<p>Alright, I was accepted to NYU a week or so ago but if I were to attend I would rack up about $125,000 in debt when I graduated, which would be a cost of about $1400 a month for like a decade. I have wanted to go to school there since sixth grade, I love New York City plus their Div. III sports allow me to run cross country and track for them which I love. I want to know if it is worth it to go there or not. I have also been accepted to Mich St, Penn st, pitt, Cincinnati, Minnesota, Denison, Depaul and I am waiting on Colgate and Rochester. This is a real dilemma for me.</p>
<p>I’ve run for six years and been to the state meet, thats why I put that.</p>
<p>probably not = / you could make an argument if you got into Stern but even that wouldn’t compare to that much debt. Try the SUNY schools.</p>
<p>Also if you applied ED aren’t you already locked in?</p>
<p>125k in debt will be crippling. This is the sort of economy where you can’t count on having any job straight out of college, let alone a high enough paying job to be able to pay off that debt on top of living costs. All of the schools you’ve been accepted to are good schools. You’re about to enter the adult world, and while I’m sure NYU is a cool place, the adult decision is to say no.</p>
<p>Yes, the cost of attending in your case is definitely outweighing educational gains. You have several great, cheaper schools on your list (Pitt stands out to me, but I’m not sure it’s exactly what you’re looking for). No school is worth going into that much debt.</p>
<p>The only binding part of ED is having to put an $800 deposit in by JAN. 1st</p>
<p>Cincinnati is 20k a year total. How much debt would you take on if you went there? Is NYU giving you financial aid?</p>
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<p>I don’t believe that is correct. If it is a standard ED agreement and you have been accepted, you have committed to a) withdrawing all other applications, and b) attending NYU. This is a legally binding agreement and while schools have been known to release students from the agreement if they can prove extreme financial hardship, I don’t think $125,000 in loans would qualify. I suggest you review the ED agreement you signed. I find it unlikely that your only requirement is a non-refundable $800.</p>
<p>but if I were to attend I would rack up about $125,000 in debt when I graduated, which would be a cost of about $1400 a month for like a decade.</p>
<p>No undergrad is worth that much debt. Not even Harvard. That kind of debt would be strangling on your future life. Believe me, there are many other schools that will properly educate you in your chosen major that won’t leave you in that kind of debt. :)</p>
<p>YOU ARE NOT obligated to accept an ED school that requires you to take on big debt. YOu have the right to decline based on an inadequate aid package. That’s the rule.</p>
<p>I don’t think $125,000 in loans would qualify.</p>
<p>It absolutely would qualify for declining ED. Such loans would require parents to cosign. No school can require that. That’s why it’s ok to decline.</p>
<p>$125,000 in debt is really not out of the ordinary. NYU’s expensive but so are most top private universities. If you don’t want to pay a lot, go to a public university. People bash NYU, saying that the education there is not worth the money, but in fact the whole university (not just Tisch and Stern) offers an excellent education on par with other top tier schools. Outside the classroom, living in the heart of NYC encourages great personal growth and professional opportunity that you won’t find elsewhere. </p>
<p>Considering you’ve wanted to go there since sixth grade, and would have the opportunity to run cross country and track, I don’t see why you wouldn’t say yes. NYU is a much better school than the ones you’ve already been accepted to, and is on par, probably better, than Colgate and Rochester in terms of the education you’ll receive. </p>
<p>The job market will turn around by the time you graduate, I promise you. That shouldn’t be your concern right now. Your concern should be going to the school where you’ll be happy, and since you applied to/were accepted ED at NYU, it sounds like that’s the place you want to be. Good luck and I hope you make the right decision.</p>
<p>I agree with what the others have said. 125000 in debts straight out of college is a big deal, and going to NYU won’t mean that you get a job right after you graduate where you can put aside $1400 each month (if you’ll be paying your own rent too etc).</p>
<p>*$125,000 in debt is really not out of the ordinary. *</p>
<p>Uh…yes it is for undergrad. </p>
<p>The avg debt of a NYU grad **at graduation ** is under $34k, so $125k in debt would be outrageous even for a NYU undergrad.</p>
<p>The avg undergrad debt at many/most ivies and top schools at graduation is under $25k</p>
<p>Think of it this way - you can go to NYU or you can go to Penn State and get a free house when you graduate. Or, assuming you have substantial aid at Denison, you can go to a top LAC, run track and XC, and claim your free house as a graduation present. A lot of people like the idea of going to Greenwich Village for college and will do it without getting a reasonable amount of aid. They wind up carrying that burden for a couple decades. That’s how NYU can get along with having one of the least-generous aid programs among prominent private universities.</p>
<p>NYu is a great school, but the debt is overwhelming for undergraduate educatioin. Like myself, I think you should consider Minnesota as the two are similar speaking of school and city life.</p>
