<p>I'm currently a senior and I've narrowed my choices for college down to NYU and BU. They both cost around 61K. BU gave me 43K in grants/scholarships and NYU gave me 33K in grants/scholarships. My parents can only contribute 10K a year. That means I'd have to take out around 10K in loans for BU and 20K in loans for NYU. </p>
<p>I like BU, but I love NYU (and it is a more "prestigious" school). But is a 20K loan a year for four years ridiculous? Education costs so much these days...some people say 20K is reasonable but others say that it is too much especially because I'm planning to go to graduate school. </p>
<p>Any advice?</p>
<p>Did your package include work study and the Stafford loans?</p>
<p>Use a loan calculator and check out the payments for 4 x $20000 in loans. It’s hard to imagine NYU being worth that much in loans, esp. if you are thinking grad school. Read the many threads about excessive loans, even if you can get your parents or someone to co-sign, it’s irrational. $40000 for BU is tough enough, you should try to stick to Stafford loans if at all possible.</p>
<p>Why are you asking if $20k in loans is too much? You need to be asking whether $80k in loans is too much. </p>
<p>anyone who is saying that $20k in loans isn’t too much is likely talking about the total after four years. </p>
<p>$80k in loans is way too much. Are your parents naive enough to co-sign these crazy loans?</p>
<p>Were you given any Stafford loans as well?</p>
<p>
$20K/year IS ridiculous.
$20K is reasonable IN TOTAL. And you also want to pay for grad school… :eek:</p>
<p>Don’t do it. 80k in loans is going to rob you of your youth and future. Have fun but don’t pay for it forever.</p>