I said making 10k over the span of TWO years.
Do any of you guys know if there is a certain limit for Sallie Mae loans a year?
Total cost of 2.5 years undergrad and Law School at NYU
70k*2.5 years = 175k - 50k from parents = 125k - your 40k you’ll have by end = 85k for undergrad
NYU Law degree 85k/year * 3 = 255k
Total Debt: 340k
30 year payment plan: 1825.19/month
Total Cost after 5% interest: 657,071.34
Total interest paid: 317,071.34
Not to mention getting 340k of loans approved on a 40k/year salary would be basically impossible (your parents would have to cosign)
COA - all other aid = max amount a Sallie Mae loan can be. Sallie Mae loans do require the borrower/co-borrower to qualify so you may not qualify for the max.
@Jpgranier I’m not planning to go to NYU Law.
I am planning on going to Columbia Law, though, which is also in Manhattan. That is why I am working on maintaining a high GPA, holding several internships, and I’m currently starting to study for my LSAT, even though it is years away from taking the actual test.
Popcorn, I give you a lot of credit for sticking around. Apply to NYU and other schools of interest, just make sure you also apply to some “known” affordable instate schools as backup, just in case. I wish you the best of luck and hope things work out as you would like, but if they don’t go to instate to finish your undergrad and apply to Columbia afterwards. Please keep us updated how it works out for you.
For sticking around this thread despite the blunt harshness of reality people are telling me? Or sticking around a full year to save money on a half year’s worth of tuition?
Thanks, either way.
Thanks for the positivity and the encouragement.
What does co-sign mean exactly? The student is the default person who pays off the loan, but if in the case of emergencies he or she can’t, his or her parents help them pay? But the majority of the responsibility is on him, right? Do you think a lot of NYU students use Sallie Mae, if they are like me BUT STILL go to that school?
Your parents are fully responsible for the next 30 years for that loan. Let’s lay you lose your job down the road and can’t afford your payment, your parents will have to pay it. If you pass away early for some reason, your parents now owe the full amount. You can pay for the loan, but if you are unable to your parents on their 40k a year will have to pay 22k a year. A loan company will be hesistant of giving out such large loans unless your parents have a lot of assets such as a paid house (which they will take if you can’t pay your loan)
If you cannot pay off the debt for them then they are in arrears.
http://money.cnn.com/2014/07/28/pf/parents-student-loans/
Student loans are not mortgages; they aren’t on a 30 year repayment plan. The default will be to 10 years, but some loans can be put on a longer repayment plan. Private loans (Sallie Mae) are less flexible than government loans.
But wouldn’t they also be responsible if I do go to law school, and I ask them to cosign my loans?
Is there like a required amount of money you have to pay off each month or year?
So IN THE WORST CASE SCENARIO, I do get laid off and can’t get a job in my field for some time, couldn’t I take a minimum wage job and then I will still be the one paying off the loan?
How would the students who graduate from NYU and are in debt do it then? Considering that they are NOT rich, like some NYU students.
Because there HAS to be some people like me who STILL go there.
@twoinanddone on a 340k loan, it would be like 5k a month on a 10 year plan
@Jpgranier AGAIN, I am NOT going to go to NYU law.
So at must it would be 85k for undergrad.
I can’t believe you want to mortgage your life for a GROSSLY overpriced school filled with rich spoiled international kids and Manhattan kids who couldn’t make it into the ivy league. A school with no campus, BTW. There are more affordable ways to get out of California. Look for schools that meet full need for transfers.
@suzyQ7
No, you are right. But there are some previous repliers who disregard my idea for going to full need schools.
That’s not true about NYU. Wouldn’t they just BUY their way into the Ivies? And there are some good things about not having a campus. NYC is it’s campus, and unlike a lot of other college students, they are forced to mature a lot quicker than students who go to school with a campus and with a community. Because the people who go to such school are basically living in a bubble. And also being in NYC, you get to have access to internships, if you actively seek one, that is.
But anyways, you are right. That’s what I was suggesting with Boston College, but no some above commentators totally disregard that idea. Thanks you for not being one of those people, though.
Then go into debt for NYU Law School, not NYU undergrad.
I don’t see why it makes a difference how other students pay. You can’t afford it. Do you really want your elderly parents having to worry about getting their social security garnished to pay your debt?
There are plenty if less expensive schools. With the $50k your parents saved and and your $20k, you could be full pay at SUNY Stony Brook. You’d be close to Manhattan and get a degree with no debt.
AGAIN, I’M NOT GOING TO NYU LAW…@PrimeMeridian
Huh… That’s a good one, @austinmshauri. But since it’s a SUNY, wouldn’t it be more expensive for me, since I’m out of state. What about Baruch? That’s also a SUNY. And also Baruch is only less than 10 minutes away from NYU.
I think you might be misinformed…
Out of schools that meet need, USC isn’t the best. But their aid is definitely a lot better than NYU’s. Their financial assistance is still top-ranked. If the OP is low income, a package from USC would be similar to UCLA’s (in terms of net price).