<p>I've recently been admitted ed to NYU Stern. My parents combined make around 300k before taxes as doctors. We have no debt/just the mortgage on our house. My parents do have a decent amount saved up (250k) but it's not really in investments or anything. Both are under 50 and I'm an only child. How much should I realistically expect them to pay for my college, which is around 56k a year? </p>
<p>Thanks for your opinions.</p>
<p>You would have to ask them. it does not really matter what any of us think. Only what they are willing to pay.</p>
<p>I know I just want some opinions lol. If you were a parent in that situation, would you pay all?</p>
<p>It is difficult for me to answer that, to be honest. I have never had an income anywhere near $300,000 a year so it sounds huge to me. If someone started paying me $300,000 a year starting today then $50k would seem like peanuts to me because my current lifestyle (mortgage, etc) is not based on a $300k income (I wish). Heck, if you can get me a job paying $300k a year I will gladly pay your tuition ;).</p>
<p>Joking aside, I have no idea of your parent’s lifestyle or other financial commitments. In the end, if they are unable or unwilling to pay $50k a year then my opinion is irrelevant. Sounds like you need to have a talk with them. (I will say that if my kids wanted me to pay for something I was not willing/able to pay for, then quoting the opinions of strangers from the internet at me would *not *be a good tactic to take with me, quite the opposite in fact).</p>
<p>Try to be diplomatic when you ask.
How much is budgeted for my college education?
I was hoping there was enough money for 4 years of private college.
Have you and Dad discussed money for college?</p>
<p>Haha yeah good post swimcatsmom. But yeah they don’t live a lavish lifestyle by any means.</p>
<p>@batllo those are good points, I’ll take that into consideration.</p>
<p>collegefun…it doesn’t matter what we think…all that matters is what your parents are willing to pay. BUT I will say…you will not qualify for any need based aid at any college in this country. I hope your parents are willing to pay the full cost for you to attend NYU because unless you get some merit aid, that is what the bill for attending will be.</p>
<p>Our income was less than half of what your parents earn. We have two kids. We paid the vast majority of their college costs…they each got some merit aid but both went to very expensive private colleges. However, that was OUR choice…your parents may have a different choice. You need to ask them…and soon, I might add…don’t you need to send your admissions acceptance to NYU soon? If they won’t pay…what will you do?</p>
<p>You’re going to have to ask your parents how much they’re willing to spend…</p>
<p>1) They know their financial circumstances.</p>
<p>2) They know YOU…they know if they are confident that you’ll study hard and not waste the opportunity.</p>
<p>We don’t have that info.</p>
<p>Good luck.</p>
<p>BTW…why haven’t you asked them this already??? Didn’t they have to agree to ED at NYU? If so, wouldn’t they be aware of how much they would have to pay?</p>
<p>What has been going on recently that has made you wonder about them paying?</p>
<p>Okay… I’ll go out on a limb. ;)</p>
<p>Given the circumstances you describe… I’d expect them to pick up the full tab.</p>
<p>There, I said it.</p>
<p>But like Swimcatsmom, our income has never been anywhere even remotely in the range --not even in the same universe-- so maybe that’s easy for me to say. Everyone else is right, it only matters what your parents say… but if you were my kid and I was under 50, a doctor, with a big income and a nice wad saved… I’d pay.</p>
<p>How did your parents each pay for their undergraduate degrees? That might indicate some of their attitudes about finances. If they went to a public school for undergrad and financed most of it themselves through work and loans, they may want you to do the same.</p>
<p>You say there is no family debt. Does that mean your parents have paid off their own student loans? How recently did they pay them off? It may be the case that they only recently paid off the student loans and are now having to seriously fund their own retirement accounts. Are they helping out any any elderly relatives, such as paying for a parent in a nursing home? The reality is that you may think there are no debts or other financial obligations, but there very well may be some that they have not told you about.</p>
<p>In any case, you will have to work within your parents expectations since you will likely get very little institutional aid. Even if parents make 300K a year, there is no reason why that equates to spending 50k a year on college and wiping out 4/5ths of their entire savings in a quick four years. Honestly, what might be reasonable is to look at your state’s other public schools (not NYU) as a price point and go from there. In the end it will depend on your parents’ perceptions of value whether or not a private 50k a year LAC is worth the premium above a public flagship.</p>
<p>Hey this cow has already left the barn. Your question now seems to be a non issue since you applied and was accepted ED. You and they have already committed to “in exchange for an early decsion, if accepted I will attend regardless of the cost.”</p>
<p>You need to have a sit down with your parents NOW, and say, </p>
<p>“hey, I have been accepted to NYU on a binding admissions and the tab is about 55k a year and we are not eligible for financial aid. This means that I am 99.9% sure that you will have to pay all of it”.</p>
