With the total enrollment approaching 60,000 and hundreds of thousands of alumni in the United States alone, being an NYU student means you’ll be joining a strong and international network. It but also means you’ll join a group with among the highest student debt in America.
Going to NYU may well be worth it, but be sure to think through how to pay for your NYU degree beforehand.
How much does it cost to attend NYU?
Given its massive size and number of different academic programs, even undergraduate tuition varies slightly by your course of study at NYU. Full-time Tisch School of the Arts undergraduates, for example, will pay $26,941 in tuition for the 2016-2017 school year. Undergraduates at the Leonard N. Stern School of Business, on the other hand, will be charged $24,805. You can look up how much tuition costs at your college here. With room and board and other expenses, the total cost of attendance for the year comes to somewhere around $70,000.
Total costs for students of the NYU School of Medicine will vary slightly by the year in the program, totaling around $80,000 per year for years one, two, and four, and closer to $87,000 for third-year students. Tuition is the same across years, so it is additional expenses that vary; in the 2015-2016 academic year, medical student tuition was $54,030. Costs for NYU Law students are very similar. Business students at Stern, however, may pay into six figures per year of school, with tuition over $60,000 and total estimated expenses just surpassing $100,00 for one year of the program.
What kind of financial aid does NYU offer?
Despite large tuition numbers, many NYU students pay much less than sticker price for NYU. Undergraduates are automatically considered for merit and need-based scholarships and grants. New York University Scholarships are awarded based on academic merit, and the average NYU Scholarship in 2014 was $28,179. In addition to merit-based scholarships, a number of federal and state programs provide need-based aid, such as the Pell grant. In fact, 21% of NYU undergraduates receive a Pell grant.
For NYU Law students, most scholarship aid comes from Dean’s Award scholarships, which are awarded in varying amounts up to full tuition. A smaller number of students will receive the Vanderbilt Scholarship for demonstrating exceptional academic merit. All admitted students who apply for financial aid will be considered for these scholarships. For students looking for additional sources of aid, “programmatic scholarships” are available to those interested in specific fields. The Furman Academic Scholars Program, for example, is awarded to students interested in becoming legal academics; the ASPIRE Full-Tuition Cybersecurity Scholarship is a full-tuition scholarship awarded to students planning cybersecurity careers in state, local, or federal government. There are much more and you can browse through all available programmatic scholarships to see if your profile might fit one or more.
While NYU Stern is rather pricey, at least 20% of admitted students are lucky enough to receive a merit-based scholarship, most of which are full or half-tuition awards. Many of these scholarships provide not only financial assistance but also the opportunity to interact with faculty members; Dean’s Scholars, for example, can connect directly with Peter Blair Henry – Dean of the Stern School of Business. Similarly, Named Faculty Scholarship recipients are paired with distinguished faculty members with similar interests. In addition to merit scholarships, MBA candidates at Stern are eligible to receive tuition remission by working as a Teaching or Graduate Fellow – for example, as admissions ambassadors, career coaches, or teaching assistants. Students can save up to $21,600 in tuition during their two-year program by working as a fellow.
Medical students at NYU School of Medicine also have some options for funding their degree. Need-based scholarships are awarded to those students who demonstrate the greatest financial need – around one-quarter of students in each class receives an NYU scholarship. Merit scholarships are also awarded to those who demonstrate academic excellence. NYU loans are another option, which, unlike federal and private student loans, do not accrue interest while the student is in school.
What kinds of extras should I expect to pay for at NYU?
Lucky for you, having a car while at NYU is pretty much out of the question – which can save you a lot when it comes to expenses like car insurance and parking in Manhattan. On top of that, you’ll be living in a city with one of the world’s best subway systems, so getting around town will be affordable and easy.
That said, being in a major city like Manhattan means you’ll have access to endless entertainment, shopping, and nightlife options – meaning you might need additional budget to pay for weekend and evening extracurriculars while studying at NYU. From art museums to clubs, NYU students are fortunate to live at the heart of such a vibrant city, but should also keep in mind how those costs add up.
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