<p>I was accepted into LSP at NYU. I have been wanting to go to NYU for many a year now, and, though it was slightly disappointing to be semi-rejected from CAS, I was nevertheless satisfied with my acceptance into said program.
However, after extensive research on CC and other sites, I realize that affording to go here is not pragmatic. I have yet to receive my financial package (of course), but I have a feeling that it's not going to be a favorable one. My single parent makes less than 50,000, and that's, what, a year's worth? I can't imagine being over 200,000 in debt by the time I graduate (not even considering graduate school).
This all said, I'm wondering two things:
1) though this is arbitrary, is it worth the debt? If I worked all four years, how much might I be able to reduce my debt? In your opinion, is it at all practical?
2) [the more important and answerable question] Should I consider attending, say, CUNY City College instead? Is it too late to apply (Fall 2010)?
Any helpful feedback would be appreciated.</p>
<p>NYU is, from what I’ve heard, quite stingy with financial aid. You might be better off with CUNY or a state school (cheaper).</p>
<p>wait and see what your financial aid package is. Did you apply to any back up schools?</p>
<p>A good thing to do is to go to a CUNY or SUNY or community college for 2 yrs, do great, and transfer to another school. Much less debt.</p>
<p>First off, congratulations on your acceptance! You obviously worked hard in HS and must have an impressive record to be deserving of admission to NYU. :)</p>
<p>You definitely need to wait on your FA package to make your final decision but here are some things for you to consider. Your single parent is not likely to be able to contribute much to your education and so it will be up to you since it is unlikely that NYU will meet all of your needs. Is it worth the debt? Well it probably depends on how much debt and only you can decide but it WILL have a DRAMATIC impact on your life post graduation as you could be paying it off FOR YEARS. In fact, consider that you just might be paying as much or more per month in student loans as you will in rent for 10-20 years. Yes, look at your projected starting salary but then consider how many grads are actually employed in their chosen field and how many struggle to find employment. I would suggest that you DO NOT take on significant UG debt if you plan to attend grad school because unless you win the lottery you could be living with your single parent (if he/she will have you) for the rest of your life!</p>
<p>Given the above, you absolutely should consider attending a CUNY or SUNY or CC for two years. You probably should have already applied as a financial safety option but if you didn’t it’s time to take immediate action. Can you still apply to CUNY City College? Idk but I’m sure you are smart enough to research it ASAP and find out about their admissions deadlines. </p>
<p>I think that it will be very hard for a student of your caliber to turn down NYU for a CUNY, SUNY or CC but in the long term plan for your life that may be your best option and you would not be alone in doing it.</p>
<p>Good luck to you with your decision!</p>
<p>Yeah, I think the best idea is to wait for your financial aid package… I hate to say it, but most likely, you simply cannot afford NYU. To have so much in loans is simply unrealistic. I’m almost in the same boat as you; unless NYU gives me a pretty good aid package, I won’t be able to go there. Hopefully you have some other schools you got accepted to that you wouldn’t mind going to! Listen, NYU is great, it’s my dream school too, but $200,000 debt is just insane.</p>
<p>I have to say that I think NY should probably NOT be considered. I KNOW how hard those words are to take. They’re what we’re saying in our household too…and let’s just say I (also a single parent) make a lot more money than your household. AND…even with w BIG scholarship…I still don’t think we can afford it. You have to make smart decisions. In ANY economy…nearly a quarter of a million dollars debt is just - OUTLANDISH. Far, far beyond what anyone out of college can reasonably repay. In THIS economy…pure folly. Sorry if that sounds like tough love. But…kids can’t really KNOW how much money that is. Example…you asked about working some of the debt off, right? Realize most work study is…what?..$2000-$3000? Out of $58,000 cost of attendance? Tiny little drop in the bucket. You could work all summer long too…and still not come CLOSE to paying much of this. </p>
<p>My HOME costs this much. $200,000 at 6.xx (?) gives you a payment of about $1300 ish per month…for 30 YEARS!!! </p>
<p>Let’s say you come out of school and are lucky enough to get a job. You are paid…$45,000 if you’re VERY lucky. If you are in a 25% tax bracket, you take home $2800 per month. Less $1300 for that loan (and I have no CLUE what your interest rate would be…or for how long you can finance)…that leaves $1500 month. RENT alone is…$700-$2500 depending on where you live. The other NECESSITIES of food, car, etc - eat up your entire check. For 30 YEARS! This is really just NOT feasible. No savings, no emergency fund, no car, no clothes, not to mention all the “little” things you don’t even think of (birthdays, dry cleaning, etc.). </p>
<p>There is just SO much that kids don’t think about - I’m GLAD you’re asking this question.</p>
<p>You don’t know how much I appreciate all of this feedback!
