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<p>It may not be, but Ivy need-based finaid is extremely generous (unlike NYU).</p>
<p>mom2: Agreed. My amount of posts on CC is misleading - I’m quite familiar with this site but have just refrained from posting until recently. </p>
<p>I’m passionate about NYU and think it’s bashed way too heavily. In the OP’s case, the costs are way NYU are too great, even if he/she were to land a lucrative job upon graduation, which is entirely possible. I think he/she knows what’s best, though.</p>
<p>I’m passionate about NYU and think it’s bashed way too heavily.</p>
<p>I don’t mean to sound like I’m bashing NYU. However, I don’t think that any school that can’t meet need should be an ED school. EA is fine, but not ED. It’s not NYU’s fault that it doesn’t have the endowments that some ivies do. It’s understandable why it can’t be as financially generous as it may like to be.</p>
<p>I think he/she knows what’s best, though.</p>
<p>I think today’s teens are smart, but I don’t think that they would necessarily know what’s best in terms of debt and how reasonable certain amounts are. </p>
<p>The OP may be VERY savvy about money, income, and debt…and that’s awesome. :)</p>
<p>But, there are many on CC that wrongly assume that they’ll be making high salaries upon graduation and can easily pay back huge loans. That’s because they don’t know what the typical rather new graduate earns, and they’ve never had to support themselves. So…they think that they’ll easily have all this “extra money” to pay back huge loans. </p>
<p>There’s a reason why many debt-laden graduates are now living at home even though they have good jobs. They don’t earn enough to pay rent, food, clothes, car, entertainment, etc, while also paying big loans. So, no, young people (and old people LOL) don’t always know best when it comes to loans. :)</p>
<p>amon – you did not say why, exactly, you love new york city and want to study there. it’s a unique place, and one has access to much they would not have at other places, but what are your thoughts on what to study and why NYC? i ask because for some it may be worthwhile while for others the math makes little sense.</p>
<ol>
<li><p>amon_13 stated that his only obligation to ED is an $800 deposit fee. A cursory review of the ED form signed by the applicant, his college counselor and his parent shows this to be false. It is an agreement binding the applicant to attend if accepted and requiring the applicant to withdraw all other applications.</p></li>
<li><p>On the NYU’s ED page there are specific comments addressing financial aid and the inability to compare offers from others schools. Of the 6, “Is ED right for you”, questions, 2 deal specifically with the issue of financial aid. Furthermore there is a financial aid form that both the applicant and his parent must complete and sign. If the OP wasn’t worried about the fin aid package, his parents were given ample opportunity to consider the repercussions of an ED/Fin Aid admittance.</p></li>
<li><p>Average college loans may be $35K at NYU, but an average is comprised of a wide range of inputs. For every 10 students who graduate without loans there are a number of other students who will necessarily incur much higher amounts of debt. An average is not a limit. </p></li>
<li><p>Without knowing the OP’s financial situation, the average debt number is irrelevant. For all we know the OP has the financial wherewithal to pay for his education and the debt is merely a “cash-flow” management offer from NYU. Taken in a vacuum, $125K is a lot of money, other facts pertaining to the OP’s financial status may make it less daunting</p></li>
<li><p>Without knowing what his other fin aid offers are from his other schools, (which won’t be known for a few more months - and never known if he withdraws his other apps), we can’t say whether NYU is “worth” the $125K of debt. For all we know his other schools may offer him $25K in loans for 4 years, so that the overall difference between his dream school and his other options will “only” be $25K.</p></li>
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<p>Five minutes on the NYU ED page, (one of the better ones I’ve ever read), makes it clear that financial aid is the risky part of an ED application. Many members here at CC play the ED game in an effort to increase the likelihood of acceptance and then hope that everything works out for the best financially. Some times it does but occasionally it doesn’t, the OP seems to be one of those “bad luck” situations. </p>
<p>Do I think that NYU is worth $125K of debt? No, but I don’t think any undergrad school is worth that burden. Do I find the idea of $125K of debt upon graduation to be excessive? Yes, but here’s the catch: My vote doesn’t count. Obviously someone in the bowels of NYU’s financial aid office finds $125K in loans a perfectly reasonable offer, otherwise why would they have made it?</p>
<p>To the OP: The forms you and your parents signed are binding beyond merely $800. On Monday I would call NYU’s financial aid office and start talking to the people there. You may be able to alter the amount of debt though I doubt it will drop significantly, but you never know. You may be able to get out of the ED agreement by claiming financial hardship, but that will depend on how hard NYU wants to be; it wouldn’t shock me if you had to spend some money on legal advice to get yourself out of this deal. The lesson learned is make sure and understand what you are signing and what rights and privileges you are giving up. Good luck.</p>
<p>^ NYU will not actually do anything if he breaks the contract. 125k in loans is unreasonable. if NYU actually sued someone for not taking out 125k in loans to attend, that would be the worst PR decision in the history of higher education, lol.</p>
<p>Yeah, I did not go into the ED agreement blind. I have talked to them and if I do not send my deposit to them in time they will drop my application and I will no longer be able to attend. Thanks to everyone else for responding, it seems that the common agreement is that I shall have to look for somewhere else to go.</p>
<p>I’m in the same situation pretty much, amon…</p>
<p>I will be in about the same debt for NYU, and dont think I can pay.
