<p>I recently got accepted to NYU's Art Education graduate program.I am extremely happy I got accepted to NYU for grad school however I am afraid that I might have to turn NYU down because there is no way I will be available to afford it. Tuition for one year is going to cost me over $60,000 dollars. I applied for financial aid and was legible for a $60,000 dollar loan but the thing is, is that I am really worried about having to pay that loan back. I would hate to be in $60,000 dollar debt plus interest at such a young age. I'm only 22 yrs old. Who knows what my life would be like after college. I might now even find a job after grad school with the economy so low which would make it even harder for me to pay back the loan. I'm not sure if I should accept the loan or not. Any advice or suggestions?</p>
<p>I suggest you to go on FAFSA’s website and look at the teacher benefits on loans. I know that there are certain forgiveness or deferment if you teach at specific types of schools or whatnot. Also, look for scholarships!</p>
<p>Totally not worth it. $60,000 for a one-year teaching program is an insane debt load, and in a climate where teachers (sadly, particularly art/music/anything not on a standardized test teachers) are being laid off by the thousands, you would be extremely foolhardy to take on such a huge burden. Your gut feeling is right on the money.</p>
<p>Honestly, I wish that I even had those kinds of thought s when I was going to school…now I am out of school and working but not the job I thought I would have and the loans I took on for school amount up to an astronomical amount + interest. It is very hard right now to make any payments but banks aren’t concerned with that…they want their money and they are very persistent. Honestly, if this $60k is going to be a huge problem for you, I say to turn it down and maybe find cheaper programs, search for alternative funding, or even find a fully funded PhD program. You really have no idea what it will be like after you graduate and trust me, being in a huge amount of debt just getting out of school is NOT worth it. Believe me, you will be thinking this when you start getting calls from the bank/collection agencies everyday saying “show me the money”…lol. Good luck on your decision!</p>
<p>The other thing is that most times, prestige isn’t a huge factor when schools are hiring teachers, even art teachers. I don’t think it’s worth the debt at all (how would you pay it back? Even first year teachers in NYC only make $45K a year, which after taxes is about $3200 a month. Your monthly payment on a $60K loan would be $690. Do the math and you are left with about $2500 a month to live on, which will be a struggle in New York).</p>
<p>But besides that, are there any public universities in your state that offer art education master’s degrees? They are bound to be cheaper and as long as you have your teaching licensure, it won’t make too big of a difference (not a big enough difference to justify $60K in debt).</p>
<p>I agree with all the above posters. With the economy in trouble and budgets being slashed, we now really don’t have any idea what the world will look like after we get out of school.</p>
<p>Congratulations, however, on your acceptance.</p>
<p>Another thing to tell yourself: You have the rest of your life to find a way to life in New York City that won’t cost you more than what you already will make at a job there.</p>