<p>I've dreamt of going to NYU since I was a child, so I was ecstatic when I got in. I come from a low-income neighborhood, so my community was inspired as well. However, I received no outside scholarships (even though I applied to dozens with a 4.0, 1910 SAT, being actively involved in 10 clubs!) and the only aid I've received is from NYU (they gave me about half in grants, scholarships and federal loans). </p>
<p>I was totally up for private loans, but no matter which one's I applied to (Sallie Mae, Citi, Citizens Bank, Discover), my parents' credit was rejected. I guess my question is: </p>
<p>I want to beat my head against the wall every time a NYU hopeful posts:(</p>
<p>Search this forum for the numerous other threads giving advice about NYU and financial aid…and try to resurrect whatever other acceptances/offers you received for next year. If that doesn’t work, take a gap year and reapply to schools that actually are affordable or check out schools that still have space, FA, and housing available for next year here:</p>
<p>NYU doesn’t deserve to be anyone’s dream school unless they’re wealthy.</p>
<p>I agree with sk8rmom…I want to hit my head against the wall when I read these posts. NYU is the poster child for lousy aid for those with just decent stats (and sometimes bad for those with stellar stats, too).</p>
<p>Why would you accept NYU when you couldn’t cover the costs??? </p>
<p>I’m sorry that you’ve told everyone that you’re going to NYU. At this point, you’re probably not going to be able to go. </p>
<p>Is it too late for you to go to school elsewhere? What state are you in?</p>
<p>I got into the Tisch School of the Arts for Film. </p>
<p>Okay, got my packet! ^_^</p>
<p>They gave me $23,800 in grants and scholarships.
And $4,000 Work-Study Eligibility.
Then the rest ($30,300) in loans - $24,183 Direct PLUS Loan, $2,000 Direct Unsubsidized Stafford Loan, $3,500 Direct Stafford.</p>
<p>So I’m covered!
Now, if only I could get enough grants and scholarships to eliminate the need for loans! *</p>
<p>Why the heck did you think you were “covered”? Why would you think low income parents could take out big loans? </p>
<p>Why would you think that YOUR PARENTS could take out $100k in loans (for 4 years???)</p>
<p>Seriously, why is it that kids who are smart enough to get into NYU are so clueless about these things?</p>
<p>I hate to tell you this…but you were an admit/deny. Your stats weren’t high enough to entice them to give you great aid, but they want your money. So, they admitted you hoping that you’ll get the money some way.</p>
<p>At this point, honestly it’s not about going somewhere else. I’m very in tap with my intuition, and there is not a single thing inside me, telling me to go elsewhere. I belong at NYU, in NYC. Thank you for your concern, but now it’s just a matter of figuring out a way to finance my education before I start asking my more business contacts to co-sign for me. I don’t want to do that, so I’m trying to exhaust every other option beforehand. Any suggestions?</p>
<p>As for that second message mom2collegekids, I didn’t know my parents had horrible credit, so I guess I was clueless for that. I’m not stupid, though, and if I need to be somewhere, do something, I will. I’m an extremely capable person, and frankly that second message was completely useless unless you wanted to be nasty.</p>
<p>Well my youthful hope may seem naive to most, but paired with my incredible will to get things done, I know I can make this happen. I’ll keep you updated on the results. ;)</p>
<p>This is not a rare case…look for many more on the Project on Student Debt website. Sit down with a loan calculator on finaid.org and a box of Monopoly money and figure out the truth for yourself.</p>
<p>My point wasn’t to be nasty. My point was that you need to start considering a back-up plan.</p>
<p>Outsiders aren’t likely going to co-sign big loans for you because they know that you’ll have an impossible time paying them back. Your major is in the Film school. Do you know how low your income will be when you graduate? </p>
<p>(And, Ska8ermom is right…what kind of person would expect outsiders to co-sign for these loans. Do you realize that while those loans are outstanding (even if they are current), that the co-signer’s credit was hurt? And, even if your parents credit was perfect, how were they suppose to qualify for $100k in loans? They’re not affluent people!</p>
<p>Your jobs will be in the expensive parts of the country (NY or Calif). How will you pay rent, living expenses, AND pay back mega huge loans??? That’s why finding outside co-signers for $100k in private loans will be impossible.)</p>
<p>I’ve read it, amongst all the other major news outlets’ coverage of the “tuition bubble”. And I’ve grown very close to a few very well-off adults in my high school career; they ARE like my parents. I don’t know if you or your children have had such a relationship in your lives, but it does exist and its pretty funny for you to criticize so quickly and poignantly without knowing my life.</p>
<p>P.S. I wouldn’t be asking them for $100K. For now, I only need a co-signer for $30,000.</p>
I’ve got an incredible will too, but despite my best efforts cold fusion and world peace have yet to reach fruition. Somebody really needs to send reality a message - doesn’t it know that I’ve got youthful hopes on the line here?!</p>
<p>I can only hope that my taxpayer dollars don’t someday subsidize your youthful hopes.</p>
