Despite obstacles, NYU must fix financial aid

According to NYU spokesman John Beckman, the average student's financial aid package increased by almost $1,500 this year to about $14,100. He credited the increase to the jump in enrollment this year, which was up by about 300 students. He said that because NYU is a tuition-driven university, more tuition from the added students means more money for financial aid.

But this year NYU is ranked No. 1 on The Princeton Review's annual ranking of Students Dissatisfied with Financial Aid. The university has held this dubious honor, or ranked highly on the list, for the past few years, and there doesn't appear to be an end in sight. We believe this is a huge reason that the university loses many students who transfer out, and the lack of financial aid looms over all prospective students.

But instead of simply condemning the university, the WSN Editorial Board recognizes the troubles that face NYU's financial situation. Manhattan real estate is absurdly expensive, and the university is one of the largest private real estate holders in the city. It does not have the endowment of competing universities, and it truly is tuition-driven. And it does at least appear that the university does its best in fundraising efforts.

We still think, though, that the university could implement many changes that would directly help students pay for their education. Ultimately, the decision of what those changes could be rests with the administration. But the university needs to figure out how to lighten the loan debt of graduates. We think this should be at the absolute top of the university's priorities. It is losing students, and NYU's lack of support will continue to discourage lower-income applicants.

Last year, the university sent out targeted letters only to accepted students from lower-income families, reminding them of the gigantic tuition bill the students will have to pay. This relates back to the university's unenviable financial aid position, but this is a particularly insensitive move on the university's part. The university's lack of student support now embitters students, and the chances those students will donate as alumni diminishes.

We understand that changing these policies would take an entire overhaul of the system. But as the price of higher education rises, so too should the university's efforts to ensure that it holds true to its motto: "A private university in the public service."