I just found out today that I may not be able to attend NYU....

Colleges and Universities A-Z New York University
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<p>[This ties in with my rant thread but the problem is so great I need a separate thread for advice. Thank you to everyone who helped me in my rant thread, I greatly appreciate it from my heart.]</p>

<p>A few days ago I received my Parent PLUS Loan rejection letter. I knew this was going to happen and I had a Plan B. That Plan B failed and now I don't have any other options, I don't think...</p>

<p>After getting the rejection, I called NYU's financial aid office and told the person (His name was Gary something) about my situation. He said that my Stafford Loan would increase by $4,000 if I just faxed in the documents. I then told him that that was fine but because my PLUS loan was supposed to cover $11,000 a year. Even if Stafford increased by $4,000, there was still a $7,000 gap. The person said I could apply for a private loan as long as I had a cosigner (which could be anybody) to cover that $7000.</p>

<p>I hung up and told my parents about this. They said we had neither relatives nor anyone to cosign so I should call back and see what my other options.</p>

<p>I called back and the same guy said that the only option I had was to take out a private loan. If I had no cosigner, then that was the end of that. I said, "So that means..I can't afford NYU and won't be able to come this fall?" And he basically replied with a "Yes."</p>

<p>My brother's friend is experienced with financial aid. He said that I should visit the FA office sometime next week with him and my mom and we can talk out my situation there to get more money. I think that's a good idea and I am willing to pursue it. The only thing is, the FA adviser said this whole process will take a few weeks so I'm hoping that this whole fiasco will end in time for me moving in on August 30.</p>

<p>Before faxing in my PLUS loan documents, I wrote a letter to NYU briefly explaining my tight and stressful situation. I can't get a private loan because I have no cosigner nor do I have any credit. I still have a $7,000 gap that I can't pay out of my pocket and I hope that NYU can change my FA so that my tuition is fully covered.</p>

<p>The only problem is, I hope NYU is lenient. If not, I just simply can't attend. I feel so depressed and stupid right now. I can't believe that I can't attend college because I'm poor. I always felt that I could take out loans since that was my only option, but only recently my parents finally told me (I'm the youngest, my older brothers are told the family problems) that they have bad credit due to some business issues two years ago.</p>

<p>My only hope is that NYU helps me out. My question is that...is there any other possible option? Should I fax in the letter I wrote to let NYU have a heads up, or should I just fax in the rejected PLUS loan documents and then visit the FA office personally?</p>

<p>If anyone's interested, this is my letter:</p>

<p>To Whom It May Concern,</p>

<pre><code>My name is *****, my NYU ID is ****, and I am an incoming freshman at NYU this fall. Recently I was rejected for the Parent PLUS Loan that totaled $11,051 a year or $5,525 for fall semester and $5,526 for spring semester. This loan plays a large role in paying for my tuition but I was not a recipient of it because my parents have very bad credit due to personal circumstances. I send this letter with the rejection documents so that NYU may award me a $4,000 increase in my Stafford Loan. However, the cost does not end there. The Stafford Loan will cover $4,000 of the cost the PLUS Loan was supposed to cover, but that still leaves a debt of $7,051 a year that needs to be paid off. I was advised by NYU’s Financial Aid center to apply for a private loan to cover the remaining debt as long as I have a co-signer to help me obtain the loan. The problem is I have neither family nor relative to ask to cosign, so my chances of attaining a private loan to cover part of my tuition are null. Moreover, I called the Financial Aid office again to see what other options I have and the adviser told me I have nothing more I can do. I am 17 years old and have no credit yet, so I also cannot apply for a loan only under my name either. I ask NYU now to please help me with my problem and to revise my financial aid so that I may afford this prestigious university this coming fall when I start. I hope that NYU can offer me additional financial assistance in paying for my tuition or help me by adjusting my scholarships, grants, New York State TAP, and/or my Perkins Loan so that no gap is left in my yearly tuition. I have no other option and if I cannot cover this cost, then I cannot attend NYU. I sincerely hope my situation does not reach a point where I must take a year or more off between high school and college. I hope that NYU can offer me help during this time of extreme financial stress.

