The decision to pursue higher education is an investment in your future success, so we encourage you to apply for some form of financial aid regardless of your family’s income or where you live—so that you can explore your best possible options. In most cases, you and your family will be responsible for a portion of the cost of attending NYU, but we are committed to providing you with many different types of financial aid.
A financial aid award is made up of a variety of funding sources and may include federal and state grants and institutional scholarships that do not have to be repaid, loans that you will repay over time, and on-campus work-study employment opportunities.
About 49% of the students are receiving one or the other type of financial aid and it contributes to the total aid amount of $379,117,702.
Students need to complete and submit the Free Application for Federal Student Aid(FAFSA) form and the FAFSA code of New York University is 002785.
Different types of aid provided by the university depending upon the eligibility of the students are:
Grants
Grants are types of gifts that do not have to be repaid. They may take the form of University scholarships, federal or state grants, or outside scholarships. A financial aid package at NYU takes into account both financial need and academic merit. NYU awards very few exclusively merit-based scholarships, they are committed to using the vast opportunity of our scholarship funds to assist students whose families are unable to pay the full cost of an NYU education.
Federal Grants
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The Federal Pell Grant is based on demonstrated financial need and does not need to be paid back. In most cases, if your family’s combined income is less than $50,000, you may be eligible to apply for this grant.
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The Federal Work-Study Program is need-based and funds jobs in various on-campus departments, which pay students a minimum of $15 per hour at NYU. Students must apply for work-study positions and then be selected by the department.
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The Subsidized Federal Stafford Loan is a need-based loan.
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The Unsubsidized Federal Stafford Loan and PLUS Loan are not based on financial need. Federal loans offer advantages over private loans. They have fixed interest rates, you can opt for income-driven repayment plans, and they permit you to defer repayment until you graduate. In specific cases, you may also be eligible for loan forgiveness if you choose a career in public service.
- The Tuition Assistance Program (TAP) offers grants to eligible students who are also residents of New York State.
Scholarships
Scholarships are also similar to grants as they do not need to be repaid. They are granted to the students based on merit as well as to the students who are in a need of financial help. Some of the scholarships provided by the university are:
AnBryce Scholarship: The AnBryce Scholarship is awarded to academically talented first-year students who demonstrate financial need and who are the first in their families to attend college.
Arch Scholarship: A select group of first-year students who demonstrate financial need and are committed to making a positive impact on the world will receive Arch Scholarships their first semester.
Lewis Rudin City Scholarship: Rudin City Scholars are outstanding incoming first-year students selected from public and parochial high schools in all five boroughs of New York City.
Martin Luther King Jr. Scholarship: Martin Luther King Jr. Scholarships are awarded on both a financial need and merit basis to incoming first-year students with outstanding academic credentials who also demonstrate a commitment to the ideals of Martin Luther King Jr.—community service, humanitarianism, and social progress.
Stern New York City Scholarship: Students from New York City high schools who demonstrate extraordinary financial need and academic merit are eligible for these scholarships, which meet the full cost of attendance at the prestigious Stern School of Business.
Federal Work-Study Program
NYU students who are eligible for Federal Work-Study is able to work on-campus and earn up to the amount recommended on their award letters. These part-time positions range from social media writers, library aides, and health-care analysis interns to administrative and research assistants and even lifeguards. The minimum wage for on-campus jobs at NYU has increased to $15 per hour for the 2019–2020 school year. Government funding makes these positions possible on campus. If you receive a financial aid award that includes Federal Work-Study, you will be encouraged to locate a job on campus to help cover your everyday expenses, but you are not required to do so if you are able to cover your expenses through other means. Please note that all Federal Work-Study students can only work a maximum of 20 hours per week and are paid via paycheck rather than through a deduction on their tuition bill.
For more information related to financial aid. Please visit the official website.