<p>If these are affluent people, then they’re smart enough to do the math. If you need $30k for the first year, then you’ll need $90k more to graduate. Even if each person you find agrees to cosign one year’s worth of loans, they will fear that in some future year you won’t find a co-signer and won’t graduate.</p>
<p>Right…you need someone to back you for $30K for your first year…then what? On to another school? This plan is not a good one, imo, and I would not recommend it as it would leave you owing huge amounts on a monthly basis, jeapordize your own financial future, and risk the relationships with your potential cosigners which you clearly value. The funny thing about wealthy people is that they often understand risk very well and are able to separate their emotions from their money. How is it going to make you feel if you go to them, hat in hand, and they refuse? If they are truly like parents to you and want to help, hopefully they’ll get wind of your plight and GIFT you their money.</p>
<p>that would be THIS YEAR. FYI you don’t need any cosigner for Federal Stafford or Perkins loans. whatever you think NYU will cost, you have underestimated it. The cheapest dorms are for freshman. although my son did spend his sophomore year at 26th street and that was under 9K. Books for his major ran 600-800 PER SEMESTER.</p>
<p>My son will be a senior at NYU this year. 125,000 of the cost of his education will be in NYU scholarship money, just under 29K in federal subsidized stafford and perkins loans, his work study money has been his food money the last couple of years (plus whatever else he earns goes into his pocket). I pick up the rest which has come to about 60K over the 4 years…</p>
<p>I haven’t been the most financially readied teen in the world, but I know two things: I am going to NYU and I will get my schtuff together before the next academic year comes along. If that doesn’t work, believe me, I will let you know. </p>
<p>On a side, and more important note:
I created this thread to get alternative plans for funding my tuition to NYU. I appreciate all of your (I’m sure) love-based criticisms, but you really should leave your baggage of pessimism, intimidation and futility at the door. Thanks.</p>
<p>You have an EFC of 0 and thought your parents could afford to take out $100K in loans? I’m sorry if this hurts your feelings, but you are very naive in financial matters and need to spend more time learning and thinking about the effect your “wants” could have on others and less time being idealistic and unrealistic before you immerse yourself in debt.</p>
<p>Btw, of the $20-odd K that NYU gave you in grant aid, I’m guessing that about $10K didn’t come from NYU, but from federal/state programs. That would be available at other schools.</p>
<p>No one is keeping the “secret” of how to find more funding from you - there just isn’t one. Try your second parents…but please take a few days to think first.</p>
<p>If there was a “secret” to finding $100,000 laying around to pay for college than most of our kids would be going to NYU and the like. The real “secret” is you have to go to the school you can afford.</p>
<p>Oh dear, I do hope your “other parents” sit you down and make you understand. You do not “need” $30,000 you “need” 30,000 x 4. Please understand that. All the bravado in the world is not going to “find” you $120,000. All anyone here is trying to help get you to that point of understanding so you can find an alternative path for next year. Your future dreams might certainly happen, but it’s highly doubtful your “current dream” is going to come to fruition between now and August when the bill arrives. As with all advice “take it or leave it” but I doubt you will find “alternative advice” from anyone that participates in this forum because there just isn’t any.</p>
<p>*I’m guessing that about $10K didn’t come from NYU, but from federal/state programs. *</p>
<p>good point. About $10k came from Pell, Tap, and maybe some other fed money. That will be available to use at another school.</p>
<p>I think the problem is that the student has told EVERYONE that she is going to NYU and has enjoyed all the oohs and ahhs that come from that. So, she doesn’t want to consider having to go around and say - “I can’t go to NYU because of money; now I have to go somewhere else.”</p>
<p>This isn’t the first time this has happened. Again, NYU should be ashamed of itself. Who gives an FA package that would entail a 0 EFC family to take out over $100k in loans for undergrad? Shameless. Seriously.</p>
<p>Keep in mind that your dream is your CAREER…not 4 years of college with strangling debt. That would be a nightmare.</p>
<p>Agree, but what alternative do they have? If they denied otherwise admissable kids based on financial data, they’d be called “elitist”. NYU, afaik, does not encourage any of their students to take on big loans. At least their horrible FA is done on an equal opportunity basis:)</p>
<p>The heck with bragging rights…truth is, no one really cares/remembers for more than a day anyway! Smart, confident, successful kids don’t need that anyway. It’s much worse to have to come home after the first year because you’re tapped out and can barely afford a CC - I know of LOTS of students that’s happened to and even a few divorces because of it! If the whole community is really proud of a kid, the newspapers will pick up a story and donations will be made to support him - I’ve seen that happen too (NOT to the extent of financing NYU though…that requires Oprah-style intervention!)</p>