Transfer Aid

Paying for College
1

<p>Could anyone give me some advice? I am an American making an international transfer from the University of Bucharest (Romania) to NYU next month. I completed one year of studies in Romania with a GPA of 10 (equivalent of 4.0). My EFC from the FAFSA was less than $5,000. Because of my low EFC and my high GPA, I expected to get very good financial aid from NYU. If you look at the NYU board here, you will see that incoming freshmen for the fall of 2005 commonly get scholarships of $10,000-$20,000. My financial aid package, however, consisted of a scholarship of only $1,750, government loans and work-study totalling about $4,500, and a school loan for $15,000. I am at a loss to understand the discrepancy, and as most people know, NYU is famous for being extremely expensive.</p>

<p>My question is, does anyone have any suggestions as to how I could get money to pay for the upcoming few years at this late stage? I'm feeling very overwhelmed and am not sure what to do. Any advice would be very much appreciated.</p>

<p>Thank you,
DanielJ</p>

2

<p>NYU does not meet 100% of your demonstrated need and is also famous fror gapping in the financial aid process, and giving aid which is very heavy on loans (I am an NYU grad). For undergrads, if your tution isn't paid with in 2 business days after you register (either with your financial aid, loans or checks) they will drop your registration.</p>

<p>There a not many scholarships at NYU for transfer students. With a total 400 merit scholarships (freshmen & transfer students) for a large student body the competition will be stiff.</p>

<p><a href="http://admissions.nyu.edu/scholarships/%5B/url%5D"&gt;http://admissions.nyu.edu/scholarships/&lt;/a&gt;&lt;/p>

<p>I would not advise placing all of your eggs in the NYU basket because it will be very expensive. WIth a 5000 EFC, hedge your bets and look at schools that will meet 100% of your financial need (that also give generous grant aid) and schools where you may be in the running for merit money.</p>

3

<p>Hi, Sybbie. Thanks for your response. Can I ask what you mean by "gapping"? </p>

<p>The problem is that I already accepted the offer from NYU and that is the only reason why I know my financial aid package. I have already left my other school. I'm just wondering if my low scholarship is somehow related to my being a transfer (or perhaps a transfer from a foreign school) and if it can improve from semester to semester? </p>

<p>Can anyone recommend any outside scholarships to help my situation?</p>

<p>Thanks!
DanielJ</p>

4

<p>Hi Daniel,</p>

<p>Gapping is where your financial aid package does not equal the amount of money that you need (after subtracting the EFC and Student contribution).</p>

<p>For example:</p>

<p>A school which meet 100% of your demonstrated need (which NYU does not) would calcualte need as follows:</p>

<p>Cost of attendance (for the sake of this demonstration we will assume that the cost of attendance at your school at NYU is $42,000 per year)</p>

<p>Minus</p>

<p>(EFC = Sudent Contribrution)</p>

<p>Equals</p>

<p>Demonstrated need</p>

<p>Using the concept of meet ing 100% of demonstrated need a sample financial aid package would be calculated as follows:</p>

<p>Cost of attendance (tuition, room, board, books, travel home, misc) 42,000</p>

<p>Expected Family Contribution 5000
Student contribution 2000</p>

<p>Demonstrated Need 35,000</p>

<p>Your demonstrated need maybe be broken down as follows:</p>

<p>Subsidized Stafford Student loan 2500
Work study 2000
Perkins loan 2500
School grant/scholarship 28000</p>

<p>Total aid package $35,000</p>

<p>In your case NYU does not meed 100% of demonstrated need, a student with the same finanicals may get a package as follows:</p>

<p>Cost of attendance (tuition, room, board, books, travel home, misc) 42,000</p>

<p>Expected Family Contribution 5000
Student contribution 2000</p>

<p>Financial need 35,000</p>

<p>NYU broken your aid package down as follows:</p>

<p>Student loan 1750
Work study 4000
School loan 15000</p>

<p>Total aid Package 21250</p>

<p>While the $21250 package may cover your "need" if you are a commuter student, it definitely would not cover your need if you are living in the NYU dorms and using their meal plan.</p>

<p>NYU has left $20,750 of the $42,000 cost that you still need to attend NYU for one year still unaccounted for. You will have to come up with a way to get the rest of this money (outside scholarships, your parents taking out loans -if eligible).
unaccounted for.</p>

<p>I reall y don't think that it has anything to do with you but rather the fact that NYU is not generous with aid to anyone. As I stated before, as a transfer student, there is not a lot of scholarhip money availabe to you. Apparently this package is not affordable to you. Myabe you should defer your admissions until the fall, and while you have the chance, look into applying to a few schools that you may like that will be more affordable (schools that meet 100% of your need and give generous scholarship/grant aid to transfer students)</p>

<p>All the best</p>

5

<p>Sybbie has given you an excellent analysis of NYU's financial aid policies. If you look up NYU in the USN&WR Ultimate College Guide, and read the financial aid section on the write up, you will find that NYU does not generally give 100% of demonstrated aid. It also gives you a breakdown on how the aid it gives is structured. As a transfer student, you are not going to get as generous a package from most schools as compared to the freshmen. Also merit awards are very limited in most schools for transfers.</p>

6

<p>Thanks so much sybbie! And you too, jamimom. I really, really appreciate the info!</p>

<p>DanielJ</p>