I’M JUST CONSIDERING THIS SCHOOL NOT ACCEPTED YET. My parents aren’t the poorests or the richest people in the world they make a livable income, and they don’t struggle like some other kids, however we are not rich by any stretch of the word. I was just wondering how in debt would i be in after college if I go to NYU.
NYU is not known for being generous. Have you run the Net Price Calculator for them? That will give you some data to work with.
Have you sat down with your parents to discuss a budget for college? Regardless of how much wealth they have, they might only be willing to spend a set amount. The information that you gave indicates that you may not be eligible for financial aid, particularly if they have a decent income. If you have not had this discussion, I recommend that you talk ASAP as it will affect your decision about which colleges to apply.
NYU is one of the most expensive schools and entry is very competitive. Is it worth it? Only you can answer that, but based upon the fact that you asked the question, I’d say you can get more for your money elsewhere. It is one of the MOST expensive universities and costs over $70,000 dollars to attend yearly. Hopefully, you have some fabulous/lower cost options on your list.
NYU is one of the most expensive universities in the country AND they have lousy financial aid. If your goal is to live in New York, you’re better off going to an affordable college then moving to NYC after college ,without debt. Because with the level of parent loans NYU expects, you’re not going to be able to stay after you graduate.
Note that if your parents won’t take loans for you (which I seriously dont recommend you do to them because you’ll cripple their future as well as the future of any sibling you may have) you are allowed to take 5.5K in loans for freshman year.
So, is it worth it to take 5.5K in loans? Yes. So, if NYU is within budget based on what your parents told you and you have to take 5.5K in loans to make it happen, sure, go ahead.
Is it worth it to force your parents to take on debt for you? No.
What are your stats?
Why NYU?
What state do you live in?
What’s your parents’ income, roughly (less than 75K, less than 125k, less than 250k, more than 250K?)
You can only borrow ~$5500/year, so the most debt you can be in after 4 years is ~$27k. Assuming you get no other aid, your parents would have to pay the other ~$60k/year. Can they pay that? Are they willing to borrow it for you if they can’t?
The general recommendation is to avoid more than the federal loans. Do you have siblings? If so, you have to take their costs into consideration too. What state are you in and what are your stats? If your parents can’t/won’t pay much but have a good income, you need merit aid. Have your parents told you how much they’ll pay? You really need that info.
I’m a freshman at NYU right now, and I’ve been living in NYC for exactly one week as of today. New York is more expensive than I ever expected. There’s the tuition and fees and housing expenses, of course, and I budgeted for my personal spending as well, but the personal spending budget turned out to be nowhere near enough. Be very careful about this decision; even if NYU gives you a big chunk of aid (which is rare) you would be spending a lot more money to live here than you would to be living in a college town.