Two financial aid grants created for study abroad, seniorsPosted on October 9, 2013 | by Nicole Brown
Just over a month after the announcement of the Momentum Campaign, NYU announced two new financial aid initiatives that are part of the campaign to aid students during their last semester at NYU and students who will be studying abroad.
NYU President Sexton first announced both the Finish Line Grant program and the Global Pathways Scholarship at the University Senate Meeting on Oct. 3.
The Finish Line Grant, which will be available in the spring 2014 semester, will be awarded to students who are in their final semester at NYU and have subsidized Stafford or Perkins loans.
Vice president of enrollment management Randall Deike said there is no application process for the grant, and all graduating undergraduates with these loans will be considered. The grant will compensate a maximum of 10 percent of their subsidized loans.
“The maximum award is determined by the maximum possible subsidized loan totals, determined by the Department of Education, for Stafford and Perkins, summed,” Deike said. “The maximum is approximately $50,000, so the maximum award is 10 percent of $50,000, or $5,000.”
Hannah Troxel, a Gallatin alumna who must start making payments for her subsidized loans once her six month grace period is over, said the time to start paying off her debt is looming. She said the program would be even better if it helped students throughout their four years at NYU instead of just right before they graduate. But she said any amount of money would have helped.
“It kind of puts a ticker on you,” Troxel said. “There is a lot of pressure to find any job even if it’s not the one you want in order to get an income to pay off your loans.”
There is also no application process for the Global Pathways Scholarship, which will aid students with the added expenses of traveling abroad and will be available to students studying abroad in the fall 2014 semester. Deike said the student must have unmet financial needs to be eligible for the Global Pathways Scholarship, which would grant up to $4,000 to the student.
“We reviewed the costs associated with study away at each of the sites, and also the funding available, and determined that $4,000 would cover the additional costs at most of our sites and would allow us to remain within the current funding available,” Deike said.
Liberal Studies sophomore Cee Bilal, who plans to study abroad in Ghana in the spring of 2014, said this scholarship could have helped her with some of the costs of flights and required vaccines and medicine. She also said the expenses of each site affected her decision of where to go.
“There are some sites where the U.S. dollar is worth more and other sites where the U.S. dollar is worth less, and because of my financial situation, I chose one of the sites where the dollar is worth more,” Bilal said.
The number of students who will receive the Finish Line Grant or Global Pathways Scholarship has not been determined.
Deike said there are no other specific financial aid initiatives at this time, but expects there to be more as the Momentum Campaign continues to progress.
“We are always thinking about how we can best help students finance their education at NYU,” Deike said. “I don’t know of any other college or university that has made this kind of commitment to financial aid in a single campaign.”
A version of this article appeared in the Wednesday, Oct. 9 print edition. Nicole Brown is a news editor. Email her at firstname.lastname@example.org.