                                    Thank you,
                                    ***********

</code></pre>

<p>Thoughts, comments, advice? Should I send the letter, alter it? I wanted to state the facts candidly and didn't want to beg. I want to fax in everything by tomorrow at the very most. I really can't believe I'm seeing the light of a day like this.</p>

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<p>Omg that’s terrible. I mean wow, what are you going to do if NYU doesn’t give you the money? Can you even enroll at another school this late?</p>

<p>I honestly think they should do credit checks as part of the financial aid application process from the beginning. That way at least you would have known when you were accepted that you were not eligible for the PLUS loan. I mean the FAFSA asks for everything else, so I don’t see why they couldn’t run a quick credit check before telling you that you can get an 11K loan that you really can’t afford.</p>

3

<p>I hope they did that, that would’ve saved them the trouble and me as well.</p>

<p>I don’t think I can enroll anywhere else this late. It is sort of my fault for not taking this up with NYU much earlier in the year (around May) but I had no idea my parents had bad credit. I knew my dad did but not my mom, because everything (phone bill, mortgage, etc) is under her name.</p>

<p>I’m really hoping that NYU can re-budget my FA by increasing other aspects of my FA. Like the University, Pell, or ACG Grant. I just hope something works out.</p>

4

<p>From your other thread</p>

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<p>I don’t think they are going to give you anymore than they already are, they already told you as much on the phone. They are already giving you a lot, it’s late in the year so their financial aid may be all gone.</p>

<p>I guess I don’t understand why you think NYU will give you more. People are expected to pay for part of this themselves. You need to get a private loan and you’ve been told this more than once.</p>

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<p>hmmm…so then if this doesn’t pan out can you defer admissions for a year? If that’s a possibility then you could at least save up some money and your parents could get their finances under control.</p>

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<p>I’m sorry to hear of your predicament. It is unfortunate that you were not aware of your family’s financial limitations before applying to a school as expensive as NYU.</p>

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<p>The “fiasco” has ended, because the financial aid office has said you need to come up with an additional $7,000 and you are unable to do so. This is not an uncommon situation. That’s why so many forum participants urge students and parents to discuss finances before students apply to schools they can not afford to attend. And most responsible adults would urge you not to take private loans on top of your other loans, as you will be digging yourself a financial hole from which it will be very difficult to emerge. Further, educational debt is generally not dischargeable by bankruptcy, so you will be paying your school loans for decades, including the years when you need to be saving to pay for your children’s college educations.</p>

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<p>You can attend college, you just can’t attend NYU. For example, you can attend a community college for two years and then transfer to a SUNY to complete your undergraduate education. Many students don’t apply to their dream schools because they know they can’t afford to attend even if they are admitted. You applied and were admitted, but can’t afford to attend. This is not the end of the world, you just have to make more realistic plans for your undergraduate education.</p>

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<p>Even though my options are limited, I don’t think I should think about rolling back on attending NYU until at least I meet personally with the Financial Aid office. I’m still going to go and be resilient about this. For now, I’m not worried about my ‘financial hole’ as much as I am trying to figure out a way out of this. Paying back loans isn’t as much of a problem to me as is getting one to begin with.</p>

<p>Pea- Right. I need to get a private loan. But I can’t, and that’s what this thread is about.</p>

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<p>***One comment about your letter: you say “The problem is I have neither family nor relative to ask to cosign”—saying family and relative is redundant—all you need to say is “I have neither family members or friends to ask to cosign.”–something like that instead. </p>

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<p>I hate to say it, but unless a miracle happens, you won’t be able to afford NYU. I know how devastated you feel–I had to turn NYU down because I would have been over a quarter of a million dollars in debt–and that was after my parents and I calculated what the cost would be over 4 years taking into account everything from work study, to living in the cheapest low cost triple dorms all 4 years, to text books, to NYU’s disclosure to use their annual increase in tuition/texts/dorms, to meal plans…the list goes on and on. That means that the debt you think you will be in and the loans you will have to take out will be even larger–because chances are you did not take all of those things into account and actually do the math. </p>

<p>There was no way I would have been allowed to take out so much money on a private loan, and my parents would be paying back loans at well over 2,000 a month–my dad couldn’t even retire until he was like 70 in order to afford that for so many years—and what would happen if he lost his job as so many hard working people are?</p>

<p>All I’m trying to show you is that we sat down and knew that we could not afford NYU, and chances are you should have done the same. It’s too late now, obviously, but if your appeal with NYU falls through, you’re going to have to face the truth like I did and move on…whether that be to community college, a gap year, rolling admissions at another school if that’s still an option, etc. </p>

