<p>So far I've gotten decisions back from 4 universities, and the financial aid from two of them.</p>
<p>As it stands now, for me to go to Johns Hopkins I will have to get a loan for about 20,000 a year.</p>
<p>For me to go to New York University, I will have to get loans for about 32,000 a year.</p>
<p>Is this a realistic amount of debt to take on?</p>
<p>That is $128,000 for New York and $80,000 for John Hopkins. IMO that is way too much debt to take on. Of course it depends somewhat on your (realistic) potential starting salary at whatever career you are studying for. But if you were my child I would very very very strongly discourage you from taking on such a heavy debt load.</p>
<p>Any other opinions on this? I really don't want to give up going to a top notch school over something like this.</p>
<p>The money is not a small thing. Think hard about taking on that much debt, I know I wouldn't do it. Do the numbers and see what monthly payments on
$80K plus will be and you'll see it probably will be hard to repay with most jobs. It will also be impossible for you to get so much in loans, your parents will have to take them if they have good credit. You can defer and take a year to make some money.</p>
<p>80k is a lot of money. The eventual earning power at NYU or JHU vs. a state school is in fact not that different. If your goal is to eventually earn more by going to a top-notch school, then it's not worth it. But within the two choices, Hopkins is a better one.</p>
<p>I advise against deferring a year. You'll make a lot more money after graduating college than graduating high school. The interest from borrowing more now instead of going to work and deferring is about equal to the rise in college tuition each year.</p>
<p>Thanks, deferring a year doesn't seem very good to me either. The thing about JHU vs NYU is I have lived in rural america my whole life, and I would really like to see what NYC is like. I'm going to see if NYU will give me higher aid if I tell them what JHU offered. Thanks for the advise.</p>
<p>I have been able to make over a year's tuition during my gap year. I did have an unusually high paying job for most of it. With off terms I'll graduate having paid half my college tuition with no more than $15K debt from a $46K/yr school.</p>
<p>NYU is the worst for aid. Don't expect much.</p>
<p>If you're doing anything other than business that I would suggest not going to NYU. As for Hopkins, I know it is excellent for research and Med school, but I know people who have gone there and I havent heard good stuff and my friend who is an alum with a double major in comp sci and business is jobless now and working for his dad. Choose wisely, what are the other two schools?</p>
<p>The other two are Northeastern University and Boston University. They haven't responded much except NEU who is giving 15,000 in scholarships. They haven't told me about aid due to I could not get my noncustodial father to fill out the form. I had trouble getting a third party letter, but it is there now so I am waiting for their decision on it.</p>
<p>I really have no idea what I want to major in. I once wanted to major in computer science, but I have heard that that isn't quite what I thought it would be.</p>
<p>Anirak, the money you earn and save during a gap year will substantially reduce your eligibility for financial aid the following year; unless you live at home during the gap year, it will be a losing battle because your EFC will go up by more than you will be able to save. (EFC will go up by almost half of what you earn plus 20% of whatever you manage to save). </p>
<p>The amount that you are looking at is really too much for either school, especially as they are likely to expect you to borrow more in subsequent years.</p>
<p>NYU will not increase your aid substantially and is not interested in what other schools. (We know - d. went through that last year). However, if you appeal the NYU award they usually will increase the grant amount by $1000-$2000.</p>
<p>I'm confused. Why would they expect me to pay more in the later years?</p>
<p>Also, am I supposed to settle for an utterly mediocre state school rather than choose a much better school? So basically, is the better education and the opportunity to live in a bigger city and start a new life not worth the money?</p>
<p>
</p>
<p>Amen! My dream is to get out of my state. I have always hated it here, and to me, it's worth taking on a certain amount of debt for the experience. Life isn't all about money.</p>
<p>Debt is terrifying, and that's an awful lot of debt. Student loans are an investment to a point, but maybe try to get some gen ed credits out of the way at lower priced schools?</p>
<p>(About paying more in your later years: my stepfather was an independent student and paid for college by alternating a year of work with a year of classes. He said they decreased his aid to "wean him off of it.")</p>
<p>
[quote]
Why would they expect me to pay more in the later years?
[/quote]
Because the maximum amount of Stafford loans increases from year to year -- I think it is now $3500 for freshman year, $4500 sophomore year, and $5500 each year after that. So it is likely that your school will expect you to take the maximum loan, and tack that on to the loan amount each year. </p>
<p>Also, the financial aid system expects students to contribute a greater amount of their own summer earnings in later years.
[quote]
Also, am I supposed to settle for an utterly mediocre state school rather than choose a much better school?
[/quote]
You need to go where you can afford to go.
