<p>I recently got my financial aid summary from NYU:</p>
<p>TAP: 5,000
LSP Scholarship: 10,000
LSP University Grant: 3,290
ED Pell Grant: 5,550
ED Work Study: 3,000
ED Perkins Loan: 2,400
ED Stafford Loan: 3,500
ED Unsub Loan: 2,000
ED PLUS Loan: 9,560</p>
<p>My EFC is 0 and I am not sure if this includes dorm and housing. I was accepted into the LSP program. The problem is that I will have to take out approximately $18,000 in loans freshman year and chances are, I will have to take out more each subsequent year because the tuition will increase. Also, my single mom is very hesitant to take out the PLUS loan because her income is not substantial. </p>
<p>I just wanted to know what you guys thought. Do you think it is worth for me to go, considering our low-income and the fact that I got into the LSP program and not a college itself? NYU is my DREAM school and I'm hoping to transfer to the College of Nursing after completing two years in the LSP program.</p>
<p>If I were you, I would seek education elsewhere. NYU is infamous for crippling student debt. Further, while it’s possible for you to transfer from LSP to Nursing, it isn’t guaranteed; adjustment to college life (= NYC life for NYU) could throw you for a loop with grades for a while, and it might be hard for you to transfer.</p>
<p>You can receive just as good an education elsewhere, and it really doesn’t seem worth the nearly $80,000-$100,000 (plus future interest) in debt you may end up with. I’m sorry, I know NYU is a big dream school for a lot of people, but their retention rate is low because a lot of people make the mistake of attending a school they simply cannot afford.</p>
<p>Have you applied to other schools? What are your other options?</p>
<p>First of all, congratulations on your acceptance! Secondly, you received ~24,000.00 dollars of free money. That is almost half of the COA for the school year. No matter where you get accepted, most schools will require you to take out the stafford loans, and most schools will not meet full need. So, depending on where you applied, you really don’t know how you fared with FA till you get all your packages in. With that said, would your mom be willing to take out the plus loans? Plus the Work study is recommended, but you have to apply for those jobs. I think it is a decent package, but the question is, can you swing the gap.</p>
<p>I’d take it. You’re getting almost half your fees covered, which is rare for nyu, and you’re going into a very promising careerpath (nursing is very stable right now). </p>
<p>If you are going into nursing, then it is even better, because there are the federal nursing loans which are forgiven with employment in certain sectors. Look into it. Plus there is usually better funding in nursing programs.</p>
<p>—The problem is that I will have to take out approximately $18,000 in loans freshman year and chances are, I will have to take out more each subsequent year because the tuition will increase.----</p>
<p>NYU cost of attendance is probably around $55,000. You are getting about $24,000 a year in grants. How in the world are you and your family, whose income must be very low to get the zero efc, going to come up with $30,000-$35,000 a year to cover the rest? You will be borrowing way more than $18,000 a year. You might be able to borrow that much the first year (but I doubt it, with your family’s income); after that you will probably have to drop out. Take your time and do the math. You will have to borrow at least $120,000-$140,000 during the four years to get a nursing degree at NYU. </p>
<p>Take your TAP and pell grant to a state school and get the degree and you will have to borrow probably around $40,000 to get the nursing degree.</p>
Yes, that was my mistake. Earlier, I read that NYU’s retention rank was 37, and I misread it as retention rate. However, the rest of my post stands.</p>
<p>The finances simply don’t justify going to NYU for a (possible) Nursing degree, as opposed to a cheaper institution that can provide just as good a degree.</p>
<p>I was also recently accepted to Case Western University, with a $17,500 Bolton Scholarship. It’s a good school for nursing. But I’m waiting for the full financial aid summary. </p>
<p>Thanks, guys. I think I’m going to reject NYU.</p>
<p>I’m pretty sure that most schools that offer bachelors in nursing are good schools for nursing. Your scholarship to Case Western may still leave you with $15-20,000 in loans each year. There are much less expensive options out there for nursing. I hope you have applied to some financial safeties. Getting a tuition discount/scholarship for a school that costs 45-55 thousand a year to attend is often not a good deal if you still have to borrow lots of money to attend. Hope you can find a school that you like and can afford.</p>
<p>good luck to you. i’m sure that it’s hard to get into your dream school and then not be able to attend because of what the world revolves around (money)</p>
<p>I’m rejecting nyu too. I also got into LSP. They didn’t offer me anything. I’m from a pretty high income family but my dad has 5 kids. I’m saving the money for grad school and I’m going to attend university of florida instead. I was really torn at first and didn’t want to turn down my dream school, but after putting everything in perspective I feel like I’m making a good decision.</p>
<p>Some of you are really thinking smart. No school is attractive enough to pay the full tuition and fees (or even if it is half that) if money has not already been set aside or if you and your family do not have the ability to pay without massive loans. </p>
<p>You are thinking on behalf of your families and yourselves. Especially in fields such as nursing, where you will be in demand no matter where the degree is from so long as the school is accredited.</p>
<p>Congrats on your wise thinking and willingness to move on to fulfill your core dream (chosen profession).</p>
<p>IMO, unless NYU offers at least one half of the tuition in grants for my D, it simply is not worth it. There are plenty of decent State Universities that offer comparable programs at a fraction of the price. Private Universities in general are pricing themselves out of the middle and upper-middle class markets. Now the only families that can afford their services are high net worth and the lower class who are offered big government aid packages. NYC is a great place and I think it would be an excellent experience for my daughter to spend some time there. However, IMO, it is no where near worth $60k/year. Perhaps NYU and the other bloated higher ed bureaucrats need to learn to trim costs.</p>
<p>My hats off to all the kids who are thinking smart and making realistic choices. NYC will always be there for them for grad school, their career or life in general.</p>