<p>Oh yeah for NYU you can always try applying as a visiting student for semester or even a year… or even transfer if you must.</p>
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<p>False.</p>
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The actual top privates give great aid. NYU doesn’t. </p>
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There are tons of colleges in NYC. And good luck proving that the education offered at NYU is really that special.</p>
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Maybe because he’d be financially ruined for most(or ALL) of his life? Did you miss that part?</p>
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It’s pretty well ranked as a university. But will that translate in to any real benefits for him? Not really.</p>
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Good luck delivering on that promise, especially with rapidly growing global competition from India and China.</p>
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Everyone wants certain things. Smart people accept that they can’t have everything they want. That’s what makes them smart. They can reason and compromise.</p>
<p>^That’s true. </p>
<p>My point is that private undergraduate education is severely overpriced everywhere. Not just NYU. An Ivy education isn’t worth the money. </p>
<p>Where you go for undergrad doesn’t matter much anyways, except in terms of bragging rights.</p>
<p>*Quote:
The job market will turn around by the time you graduate, I promise you. </p>
<p>*</p>
<p>Naive advice. </p>
<p>The job market may be great when he graduates, but that doesn’t mean he’d be able to afford $1400 a month loan payments while ALSO paying his own living expenses. Those loans will go on for 10 LONG years. During the ages of 23-33. Those are important years of adulthood. Who wants to be miserable with such high debt during those years???</p>
<p>Even a good job market isn’t going to pay him the $150k per year salary necessary to pay back such loans and still be able to live a nice life.</p>
<p>*Quote:
That shouldn’t be your concern right now. Your concern should be going to the school where you’ll be happy, and since you applied to/were accepted ED at NYU, it sounds like that’s the place you want to be. *</p>
<p>Uh…no…that’s what they call “immediate gratification.” Again, who wants to be miserable for the 10 years post graduation, for the minimally and possibly non-existent greater happiness at NYU? There’s no guarantee that the OP would be “happier” at NYU than a less expensive school.</p>
<p>Since most of the OP’s colleagues will NOT have such big debt (see my earlier post #12), his life would be miserable as he sees his colleagues moving on with their lives - buying home, etc - while he’d be drowning in debt.</p>
<p>ChoklitRain: The job market will improve. Outsourcing is a problem but it won’t depress the domestic job market, especially after Obama’s fiscal stimulus takes full effect. Businesses today are worried about short-term survival, but within a year or two they’ll be back into the mindset of long-term growth. This shift will lead to an expansion of the domestic job market; i.e., firms will start hiring again rather than limiting themselves to maximizing efficiency with their current staff. Keep in mind what constitutes GDP and what it indicates about a nation’s economy. If the United States wants sustainable economic growth, they will hire domestically rather than foreign. </p>
<p>I can’t prove anything to you about NYU because you haven’t been there, and apparently never will. But as a student there, I feel that it offers a fine education and certain opportunities/advantages that you can’t find elsewhere. I agree that it may not be worth the money, but no school is. Even your Wharton. Prestige doesn’t make a school worth the money, but maybe you don’t understand this because you haven’t been to college yet.</p>
<p>mom2: My point is that undergraduate’s about going where you think you’d be happiest. I understand that for the OP NYU may not be financially feasible, but what I’ve concluded from his posts is that it’s where he wants to be. He realizes it may not happen, which is understandable, but I was just trying to give him some reassurance. He says he’s wanted to go there since 6th grade and this is the first time he’s had second thoughts - obviously due to his financial woes. So yes I’m sure he could be happy at a less expensive school, but I don’t think either of us have the right to say anything about this.</p>
<p>My point is that undergraduate’s about going where you think you’d be happiest.</p>
<p>I realize that, but those of us that have been on CC for awhile know that (my Sept 2009 date isn’t accurate) - at this point - no student really knows where he’ll be happiest. </p>
<p>Many, many kids end up at their safety schools (which were “last on their list”) or at their second or third choice schools and are very, very happy once they’re there. There are also many who end up at their DREAM schools and then HATE it!</p>
<p>I would also think that having that Sword of Damocles of big loans hanging over one’s head throughout undergrad would CERTAINLY negate some level of happiness.</p>
<p>It’s like going on a vacation that you know is tooooo expensive and putting it all on a credit card. The entire time that you’re on vacation, you have that future debt bugging you. It would affect your “good time.”</p>