I’m definitely going to take all of this into serious consideration. It seems my mother is somewhat oblivious - I am very happy that she’s so supportive in my going to NYU, but I don’t think she understands the financial reality of the situation; she seems to think I can go without question.
Anywho, just as a side, would it be economically advantageous to live off-campus, say, the last three years with one or two others who are in similar positions as I (of course, not right in Manhattan, where apartments are absurdly priced)?</p>
<p>Sousa,</p>
<p>I’m not sure that living in other boroughs would make that much difference financially. Manhattan is very expensive but living elsewhere in NYC is not likely to save you more than a few thousand. Remember the kids get a break from market rates by renting from the school.</p>
<p>Even for purposes of discussion, say you save $10,000 from the annual bill (highly unlikely unless you are a commuter); the annual bill will still be around $40,000. Total for 4 years = approx. $160,000, still a hefty bill. The suggestion to go to cuny or suny (and the transfer, if possible, into NYU) sound like the way to go, when one (or one’s family) has limited financial resources.</p>
<p>I’ve read some kids say they saved a tiny bit by living off campus, but nothing compared to the total cost. The tuition alone is $39,000!!! Kids do it more to obtain freedom from dorm rules - not to save a measurable amount of money. </p>
<p>I am also a single parent, and I “take home” LESS than the estimated cost of attendance at NYU. But I also have some business income. I told my daughter she couldn’t even CONSIDER NYU unless she gets one of the biggest schollies (presidential or dean). </p>
<p>It’s sad. I feel like a failure. Like you - she BLEEDS purple. BUT…it’s simply NOT something I can afford. We also can’t spend a month in Australia or drive a BMW or carry $1000 purses or wear designer fashions. TOO many in this country are living beyond their means…and THAT is why the banks are in trouble - CREDIT. Specifically…credit for people who shouldn’t have credit, and for things that shouldn’t be bought on credit.</p>
<p>I know, for my daughter, we’ve looked into “low cost triples” housing…but I don’t think you’re guaranteed to get one…and I’ve heard lots of very bad stories where something that should have been the time of your life turned into a nightmare. Trying to be and RA is something my D is also thinking about. BUT, you’d never know until you’d already paid your first year or two and decided on that college, and I imagine it’s hard to get to be an RA too. Even working during school and/or during the summer isn’t going to help much. </p>
<p>I FEEL for you. This is a bittersweet time, isn’t it? Getting to spread your wings and learn and be free…BUT…you’ve GOT to select the option that you can afford.</p>
<p>I myself was orphaned when I was 5. Never had a dime. Didn’t get to go to college. Today…there are SO many options! Find (another) one that “fits”! as best it can…both your desire AND your budget…and go for it. Get your education…just not an overpriced one. I myself learned EVERYTHING I know about college from reading college confidential. Maybe you can entice your Mum to get online! </p>
<p>LUCK!!!</p>
<p>(sorry for typos…I’m in a hurry right now)</p>
<p>CUNY is steadily working its way to the top of my likely-to-attend schools - for which, I express my thanks to you.
The most important reason I am wanting to go to NYU - aside from all the typical, teenage-fantasizing reasons - is because I want to go a reputable graduate school, and I feel that if I choose to go to CUNY instead of NYU, the most acclaimed school I have been accepted into, my chances of acceptance into a reputable grad school will diminish greatly. Surely a four-year student stands superior to that of a transfer, no?
Anywho… I can only hope for the best. All I know for certain is that I <em>must</em> go East. Where I go there is, as has become apparent, dependent upon these aforementioned factors.
