<p>Video</a> - Breaking News Videos from CNN.com</p>
<p>Really kind of scary.</p>
<p>It is scary, but it said under the video that he took out 275.000 dollars in loans. That means he had full cost loans taken out for all four years. That is crazy, or just plain dumb.</p>
<p>I hope this article embarasses NYU.</p>
<p>shocking and disgusting</p>
<p>NYU will take whatever money you give them. I guess they feel no responsiblilty in this. But it is morally and ethically wrong to allow a student to take on this debt. They know where their money is coming from.</p>
<p>Where were his parents? A 17 or 18 year old should not be allowed to sign on for $50K+/year debt, no matter how prestigious the school or program. Even with a degree from NYU Stern—or Harvard, Yale, or Princeton for that matter—there are no guarantees that you will find employment, much less find the kind that pays enough to allow for repayment of that level of debt. He must have had a very high EFC and not qualified for any grant aid or scholarships. Did his family not contribute at all? Did he take more than 4 years to graduate? Did he take out the maximum loans and use the money for other purposes? It’s hard to fathom how he could have needed $275,000 in loans for an undergraduate degree.
While I feel terrible for him, he did freely choose to take out the loans. Is NYU financial aid bad/terrible/stingy/etc.? Absolutely. Do they make it clear up front that they do not meet full need. Yes they do. Is his situation NYU’s fault? Clearly not.</p>
<p>While yes NYU is ridiculously expensive, it’s not just them. College tuition has risen every year and NYU’s tuition is on par with other top tier schools. The cost of living is what sets it apart. This person’s situation however is his own fault. Before even watching the video, someone wouldn’t even need knowledge of finances to know that this was not a sensible decision. A full scholarship or $275,000 in debt? Are you kidding me? Then to see that he was a business student…lol.</p>
<p>While tragic, I believe the situation is more complicated than it seems. Given NYU’s bad financial aid, I wouldn’t be surprised if his EFC was close to 0, and he was still expected to take out the full amount in loans every year. His decision to attend NYU Stern over the other school on full scholarship <em>may</em> have been somewhat justifiable at the time (depends on his interests and the caliber of the other school), given that the economy was doing alright at the time and finance job openings were probably good. But as the video notes, the recession caused him to lose his then job. He probably expected a big fat salary, but the recession screwed him over - as it did for many.</p>
<p>Why did his parents let him take out this much money in loans?</p>
<p>I thought kids who graduate from NYU Stern become super rich avg salary $60,000?</p>
<p>or maybe he was just unlucky that he graduated right in the middle of a recession in 2008? LOOL</p>
<p>Everybody thinks this is “shocking and disgusting.” </p>
<p>…I find it a little funny that a student from Stern who is supposedly “good” at finances and investments would take out a 50K/year loan. Look at the irony LOL!</p>
<p>^ Not ironical at all, I meet so many pretentious morons from Stern who take out a stupid amount of loans and then excuse it by saying “Well I’m in STERN you know, it’s the best school ever, we all become ibankers after we graduate so it’s an INVESTMENT blahblah…” :rolleyes: </p>
<p>I see it on this board, too - posts by HS kids talking about how they’re taking out $100k in loans to attend NYU. And I always see NYU students/parents try to talk them out of it but it never works. </p>
<p>I agree with CASmom and Milkandsugar - NYU should be embarrassed that we are consistently ranked #1 for Worst Financial Aid and little else. The administration quite honestly doesn’t care and JSex is probably laughing all the way to the bank at this guy.</p>
<p>is this how most Stern graduates end up nowadays - living in a gas station and begging for a decent job? Or is this case a minority?</p>
<p>I’ve always heard that Stern guarantees a job - maybe not always a front - office spectacular one that can pay off $300,000 debt but a job nevertheless. Is this the reality of the Stern diploma or is this case just a minority?</p>
<p>NYU’s Wasserman Center for Career Development researches each graduating class as to whether they were able to land jobs and how far after graduation did they get them and it is pretty impressive.</p>
<p>I really don’t understand why this guy is in the situation he is in. Either he is not motivated enough or there are some other factors we are not aware of.
[Study</a> shows NYU grads finding work - Crain’s New York Business](<a href=“http://www.crainsnewyork.com/article/20100209/FREE/100209876#]Study”>http://www.crainsnewyork.com/article/20100209/FREE/100209876#)</p>
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<p>nalakc92: He graduated in spring of 2008 and did get a job straight out of school. Unfortunately, he lost his job not long after when the financial system went into meltdown mode as a result of the mortgage/derivatives crisis. There are a lot fewer jobs in the financial services sector these days and it seems unlikely that there will be a return to previous levels in the near term, if ever. If my son/daughter were entering Stern this fall I would encourage them to focus on an area other than i-banking. In a tough economy top notch management, marketing, and accounting are more important than ever.</p>
<p>Dang… Thanks for your input CASmom</p>
<p>Sadly, the only field where Stern actually stands “prestigious” and “competitive” is finance - the exact sector that is declining…</p>
<p>I guess we’re just gonna get screwed over…</p>
<p>I think on the video it says the total loan payment is $275,000 which means including interest. If you do the reverese and assume an average interest rate for 20 or 10 years. The loan amount is only $150,000 to $200,000. From reading some typical offer from NYU students, yearly total loan of $45,000 range is very common regardless of EFC for someone who don’t get good scholarship.
I think I also understand why some of my parent friend don’t want to finance their kids to NYU and instead send them to State schoold such as Rutgers. This makes absolute sense for Non-Sterners and may or may not make sense for Stern.
My real question is why would kids or parents still apply to NYU (especially non-Stern) when they know they mostly will not go and settle for their safety or State school. When this happens, it is the kids who suffer because they know they can get into a better school but they are not because the family cannot afford. I have seen many of these examples and I can tell the kids feel sour!</p>
<p>njparent123: You are correct. In reviewing the segment I see that the reporter makes clear that the $275,000 is “…what Ryan took out in student loans for four years at his university, plus interest”. That does indeed make mathematical sense.
As for your other question, I can’t speak for other parents but there is no way we would have allowed either of our children to incur debt for college. We have been saving for college since before they were born and were willing to live below our means in order to save enough to allow them to attend the schools of their choice. We would not have allowed our daughter to apply to NYU if we had not been able to pay for it without incurring debt, though I have to say we were pretty disappointed in the tiny merit scholarship she received despite excellent stats. I have to admit that we were horrified at the sticker price of many of the schools she was considering, especially since we are middle class and knew we wouldn’t qualify for need-based aid. But NYU was her top choice school and after visiting and thoroughly investigating her intended academic program we had to agree that it was a perfect fit for her. So I guess it depends on your priorities/values combined with the quality/fit of your in-state choices. Not everyone lives in a state with top-notch public universities. Also, many people are much less debt averse and see schools like NYU as an investment worth taking out gargantuan loans for. I just can’t imagine anyone allowing their child to assume the responsibility for that kind of debt.</p>
<p>Everytime I see these videos I get freaked out… Lol.
I’m taking out student loans for NYU, but not this much… not even close! But when I graduate, my parents and I will BOTH be contributing toward my debt, so I will not be left to foot the bill. </p>
<p>If I look down the road next year and see that I can’t make it work, I’ll def transfer to a cheaper Manhattan school my sophomore year.</p>