Is it worth the money to attend NYU (or any expensive college for)? Class of 2023

Colleges and Universities A-Z New York University
1

I got off the waitlist for spring admission to liberal studies core at NYU. I eventually want to probably study environmental studies in CAS (or science, but they only offer studies at NYU). I am still not sure about what I want to do. They offered me $9170 for a scholarship, making the total tuition come to about $42k. I would live off campus/no meal plan, so I will add about $10k onto the total estimate for 9 months rent, subletting the others. I am prepared to make sacrifices for affordable rent, and I am from Connecticut and know people in the city so this is reasonable. I would try to graduate in 3 years to save money.

My parents make about $150k a year now, although my father was unemployed for a year, 3 years ago, so we have little savings, no retirement savings, and I generally worry about my parents’ finances. My mom might want to quit her job and do the same thing working for herself to make more money, but there are still risks involved. They can pay about $25 k a year, and I would take the $7000 in standard govt. loans and work-study. That brings the difference to about $10,000, or $20,000 with rent. They have a home equity line of credit (lower interest than student loans) so would pull from this for the roughly $10k a year, while I would work and save for my rent each year. This would total about $22,000 or less in student loans for me for 3 years. I am very good at saving money and living frugally, but I also have a lot of money guilt and keep questioning whether this is even worth it. At the end of the day, a classroom is just a classroom and people of to amazing unis for next to nothing in Europe. Extreme costs are normalized in this country, and it disgusts me. So while we could swing it without going into crazy debt, even if we had all this money sitting in the bank, is $150k minimum worth spending?

My only other options are the University of Washington or roughly $40k a year, across the country, or to stay here and go to CCSU for a year, then transfer somewhere better which also has its own risks. Staying here makes me very depressed because I worked so hard in high school, did very well, and then graduated a year early to travel and work because I was so tired of being in that awful environment, but this also made my applications look weird and I didn’t get into my true dream school. I have already felt “stuck” for a long time, and want to move on with my life.I Avery independent and don’t want a traditional, boring college experience where everyone has to do the same thing. Also nyc is appealing because of opportunities, and the fact that I am 2 hours away and can take advantage of the city while I live close (my parents will probably move to the west coast later in life and I will want to be on the west coast as well, meaning I don’t want to stick around in NYC for a decade).

I have talked to so many people, and have racked my brain trying to figure out what I want. I worked so hard so that I could have good options to get to a better place, and now I feel like all of my options come with extreme negatives that are making me unable to look forward to anything. I would really appreciate any help or advice.

2

I wouldn’t borrow for NYU. Where else did you apply? If your parents can pay $25k without borrowing and you take the $5500/year federal student loan you could attend a SUNY.

3

Since it is past may 1, my only other options are UW where I paid a deposit, or CCSU which I put in a last minute application for and would act as a my community college for the year before transferring. I also have guaranteed transfer to BU for next fall but I am not really counting that because they will likely give me no money and I would rather be at nyu.

4

That remaining $10-20k is rather steep to be able to earn from work earnings as a college student.

Looks like CCSU is your only possibly affordable option, except for perhaps community colleges. So your options appear to be either attend CCSU, attend a community college to prepare to transfer, or take a gap year to work and earn some money and reapply to a more financially realistic list of colleges next year (UConn?).

5

You said you are from Connecticut. Did you apply to your state schools? Did you apply to any other schools in NYC besides NYU? SUNY schools would be affordable for you.

NYU is not affordable for your family. You can’t count on working a lot of hours ( things happen) and I do not think it’s wise for your parents to take out loans given their limited savings and lack of retirement money.

6

This is such a tough thing to face - you’re in at a school you really want to attend and you worked hard to get accepted there but you can’t afford it. I am so sorry, it’s really hard on you. My only advice is - Don’t go deeply into debt for NYU or any other college. Figure out what you can afford to pay and if your options this year aren’t matching, take a year off - work, save money, enjoy being school-free and reapply. It’s not what you want now but it’ll give you time to think and plan. College funding is a huge decision and it’s much better to make it when you aren’t feeling despair and frustration. You got into some great schools - you have a bright future! Don’t feel like you must choose between options that you don’t like. Take a step back, give yourself space to think it over.

7

Sorry if that was unclear, but about $20,000 total would be left a year. Half would be what my parents take as a loan, and the other half would be what I pay per year. I have some savings and I will continue to work, and I would have side jobs (I do a lot of pet sitting that pays well) on top of NYC min wage at $15/hr. Staying in state long term is not an option, I would be very depressed. Everyone from my high school goes to Uconn, and there is nothing in Storrs. I have eclectic interests, so a city is where I need to be. Compared to most people, these loans are not much. It is just whether it is worth it (I understand how difficult and complex of a question that is).