Thank y’ much again, all!</p>
<p>I can’t answer you about grad school and a transfer situation. My own daughter, who seems to be in a similar shape to you - ALSO wants grad school, and REALLY wants “east” as well. Like you she/we is/are torn.</p>
<p>One wants to pay less for undergrad so you have money for grad, where schollies are few and far between. BUT…paying less usually means a “lesser” school…and she/you want “reputable” grad schools. So you might have the MONEY to go, but not the undergrad degree that would be looked on as favorably by the elite grad school. It’s truly a catch-22. I wish you both a lot of luck in your decisions! I know that MOST of the advice I’ve read on CC is to get your undergrad wherever you can (you know, though…state Uni, not community college)…get GREAT grades (I’m reading grades are THE biggest thing, not NECESSARILY where you attended). But…we all know it’s a delicate dance. LUCK to you.</p>
<p>By the way…just as an aside re: living off campus - my neice lives in Manhattan. So my sister just bought a “ROOM”. Murphy bed plus an area they hope to remodel so they can fit a full size fridge. Half a million dollars. Yup. “Location, location, location”.</p>
<p>The best advice I can give is that if you plan to go to a prestigious grad school, then don’t spend alot for undergrad. Grades and research are the most important factors for grad school and you certainly don’t want to be in a lot of debt before you get started.</p>
<p>I was talking to my Calc BC teacher yesterday about affording college and he told me to not limit my options based money. I can’t really afford any college since my single parent is unemployed and hasn’t been able to find a job since this time 2008. However, my teacher told me you can just take loans from the federal government that will only need to be paid back at miniscule amounts per month (he said 50 bucks) and if they see you having a hard time they will just forgive the loan and ask for a dime on the dollar.</p>
<p>Look here is the website:
[Direct</a> Loan Repayment Plans](<a href=“http://www2.ed.gov/offices/OSFAP/DirectLoan/RepayCalc/dlindex2.html]Direct”>http://www2.ed.gov/offices/OSFAP/DirectLoan/RepayCalc/dlindex2.html)</p>
<p>Please don’t limit yourself, take federal loans, the government wants you to go to college and they have the ability to loan you money and not care too much about how much you can repay.</p>
<p>@cowman809 and any other student considering taking on excessive student loan debt</p>
<p>First, you have NO concept of what this will do to your life! And there is absolutely NO WAY your monthly payment will be $50 on a $160,000-200,000 loan assuming you can even qualify to borrow that much. You may start out with a relatively small (several hundred at least) monthly payment but it WILL rise dramatically over time, you will be paying it back forever and it will prevent you from doing many things. Consider your student loan payments a second rent for years to come. Why rent? Because you won’t be able to buy. You might not even be able to rent.</p>
<p>Second, I find it hard to believe that a teacher would encourage someone to borrow and not worry about repayment. The government may settle for a dime on a dollar or forgive student loans that a borrower cannot repay but if you default on your student loans you WILL ruin your credit. DON’T DO IT!!!</p>
<p>And copied from <a href=“http://www.finaid.org/loans/default.phtml[/url]”>http://www.finaid.org/loans/default.phtml</a> “Note that student loans are now generally not dischargeable through bankruptcy. It is fairly difficult to satisfy the requirements for an undue hardship petition, which generally requires demonstrating that you made a good faith effort to repay the debt, that you will not be able to maintain a minimal standard of living and still repay the debt (usually using the lowest monthly payment under any of the repayment plans, typically income-contiengent or income-based repayment), and that the conditions that prevent you from repaying the debt will likely persist for most of the full term of the loan. Even if you satisfy the requirements of an undue hardship discharge, often this will result in just a partial discharge of the debt.” </p>
<p>My BIL defaulted on his student loans and had great difficulty getting a car loan and a mortgage. He has always been hit with ridiculous interest rates because he is a high credit risk. Sadly, he has yet to learn not to borrow money for things he cannot really afford…the car was repossesed and the house is in foreclosure. But part of the problem was the crazy amount of interest he was being charged for the privilege of borrowing the money. And then guess what happened? The already high interest rates on his remaining credit cards were raised to the maximum allowed by law making it even harder for him to get out of debt. Keep in mind that credit checks will be done by all your potential employers and landlords. Your interest rates and insurance rates will also depend on your credit score and that is if you can even find someone willing to take the risks.</p>
<p>Honestly, if your parents are not willing or able to foot the bill for the majority of the cost of an NYU education, and you don’t come up with some serious scholarship money, you really need to consider other options. Go to college, yes, but find one with a lower price tag. Sorry, but the Rolling Stones said it best…you can’t always get what you want.</p>
<p>Federal loans are in limited amounts of money. Hardly enough to cover the cost of college.</p>
<p>Still doesn’t mean you should max out fed or private student loans and not worry about repayment.</p>
<p>To late to add/edit:</p>
<p>Here’s what I’m certain of. Twenty years ago H borrowed $60,000 for higher education and “only” had to pay back $40,000 thanks to a gift from my parents. It took 14 years and the final payments for the last few years were over $1000. You know what they say about payback! :)</p>