So I’m a transfer student from a community college and I applied to three places: NYU, Boston University, and University of Minnesota. I’ve gotten into BU and UoM but I’m waiting for a decision from NYU. I got an award estimate from UofM that has $17,000 in grants and $10,000 in loans, which would cover everything for a year. Today I also got an award estimate from BU that includes $37,000 in grants and $5,500 in loans. The total award is around $43,000 but tuition plus room and board is around $67,000 if I want to go there. I’m wondering if there is any other method that people use in order to pay for these crazy expensive schools… I have 2k of my own but that is nowhere near enough and my parents make around $30,000 a year and I know that they can’t afford it as is. I’m going to work this summer so hopefully I can make the gap smaller on my own but I know it won’t be enough. Is it possible to not use their room and board to make it cheaper? Is there some outside scholarship that I could apply for right now that would help for the upcoming year? Or am I just screwed? I’m hoping to get more money from NYU if they accept me but who knows if they will.
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. I got an award estimate from UofM that has $17,000 in grants and $10,000 in loans, which would cover everything for a year.
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Why can’t you go here?
U of M sounds like an amazing net price. You have received a VERY generous offer.
…Yeah, you guys are right, I know. I also live in Minnesota so that’s convenient but I really liked the idea of living on the east coast for a little bit to grow as a person on my own. Always had that little fantasy but I also understand its a little unrealistic. Most likely I will be attending UofM, but my question is more about BU and NYU (I’m just assuming that NYU is probably going to give me similar money as BU, but who knows) and if it would be possible for me to make it work for the east coast.
NYU gives pretty poor aid. But UMN is a very good school (I happen to have a graduate degree from there :D). You can move after graduating if you want to live someplace else.
I think that BU is just not affordable. Even if you could find some way to borrow the difference it would result in far too much debt. This is unfortunate but a common problem.
The total loans for U of M is about as much as you should take in any case. From what I have heard it is a very good university. Is your grant from U of M renewable for as long as it would take to graduate (three or four years)? If so, then this looks like the right choice to me.
Go to U of Minnesota. You can finish your bachelors degree with $20,000 in loans.
BU is not affordable. NYU likely won’t be either. Your loans there would need to be private or Parent Plus…and a LOT more than $20,000 a year.
The east coast will still be there when you graduate. Lots of opportunities THEN to either move there for a job or visit.
NYU and BU do not meet full need for all students. I’d be very surprised if this came in affordable. In addition, Boston, and most definitely NY are VERY expensive places to live…even for college. Your finances will most definitely go further at Minnesota.
The “other methods” used to pay…
- Parents contribute the balance.
- Parents either take out loans, or cosigner private loans for the balance.
- Parents or student has savings that will cover the balance.
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really liked the idea of living on the east coast f
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That can be a goal in TWO years. You’re a transfer student. Pay your dues at UMinn…and then go wherever the heck you like! 
Live on the East Coast in two years when you have minimal loans and an actual salary to enjoy your life! 
It sounds like you can afford a university, just not the one you prefer. You’re fortunate to have an affordable option; you can go there and then head to whatever part of the country you like once you get your degree.
Imagine not having massive debt when you start working so you can afford to live in the more high cost areas, like on the East or West Coast.
Yeah, seems like I’m probably going to the University of Minnesota. We will see what NYU has to say if they accept me though; if they give me more than BU I will go no matter what.
Thanks to everyone who commented I have more questions about this college stuff so I’ll make a few posts soon.
NYU costs over $70,000 a year. They would,have to give you a LOT more than BU to make the school,affordable…a LOT more.
With room and board it is around 70k, but without it its 50k. Apparently most NYU transfer students don’t live in NYU housing and they just find an apartment to live in while they stay. I should point out that I have a lot of family in NYC, a lot of whom I know for a fact would help me when it comes to housing. I have one relative there I know for sure will let me crash at his place, and my aunt has told me that if I ever wanted to live in NYC she could hook me up with a place that wouldn’t cost me much (I have to talk to her about that though, that was a long time ago that she told me that). I think if they give me around the same as BU I could make it work. I’m going to work a lot in the summer to save up some cash too so I should probably have 8k or something before I start school. The big question for me would be where I’m going to live.
Do you have any idea what apartments or even a closet costs to rent in Manhattan?
It’s NOT easy to get an apartment in Manhattan. Even with a shared lease, you would need a guarantor who can demonstrate that they make 20 times the monthly rent. You would need a deposit, and first and last month’s rent.
And you would need this WHEN you were looking at places because rents get snapped up VERY quickly in NYC.
Or you will need to get an agent to find available rentals for you. NYC is different. Unlike any other rental market. Short supply, huge demand.
There was a student here on CC and he lived in commuting distance of NYU. He received a lot of aid, but not quite enough. The NYU aid package was based on dorming. When he changed it to commuting, the aid decreased, and the gap stayed the same.
He is now attending another school which gave him an affordable package and he can even live on campus and doesn’t have to spend valuable time commuting.
It’s tough to get a place in the city cheaper than the housing cost through nyu
You applied to two schools known for POOR financial aid that happen to be located in 2 of the most expensive cities in the country.
Be smart. Go to Minnesota, pay off your debts, and then move to Boston or NYC (hopefully with a job in hand since these are very, very pricey places.)