8

I did not apply to SUNY, none felt like a good fit. Same for state schools, but I gave a detailed explanation of my current options in my first post.

9

Additionally, my father is getting a pay increase in December, but again I feel guilty tapping into this resource.

10

To clarify, I graduated early and already took a gap year so I don’t see that as an option. I have to take classes somewhere this year, so if I go for the cheaper option, it will be to hold me over for a year before transferring somewhere that I like/ is less expensive, like McGill, or to reapply but for schools in Europe or schools that are good about meeting need. I will be very unhappy living at home again, but for the sake of saving money.

11

@CaMom13 @twogirls @austinmshauri @ucbalumnus sorry I forgot to tag people in my replies. I am obviously new here sorry

12

Have you looked at the CUNY schools? Queens college would be affordable for you as an OOS student and they have housing. If you begin in September you may not get housing, but maybe you can work something else out.

13

Is UW off the table? Seattle is an awesome city!
Have you looked at what you student loans plus personal loans would set you back per month to repay once you graduate from each possible option on the table?

14

Your choices are between $40k a year at U of Washington or $52k a year with just $10k budgeted for apt, food, travel, sundries, books, fees in Manhattan? I have no clue what you are including in the $40k for UW, but what you have budgeted for NYU is unrealistic. I’m assuming that you have your parents down for paying $25k a year for either choice.

I would not have done this to my parents. If they were in comfortable shape, that’s one thing but they are not. Your dad was recently unemployed, your mother in transition about starting her own business and they are planning to borrow against their home for you? Very risky for them. Yes, you should be worried about them. They can lose their house, if their bet that you are going to be able to pay them pack doesn’t happen. Like if you get hurt? Or die? And you know they are not getting any younger so that the risks of becoming unemployed or reduced income are rising for them. There is the matter of their health too.

I don’t think either choice is a good one for your family. Too much left to chance and your family doesn’t have s financial buffer. This is how people go under financially. Best of intentions, but things don’t go as planned. Any accident, mishap , job loss, health crisis and you and your parents can be in trouble.

15

I am surprised you don’t have a merit option between UDub/NYU and CC? if you could get into both those names, your stats must surely mean you could get decent merit at a number of other colleges.

16

I’m finding this very confusing. NYU is notorious for poor financial aid.

You’ll be more depressed at NYU when finances are a constant worry. Students who work more than 10+ hours a week are proven to get lower grades. It will negatively affect your college experience.

10k for 9 months of room + living expenses seems low. I live just across the river in New Jersey, & that’s under the poverty line! You won’t be able to enjoy the city; even cheaper entertainment would be a stretch.

17

Is this correct?

NYU - you need 42k tuition + room and board
UW - you need 40k (does this include room and board?)

If UW is just 40k including room and board, that sounds like a better plan than NYU.
If you need 40k plus room and board for UW, CCSU seems like the wise choice.

18

Here is a list of colleges that still have openings, take a look. I know you don’t want a SUNY but there are two on the list. https://www.nacacnet.org/news–publications/Research/CollegeOpenings/

19

I think that you are missing a lot of expenses (e g. books). Living in NYC for an academic year seems impossible. Saying that you are going to graduate in three years also is risky. If your parents have little savings and no retirement savings, they cannot afford $25k/year. You need to use more realistic cost assumptions.

20

@Eeyore123 considering I have talked with my parents and they told me $25k, I am inclined to believe them. They have been making similar mortgage payments my whole life which they have recently finished paying, and can do the same only this time for tuition. The only other expense is books, which I can rent, or find online. I don’t know why it would be impossible, considering how many students live in nyc for the academic year. I have been quite realistic in my cost assumptions, as I am not planning on going out and spending $100 on drinks and ubers. I am not including food in expenses because I am vegan and eat cheap staples like beans, potatoes, oats, etc. and no matter where I am, I will be eating (even at home). Living in CT is quite expensive so I am used to cutting corners. Everyone makes generalizations about places saying it is impossible to do x or y in x or y city, but there is always a way and there are many options in a city as big as New York. Someone from UW told me I could never live off-campus in Seattle more affordably than dorms, which is simply false. Dorms and meal plans are robbery, and even $1000 a month is cheaper.

I don’t need to justify to other people whether we can afford it, we will have some loans whether my calculations are correct, or off by $1000-2000. I know we are not wealthy, I am just being upfront because I don’t really care if people make assumptions based on income. But I will not have $100k+ in loans like many people because my parents can fortunately help. I am simply trying to decide whether it is really worth it or smart to invest this much, even though I think I could be happier there than most places.