Hey CC Fam,
I got into NYU, my dream school with almost no financial aid. As a student who plans on going on to do a dual-degree program for another $150-200k, taking on another $132k (after family help) for undergrad is a terrifying prospect. I have sitting in my arsenal almost a full ride to Syracuse that leaves me only $35,000 in debt after 4 years. The issue is that the field I want to go into demands brand name education to be a competitive job applicant, that field being Corporate Law/Investment banking. I now sit here as an upper-middleclass student seriously contemplating taking an extra $100k in debt just so I can attend a school to make me competitive. To further muddy the waters, I got a federal plus loan which has a sub 5% interest rate which is incredibly good, almost tempting me to take the debt. Moreover, the money to pay this burden exists in my family and I know this debt won’t exist past 20 years. Is it worth it…?
I also got into the honors program and Discovery Florence Program at Syracuse.
You don’t want to hear what i have to say.
Corporate Law requires a law degree. Going to NYU is no better or worse than any other accredited university in getting your there. Investment banking- are you talking about after law school or right out of NYU?
If you are contemplating Stern as an undergrad not sure why you’re thinking about law school anyway. And if you’re looking at an MBA, then NYU again- no better or worse than anywhere else…
Your logic is flawed.
You will be one miserable puppy after taking on this kind of debt when you are looking at law school- where the prestige REALLY matters.
Your instincts are good. That should terrify you. You’re going to have to borrow even more money for law school.
Fugetaboutit!
Go to Syracuse, excel, get into law school. Borrow lots of money for that
I understand that I have to continue with a dual degree program to get my MBA and JD. It doesn’t change the fact that I would like to network and have more of an academic reputation behind my undergraduate degree. I also understand that law school is where the prestige matters the most, but don’t people also work while in law school? Won’t NYU provide me with countless internship opportunities and connections that put me ahead in my career?
Also, I don’t think Syracuse is a good fit, too far away from cities and too cold. I grew up in Brooklyn, I know NYU will be a place I’m comfortable in.
For admission to a top law school you need top undergraduate grades, top LSAT scores, and top recommendations, but not necessarily from a top school. Don’t be foolish. That is a ridiculous amount of debt to contemplate when you are planning on expensive professional degrees as well.
You can’t borrow $132,000 on your own. You can only borrow the standard federal loans ($5,500 freshman year, $6,500 sophomore year, $7,500 junior year, $7,500 senior year). Beyond that you need a co-signer who will continue to qualify every single year until you finish college, or you need to convince your parents to take out ginormous PLUS loans. So NYU is out.
If you really can’t envision yourself leaving the city for four years, NYU is not your only option. CUNY is still accepting applications for the fall. I expect some of the others in the area are as well.
“federal plus loan”
YOu didn’t get that. that is a loan for parents. Is that rate right?
I graduated from SU undergrad. Also have an MBA from SU. Applied and got into various law schools (Yale, BC, SU). Entered the work force instead of going to law school right away. Got a great job networking as an SU graduate. Never went back to law school because enjoyed the corporate work I was doing. I moved to NYC to “try it out” 16 years ago. Had every intention of going back home to MA after 2 years. 16 years and in still here.
SU has a very healthy, active network of graduates in metro NYC. My husband’s degree (also from SU) also opened doors in NYC for him.
You seem determined to not fully hear what people are telling you and determined to go to NYU, which seems unaffordable.
My own daughter is also going to college next year. She got into SU but was offered very little money. Despite my husband and I going there, she won’t be able to because it’s not affordable.
I’m trying to be as open-minded as possible, I just worry that Syracuse will rob me of a lot of opportunities that I could have at a school like New York University. What are the internships like at Syracuse?
NYU undergrad coasts on the reputation of its grad schools. I don’t know what you think an NYU undergraduate degree is going to do for you.
And no, you will not be working while in law school if you go to a top 14 school (the top tier). You will be busting your tush to make law review so you can get one of the prestigious jobs you want.
This is an insane amount of debt. What other options do you have if you can’t get excited about Syracuse???
None, I got into 21+ school but because of a unique financial situation, I have little financial aid and only $15,000 a year from my mom. I could go to my flagship ASU Barrett honors for free but I hate that option even more. I grew up in New York and would like to go back. I’m currently on the waitlist at Cornell but my counselor is an alum and I think I can swing an acceptance. I was very lucky with Syracuse financial aid.
If your mom can only help with 15K per year, I can’t even fathom how you’d make the numbers work with loans for NYU. You do realize that when you say you can pay off the debt after 20 years you’ll be 38 years old… do you want to be living like a student when you’re in your mid-thirties? Who is cosigning your NYU loans?
My mom is willing to cosign, she has a lot of assets and is confident in my ability to pay them back although it’s worth mentioning she would rather not cosign. I said in the original post, there is enough money in my family to pay for the tuition, I am just not receiving it yet. As morbid as it may sound, my inheritance will wipe my student loans and provide me a home.
You know NYU better because you are from NYC. The world, including all those watching basketball last night, know Syracuse.
- The plus loan is not for you, it is for your parent. It is not a sub 5% rate, it is 6.8% (i think) and a 5% origination fee. Not a bad deal, but not a good deal and certainly not great.
- NYU might be a better choice for you if you can live at home and just pay the tuition, no travel to Syracuse, get one of those great NYC internships. It's a different college experience living at home, and not always easy to network from home. Sometimes it's better to network with kids from your dorm, from your fraternity, with professors who know companies in Buffalo or Cleveland who are looking for interns.
- Go talk to your parents and see if they are willing to sign for $132k in debt. If the answer is no, your decision is made. Go Orange.
So while the loans are the burden, they are by no means going to ruin me for the rest of my life.
I can’t figure out how NYU would be better for a pre-law student than Syracuse. How would it be???
@twoinanddone I live in Arizona now so I would be staying in dorms either way. I just checked the interest rate, you were correct it is 6.8%, I was looking at the wrong number earlier. It seems like I’m going to Syracuse unless Cornell blesses me off the waitlist.
Are you nuts, that’s a great option.
NYU is not a realistic option. You are going to bankrupt yourself and your mother with this approach. Have you thought of a country where you can both live where the debt collectors won’t be able to attach your paycheck? Because the United States won’t be an option with $132,000 in undergrad loans and $200,000 in law school loans.
You will be written up as a case study in the bankruptcy law textbooks.
Get your BS, go to a great law school, and move back to NY when you can make some money.