<p>If this is not something that they are willing to do, try to get released from ED immediately so that you can find some schools within their financial parameters.</p>
<p>300k sounds like a TON of income, and it is…Until you need to pay 56k BEFORE taxes for college.grossed up 56K is probably 100k before taxes,so it isn’t chump change…that said, if i were your parent,i’d pay for everything except spending money…Best of luck</p>
<p>Sybbie’s right. I hope your parents knew that you were making a commitment to attend if admitted when you applied ED.</p>
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<p>[Early</a> Decision](<a href=“How to Apply”>How to Apply)</p>
<p>Your parents are supposed to have signed your ED agreement. And it’s true that with a household income of about $300,000, you’re not going to get any need-based financial aid. If your parents did, in fact, sign your ED agreement, I’d expect them to pay the cost of attendance. If they’re not on board with that now, that’s a serious problem. If they’re not on board with that because you never discussed paying for college with them, it may be a problem you helped create.</p>
<p>In your parents’ situation, if you had done the right thing through high school and had a good/appreciative attitude, I would pay the entire bill except your spending cash and consider myself blessed.</p>
<p>It seems to me that the question here–and what you should discuss with your parents–is what they expect from you. Do they expect you to take on some loans? Do they expect you to work in the summer? During the school year? What portions of your expenses will they expect you to cover? Unless you’re a very unusual case, you can’t realistically put yourself through NYU by working. You might be able to cover your own personal expenses (i.e., entertainment, clothes, etc.), maybe your books, and maybe a piece of room and board.</p>
<p>What your parents say in this conversation depends on their philosophy. Some will want you to concentrate on your studies and not work during the school year. Some won’t want you to carry debt. Others will feel that it’s important for you to have a personal financial investment, and may want you to work and take out loans.</p>
<p>I am another who could easily fork over $50k/year if I suddenly started earning $300k/year. However, WOULD I? I would have to seriously consider a lot of things before I would do that. Also, I do believe that if I had been making that much all along, I would probably already have a place for most of it to go each month … money sort of seems to work that way. ;)</p>
<p>But, yeah, it’s troubling that you are asking us this question. It is something you & your parents should have addressed prior to signing on the dotted line for ED. Get thee an audience with the parental units post haste. Discuss!!</p>
<p>Thanks for all your response! :)</p>
<p>I guess part of the reason why my parents don’t want to pay all is because I have had a very lazy attitude during my high school years. I mean I would do work, but not until the morning of. Studying was out of question. I myself am honestly surprised I got into NYU Stern. Also, both of them did not really have to pay much for college, considering they were raised/educated in foreign countries.
They also want me to take out some loans, just so I can learn a little responsibility. What do you think is a fair amount? 10k a year? 15k? My parents and I get along great, I just want some reasonable opinions on what do you think is a fair amount for them to pay.</p>
<p>*Note I am not going to decline ED, but I am allowed to on the basis of not enough financial aid (did not receive any, just 56k in loans).</p>
<p>Generally it’s recommended that students not take out more than 25 to 30 thousand in loans, total for all for years. Whether that’s a reasonable amount for you would depend on things like what your prospective major is and whether grad school or professional school is likely after you get your BA. If it is, then it’s wise to minimize borrowing as an undergrad.</p>
<p>Please consider that if you turn down your ED acceptance that it may affect your school from now on out. With $300K in income you should not have been expecting any FA, and NYU didn’t give you any. Turning down an ED with that much income on the basis of not getting enough FA may well black ball your school from here on out.</p>
<p>*What has been going on recently that has made you wonder about them paying? *</p>
<p>*I guess part of the reason why my parents don’t want to pay all is because I have had a very lazy attitude during my high school years. I mean I would do work, but not until the morning of. Studying was out of question. *</p>
<p>Bingo! </p>
<p>I knew there had to be some reason why at THIS POINT, you were wondering if your parents were going to pay.</p>
<p>Are you also suggesting that your parents somehow thought that with incomes of $300k that you would get some aid? Ha ha…then I’d have to wonder…at what income would they think a family would not get aid.</p>
<p>Anyway…your parents agreed to let you apply ED and they knew that they had a very affluent income, therefore they should pay.</p>
<p>If your parents complain, make a GPA deal with them…agree that they will continue to pay as long you’ll maintain X.X GPA.</p>
<p>And, from now on, get your act together for the rest of your senior year. You’ve had the luxury of senioritis for the first 7 semesters, you should now be immune to the disease. </p>
<p>(BTW…interesting that you’re surprised that Stern accepted you, makes me truly wonder how “need blind” NYU truly is. )</p>