<p>I just received my appealed financial aid package from NYU Tisch ($58,226 total cost) and am still a little concerned about these loans...mainly the PLUS loan my mom will have to take out. I'll be applying for outside scholarships to cover her loans, but does anyone have any idea about how long it will take to pay these loans off? (Oh, my EFC from the FAFSA was $0.)</p>
<p>I'm just a little concerned as to whether or not my mom will actually be approved for that loan. Is NYU even worth taking out those loans? I'm trying my best applying for as many scholarships as possible to elliminate my mom's loan portion. Thanks for any help offered!</p>
<p>Student loans are somewhat okay if you can re-pay it in the future on time. They actually apply towards your credit report so it’s good, assuming you re-pay it on time. Your mother will probably have no trouble unless her credit score is bad. </p>
<p>I am relying on external scholarships entirely but my family can pay the tuition if necessary.</p>
<p>I believe you received a very good package. I have seen others with 0 EFC receive way less. If your mom can take out those plus loans that would be good. She can elect not to pay back until you are out of college as long as you maintain 12 credits a semester. By then you might be able to help her pay them back when you start working. You have to see what is going to work for you and your mom. The plus loans are a very good option. You can also try to outside scholarships to ease some of the load. Good luck.</p>
<p>see if you can get some of that Plus loan turned into a Perkins loan. Lower interest and it doesn’t accrue while you are in school (PLUS interest starts accruing immediately). Also if your Mom is turned down for a PLUS, you are eligible for 4K more in unsubsidized stafford (although if she is turned down, you still have a gap to fill)</p>
<p>Milkandsugar: I didn’t know that you can elect to hold off payment on PLUS loans until after graduation. I will definitely have to call to confirm, but does anyone else know about this as well? When I called NYU to appeal two weeks ago, the interest rates sounded so daunting–8.5%…yikes!</p>
<p>RedOktober: My previous FA offer was as follows (well, a short version):
-There was originially no “Dean’s Grant”
-My “Expected Pell Grant” totaled $5,350 (It was reduced to $4,900 in the appealed version.)
-And the “Suggested PLUS Loan” was $10,626</p>
<p>Sueinphilly: I will definitely consider turning the PLUS into Perkins. It’s just unfortunate that we’re only given one month to make such life-changing decisions (to borrow or not to borrow…NYU or someplace much cheaper). Do you happen to know the difference between the subsidized loan and the unsubsidized loan?</p>
<p>The interest on subsidized Stafford loans is paid for you by the federal government while you’re in school. The interest on unsubsidized Stafford loans accrues - the federal government does NOT pay it for you while you’re in school.</p>
<p>you are NOT guaranteed to be able to get a Perkins loan and perhaps they didn’t offer it to you because of the significant grants and scholarship.</p>
<p>But you can ASK, the worst they can say is No. I think the max NYU gives for Perkins is 2400 (at least that’s what they told me). Also, if can’t get the Plus, you’ll get more in unsubsidized Stafford (4K). You should TRY to pay the interest on any unsubsized loans (part of stafford and possibly the Plus loan if you get it). You don’t want to be accruing interest on interest for 4 years. that will REALLY inflate the amount you end up owing.</p>
<p>there are good loan calculators on [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.org%5DFinAid”>http://www.finaid.org)</p>
<p>for 2009, students can earn about 5000k in NON work study income before it starts affecting the EFC for next year. NO work study income is counted against you on the fafsa towards EFC.</p>
<p>Thanks for the advice, everyone! This is just way to much to handle to tell you the truth. The more and more I keep thinking about it, the more and more I’m starting to look at schools that aren’t asking me to take out loans. When I talked to the NYU financial aid guy about my other options he said, “good luck and it’s good that you have other options in case NYU does not work out.” And, yes Bondgirl0409, all you have to do is call the FA office and ask for an appeal…no extra paperwork or anything. Good luck!</p>