<p>I come from a middle class family and was approved for all the loans I need to cover my undergrad. The bad news is, my undergrad is going to cost me quite a lot, and at the end Im going to have close to $200,000 in loans. I know Im going to a great university, but I feel alone in my debt. All of my friends are going to state schools and community colleges, leaving them with a fraction of the loans I have, and Im starting to question if my private university is going to financially ruin me for the rest of my life. Any advice or words of wisdom?</p>
<p>$200,000 is much to much debt to take on for undergrad. Your payments will be around $2500 a month every month for 10 years. More if you are not planning to pay the interest accumulating while you are in college as then the debt will have increased to around $243,000 with payments of nearly $3,000 a month. That is a crippling amount of debt that will affect every aspect of your life. You need to let go of this “dream” school that will turn your life into a nightmare for years to come. Find a school you can attend without so much debt.</p>
<p>That is about $150k in toooooooooooooooooooooooooo much debt.</p>
<p>What will your future career be?</p>
<p>how much do you think you’ll be earning when you graduate?</p>
<p>(It’s crazy to even be contemplating this much debt for undergrad…that amount is med school debt, not undergrad debt!)</p>
<p>$200,000 is roughly ten times the amount of debt that is really acceptable. You can’t afford this college. Find one that won’t leave you up-to-your-eyeballs in debt for the rest of your natural life.</p>
<p>Just DON’T do it! Go to the Project on Student Debt website and click on the tab marked “Voices”…then fall in love with a school that will really satisfy your dream, which is a good education and chance at a career that won’t leave you depressed and broke every day of your adult life! Four short years is not worth a lifetime of hardship!</p>
<p>I attend school out of state and currently do not have loans but know many ( including my own sibling) who attends school in-state and have loans. The situation can change for myself ( although unwanted) or those I know in-state. Typically loans could be payed off witin five years if demanded enough, though 200k is a large debt. Especially if you plan to attend graduate school a 200k loan could have covered tution elsewhere for grad and undergrad. If your still considering the school just also consider other options for help.</p>
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<p>Yes, it is.</p>
<p>$200,000 worth of debt by the time you’re 21? That’s more than my mortgage! My husband and I have been working for over 40 years and it’s still tough to make that mortgage payment every month. You’re crazy to take on that kind of debt at your age and for NYU? Not worth it. No way.You really need to find a cheaper school and limit your debt to around $40,000.</p>
<p>Don’t do it. I will say that a hundred times to you. And if the above poster is right about you doing this for NYU, again don’t do it. NYU gives the worst financial aid. There’s plenty of great schools that won’t let you drown in debt.</p>
<p>That would be WAY too much debt even for Harvard. For NYU it’s lunacy. I think it’s kind of appalling that NYU would even let a student take on that kind of debt. Shows what their priorities are.</p>
<p>Is this for NYU? OMG! </p>
<p>What is your major?</p>
<p>Do not even borrow half this much! No undergrad should be even borrowing $60k. Most undergrads should only borrow about $20k-30k TOTAL. Some engineers can get away with borrowing a bit more. </p>
<p>What are your parents saying about this???</p>
<p>Jeesh how many of these horrifying threads do we have to read! Do not take on $200,000 debt to go to ANY college for an undergraduate degree. I’m beginning to think somehow NYU brainwashes these kids into thinking it’s the only place in the world to get a BA.</p>
<p>From prior posts I think the OP may already be a student in college (freshman), not a HS student currently admitted ED or EA. It sounds as if he or she is trying to figure out of the amount of debt committed to in order to obtain a degree at the current institution is worth it?</p>
<p>Jeesh how many of these horrifying threads do we have to read!</p>
<p>LOL…it’s the beginning of acceptance season 2011…so it’s the time of year when we see NYU and other acceptees trying to borrow ridiculous amounts. Thankfully, many do come to their senses and go elsewhere. Honestly…where are the adults in these kids lives?</p>
<p>I think Kat is right, and the OP is already attending NYU.</p>
<p>Which means the OP is already heavily in debt. So is this a rhetorical question or has the OP discovered that it is NOT the norm to take on that type of debt for any BA program and looking for confirmation? Regardless hopefully the OP is quickly thinking of plan B. Problem now is that a student can go somewhere cheap for two years then somewhere expensive and graduate with a degree from the expensive college at half if not more the price. Doing this for the first two years then transferring somewhere cheaper is backwards thinking.</p>
<p>@snapplespice: you should read this article which appeared in the NY Times earlier this year:
<a href=“Another Debt Crisis Is Brewing, This One in Student Loans - The New York Times”>Another Debt Crisis Is Brewing, This One in Student Loans - The New York Times;
<p>It discusses a student who graduated from NYU with “only” $100K in debt and how it has messed up her life.</p>
<p>Oops, sorry, duplicate post!</p>
<p>(I’m not the OP but) thank you so much for these responses. I’m in a similar situation since I live in Florida but really want to go to Georgia Tech over UFlorida (engineering…can you blame me?). It’s been a tough decision as I don’t want my family or me to be under the stress of parting with $40,000 per year or being ~$100,000 in debt.<br>
But having a nice long thinking with myself, talking to some engineering teachers at my school, and seeing all your advice has made me decide that I should just go to UF. Once again, thanks! :)</p>
<p>Good decision, JaredK! And remember that your life does not end at 22. You can always go to Georgia Tech for graduate school - perhaps even after living in Georgia for a few years to establish residency :)</p>
<p>I’m in that camp that believes $30,000 is enough to borrow for undergrad, regardless of what your “likely” major is. Plenty of college students have decided to change their major halfway through college or even further than that, and it would be a shame to borrow a lot thinking you’d be an engineer only to fall in love with a different major or career that requires grad school like psychology or law school. Or, for that matter, to not be able to get a job 6 months out of college, especially in this recession.</p>
<p>$19,500 total, and my AmeriCorps award will drop it to under $17,000 after I complete service in March. Minimum monthly payments will be less than $200.</p>
<p>Anyone who borrows more than $30,000 for college is asking for real pain down the road.</p>
<p>I will be dead honest, OP: You need to withdraw from NYU and find another, cheaper place to go to college. Otherwise, you will be saddled with enormous debt that will follow you around for decades and that cannot be discharged with bankruptcy.</p>