<p>Is it low? High? What am I looking at? What can I expect to change?</p>
<p>Provost Grant 4,000
Tisch Scholarship 12,000
J. Eckhouse Scholarship 4,000
University Grant 1,590
Expected ACG Grant 750
Expected Pell Grant 1,200
Federal Work-
Student Eligibility 4,000
Expected Perkins Loan 2,400
Direct Stafford Loan 3,500
Direct Unsubsidized Loan 2,000
Direct PLUS Loan 22,715</p>
<p>Total Awards 58,155</p>
<p>Thanks for the comments!</p>
<p>Is that your award package from NYU? </p>
<p>That’s a lot in loans! That’s about $31k per year in loans!!! That is tooooo much for undergrad!</p>
<p>What is your intended career? </p>
<p>How much do you expect to be earning during the early years of your career?</p>
<p>Actor;
So expected income for early years of career. . . very little.</p>
<p>:)</p>
<p>If you have to borrow $31k per year for 4 years, you will have borrowed $124k. Your monthly payments will be about…$1500 per month.</p>
<p>So, if you’re a “starving actor” for (a minimum of) a few years after you graduate, how will you make those payments while also having to pay for your living expenses? And, what if you never “make it” as an actor or never make a good regular income?</p>
<p>NYU is just not affordable. :(</p>
<p>Where else have you applied to?</p>
<p>That’s a horrible aid package. $31 k in loans will result in a staggering amount of debt. The average U.S. college student takes out a total of $17 k in loans to pay for 4 years of college. You’re looking at at least 124 k in loans for 4 years of college.</p>
<p>NYU is known for being stingy with aid, and your aid package is an example of this. My advice is to forget about NYU and consider more generous schools.</p>
<p>The PLUS loan is offered to bridge any gap in the aid package + to cover the EFC. We do that, too. The problem here, though, is that there is a Pell grant … which means that the family has a low EFC. Warning sirens are going off!!</p>
<p>Here is the reality: The free money totals $23,540. The student loans total $7900. Together, the aid that is guaranteed to you & that can be deducted from your bill is $31,440. If you can get a work study job, you’ll have the opportunity to earn money that will help with your spending money while in school (and maybe allow you to save for future costs, like books for the following term). </p>
<p>Now add up the direct costs for tuition, room, board, and fees. Add in money for books for fall semester (unless you have money saved that can be used to pay for books). This is the money you will need for the first year.</p>
<p>Deduct $31,440 from the amount above.</p>
<p>The difference is the money you will need to borrow that is NOT guaranteed. Your parents could apply for a PLUS loan if they choose to do so. The VERY important thing to know about this is that they may be turned down. If they are turned down, you will be eligible to borrow another $4000 in unsubsidized Stafford student loan for the year. That is IT … no more guaranteed money (and that brings your first year loan total to $11,900). You could try to get a private educational loan … but I would not recommend borrowing that much.</p>
<p>Can your family help you? Do they have the amount needed to pay for what aid will not cover? If not, please consider your options.</p>
<p>^^</p>
<p>The OP is going to study to be an actor. How much do actors typically earn the first few years after graduating? I would guess not enough to even pay back just Stafford loans. </p>
<p>And, I agree. A student with a low EFC (Pell qualified) likely does not have parents who can do $80k+ in Plus loans needed for undergrad. This sounds like an “admit/deny” situation. Here’s a student who was admitted, but was given a ridiculous FA package which he’ll be forced to deny.</p>
<p>What other schools did you apply to?</p>
<p>NYU does not EVEN try to say they’ll “meet need”. They have very little merit aid as well.</p>