<p>I looked around CC for this and I couldn't really grasp what the financial aid situation is at NYU. People have been posting what they got with like EFC $8,000-12,000. But what's it like for families with low EFC in the $2,000-4,000 range? From experience, what did the package look like?</p>
<p>THANK YOU SO MUCH!!</p>
<p>Unless you are a top candidate that they really want they will not meet your need and thee will be a lot of loans in what they do offer. NYU is usually a poor choice for a student with a low EFC,</p>
<p>Unless you are a top candidate that they really want they will not meet your need and there will be a lot of loans in what they do offer. NYU is usually a poor choice for a student with a low EFC,</p>
<p>I think something like 15-19% of NYU students are Pell grant recipients. The DO give good FA packages to top students. If you are one of those, you might be surprised. My son received a 30K scholarship as a freshman and now gets 32K as a junior. FYI my EFC is about 12K. My son does take out 2400 in Perkins and max subsidized stafford loans each year and will graduate with nearly 30K in perkins/stafford loan debt. OTOH, over 120K of his college costs are paid by NYU. </p>
<p>Reality check: expect your books to cost $500 or more per semester</p>
<p>So… the FA package there is based more on merit (that’s to say, GPA and standardized test scores) than on need? I guess their description of putting together an FA package at the info session was pretty misleading then…</p>
<p>yshin0…NYU does NOT guarantee to meet full need. Their financial aid packages reflect this.</p>
<p>I know they don’t meet full need. I was just wondering what a family with low EFC could EXPECT to get, so that it doesn’t hit us like a brick wall in the chance that I’m accepted, and when we actually do open up the letter.</p>
<p>Yshin, Do talk to the NYU financial aid office and ask them if you can get an estimate of what you can expect to get in aid from them. I believe they use FAFSA only to determine need. The information I have on them is that they do not meet full need, in fact, meet less than half of demonstrated need for their students, on average.</p>
<p>However, despite that info, I know kids whose best package came from NYU. They do merit within need packages for those students they want the most. Not necessarily the top stats kids, either. What the school seeks that given year is the key, and that is a moving target. </p>
<p>Because they used FAFSA only, some kids we know from divorce situations did well in terms of NYU aid. They got zilch from other schools where the non custodial parent’s financials were taken into account. </p>
<p>Boston University has a matrix that tells you how they determine who gets financial aid in their merit/need formulas. Take a look at that to get some idea how that works. I have never seen any such thing for NYU, but you can ask the financial aid officer there if they will give you such information. Do share it with us if you get some info.</p>
<p>NYU does not meet full need and meets well less than need. If you are a top candidate with high stats you can expect a more or less fair package. Their website states that the average package is approx 20,000-25,000. With that said, they have decreased their merit based aid and strive to give more to their financially needy (grammar?)students. But it is a crap shoot, some fair better than others and their can be no rhyme or reason.</p>
<p>OK, so I have the stats about in the middle of what they report as their middle 50% median. I have a 3.7 gpa, 30-ish ACT score (getting my retake results tmrw), great EC’s and some leadership…blah…blah…blah. And my mom is a single parent with an income of <$40K. Would you think I have a good chance at getting more than $25K for FA?</p>
<p>It’s kind of hard to realize a pattern in the way they give FA on CC. On here the applicants either have really high stats and low income, high income and average/low stats, or high income and high stats.</p>
<p>I know a guy with similar situation. He has some loans but his entire package is covered with grants, scholarships, and loans. He’ll owe about $25K on graduation.</p>
<p>From a blog post a few months ago…</p>
<p>*You can rank, evaluate, compare colleges based upon how they treat financial aid; or how generous they are. Let me show you how…</p>
<p>First of all, you need to estimate your expected family contribution (EFC). There is a calculator at Collegeboard.com that works fairly well.</p>
<p>Now we need the cost of attendance (COA) from the schools you are interested in. Each school will have a different cost of attendance. This can be found at the colleges’ websites, Collegeboard.com, Kiplinger, or a dozen or more other websites.</p>
<p>Subtract the EFC from the COA to find out what your financial need (FN) is at each of the schools. The formula looks like this…</p>
<p>COA - EFC = FN</p>
<p>Now multiply the financial need at each school by the schools’ financial track records: % of need met; % of gift aid; % of self help. This will provide you with how much money the school is likely going to give you, and consequently, how much you are likely to pay at that college.</p>
<p>And Voila! You now have a fairly accurate estimation of your out of pocket costs and at each of the colleges. You can now see which schools are generous and which are not. You’ll be surprised. You are proabably going to find out that some of the schools that look cheaper in the beginning will actually wind up costing the most in the end.*</p>
<p>NYU’s COA is around $53,000
Your EFC is around $4,000
So your need is around $49,000</p>
<p>NYU historically meets about 72% of students’ need. So you would likely get around $35,000 in financial help, leaving you with an $18,000 nut to crack.</p>
<p>Keep in mind: average student’s get average awards; below avg get below avg awards; above avg get above avg awards.</p>
<p>Again, that method is just some idea, not a hard and fast formula. There are kids who get full need met at NYU, some who get merit money as well, and some that get far less even if they may actually be considered average or above. Stats are not the only criteria that makes students desirable to a school. Also, the type of package you get–loans vs grants is very important.</p>
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<p>That’s why it’s called an estimation.</p>
<p>If a student can live with a loose estimate of their financial aid…fine. BUT some students really can NOT do this. They are not financially able to make plans without having a more firm idea of what their costs will be.</p>
<p>If that is the case, please put at least ONE financial safety school on your list. This is a school you would be happy to attend AND can afford to pay the bills with minimal aid (think Stafford loans).</p>
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<p>Absolutely.</p>
<p>Student should always spread their options among many school applications. One of those applications should always be a safety.</p>
<p>Thanks, everyone, for the help. This financial situation is really making the application process the more difficult… And the public states schools aren’t much better. Last year, my brother got an FA package from UIUC (we live in Illinois) where we had to pay more than 20 grand (he turned down the offer, of course).</p>
<p>I’ve heard that working during college might not be the best option as the pay gets included in the family income for the following years UNLESS you work at the school you attend. Is this different from a work-study program? Also, are work-study programs included IN the FA package?</p>
<p>Work study is a subset of campus jobs. Not all campus jobs are work study. </p>
<p>And yes, work study is included in the financial package.</p>
<p>The sad truth about Work Study at NYU is that they say you can make 4000 at WS, but my daughter and her 2 roomates have been unable to secure any jobs. They have been actively looking since before school started.</p>
<p>Does the ambassadors program count as work study?</p>