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FREQUENTLY ASKED QUESTIONS
What is the Pell Grant?
The Pell Grant is the most important form of government aid to financially needy students. The Federal Government defines Pell-eligible students as those whose families cannot contribute more than $6,000 per year toward their education. Of the recipients, 9 out of 10 have family incomes of $40,000 or less. The percentage of Pell-eligible students at an institution is a strong indicator of the economic diversity of its student body.
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How many NYU students are Pell-eligible?
During the 2005-2006 academic year, there were 3,456 Pell recipients enrolled at NYU.
That's 17% of the entire enrollment. During the same year, Princeton’s student body was
8%
Pell-eligible. Harvard had only 6%.
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How will recent economic woes impact the availability of Pell Grants?
The New York Times recently reported that 800,000 more students applied for Pell Grants as of July 31, 2008, compared to the previous year. More than six million low-income students received grants this year. Officials indicate that the government may need up to $6 billion in additional taxpayer funds next year to meet this need or else cut the amount of aid it can provide.
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NYU’s endowment is valued at over $2 billion. Why is it unable to meet the financial need of its students?
NYU's full-time enrollment is over 41,000. $2.161 billion ÷ 41,000 students = only $62,053
per student.
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How does NYU’s per student endowment compare to other institutions?
Not well:
Princeton: $2.2 million per student
Yale: $2 million per student
Harvard: $1.7 million per student
Columbia: $328,000 per student
NYU: $62,053 per student
Among 785 institutions that participated in a recent survey, NYU ranks 31st in terms of its overall endowment. Based on its endowment value per student, NYU ranks 202nd.
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With such a low per student endowment, how does NYU provide for
its budget?
Over 60% of NYU’s annual budget comes from tuition income, while only 5% comes from income generated by the endowment.
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How does this compare to other institutions?
NYU is much more dependent on tuition than its wealthier peers. At Columbia, 25% of the annual budget comes from tuition and 15% from endowment. At Princeton, 15% of the annual budget comes from tuition and over 45% from endowment. Therefore, we need to continue building our endowment so more money is available for student financial aid and scholarships.
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How does the lack of a large per student endowment impact students?
Nearly all students have to work in order to bridge the gap between the cost of tuition and the financial aid they receive:
• 80% work at least one job
• 25% work at least two jobs
• 500 undergraduates work three jobs
In a recent NYU Career Services survey, 89% of juniors indicated they held either a part time
job or internship. That means nearly 9 out of 10 juniors have to balance their academics with work in order to make ends meet. That’s time students could spend studying, conducting research, networking with faculty and students, or engaging in the University’s diverse student
life programs.
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What is the average student loan debt of an NYU graduate?
Over $34,000.
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