Congratulations on your acceptance to NYU! At the NYU Office of Financial Aid (OFA), we provide guidance to help families maximize their financial aid options and minimize confusion in order to make an NYU education possible. We encourage you to read through the information presented here to learn the few key points that new students need to know. Professional school students, please refer to the section "Financial Aid at NYU Professional Schools" located on the sidebar at Financial Aid at NYU.
Scholarships and grants are types of gift aid that do not have to be repaid. They may take the form of University scholarships, federal or state grants, or outside scholarships.
For most undergraduates, eligibility for a merit-based and/or need-based scholarship is determined upon entrance to the University based on prior academic strengths and, if you apply for financial aid, your demonstrated financial need. Typically you will continue to receive the amount of scholarship you received for your first year for subsequent academic years (subject to the availability of funds), as long as the following criteria are met:
For graduate students, eligibility for merit-based and/or need-based scholarship is determined upon entrance to the University based on prior academic strengths and, if you apply for financial aid, your demonstrated financial need. Please check your individual school’s website to learn about additional resources that may be available.
New York University, like all colleges and universities, bases its federal "financial need" analysis on the federally mandated formula called the "federal need analysis methodology," or EFC (Expected Family Contribution), which is calculated when you file the FAFSA. To learn more, visit the U.S. Department of Education website and see the EFC Formula Guide under "Publications by Document Type."
If you are an undergraduate, your eligibility for NYU scholarship funding is also determined by the results of the CSS/Financial Aid PROFILE.
In summary, the EFC (and the results of the CSS/Financial Aid PROFILE, if required) provides a tool to estimate the amount you and your family are expected to contribute toward your education. It includes factors such as taxable and nontaxable income, assets (savings, etc.), benefits (for example, income from Social Security or unemployment insurance), and the number of family members in college. The amount calculated is subtracted from the cost of attending New York University, yielding your financial need:
Cost of Attending NYU minus Expected Family Contribution equals Financial Need
We try to "package," that is, combine, financial aid programs -- scholarships and grants, loans, and work programs -- to help meet the annual cost of attending NYU. The actual mix of your aid package varies according to financial need and academic ability. If your family's financial situation changes significantly after you have submitted the FAFSA, you may send an email to email@example.com to request a review based on the new circumstances.
After thoroughly reviewing the amounts and types of financial aid you have been offered by the University, you and your family will now need to set up firm plans for paying your college bills. (Comprehensive cost of attendance information is available at Tuition, Fees and Expenses.) At this time, you may want to consider the payment options offered by the University to assist you with the portion of college costs for which you and your family will be responsible. You may use one of these plans or a combination of several. The Office of Financial Aid realizes that attending NYU is an investment, therefore our Office offers you your best Financial Aid Package upfront. By combining these payment alternatives with your financial aid package, you should find a New York University education financially accessible.
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