<p>I really hope things work out for you and get why you want to go to NYU, but if not and you need to vent to anyone about this feel free to PM me…I’m still a bit bitter about not being able to go to NYU, and understand exactly how you feel.</p>

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<p>You were very quick to give up on getting a personal loan but very tenacious about asking NYU for more money.</p>

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<p>That’s your Mom speaking. Based on a conversation that took less than 30 seconds you decided that you couldn’t get a private loan. You need to find the answers here, they’ll take some thought. Give it as much effort as you have given wardrobe considerations, (from you other thread).</p>

<p>I had a girlfriend who put herself through a private school with very little help from her parents. She was tenacious, she hit up relatives for loans, anyone she could think of, she worked during school, (obviously). She was creative and resourceful. All I hear from you is they won’t give me this and they won’t give me that.</p>

<p>How about nastynate0315’s suggestion of deferring your admissions for a year, work you tail off and be as frugal as you can be and come up with as much of the missing money as you can. You have a lot of money coming your way from NYU, (I’m assuming these really are scholarships and not loans), percentage wise you don’t have that much left. I’ve known people who’ve accomplished something like this but they were really determined and they worked as much as they could. Good luck!</p>

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<p>So your “rant” about NYU…</p>

<p>…was all in vain.</p>

<p>For some loans you don’t need a cosigner. Just look up those. Although, I will forewarn you that the interest rates for those loans are SKY HIGH.</p>

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<p>Is the $7,000/yr that you are short for both room and board? If so, you claim that you only live 45 minutes away from the city in your other posts. COMMUTE FROM HOME!!! Eat breakfast / dinner at home and bring a bagged lunch. Dorming at NYU when you are within a commutable distance is a luxury…one that you obviously cannot afford! For years, NYU was known as a commuter school…because that is what the majority of NYers did. If you are serious about NYU being your dream school, you may have to compromise your dream to attend. Don’t expect it to be handed to you. Work and save money and maybe you can get a cheap apartment as a junior or senior. Many students do that even if they were in NYU housing as lower classmen. With your hopes of a new wardrobe and nightlife in NYC, it sounds like you want to re-invent yourself and live above your means. Yes, many students who attend NYU have the backing of wealthier parents to attain that lifestyle. Fair or not, you need to realistic about who you are. Sounds like you can pull off NYU if you change your attitude and compromise.</p>

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<p>i have to agree with uskoolfish. if you really want NYU try communting. HOPEFULLY, that will solve your issue</p>

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<p>oh! i just remembered something else. Im in the same boat as you as far as loans go. I know that if that extra 7000$ has something to do with paying off housing there’s a process for that. I know you have to pay a down payment at first… but NYU has plans where you pay a certain amount monthly, or however suits you best. something like that. I would call to find out about that. but ik that im doing that.</p>

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<p>CoffeeAddict9176- I wish I really had done this sooner. Had today been October 7th and not July, I would’ve easily not applied ED and went with a SUNY school.</p>

<p>NuclearPakistan1- My rant wasn’t in vain. Obviously I didn’t know that I wasn’t going to NYU at the time. This situation popped up in my face.</p>

<p>Pea- I really don’t know if I should defer admissions for a year. I just…wouldn’t feel right about it. I know it sounds like I’m being stubborn but everything’s going to be black and white after I visit the FA office.</p>

<p>I just really, really, really hope to God that this works out somehow.</p>

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<p>So you’re just disregarding the commuting idea that very well could solve your problem?</p>

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<p>^ No, I’m not. I know I have a limited options but I don’t want to finalize any decisions yet until I visit the FA office. The thing is, room and board accounts for $13,226. Now I know everyone’s going to start suggesting I commute. I may as well.</p>

<p>Oh, and CoffeeAddict9176, you might expect a longgggg PM soon, heh.</p>

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<p>You applied ED to NYU without the ability to pay? You joined CC last summer, and it is hard to miss the copious threads warning you not to apply ED if your parents can’t pay. If you’re smart enough to get into NYU, you should be smart enough to see that it would be foolish to take out $7,000 in personal loans on top of your other loans. No school is worth that kind of debt.</p>

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<p>dude i could give nothing but my encouragement.</p>

<p>I right know what the feeling is. I am an international applicant and class of 2014. I was sure enough to apply to NYU but due to my mothers faulty investment, I could hardly apply to any colleges right now. So I‘ve given up NYU, however wish you could attend!</p>