<p>I applied to NYU early decision, thinking I didn't have a snowball's chance in hell of getting in (I know, I know, I'm a colossal idiot for doing this), and yet somehow, I did. My EFC is 12000, and I received about 10 grand in scholarships/aid from the school/government, but I'm lost as to how to pay for the 35 grand-ish that remains. I filed an appeal a couple of days ago to receive more aid, but I'm not holding my breath for anything more than a thousand bucks, if that. I'm ready to take out any amount of loans needed even though I don't think my family probably will qualify for them, but is it adviceable to do so? Taking that much money for a loan, I mean.</p>
<p>Well, caught between a rock and a hard place anyway. $35K per year is a brutal amount in loans to even consider. And if your family won’t qualify, there’s just no way. NYU is notorious for this type of package, so I think you’re correct in not expecting much from an appeal. Do you have any other options?</p>
<p>That would be an appalling amount of debt to graduate with. $35k year would mean a debt of $140,000 (assuming you are paying the interest as you go along) at the end of 4 years. The monthly payments on a $140,000 loan at 8% would be @ $1700 a month every month for 10 years. That will severely restrict your options for several years. If you are not able to pay the interest on the loan as you go along then the debt will grow to over $170,000 by the end of 4 years which would mean monthly payments of over $2,000 a month. Every month. For 10 years. It is a terrible idea to take out that much in loans. </p>
<p>Are you likely to be in a job straight out of college that will enable you to pay $1700-$2000 a month in loan payments in addition to rent, food and other living expenses.</p>
<p>Good luck with your appeal. I hope it works out for you. If it does not I hope you will not even consider taking out such enormous loans.</p>
<p>You will just have to take a lot of loans. Had you looked into NYU prior to applying, you would have known that they are a loan school and you’re pretty much on your own.</p>
<p>But get a summer job and do what you can.</p>
<p>@ hmom- my only other option is community college at this point. I did apply to one other university, Pace, and they generously offered me 17 grand per year, but since I applied ED to NYU I don’t think they can/will let me go. Even if they did, it would still be about 20 K to pay, and it would be for a school that I didn’t absolutely love, and I’m not sure if it’s worth it for a school I’m not head-over-heels in love with, like I am with NYU.</p>
<p>@swimcatsmom wow thank you so much for doing that math! Ive been researching this whole loan business for a couple of months and I hadnt been able to calculate just how much I would have to pay in the future, so thank you for that. And no, I’m not likely to get a job that can pay that much. I’m majoring in acting. So unless I get UNBELIEVEABLY lucky and get offered something high paying like a movie or a broadway gig during/right after college, my paycheck will be miserable. I’m ok with that, though.</p>
<p>@SusieBra- Yes, I had looked into it, but to be perfectly honest, I really really really didnt think I was going to get in. I didn’t even get to audition in person; I had to send a videotaped audition, which I knew was going to make it even harder to get in. I thought I would get rejected, go to a cheap state school for a year, then apply to NYU again as a transfer. I figured I would have a better shot of getting in as a transfer since they would see that I applied the previous year as an ED candidate. That was my plan. But, my oh my, life has its way of surprising you.</p>
<p>
[NYU</a> > Undergraduate Admissions > Applying for Admission > Freshman Applicants > Early Decision For Me](<a href=“How to Apply”>How to Apply)</p>
<p>NYU’s ED agreement has no out for FA reasons.</p>
<p>Bondgirl, Didn’t you pull your app for Pace once you found out you were accepted to NYU in December? Did you get your scholarship offer from Pace before that?</p>
<p>$35,000 is too much to take out in loans each year. As an actor, there is always the CHANCE that you’ll score big, become famous, and pay it off instantly. But (not to be cynical), it’s not a very good chance. You could do very well on a local level or in minor productions, but the fact remains that you will have over $100,000 in debt to pay, not including living expenses after you graduate.</p>
<p>I’d say, if there’s anyway you can get out of the bind, jump at it. Otherwise, you’re best option would be to start making money as quickly as you can, even if it’s only little amounts here or there. Search for all the tiny merit scholarships on line. Get a part time job as soon as possible. For your birthday/Christmas/graduation (whatever you celebrate), ask for things you need for your dorm room so you can save money. Buy the cheap soap. Little things add up.</p>
<p>Hope things work out for you!</p>
<p>Of course she can get out. Maybe not to go to Pace, which she realizes (not worth the loans BTW) which she understands, but certainly to go to community college.</p>
