The number of students who sought admission to NYU for this year’s freshman class totaled 118,000, according to University statistics. Of this applicant pool, 22,000 applied “early decision,” with a commitment to attend if accepted. The overall acceptance rate was 8%.
What some people may find baffling is that the “sticker price” of NYU’s Stern School of Business for the current academic year is $94,914. (Prices vary slightly among NYU’s different colleges.) This covers tuition, food and housing, and estimated costs for books and supplies, transportation, and personal expenses. For commuter students, the price is listed at $76,662.
NYU is not alone. Other colleges with sticker prices exceeding $90,000 this year include the University of South California at $95,000, The University of Pennsylvania and Brown University (Rhode Island) at $92,000, Dartmouth College (New Hampshire) at $91,000 and Boston University at $90,000, according to the Associated Press. Meanwhile, the competition is fierce to gain acceptance to each of these schools, with an overall acceptance rate between 5% and 11%.
But many families seeking to send their children to such prestigious, and expensive, schools, have no plans of paying anywhere near the sticker price. Colleges with large endowments have made a continuous effort, over the years, to attract first generation students and others who typically do not come from high income families.
“Lower income families may be required to pay just 10% of the advertised rate and, for some, attending a selective private college can turn out to be cheaper than a state institution,” according to the Associated Press.
Many public universities likewise offer substantial need-based financial aid. At Rutgers – New Brunswick, the tuition, fees, room and board for in-state students is $33,643 for the 2024-25 academic year. (For out-of-state students it is $20,000 more.) However, Rutgers reports that more than 75% of first year students receive financial aid offers.
To be eligible for need-based aid, families need to file a FAFSA (Free Application for Federal Student Aid), which is expected to be available as of December 1st, 2024. Filing a FAFSA is now a graduation requirement in New Jersey, unless families file a waiver. Many colleges also require a CSS Profile financial aid form to be filed, or one personalized to their institution.
Susan Alaimo is the founder & director of Collegebound Review, offering PSAT/SAT®preparation & private college advising by Ivy League educated instructors. Visit CollegeboundReview.com or call 908-369-5362
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