[quote]
So basically, is the better education and the opportunity to live in a bigger city and start a new life not worth the money?
[/quote]
If you want your "new life" to one that is burdened by crushing debt that you cannot discharge in bankruptcy and can't possibly pay off for years and years to come, if you want to spend your "new life" living under near-poverty conditions because you can't afford a new car or a nice apartment on your salary and with your loan payments, and if you want to defer marriage and raising a family of your own until you are about 40 because of your debt... well yeah, go for the opportunity to live in a bigger city.</p>
<p>You know, if it is a "big city" you want -- I have a suggestion: take a gap year and get a job in a big city for that year. During the year you can research financial aid opportunities and apply to colleges that might be more likely to give you good financial aid and improve your options. </p>
<p>Or you can start college in your state and try to transfer in a year or two. Or complete college in your state, and then move to a city of your choice after graduation to find work.</p>
<br>
<blockquote> <p>am I supposed to settle for an utterly mediocre state school rather than choose a much better school? >></p> </blockquote>
<br>
<p>I don't know what state you are from so I won't comment on the quality of your state school. I will say that many state schools offer a very fine college education, especially the state "flagship" university. However, I will say that with a non-custodial parent issue, I hope you applied to some FAFSA only schools where your non-custodial income does not factor into financial aid.</p>
<p>
[quote]
Also, am I supposed to settle for an utterly mediocre state school rather than choose a much better school?
[/quote]
</p>
<p>Life is all about choices my friend. You should have had some exposure to this concept by now. And while I agree with the other poster that money isn't everything..... It sure comes in handy when you want to purchase something (or even when you HAVE to purchase something).</p>
<p>And yes, I feel you should treat your college education as an investment, unfortunately, taking a huge debt load for an investment is kind of like playing the stock market on margin. In fact that is a great analogy.</p>
<p>Decision analysis requires bouncing your WANTS against your NEEDS. Your risks against your rewards.</p>
<p>I've visited NYC a couple times...what a vibrant exciting place, I love it .... second highest cost of living city in the world!!!!!!!</p>
<p>Going to a top school like JHU will help you secure a great job, and will help you get into a top graduate school. Of course, you have to be responsible and keep up your grades. I have seen evidence of this with my older child, which made it worth it for me to invest the money in my younger child. Choose wisely. It's your future.</p>
<p>Another thought. As a New Yorker, of course I am biased about my city. But, there is absolutely no campus life at NYU. Hopkins is in a major city, yet it is on a beautiful campus. Also, it is so close to D.C. It takes approximately 30 minutes to get there, via train. My son does it all the time. It also doesn't have to be a costly trip. If you take the MARC instead of AMTRAK, it will cost $6 or $7. Philadelphia is only about an hour away, and New York is the perfect distance for day outing. Get the train in the morning, and in 2 1/2 hours, or so, you will be in the heart of Manhattan...Stay all day, then return at night. Lots of kids do it.
My suggestion? If you are paying all that money for your education, go to the school with the highest "peer assessment" rank. The difference between NYU and Hopkins in that area is large enough to warrant careful consideration. There are reasons why a particular school is hot, or has moved up in the rankings. You don't want to choose one whose rankings rely so heavily on the number of applications, as opposed to peer rank (basically,academic rank). When I was in college, NYU was not a national school...It was a local, commuter school. The kids who went there were generally unable to get into CUNY, which was extremely elite, at that time, and free for outstanding New Yorkers. Look what has happened to NYU! New York is a place where so many kids want to come for their college experience, and NYU has benefited tremendously. But what has caused this increase in selectivity is the sheer number of applicants, not necessarily its academic rank...Which, don't get me wrong, is quite good...3.8/5. But, how does that compare to Hopkin's, at 4.6/5? You need to decide what is important to you, put it all in the mix, then come up with the answers that best suit you. I'd say, go with the top ranked academic stats...they usually endure.
Look...NYU is an amazing institution. Fabulous graduate schools, and in a very interesting city. But your degree will last over your entire lifetime. Choose wisely, and best of luck.</p>
<p>Northeastern is in a big city and it sounds like they may be giving you more money than nyu. Why not go to northeastern? If you go to your state school, is it possible that you could spend a semester or a year in NYC or other urban area?</p>
<p>WAY too much debt for either one of those schools. You'll be starting a new life all right - as a pauper!</p>
<p>How about Northeastern? If you do well in your major, you should have no trouble getting lucrative co-ops, and that help with the costs there. Northeastern has been very tight with need-based aid this year though.</p>
<p>And believe me, it is in a much better city and a much better location than JHU.</p>
<p>I will thoroughly consider NEU. Hopefully their aid offer will be generous enough.</p>