<p>I got my financial aid package today, but I am a little confused about some of the figures on here and am wondering if anyone can help me out.</p>
<p>On my package, there is a specific figure called "Total aid towards tuition"* The disclaimer states the following*The total aid towards tuition amount does not include College Work Study, Stipends or any other aid that does not actually go towards tuition. Recommended loans must be applied for and approved by the lender before a credit can be applied against your balance. </p>
<p>But then above this, is the types of grants and loans offered with an accept/decline option next to them and the amount for both semesters of the 2010-11 year. These options include the NYU Grant, College Work-Study, Pell Grant, Prekins Loan, Direct Subsidized Loan, Direct Unsubsidized Loan, and the Recommended Parent Loan. </p>
<p>The calculations are made and subtracting the "Total aid for tuition" I am left with a balance of $19,544. Now what confuses me is if the figure for "Total aid for tuition" accounts for the above award options or will they be summed to the "Total aid for tuition" value to reduce the $19,544.00 balance?</p>
<p>Grants are “free” money. Loans you repay. Work/Study is paid to the student like any “job” and what the student does with the check is up to the student. The first work/study check is typically several weeks after the student starts working. Take the total cost for room/board/tuition and fees, subtract the grants, scholarships (if any) and the balance is what needs to be paid by the student and family. The student loans (Perkins, Unsubsidized and subsidized Staffords) don’t need to repaid until after the student leaves school but still needs to be repaid. Subtract the loans and that is the amount that has to be paid to the college starting in the summer… Loans will hit the account at the burser’s office as soon as the paperwork is completed and the loan is distributed. The parent loan the parents will need to apply for and then after a credit check the parents will be approved or not. The student loans typically the student fills out the paperwork, signs off the promissary note and it is all done. The parent can decline the Parent Plus and the student can decline the student loans and choose to pay those amounts each year.</p>
<p>NYU Grants $18,000
College W/S $1,500
Pell Grants $4,300
Perkins $1,000
Direct Unsub. $3,500
Direct Sub. $2,000
Rec. Parent Loan $21,264</p>
<p>Total Financial Aid for the 2010-11 Academic Year = $51,564.00
Accept or Decline the Award Options Above</p>
<p>The calculation on the bottom states the following</p>
<p>$35,104.00 Standard Tuition
+$1,180.00 Standard Fees
+$12,060.00 Standard on-Campus Housing</p>
<h2>-$28,000.00 Total aid towards tuition</h2>
<p>$19,544 Estimated balance for the year</p>
<p>What is confusing me is if the awards above will reduce the balance of 19,544 or are they already accounted for in the Total aid towards tuition?</p>
<p>What it means is that you have $22,300 in grant aid, $1500 in WS, and a whopping $27,764 in loans a year. Pretty awful aid package. If your EFC is around 1,200 (based on your Pell grant) then $21,000+ a year in parent loans is probably excessive for your parents. Very bad package. Hopefully you have more affordable alternatives.</p>
<p>ok, but the question has not been answered on what the $28,800 in total aid towards tuition value encompasses, does it already include the grants and the work study? Where did they get that value from? Since they say on the disclaimer that the loans are not involved in the calculation or anything that “does not actually go towards tuition”. Because they estimated balance is $19,544 I don’t understand your reasoning behind your generated value of $27,764 in loans if the aid they offer is valued at $51,564. But also what would you advise me, my parents are clueless on the college admissions process, I am first generation and basically have to decide for my self.</p>
<p>In a nutshell, tuition/room/board/fees are approximately $50,000 and your parents will need to pay at least $20,000 and you will have loans that will need to repaid of $6000 just for freshman year. Not included in transportation, books, spending money…Work/study can help with spending money and maybe books but probably not since you’ll need the books before you get any work/study checks. Not great unless your parents are prepared and able to pay $20,000 or more per year for your education.</p>
<p>Your tuition is $35,104.00 the amount highlighted, $28,880 that you received in financial aid will go toward the payment of your NYU tuition. In tuition alone there is a gap of $6304</p>
<p>Now to this 6304 you must add </p>
<p>+$1,180.00 Standard Fees
+$12,060.00 Standard on-Campus Housing
which equals $13,240</p>
<p>$13,240 + $6304 = $19,544 and you have even purchased a book, a bed sheet or toiletries.</p>
<p>You will have to come up with this amount either out of your own pocket (which your family does not have) or though a plus loan (which your parents cannot afford).</p>
<p>I agree with swim that this is not a financially feasible option for your family and I hope that you have other options.</p>
<p>Yes but the $28,000 in aid is that calculated from adding the grants or is that separate values? I understand the gap and where the $19,544.00 balance comes from but what do they use to calculate the total aid towards tuition if the sum of the grants is $22,300 only and they do not include loans in the total aid toward tuition figure?</p>
Your “aid” package includes the following loans:
Perkins loan $1000 + Stafford loans $5500 + recommended parent plus loan $21,264 = total loans $27,764.</p>
<p>You are expected to borrow $6500 a year and your parents are being expected to borrow $21,264 a year (these loan amounts may increase every year).</p>
<p>From what you post above the schools direct costs are tuition/fees/room and board of $48334. After they apply the direct aid $28,800 (this includes the grant aid of $22,300 and the student loans of $6500 but excludes the parent PLUS loan and the WS) to the $48,334 you have a balance of direct expenses to cover of $19554. Your parents will have to come up with the $19554 to pay this and the school is “suggesting” they take out a parent PLUS loan to cover this difference. There are additional non direct (do not have to be paid direct to the school) expenses in the cost of attendance of $3220 (this would be books, travel personal expenses). The WS of $1500 and the additional suggested parent loan of 1720 (21264-19544) is to cover this $3220.
…Expenses…Grants…Student loans…Parent loans…WS
Direct…48,334…22,300…6500…19,544<br>
Indirect…3,220…1,720…1,500
Totals…50,564…22,300…6500.…21,264…1,500</p>
<p>Horrible for nyu to think that a pell family could borrow that much. Shame on nyu. And some wonder why I say nyu is a school for the rich. No excuse for such a high ranking school not to have its act together to be able to offer better aid. I suggest that stern use its talents to parlay its endowment to provide for low income.</p>
<p>What the hell did I spend my high school years in doing long nights of work for IB and only getting to see my dream school slip by, wow… I am very angry</p>
My family for sure cannot afford this. Wow, thank you for you help.</p>