<p>I choose NYU over other schools that basically gave me full rides and now it looks like I will be in debt like many of you are. After it is all said and done, is it really worth it? I understand many of you are gassed up about getting in and I would like to say Congrats but the debt makes it a problem. In about 2 year the tuition might be 40,000 a year or more.</p>
<p>Basically, I have to pay about 20,000$ each year after grants/scholarships. I have decided to use the Perkins and the Stafford low interest loans to bring this down to $13,000 a year. My question now is what kind of loan should i use to pay this off? I have heard Citibank was good but I would like to get your inputs on that.</p>
<p>I understand that $80,000 for 4 years is not as bad as most of you got it but is it really worth it? This would delay several years of your life. Many people have plans of getting a house, or a car, or something else and this will definitely be bad.</p>
<ul>
<li>try to be reasonable and think about it before you jump to answer.</li>
</ul>
<p>Whether it's worth it is a personal choice, based in part on the strength on one's college preferences but also such things as your other choices and the field you want to go into. </p>
<p>For my family, this kind of cost for NYU was not worth it. The financial aid offer was far from the EFC and far from other offers. Dd would have had to take out significant loans and she decided to go to another fine school with much reduced cost. </p>
<p>But, as I said, for you the cost may be worth it.</p>
<p>unless you have a credit history you are going to need a cosigner for any loan besides the stafford or perkins. If you are able to get someone to give you that kind of $$ w/o a cosigner, be prepared for double digit interest rates.</p>
<p>However, if you work some during the school year and a lot each summer, then maybe you can borrow less -- depending on how your earnings affect your financial aid award.</p>
<p>By the way, are you thinking of not going to NYU next year? What would you do instead? A gap year?</p>
<p>Personally I think $80,000 is way to high a debt load to take on and if it were my child I would strongly discourage it. Having said that it is, as momfromme says, a very personal choice. Is going to NYU worth it to you. Also look at what sort of job you expect to be able to get at the end of the 4 years and what sort of pay scale you will start off on. There are loan calculators out there - figure out what sort of monthly repayments you will be looking at and for how many years - how will those payments affect your lifestyle for the years you will be paying them.</p>
<p>crossposted with momfromme - $920 a month is a pretty hefty chunk in my opinion.</p>
<p>Thanks, swimcatsmom - we did post at the same time!</p>
<p>Also, the financial aid calculator says that for the ten year loan: "It is estimated that you will need an annual salary of at least $110,476.80 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $73,651.20 , but you may experience some financial difficulty."</p>
<p>You can get the monthly cost down by paying over a longer period, but of course you would pay more in interest. Also consider what other loans you might seek in that period.</p>
<p>My parents paid the leftover tuition after scholarships & my student loans. However, this is with the understanding that I'm going to pay them back years in the future (most likely by paying my 2 yr old little brother's college tuition). </p>
<p>Also, most NYU kids I know are planning to stay in NYC after graduation... so no car, and definitely no house XD I've also found that 20-somethings in NYC have later 'timetables' than people in most of the rest of the US.</p>
<p>PS, if you're serious about the CEO thing, no need to worry about paying off your loans :P</p>
<p>Maybe he won't have a car or house loan, but he will have rent and clothes to buy, food, utilities, cab or subway fares, dry cleaning, income taxes, some entertainment costs, possibly a gym membership, etc. </p>
<p>Again, someone might decide that the debt is ok. But imho one has to do it after taking a realistic look at the costs to be paid with post-college income, as well as the likely income from employment.</p>
<p>Thank you all for all your help, especially momfromme. It looks to me that the moms over here really care about their kids. With that said, I think they responded and shared advice that they would normally tell their own kids which is more than I anticipated by starting this thread.</p>
<p>I was born in NY and by now I am well aware that going to school in NY is probably one of the most expensive places to get an education. Aside from school tutition everyone in NYU has to think about all of the stuff that momfromme highlighted. Although i will be going to the stern school, at the end of the day, anyone from any college can get the same education elsewhere. For all I know, they can get that same education at the library, paying 2 cents in late fees. Its not the school that makes you, it is what you make out of yourself. I am not trying to bash anyone who got into NYU but I am very disappointed about the fin. aid.</p>
<p>I think what's 'worth it' is a pretty individual judgment - my roommate absolutely hated NYU and thinks it was a waste of time even though she's set up with a job that other people would love to have; on the other hand, I know plenty of people who wouldn't have gone anywhere else. Some chem major at NYU recently got a Rhodes scholarship - can you then generalize from that and say that a chem major is 'worth it'?</p>
<p>If you think you can take advantage of the resources at your disposal at NYU, and are comfortable with the sacrifices you'll have to make, then I'd say yeah, it's worth it.</p>