependent on maintaining a certain gpa? Congratulations on your scholarship and grants but you and your family should have a realistic discussion about this much debt, in my opinion.</p>
<p>A “Direct PLUS loan” is not financial aid. It is a federal loan program that is available to ALL parents (subject to a credit check), whether they are needy or not. Parent have to start paying that back right away. </p>
<p>So NYU has gapped you by $20K. Since you are Pell grant eligible, it means that your EFC is very low and NYU wants you to pay $22,600. (The unsubsidized Stafford is also something available to everyone, needy or not – and interest runs on that from the start). Can your parents afford to borrow that $20K? Their monthly payments will be about $240. Of course that will double in the 2nd year, if they borrow again. </p>
<p>Also, $4000 work study is a LOT – very few freshmen can manage to get enough work study hours to make that much money.</p>
<p>Work study means that you have to find a campus job and get paid by the hour. Since it is hourly work you generally turn in your hours at the end of the week and receive your paycheck 1-2 weeks after you did the work. The “grant” part is just the maximum you are allowed to earn. That is, you couldn’t bill for hours past the $4000. But its highly unlikely that you would be able to earn that much anyway, especially as a freshman. Upperclassmen tend to get more savvy about finding the best jobs and hours… freshmen usually come in and get the least desirable jobs. If you got a job paying $8/hour, then you would have to work 500 hours to earn the grant.</p>
<p>You can ask for more money but NYU will give you $1000 to $2000 extra at most. It won’t fill the gap.</p>
<p>I am a graduate student and I have a question about the Work Study. I recieved a work study of $1,500 per semester ($3,000 per year). I was under the understanding that the work study is money given to you off your tuition and then in addition you are given an hourly wage to keep. Is that right? </p>
<p>For example, if I worked a job for $9 an hour, 10 hours a week. I would take home the $90 (minus tax and whatnot, of course) and also recieve the $1,500 per semester work study off my tuition?</p>
<p>NO – you do NOT understand work-study correctly.</p>
<p>Work-study is merely eligibility for a certain type of job. It is up to you to apply for and get the job, and then to work the hours.</p>
<p>If you have a work study allotment of $1500, and you work for $9, 10 hours a week, for 12 weeks over the course of the semester (9 x 10 x 12) - you would have earned $1,080. You would have received that amount in the form of a pay check. You would essentially forfeit the rest of your work study authorization – ($420) – because you didn’t earn the money.</p>
<p>On the other hand, if you found a job that paid $12 an hour and worked 15 hours each week ($180/week) – you would use up your work study allotment before the end of your 9th week of work. That might lead to termination of your employment, depending on sources of funding for your position. Alternatively, that could lead to reclassification of your employment, from a work-study to “regular” category.</p>
<p>What work-study means is that the wages are subsidized by the federal government, so the college has the benefit of being able to employ students at reduced cost to them. For example while the work-study student may be earning $10 an hour, the college employer is only paying $5 an hour, while the other $5 is coming to them from the federal government. This makes it cost-effective for the college to hire work-study students to fill most part-time positions on campus, rather than paying full wages. </p>
<p>But the bottom line is that if you don’t work, you don’t get the money. It is NOT an amount that will be deducted from your bill in any case.</p>
<p>No, Work Study allows you to get an on-campus job so you can earn money for college. So, for example, if you worked a job for $9 an hour, 10 hours a week you take home $90 for that week. The $1500 amount is the cap of how much you can earn. You cannot earn more than 1500/semester from your work study.</p>