I was accepted to nyu into the global liberal core program. I received a $35k scholarship (that i hope is good for all four years, the said it is), Im currently appealing due to my father’s job loss and after grants it leaves me with $27-31k in loans (before the appeal)…is it really worth it? this has been my dream school for ages but I am aware at that nasty price tag
Also i do not have parents that could ever afford this, it is all me. I even have to find a different cosigner
@twoinanddone if my parents can’t cosign the government recognizes me as a dependent so my loan amount goes up and the rest I have to make a plea to an aunt
@stellallets Every year we see posts like yours for NYU and the answer is always “no.” I am so sorry to break this news to you but taking out $120K for NYU is simply not worth it. It will be very difficult to pay off that loan amount, and it will limit your future opportunities. There are 35K colleges in the U.S. and I am sure there are more affordable options for you. I know it is your “dream” but it will become your “nightmare” when you graduate.
I encourage you to look at the many stories I cite to see what life would be like for you after graduation with that much debt.
Plus as pointed out to you in post #1, you cannot take out loans for that amount so you will need a cosigner. I don’t think any cosigner will be happy to be on the hook for $120K.
I would not do it. If NYU gave you 1/2, I’m going to bet you have another option on your list that gave you almost 100%?
I would not ask the aunt, and here is why: she is older than you and settled. If she signs, and if you become unable to pay, they can come to her and take $, even her social security benefits if it goes out that long. You would feel horrible. Don’t put her in the position to have to say no to that!
What are your other options if your appeal is not fruitful?
I adore my nieces and nephews- and I cannot think of a single thing I wouldn’t do for them. I’d donate platelets or a kidney, I’d take them in AND their young kids with no questions asked, I’d drive 100 miles in the middle of the night if they got stranded at an airport with all the fights cancelled.
But I wouldn’t lend them that kind of money for college- any college.
i am not sure what global liberal core program is - nyu stern is definitely a great school, some other departments like math are good too - to pay that kind of money you would need a great job (think finance, consulting) so you need to make sure you are going to be making good $ after graduation otherwise it is probably worth a shot. you go to college once so you better go to a school you really want to go unless you plan to attend grad school
Why would you ask your aunt to co-sign ~$120k worth of loans when you can attend Providence for nearly free? Their COA is $65k. If your aid is $60k, you can make up most of the balance with a summer job.
Thank you all for your feedback! I already have a full time waitress job for when I get out of highschool and I’m part timing it now! I spend my free time selling goods to make some extra cash. I’m always hustling. Also I’d never ever make my aunt pay for it. Ever.
@ccfk1221 I am actually hoping to internally transfer to stern which is why I was considering it!
@thumper1 I totally understand what you’re SA saying and agree. But I would never ever hope my aunt pays for it! She just makes over 400k a year so she can sign for it, that’s all! I work really hard and as many hours as I can already
@HRSMom as said before my aunt is not at risk of that because of her income and the fact that I would never let it happen. I work 20 hours a week as a waitress and will be full time when school is out, I also sell goods on the street as much as I can and I don’t buy anything new ever… I have a few back ups but I just want to go here so badly! It’s also the closet to my home for me
I do understand what you’re saying and appreciate you replying, I’m not completely whimsical and impractical lol
You may not be whimsical or impractical, but you are being a bit unrealistic.Your monthly income as a full-time waitress is likely to be about what your monthly loan payment will be when you graduate.
90% of the students who apply as internal transfers to Stern are rejected. You are thinking of betting $120,000 that 1) you will be one of the 10% and 2) you will want and get a super high-paying job straight out of Stern and 3) you will like and be able to keep that job.All three of those are harder than you might realize, making that a lot of gambling.
From your other threads, this has been a painful season for you- waitlists in particular cut deeply, b/c they are basically saying you are ‘good enough’ to attend, without actually offering you a place. With some of the names you were looking at I can see why NYU would be so much more tempting than Providence.
But $120,000 of debt is a really heavy burden, and servicing it will limit you for years to come: it will affect what jobs you can take and how you can live for 10 or more years. And you cannot know what might happen that would make it difficult or impossible to meet your loan payments.
Read some of the articles linked above. In the meantime, if you can’t get your head around Providence, considering taking a gap year and reapplying next year.
Co-signing is a very bad idea. What ends up happening is you graduate with crippling debt, which is a toxic way to start a career. If you can’t make your payments, the bank goes after your parents or Aunt. If your parents can’t afford the tuition gap, you can’t afford NYU, it’s that simple. You’ll need to find another more affordable option.