When Mom and Dad Can't Shoulder Tuition: YU Students Working Through School
Yaelle Frohlich
Issue date: 11/25/09 Section: Features
YU is the biggest supplier of financial aid for YU students, says University Director of Student Finance Robert Friedman. While YU offers merit scholarships, the biggest chunk of aid is in the form of need-based grants that do not need to be repaid. Financial information taken into account when awarding aid includes: FAFSA (Free Application for Federal Student Aid) forms, family income, family assets (such as trust and mutual funds), stocks and bonds, number of family members and number of family members in college at the same time. The university does not look at the value of the parents' retirement fund or home, but does look at the value of any second homes.
Friedman said that students who claim total financial independence on their aid applications are required to prove their independence. "It doesn't happen very often [that a student is totally financially independent], I'll be honest," said Friedman "…[but occasionally] there are situations that I wouldn't wish on anybody: orphans, wards of the court, mom and dad are incarcerated, deceased…Those people do get funded very well by YU and outside sources."
Friedman says that one potentially positive aspect of student loans-such as the FAFSA loans that automatically range from $5,500 through $7,500 per year from freshman to senior year-is that they can establish a student's credit rating. "Having no credit in this capitalist society can hurt you," elaborates Friedman. "But if you've had a loan and paid it on time, then you can borrow…Also, we find in statistical surveys that students that do borrow for their own education…they're perhaps taking their studies more seriously."
"[YU has] been totally involved in my ability to be here through extensive contact regarding Student Aid," says P. "They have been tremendously generous in providing scholarships and loans, and I am totally indebted to them for enabling my education here at SCW. Tuition prices are relative, so while they have reduced it substantially it is still a large sum, but thankfully much less than the "sticker price"."
Friedman said that students who claim total financial independence on their aid applications are required to prove their independence. "It doesn't happen very often [that a student is totally financially independent], I'll be honest," said Friedman "…[but occasionally] there are situations that I wouldn't wish on anybody: orphans, wards of the court, mom and dad are incarcerated, deceased…Those people do get funded very well by YU and outside sources."
Friedman says that one potentially positive aspect of student loans-such as the FAFSA loans that automatically range from $5,500 through $7,500 per year from freshman to senior year-is that they can establish a student's credit rating. "Having no credit in this capitalist society can hurt you," elaborates Friedman. "But if you've had a loan and paid it on time, then you can borrow…Also, we find in statistical surveys that students that do borrow for their own education…they're perhaps taking their studies more seriously."
"[YU has] been totally involved in my ability to be here through extensive contact regarding Student Aid," says P. "They have been tremendously generous in providing scholarships and loans, and I am totally indebted to them for enabling my education here at SCW. Tuition prices are relative, so while they have reduced it substantially it is still a large sum, but thankfully much less than the "sticker price"."
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