College Guide: Paying for college
It's Week 4 of our eight-week Essential Guide to College in New York newsletter course that teaches families what they need to know about the college search.
First, let's talk about what it means to be “gapped.”
That’s the term for when a college admits a student, but the financial aid package does not cover the full cost of tuition, housing and other expenses.
It’s a gap that Long Island families are especially likely to fall into, as my colleague Brianne Ledda reports.
That’s because while many local families seem to be doing well on paper — the region’s median household income is $131,000 — the cost of living is 32% higher than the national average.
THE ‘MISSING MIDDLE’ 💲
The result is the “missing middle” class, those who earn too much to qualify for sufficient aid but too little to afford college tuition.
Some students end up taking on heavy debt burdens to pay for school, with federal data showing that median federal loan amounts range from less than $7,000 at Boricua College in the Bronx and Brooklyn to more than $34,000 at the for-profit Berkeley College in Manhattan, my colleague Michael Ebert reports.
So what can we do about it?
First, let’s cover the basics. To apply for federal, state and private grants and loans, students fill out the FAFSA, or Free Application for Federal Student Aid. They do not need to report the value of certain assets, including their primary residence and retirement accounts.
Since the FAFSA relies on tax data from two years before the first year of college, it’s a good idea for parents of 10th graders to examine their finances and consider taking steps such as moving funds into retirement accounts, one expert told Newsday.
Brianne’s article also points readers to many sources of grants, from online scholarship finders to Florida’s Grandparent Waiver, which allows qualifying out-of-state students to pay in-state tuition rates at Florida public universities if they have a grandparent living in the Sunshine State.
New York offers its own financial aid programs, including the Excelsior Scholarship, which offers free tuition at state and New York City public colleges for families earning $125,000 or less, and the Tuition Assistance Program, or TAP, grants of up to $5,665.
The state has a separate process for certain forms of financial aid.
TUITION CAN TOP $100,000 💵
New York's public college systems have held tuition steady since 2019, at $7,070 for in-state students at four-year SUNY schools and slightly less at CUNY.
But for those attending private colleges, the costs can be a gut punch.
Some New York schools cost more than $100,000 a year, once you factor in housing, food, books, fees and other expenses. That includes New York University and Fordham University. Columbia University is close, at $99,774.
Financial aid can bring down the tab more than many families realize.
A few private colleges offer full-tuition scholarships for all families earning below a certain income — in some cases, up to $150,000, $200,000 or even $250,000. Others offer partial scholarships or generous merit aid. Many require students to complete the College Board’s CSS Profile aid application, which calls for more detailed information than the FAFSA.
The state-funded Education Debt Consumer Assistance Program offers one-on-one counseling to help families navigate the system.
The actual price of college is often lower than the tuition "sticker price" posted on schools' websites. Families can enter basic information about their income and assets into the Net Price Calculator that many schools post on their websites to generate cost estimates after financial aid.
For students receiving federal aid, New York’s most expensive college is the New School in Manhattan, where the most recent federal figures show the average net cost after financial aid was $58,741, my colleague Arielle Martinez found. A close second was the School of Visual Arts, with an average net cost after aid of $57,914.
The good news for Long Island is that the region is home to three of the least expensive schools: the U.S. Merchant Marine Academy ($6,174 after aid), Farmingdale State College ($10,867) and SUNY Old Westbury ($11,282).
And then there’s the Webb Institute in Glen Cove. All enrolled U.S. citizens and permanent residents get full scholarships to cover the $64,000 tuition. The catch: the Gold Coast school only has about 100 students and specializes in naval architecture and marine engineering. Admitted students have typical SAT scores in the 1400s and an average GPA of 3.9, according to U.S. News & World Report.
TRY THIS 🔎
Columbia University's average net price is $15,370 among students who received financial aid.
Use Newsday’s college search tool to filter schools by average price after financial aid. You might be surprised. Columbia University, for instance, had an average annual price of just $15,370 for federal financial aid recipients.
SEND US YOUR QUESTIONS 💬
What’s on your mind? What questions do you have for Newsday’s staff and our network of experts? We are taking questions and comments about selecting schools, seeking financial aid, increasing your odds of admissions and many other topics. You can contact us by email at collegeguide@newsday.com.
NEXT WEEK ✅
We’ll compare the top schools in New York for return on investment, as well as the state’s best community colleges.
Maura McDermott covers education. Since joining Newsday in 2012, she also has worked on the investigations team and covered real estate and the business of health care.
