Five things you should know about your money at NYU
Nov 11, 2015
A panel of administrators talked with students about their budgetary concerns and costs of attending NYU at a forum hosted by the CAS Student Council on Tuesday night. The panel answered student concerns while giving information regarding the high cost of NYU and what is being done to make the cost of attendance more affordable.
“Student Advocacy Series: Paying Too Much?” featured Martin Dorph, the Chief Financial Officer of NYU; Alison Leary, the Executive Vice President of Operations; Owen Moore, the VP of Campus Services, bookstore and computer store and dining; and MJ Knoll Finn, the VP of Enrollment Management.
1. Campus Cash and Dining Dollars are completely separate things.
Moore: “Dining dollars were created to fund minute purchases like a bagel and coffee. Campus cash is a mechanism for parents to provide additional funding for students through their own finances. Dining dollars can be covered by financial aid, and campus cash is not because certain things campus cash provides cannot be covered by financial aid.”
2. NYU will open an additional recreational facility after Coles Sports Center closes this winter.
Leary: “404 Lafayette will open up as a second NYU recreational facility after Coles closes. Palladium will also be improved and will now offer strength cardio, some varsity sports practice and exercise classes.”
3. The $3.5 billion endowment may be deceiving.
Dorph: “This is considered a tuition-driven university, the reality is that two-thirds of university revenue comes from student fees housing, etc. which is very high compared to most universities where this number is at about 40 to 50 percent. While our endowment is currently at $3 billion, when you consider the 50,000 students in attendance, the per student endowment is very low when you compare us to Princeton or Yale.”
4. Your professors aren’t the bad guys when it comes to expensive textbooks.
Moore: “Professors assign books and are not responsible for understanding the costs incurred. My job is connecting the manufacturer to what the professors needs are. Reuse of books is better for everyone, including the service of the book store, and for students, who do not have to purchase the newest edition.”
5. Donors are key to raising our endowment and increasing financial aid to incoming students.
Dorph: “Histories of fundraising date back centuries at institutions like Harvard and Princeton. The history of NYU is not one with the same legacy. NYU was originally a school designed for the working class and was not considered an institution for elites. This is why we lack the long history of funding Ivy League schools have. Today, donors are the critical issue.”
Email Kati Garrity at [email protected]