Pearl and I were on the ferry to Connecticut last week when she asked, “What do you think about the NYU free tuition announcement?”
As per usey, I had no idea what she was talking about, since I tend to follow a “No News” diet (as opposed to Pearl, who has the ol’ tee vee on the whole day while she pounds away at FAFSAs on her laptop).
Then my cute little Town Crier told me that NYU is covering tuition for its medical school students, which I think is flat-out amazing. But, also as per usey, I have a different take.
Personally, I find it ironic that NYU, one of the most expensive, yet stingiest, colleges for undergrads, is bathing in the warm glow of positive publicity relating to cutting college costs.
Check that, I find it incredibly ANNOYING. 🙂
Here’s what’s getting ignored:
NYU charges a whopping $73,568 per year (not $73,500 – why don’t colleges use round numbers?), yet meets only 56% of financial need, according to the College Board. That means that it’s one of the most expensive colleges, and least generous. How’s that for a double whammy?
NYU’s average indebtedness at graduation is $31,298, which isn’t particularly high in and of itself, but my guess is that 50% plus of students don’t need to borrow and pay out of pocket, which makes this stat less meaningful.
In contrast, rival Boston University charges $72,618 (a whopping $950 less), but meets 92% of financial need, as reported by the College Board.
Another competitor, George Washington University, costs $75,005 (they couldn’t make it $73,000?) and meets 90% of financial need, according to the same source.
So forgive me if I don’t run outside and dance in the streets over this news. I’d be a lot happier if NYU loosened up its purse strings for its 26,000 plus undergrad students.
So much about qualifying for scholarships or other financial aid has barely anything to do with YOU, your income, savings and so forth…
…and everything to do with the colleges that you “choose” to put on your list, and many, many other forces, some of which you don’t know about, that are completely out of your control.
If you’re wondering what “financial need met” means, or, more importantly, how YOU can get your hands on the scholarships and grants you deserve, tune into our upcoming free “Financial Aid & Scholarships Cheat Sheet” webinar this coming Wednesday night.
It’s live, so you can get your questions answered about income, 529s, other savings, retirement accounts, business owner “loopholes,” divorce-specific issues and more!
Don’t miss it, we have no plans or intention of doing a replay.
Hope to see you Wednesday!
-Andy “Hoping For a Miracle on West 4th Street” Lockwood
P.S. Our next “Incomparable Applicant” Bootcamp (Sept 7th, 8th and 9th) is filling up, jump in before we close out: