We are low-income and my son received a full ride through NYU Promise (Class of 2030), covering tuition, housing, and meals. NYU is budgeting about $19k for housing, but if my student chooses a cheaper option (ex: an $11k triple), what happens to the extra ~$8k? Does it get refunded to them, apply to other expenses, or go away? Thanks!
The NYU Promise program ensures that all demonstrated financial need is met, covering tuition, housing, and meals. If your son selects a housing option that costs less than the budgeted amount, such as an $11k triple instead of the $19k allowance, the remaining funds will not disappear; instead, they will generate a credit balance on his student account.
Refund Process
- The financial aid package is first applied to billed costs, including tuition and the selected housing.
- If the total aid exceeds the actual billed costs, NYU will issue a refund for the surplus amount.
- This refund will be disbursed via direct deposit or check to your son, allowing him to use the funds for non-billed educational expenses such as books, supplies, or personal needs.