<p>Life is not a race won by those who earn the most. Gap years can be beneficial…They give students time to formulate a solid plan that allows them to act from a position of strength. They allow them to investigate all schools and programs, not just select from the leftovers that may or may not have any financial aid to offer. And this student is clearly in need of money. Waiting may actually end up saving students thousands of dollars in tuition costs. It lets them mature, perhaps develop a better focus, and gives them time to explore other interests. Plenty of young people take gap years and end up doing very well. They should certainly look at available options, but shouldn’t feel pressured to take something or risk losing thousands of dollars. If they take the wrong thing, they’re losing thousands of dollars anyway.</p>
<p>For the love of God, no. Your parents are woefully ignorant about a) the return on ANY college investment and b) the prestige/quality of NYU in particular. </p>
<p>This student doesnt just need an acceptance, he needs funding (merit, whatever). At this point, finding a school for fall is unlikely, but he could call and ask some.</p>
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<p>Rarely do schools give merit for spring admissions. This student needs sizable merit; he has an unaffordable EFC…which is likely about 50k…his parents can pay ten.</p>
<p>OP…what is your major and career goal?</p>
<p>If your mom is still reading…your son hasnt been accepted to Stern. Most employers could give a rat’s patootie about NYU’s CAS grads. Their grads will be viewed within the same pool as many other schools grads (rutgers, sunys, ramapo, etc)</p>
<p>True, but even 100k in debt is way too much for undergrad. We dont know what this student’s major/career goal is. Very few can justify 100k of debt - especially as 18yo’s who may change their majors, not do so hot in college, etc. </p>
<p>Plus, going the 100k route is risky because it depends on the parents continued borrowing and credit-worthyness. The student could be 50k in debt at the end of soph year and learn that parents wont qualify for more. A person w/o a degree with 50k of debt payments will be screwed.</p>
<p>If a gap year can make the difference between 25k of debt and 100k, then a gap year is preferred.</p>
<p>I’ve related this story a number of times before about a close friend of many years who basically did the same thing with her daughter, though the daughter was the driving force in the choice of school. My friend regarded the loans taken, all of them, student direct, PLUS, and then the co loans as “investments” in her very bright, talented daughter’s future. If it had worked, all would have been good. And sometimes it does work out. But when it does not, it can truly mean financial ruin for both parties. They are in the $200Ks in loan balance now and can’t even pay the interest. Her marriage has failed as has her business and she is really in bad straits with a daughter who is not able to even make the lowest five figures in income. She could have commuted for FREE tuition at her state flagship. </p>
<p>How depressing. I once wrote how such large student loans can ruin a person’s life and I got flamed for it. Your friend’s story highlights how those loans can ruin a young person’s life and the parent’s life. </p>
<p>I know that this happened several years ago and there is no end in sight. The balance keeps growing (like trying to use a small pail to bail out a boat with holes). Unless they win the lottery, they will continue to live under this dark cloud that has no silver lining. As for any marriage prospects for this young lady, those are probably also grim because who would want to hook up with that debt?</p>
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<p>oh my…that must haunt them every day.</p>
<p>the whole “investment” into one’s future has to be reasonable. There is a difference between a throw caution to the wind investment and a risk-managed one.</p>
<p>I see the effects of these every day in my work. People who are young with completely trashed credit because they could not get jobs that paid enough to afford the massive loans (and most come no where near $300K).</p>
<p>If you really have a shot at significant merit aid, I would go the gap year idea. Otherwise, it is better to probably start at a less expensive school. </p>
<p>Another dirty little secret: Your degree is from where you finish, not where you start. If your parents really want you to have degree from NYU, transfer there your senior year after taking classes somewhere cheap for 3 years.</p>
<p>NYU is highly over-rated by those in the NE. Outside of that area it is perceived as ‘just another college’.</p>
<p>Torveaux…the student should check the NYU requirement. The student might have to be a student at NYU for TWO years, taking most if the courses in their major there…to get an NYU degree. One year…not likely.</p>
<p>Gap years are beneficial but they have a cost.
