<p>I was admitted to NYU CAS, but I only received loans. So I'm just now coming to terms with the fact that if I attend school for the full 4 years I will have about 300k in debt. Is this worth it? My parents keep telling me I could get a job with a company that helps me pay my loans, but I don't wanna rely on that small possibility. I'm scared that I'm gonna be putting myself in a hole financially before I even begin my adult life.</p>
<p>My opinion…NO. Are you saying your family will need to finance all of the cost to attend NYU with loans? ALL of it?</p>
<p>Your payments when you graduate will be in excess of $3200 a MONTH for at least 10 years. That is a staggering amount of debt. You would have to earn well over $50,000 a year at your entry level job to have this amount as take home pay. And that doesn’t include rent, car payment, recreation, food, utilities.</p>
<p>I think this amount of debt is INSANE. </p>
<p>Who will take out those loans? Are your parents taking Plus Loans? Do they expect YOU to take loans which they will cosign?</p>
<p>My advice…do NOT do this.</p>
<p>Since the majority of the loans would be in the name of your parents, it’s unlikely any company would pay your loans for your. Nor would the government’s loan forgiveness program.</p>
<p>I’m still 17 so yeah I guess my parents would be taking out these loans. They were considering getting loans from our local bank instead of the PLUS loans. So should I do my freshman year and transfer, the only reason I accepted was I thought they would at least give me some money, my parents dont even make 150k a year combined</p>
<p>Simply no.</p>
<p>@thumper1 If I got a job earning at least 60k a year after taxes, I could pay the debt and live the struggle life for the 10 years. I don’t wanna bank on that happening though</p>
<p>Absolutely not worth it.</p>
<p>Am I the only person going to NYU paying full who can’t afford it? This school has like 20,000 people I can’t be the only one in this situation</p>
<p>You are not alone - only 3% of NYU students needing aid have their need fully met:</p>
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<p>Your parents make about $150,000. Your family contribution based on that income alone would be between $45,000 and $50,000…or close to it. Plus NYU does NOT guarantee to meet full need for it’s accepted students.</p>
<p>What did you think you would get for need based aid with that EFC, and family income?</p>
<p>When you accepted your offer, you should already have had any financial aid award…or not from NYU…assuming you applied on time. So to say you accepted thinking NYU would give you some money makes no sense. You KNEW they had given you NO money.</p>
<p>Your parents will need to qualify for those $60,000 loans EVERY year. Will they be able to do so? If they have a mortgage or car payment, or any other debt they just might not qualify for an additional private loan on subsequent years.</p>
<p>I’m not sure what to suggest to you. You could take a year off, work, and then apply to more affordable schools. You could look at your state public universities and see if you could possibly attend ther. You could go to a community college.</p>
<p>But assuming $300,000 in loans is insane, in my opinion, for undergrad school.</p>
<p>That is a very clear case of not worth it. There are a lot of kids with families with a lot of money or savings to pay it. There are a lot of kids who take on their full 27k of student debt for the 4 years, which is reasonable. Taking on much more is a hardship. If the family is willing to pay some then sure. And NYU isn’t well known for good aid packages except for just a few, so a lot of people borrow too much. But what you are proposing is not something anyone with any sense at all would do. It is very alarming that your family would actually encourage it. It would be extremely likely that you could not keep up with that debt and your parents would be paying it. There are horror stories about students with $100k of debt and you are thinking of triple that? You parents aren’t contributing anything?</p>
<p>I do not think you should waste the money for even one year. That already leaves a huge debt. It isn’t where you start but where you finish. If you are going to be full pay, go somewhere else for 2 years and do the last 2 at NYU so you have that name on your diploma and ddidn’t pay 66k for freshman year–you at least used that for upper division.</p>
<p>What are you options for this year? Anything left open? You likely should do a gap year and look for colleges that are cheaper or will give you aid. They are out there. Did you run the NYU Net Price Calculator and it said you would get aid?</p>
<p>Making $60K AFTER taxes would require making at least $75k, and probably more depending on state taxes, insurance, and other expenses associated with the job. Honestly, unlikely with just a BA or BS. Places where starting salaries MAY be that high, like NYC or LA, living expenses are also high.</p>
<p>@thumper1 Nah I applied ED2 so they hadn’t actually compiled my package when they gave me the offer of acceptance. I guess I just felt really pressured to accept because I was surprised I even got in. Not to mention I couldn’t even look at how much money I could’ve gotten from other schools since they made me withdraw all my applications.</p>
<p>Take a gap year and look at less expensive schools.</p>
<p>Education debts (outside the Staffords) have onerous terms and can not usually be discharged. You could be wrecking your and your parents’ lives if you attend NYU.</p>
<p>The OP was expelled from a private prep school during his junior year (marajuana use), and completed his HS at a public school. Supposedly he was considering applying ED to NYU. OP…did you do that? </p>
<p>You had a decent SAT score (2100 or so) and decent GPA. Yes, there was the expulsion issue. Did you apply to any instate universities in NJ, your home state? Perhaps you should see if there are any public universities in NJ who have openings at this late date. They would cost you a fraction of what you think you should spend at NYU.</p>
<p>It’s too bad your mom wasn’t right.</p>
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<p>This really sucks. My parents aren’t helping me make this decision at all. I just talked about it and my mom just started yelling at me, telling me I’m not appreciating the opportunity and to just go to community college if I’m so worried about it. I don’t even know what else to do. I’m looking at some of the Federal loan repayment plans, would I be ineligible because my parents are taking out the loans on my behalf? And could IBR or an extended payment plan help me out, or is this just a hopeless case and the debt is just too monumental?</p>
<p>I think it’s a reckless decision to apply to this school and not have the money to pay for it. I forbade my kid to apply to this school, I think it’s an overpriced institution. </p>
<p>Well, no way is this affordable. Doubt your parents could get that much in loans if they tried. You need to withdraw, take a gap year, and re-apply to more affordable schools.</p>
<p>Federal loan repayment plans are for loans in YOUR name…not loans in your PARENTS’ names.</p>
<p>Did your parents pay for private prep school? Can the amount they paid for THAT be paid towards your college costs?</p>
<p>My bet is you could get the terms of your enormous college loans extended. But all that would do is increase the amount of compounded interest you would be paying. </p>
<p>The best way to save money is NOT to spend it. </p>
<p>This. $300,000 is the equivalent of a house purchase in some areas. </p>
<p>@thumper1 Yeah you’re right, so I can’t even get a repayment plan. My parents are looking at private loans because they say they can get a better interest rate, do private loans typically offer repayment plans?</p>