New York is one of the most expensive cities in the world and New York University is one of the most expensive colleges in the world.
Located in Manhattan, the private college is known for being home to the Stern School of Business, the Tisch School Of the Arts and a high-ranking law school. NYU estimates that the total cost of attendance for undergraduate students during the 2019-2020 school year is $76,614, including $53,310 for tuition and mandatory fees, $18,684 for room and board, $752 for books and supplies, $1,110 for local transportation (a monthly New York metro card is $127), $2,758 for personal expenses like transportation to and from New York and $4,620 for indirect expenses like mandatory federal loan fees.
These costs can be even higher depending on the program a student enrolls in.
The total cost makes NYU more expensive than the average private college, but many NYU students end up paying less than this shocking sticker price.
According to the College Board's 2018 Trends in College Pricing Report, the reported tuition at private non-profit four-year schools averaged $35,830 during the 2018 - 2019 school year. However, the average net price of tuition and fees – taking scholarships and grants into account – was closer to $14,610.
Each year about 20% of NYU students receive Pell Grants. According to data reported to the Department of Education, 51% of NYU students receive financial aid, the average grant and scholarship total is $29,480 and the average net price is $39,935.
NYU reports that the average scholarship amount awarded to first-year students is closer to $37,000.
The net price for NYU students varies further by family income. Here is the average net price for NYU students during the 2017 - 2018 school year by income bracket, according to the Department of Education:
Even with this financial aid, the average net price to attend NYU is above the average net price for students at private colleges. Roughly 30% of NYU students take on federal student loans to pay for these high prices, but that means the vast majority, approximately 70% of students, don't.
Many NYU students don't take on federal loans for one simple reason: They can't. NYU has the highest number of international students of any college in the U.S. In September of 2018, 28% of NYU's first-year students were international students, hailing from more than 100 countries. International students are not eligible for federal financial aid, federal student loans or institutional aid. This means that these international students pay full price.
And many other NYU student's don't take on loans because they are able to pay for the full cost of attendance. According to The New York Times, the median family income of NYU students is $149,300 and 62% of students come from the highest-earning 20% of American households.
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