I don’t get this. The title says rejected by all schools except my dream school? What about Mills, Unions, etc.? This is misleading
If you have to tap into, never mind draining, your father’s retirement, you ARE ruining his life. You ARE endangering his livelihood. He may not say that but your parents are not so rich that they can easily or quickly earn back that money.
Now what about your other schools that have “yes” next to them? Talk about them a bit.
Also now I am venting but I really do not get the NYU mystique. OF COURSE it is a wonderful school for certain programs…certain students…and above all, for those who can afford it. But so are so many other schools. And if you are in a position to choose between a school which makes you take on huge debt and a reasonably affordable option, what is the issue?
OP it is your family’s money and your/your family’s choice.
@momcinco sry 2 disappoint hon )):
@momcinco mhmm my family would love for me to go to a school like NYU
@SlackerMomMD I am his livelihood :>
It’s great that you got into some of the schools you wanted. But this is a business decision and you have to make a smart one. Those are made with your head, not your heart.
NYU is unaffordable for you. We live within commuting distance of NYU and I wouldn’t let my kids take out more than the federal student loans to go there. I certainly wouldn’t drain our retirement account and I’d be upset with my eldest if he expected us to do that leaving no savings, no retirement, and nothing for his sister’s education.
You need to consider what you can pay (~$5500 from the federal student loan + ~$3k if you work in the summer + scholarships) and what your parents can comfortably pay out of current income. That’s your budget. It won’t pay for NYU, but it will probably pay for you to dorm somewhere in your home state or at a college where you were awarded enough merit aid to make it affordable. Most kids don’t get to go away to college. They commute to their local state school or start at a cc and transfer.
Choosing an affordable college will give you options. You can take advantage of travel opportunities and choose your jobs instead of having to take whatever comes along. What you don’t want is for your “dream” school to severely limit your sibling’s college choices, for your parents to have to work until they’re 80 to pay for something you really can’t afford, for an injury or illness to limit your parents’ ability to work, or for funding to run out halfway through. You’d have no degree and no longer be eligible for freshman grants. If you want to major in economics as a backup to your English major for financial security, this decision is your first test. I hope you make one that takes into account what’s best for everyone in your family, not just what you think is best for you.
@austinmshauri I know what you mean, thanks for the input. Once again, I only know that I’ve gotten into my dream school, not that I’m going there. but of course what you’re saying makes sense, so thanks
If you have to use your father’s 401k you are ruining his and your Mother’s life for 25 years. Do you expect them to work when they’re 70or 75 or even 80? (because that’s what draining the retirement fund means) - what if, like most 70year olds, they get frail and sick and can’t hold a job? What about having them move in with you, your partner, and your kids (IE., into one of your kids’room) because everything has become unaffordable and they can’t work… or having to pay for their care because they can’t … Or both?
This all comes from real-life examples.
A typical college graduate can back about 27k in 10 years. It means you rent an apt and use used cars untilnyour early 30’s, so it’s not too bad. Higher than that and it impacts your ability to pay rent, to own a house, to borrow for a car, to get married (because it becomes a debt burden for your spouse…)
The reality is that you love nyu but they don’t love you back. What you got is an “admit/deny” IE., "why deny you, we’ll take your money if you want to commit financial suicide but we don’t think you belong here so we won’t give you the money you need to attend. "
The financial package is a hint.
If you love NYC, take an affordable school and, with the savings, go to NYC for each fall break and spring break. 
Have fun since you won’t be scrimping. Enjoy the city stress-free since you won’t be spending every waking hour either working or studying.
I’d just like to say that this post got real stupid real fast so thanks to the people who are (respectfully?!?!) giving me useful info
the rest of you, thanks for giving me good laugh and please keep commenting. it’s getting me through my foreseen financials troubles
I have no idea what @HRSMom is talking about. She seems to have missed the part that the family can’t afford this school. Chipping away a few hundred, here and there, is not going to cover a school that costs $70k per year.
It sounds like you didn’t bother to apply to any financial safeties. What is your major and career goal?
What are your stats? You got rejected from every UC…did you apply to any CSUs??? Do you qualify to be able to go to UC Merced since you were rejected by the others? If so, go there.
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draining dads 401K :\ n
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Uh, no. Only a very selfish person would ask/expect/allow something like that to happen. It is actually cruel. But, what goes around, comes around…if you drain your dad’s 401k, guess who’ll be living in your spare bedroom during their retirement years?
@mom2collegekids I said that because my dad put all his savings (not just for retirement) in his 401k lol, don’t ask me why. SF state is a CSU, it’s the first school I listed.
@MYOS1634 that’s an interesting idea
Is Union affordable ? They’ve got good networks in NYC so you could actually use them to get internships in NYC putting that economics major to good use.
Of course I’m hoping it’s given you a better deal than nyu
@MYOS1634 it’s definitely more affordable that NYU! the liberal studies program NYU has is something I’d love to do, it seems perfect for me, money aside. but of course Union is a school in seriously considering as well as the others
Can you do Union without touching that 401k ?
@MYOS1634 I only mentioned the 401k because that’s where my dad claims he put all his savings for everything, not just retirement. I don’t know if that’s possible or smart or anything like that, all I know is he has savings for my college. He says would pay about $30k per year, Union is around $50k. I haven’t gotten down to the details of his financial aid plans yet, we will in the next week. it’s funny how every conversation about NYU specifically turns into freak out over money. let a girl be happy for a day or two!! lol
@mom2collegekids she posted the draining dads 401k at the same time I posted…not a good idea. Dad’s going to need that $$!!
Yes, putting savings in retirement is responsible. There are affordable options for college that will still allow you to have a successful life. There are not options for retirement short of saving over many decades of working. If he is offering to pay $30,000/yr, that is a generous amount given income and Bay Area expenses. It’s also probably at the top of the range. Please respect and appreciate what he’s offered without trying to guilt him into more.
If your parents can pay $30k/year, you can probably afford a ~$40k/year college ($30k + $5500 student loan + ~$4k work earnings). If you received merit aid anywhere you can probably swing a more expensive school – but you need enough merit aid to bring your net cost down to ~$40k. Do you have any acceptances in that price range?