<p>Definitely don’t go to NYU. I suggest you either take a gap-year (or half-year), and reapply at some of the state U’s with good theater programs.</p>
<p>@ Erin’s dad- The fin aid. letter came in just a few weeks after my NYU acceptance letter. I sent them an email and informed them over telephone, but I don’t think they processed it, because last week I got the full fin. aid package, and I still get letters from them and stuff.</p>
<p>@DefyLegacy- Thank you for the advice 
Lol, don’t worry, you weren’t being cynical. </p>
<p>@anxiousmom- the thing is I already took a year off 
I’m so ready to get started, ya know?</p>
<p>Thank you so, so much for the advice, everyone. I’m starting two jobs soon, I’m cutting off any unnecessary things, and my mom says she will have 8000 by the end of the summer, so while it wont be a lot, it will be something. My parents just really, really want me to go and theyre willing to help me pay of my loans after college, it’s just that…I dunno. They already do so much for me; it makes me wanna cry when I think about all that they’ll be sacrificing. I’m still not sure if I’m still going to go…at least not for all four years.</p>
<p>Bondgirl, my husband is an actor. Not a famous actor, just a working actor. He has been fortunate in that he hasn’t had to do any other kind of work since getting out of grad school 30 years ago. He’s managed to support a family (modestly) as an actor. If you averaged out what he’s made annually over many years it probably looks something like an experienced school teacher’s salary.</p>
<p>He’s known countless actors, of course. A few have hit the jackpot money-wise. Quite a few more have had decent, mostly consistent, middlin’ incomes, but wonderful creative lives. The VAST majority move on to other lines of work due to practical necessity. But here’s the thing… it doesn’t seem to make a single bit of difference where they went to college. My husband graduated from undergrad and grad theater programs in state universities. He has friends who studied at Julliard, Yale, and Northwestern who can’t get cast to save their lives.</p>
<p>I wouldn’t give NYU one second’s thought for all that it will cost you and your parents. It’s not such a highly regarded school to begin with, but at that cost… no way. The best place to study theater is in the provinces, so to speak. At excellent programs, with excellent faculty, far from from the commerical influences on theater/film that premeates NY and LA. Those are places to move to <em>after</em> you’ve developed your craft, gained crucial experience, and been around the block a bit.</p>
<p>If it were me, I’d ask them for a defferal in admission for a year, which they should have no issues with. I’d work my A@@ off for a gap year and try to line up some financing and apply for every grant/scholarship etc known to man.</p>
<p>Bondgirl, I understand your temptation to get on with college and take this nice opportunity. But the loans you are talking about for a would be actor are just plain nuts.</p>
<p>You said in the original post that your parents probably wouldn’t qualify for the loans. Is this because they are not financial realists and have taken on too much debt already? I know like all parent’s they want the best for you, but encouraging this debt makes me wonder about their ability to be financially realistic. Is the $8K your mom will have on top of the $12K EFC and will she continue to have money to give you for all 4 years without any doubt?</p>
<p>Look at their situation, can they really afford to help with huge debt while responsibly saving for their own retirement?</p>
<p>Here’s an article that hopefully you will not be a candidate for the update in 4 years, and the job market for actors is always grim:</p>
<p><a href=“http://www.nytimes.com/2009/04/18/your-money/student-loans/18student.html?hp[/url]”>http://www.nytimes.com/2009/04/18/your-money/student-loans/18student.html?hp</a></p>
<p>bondgirl – tell NYU you can’t afford to come and bow out. It’s not worth it. Take a year off, go to CC, audition for as many theatrical productions as you can (you’ll get real world, practical experience - and who knows, you might get lucky). If you are a NY resident, try to get into SUNY Purchase next year - that will be a lot more affordable. </p>
<p>If you really want to be an actor, then taking on debt will destroy your dreams – because you will have to get a regular day job to pay all your bills, and you won’t have the freedom to quit work to take a part that is offered to you, or to get flexible hours that allow you to attend auditions and rehearsals.</p>
<p>“NYU’s ED agreement has no out for FA reasons.”</p>
<p>Because NYU accepts the Common Application, the out is there:
<a href=“https://www.commonapp.org/CommonApp/DownloadForms.aspx[/url]”>https://www.commonapp.org/CommonApp/DownloadForms.aspx</a></p>
<p>No school can or will try to force you to attend if you can’t pay the bill!</p>
<p>Ask for deferred admission. This is common and they should have no problem. That gives you a year to sort yourself out. You buy a year at no cost as opposed to throwing away the opportunity now. You can always do that in a year if they say yes.</p>