NYU raises a record funds for financial aid, doubles last year’s amount

 

NYU raised a record-high $120 million for financial aid fund during 2011-2012 year.

University spokesman Philip Lentz said this figure is double the amount that was raised for the previous fiscal year, which begins on Sept. 1 and ends on Aug. 31 each year.

He added the $120 million is the most that has been raised to date for the university’s financial aid fund.

The financial aid fund has made a dramatic jump within the past two years, Lentz said.

“This compares with $61.3 million raised for financial aid in the 2010-11 fiscal year and $42.7 million in the 2009-2010 fiscal year,” he said.

Other universities have also increased their financial aid. According to the Boston Globe, Boston College will spend $90 million on financial aid this year and Northeastern
University will spend $188 million.

Within the past five years, there has been a national increase of $8 billion awarded as financial aid and scholarships to undergraduate students, according to the Globe.

Lentz said the Board of Trustees’ emphasis on aiding students has been the main force behind the dramatic increase.

“Financial aid is the university’s top fundraising priority,” Lentz said. “The record amount raised in the 2011-2012 fiscal year for financial aid reflects the importance the university and its trustees place on helping our students finance their education and scholarship.”

CAS freshman Caroline Idrovo said she was satisfied with NYU’s financial aid package, which she said was significantly larger than ones from other universities.

“Even SUNY Binghamton, which is a state university, offered me less money and would have required me to take out a larger loan,” Idrovo said.

However, not all NYU students feel the money flow is heading to their wallets.

CAS junior Vishal Atri said he was unaware of the new influx of money for financial aid and now expects his aid reward to increase.

“My financial aid is determined on how much NYU thinks my parents can contribute,” Atri said. “So although they may have more aid, students are still expected to have their standard familial contributions and loans.”

Atri plans to graduate a semester early — mainly because it will save his family $30,000 in student loans.

“The question is, does NYU want to become a playground for students from elite classes of the world, or a true learning institution that doesn’t force its students to think of money before education?” he said.

The goals for the 2012-2013 fiscal year have not been announced yet.

A version of this article appeared in the Monday, Sept. 17 print edition. Neela Qadir is a contributing writer. Email her at [email protected]