College is beneficial but is has a cost. </p>
<p>No arguments from me about what you say. </p>
<p>I was merely pointing out that a gap year was not the original posters intent, and many incorrectly believe that it has no cost. </p>
<p>The OP won’t likely qualify for enough financial aid to meet their needs, and it may be worthwhile financially to take a gap year to get something like the Alabama full tuition (OP has a 2100 SAT but it’s not clear if CR+M >1400). </p>
<p>However, if a free ride or enough merit money to make college affordable isn’t on the horizon to make taking a gap year worthwhile financially, an if the OP is ready to go to college in the fall, then there may be still be good options available now. </p>
<p>As Bob Wallace said, some of the SUNYs are still taking applications. These are schools with list prices in the low 20s. I would be surprised if upon reflection, the OPs family determined that these was unaffordable. </p>
<p>We haven’t heard back from the OP so nothing more can be done until we do. </p>
<p>A major problem here is going to the parents getting over the prestige thing. I see this a lot. It’s easy for us to pan them, but the OP has to live with them and is dependent on their support. It’s one thing when the kid is complaining about parent refusing to pay the price of a high cost school, but this is a kid worried about the parent wanting him to borrow this huge amount. Large enough to make him pause. </p>
<p>The OP is from NJ, so Rutgers would be his main state school. I have no idea how that system works. Perhaps someone here does and can advise. </p>
<p>Isn’t Rutgers a really good school? I don’t even live in the East Coast and I have still heard of it. The OP should go there. I don’t even think that NYU is all that prestigious, I hadn’t even heard of NYU, but that is probably because I live in California. </p>
<p>Rutgers is a good school. It’s an enormous schools with branches and campuses all over, and I have know idea how it works. Whether OP can start at a branch and transfer to a main, etc. </p>
<p>Thumper, agreed. Some are pretty specific. Having attended multiple schools myself, the vast majority of those required 30 credits (1 year) at that school and most of those had to be major related. It may mean you have to spend an extra semester or so. Looks like NYU normally wants 64. Sounds consistent with reputation as a money pit!</p>
<p>CollegeDropout, you are correct. The OP’s parents are being foolish, and NYU is not especially prestigious outside of a few well-known programs (Stern, Tisch). We have a family friend who has had an entirely awful experience there, with a ridiculous sum of money essentially being poured down the drain. The more I read about the school the more I think it preys on people who misguidedly believe it offers a giant halo of prestige and opportunity. That doesn’t seem to be the case.</p>
<p>NYU is a fine school and considered the pinnacle of a the Big Apple college experience. And for good reason. I would not be sour grapes about it For those who want this, it’s a great opportunity. So is the European grand tour, getting a brand new paid for car, a nice condo for a residence. All things I’d love to have and would love to give. But the question is whether this is worth the price. It’s one thing to be go to a school, scrimping and saving to make the payments, living on ramen, packing a lunch, doing without; that just the older than ages stereotypical poor college student. It’s a whole other to extend that to middle age with loans on top of the lean years. That’s were the problem is with NYU.</p>
<p>If the OP’s parents are in position to stretch the NYU payments over 14 years by paying on PLUS as they go and then some, and have OP take out the Direct loans, that’s one thing. To expect an 18 year old to commit to this level of debt is unreasonable and really foolish and most likely will be harmful to both student and parents. Those two in one shackled co loans are toxic.</p>
<p>Many employers routinely conduct credit checks on applicants, including debt balances. In my profession (clergy - yes I know it’s low-paid), we refuse to ordain any candidate with more than $40,000 in student debt (undergrad and grad combined). I would think that many employers would think twice about applicants with enormous debt balances. </p>
<p>What megpmom said it true. Having lots of debt makes you vulnerable to corruption or theft. I know lots of jobs actually check for these kinds of things. Going to NYU will hurt the OP. </p>