It sucks… So I’m probably going to have to decline.</p>
<p>No, it is absolutely NOT worth that ridiculous, laughable amount of debt. To be really blunt, I wouldn’t even feel sorry for someone who took out that much debt, I would honestly think of them as an idiot. </p>
<p>The average amount of debt for an NYU Undergrad is $35k and for an Ivy grad, it is even less. NYU was ranked #2 on the list of most expensive colleges (based on tuition/room/board) but it’s not even a top 30 school. It’s a shame you applied ED, but if I were you, I’d do my best to get out of it. This could be a decision you will literally regret for decades. </p>
<p>I go to NYU, and don’t get me wrong, I like it a lot here. Good education, and I LOVE NYC. But if I wasn’t on scholarship for $20k/year, I would never pay full tuition here (I don’t think any college is worth $200k) and I would never consider taking out serious loans, let alone $125k. It is hard to have perspective at a young age, but do you realize how much money that is? You will be crippled in debt for an overpriced education. Naturally you want to be happy, but it’s not like there’s only 1 school out there - you can get a good education, on par with NYU’s, at any top 100 univerersity in this country. Believe me, I’ve taken classes at SUNY schools which were just as good (if not better). I can totally understand wanting to live in NYC, but there are other colleges here too. </p>
<p>I hope everything works out with you. Call NYU’s financial aid office Jan 4th and explain your situation!</p>
<p>same sort of thing happened to me. i could have afforded it when we sent in ED, but as some people on here already know, my dad lost his job about a week before i got accepted. i honestly don’t think they’ll be mad at those of us who simply can no longer afford it.</p>
<p>Yeah, and it “says” the average debt is like 35k… but that is because they EXPECT the parent to get the plus loan to cover most of it. So either way, the student or the parent is screwed!</p>
<p>and a lot of rich people go to NYU who don’t have any debt. $0 + $70,000 averages out to $35,000 and i’m sure they count those who don’t have any debt when they leave to make their stats look better. frick, i want to go here but i feel like there’s really no way.</p>
<p>Darn “for profit” private schools…</p>
<p>I’m adding my D’s name to this list so that OP sees that he/she is NOT alone. Like you, my D “bleeds purple”. BUT…we just don’t always get what we want. It’s frustrating, yes. But it’s life. It’s probably the first really GOOD lesson many of you will learn from your college experience. There is NO WAY that kids your age understand this level of debt. So, having to make a different choice, due to budget contraints, probably have never been on any type of budget before, will be a painful but enlightening experience. I HATE being the one who is going to have to say “no” if my daughter is accepted to NYU but without enough merit scholarship money (fingers are crossed, she is on the VERY edge of possible stats for that). So we’re talking about it NOW, and she has come to fully understand WHY. It STILL hurts, make no mistake. I’m dreading D-day (decision day). Because, unlike most, I think an acceptance is actually going to hurt MORE than possibly even being rejected. Because then we’ll know it is possible, but that we can’t afford it. Sounds like you’re in this boat too. As are many. Best of luck to you.</p>
<p>I haven’t seen anything in the OP’s dilemna addressing who would be incurring the debt. </p>
<p>If it’s the student’s sole obligation, then I agree wholeheartedly with the consensus on the thread – no student should take on that type of debt to pay for an undergraduate degree. </p>
<p>On the other hand, if the OP’s parents are footing the bill, I think only an honest, open family discussion will resolve the issue. As noted by vinceh, the loans may be for cash-flow management purposes. Only the parents can advise the student on their willingness to take on the debt, as they’re the only ones who understand the totality of their financial picture and ability to pay for NYU.</p>
<p>OP says “…I would rack up about $125,000 in debt”. So it sounds like OP is talking about personal, not parental debt. </p>
<p>Regardless…he/she wants to know if it is “worth it”. Obviously, the only person/people who can ULTIMITELY decide that are OP and/or his/her parents. We don’t know a thing about their finances. </p>
<p>However…OP is still asking on an open forum, for an open discussion about what others think. Perhaps weighing other opinions, of those who have been through it, might help them decide.</p>