<p>I was accepted to the College of Nursing. This is what I would get from NYU for aid. </p>
<p>College of Nursing Scholarship: 3,000.00
Lewis Rudin City Scholarship: 20,000.00
Pell Grant: 5,645.00
NY State TAP: 5,000.00
Total without loans: 33,645.00</p>
<p>Assuming I will commute, work part-time, and my parents' EFC is 0, is the $10,000 loan per year worth it? I do not intend to stop at RN. I will possibly continue for healthcare management.</p>
<p>How are you going to get that loan? As a frosh, you can’t borrow that much and you’re parents probably won’t qualify to cosign.</p>
<p>Sorry to ask. But, what is “frosh” and “cosign”?</p>
<p>Frosh - freshman
Cosign - sign a contract with the lender agreeing to take responsibility for paying back the loan if you don’t pay it; can only be done by someone with really good credit.</p>
<p>As a freshman, you can borrow up to $9,500/year max. That’s it. And the usual limit is $5,500. The only way you can get the additional $4k is if your parents apply for something called a Parent Plus loan and their application gets denied. Then your student loan limit goes from $5,500 to $9,500.</p>
<p>But that’s a lot of debt to take on. Since your limit would increase slightly each year you’re in school, over four years, your debt would end up being over $40k. Is there any college where you can get the same degree without it costing so much?</p>
<p>That’s a tough question. You know better than anyone, certainly better than we do, what your family situation is, and how much or little help you are going to get in repaying $50K in loans, which is what it’s likely to be AT MINIMUM before you are through as prices go up and schools, and NYU is included in this group of them, tend to increase the required student contribution over the years. How much you can earn as a nursing student is debatable. Not all of your loans are going to be subsidized, so the meter is ticking the instant the funds are released and the interest rate is high, even for the student loans. </p>
<p>Do you have a strong, supportive family infrastructure that you feel confident will be able to help you through this during the school years, AND then for the rough years ahead as you try to get yourself independent and self sufficient, and paying those loans? You are going into a field where employment is likely and the pay is good, for the most part and chances, but you are also 18 years old which means your plans could change and you may not want to stay in the program or go into that field. You are leaving very little margin when you put yourself into such situations, and I have no idea how much margin your family has. Income is only one indicator of this sort of thing, and in that area, I think it’s safe to say that much financial support would be a great hardship if even possible from them. </p>
<p>Where are you getting the loan money? Are you getting a Perkins and a Stafford combo or is NYU lending you funds from their own coffers? Or are they sending you the Parent loan route? What are your other alternatives and the bottom line cost including loans from them?</p>
<p>Congratulations on the acceptance and a good package from NYU. I can’t say whether it’s the best choice for you to make, as I don’t know what else is on the table for you. Whatever you end up doing, think out and know the possible ramifications. This might be the best way to go, but it’s going to a rough go.</p>
<p>My biggest concern is this; Is there a gpa requirement attached to these scholarships? Are they automatically renewable for the next 4 years? I am guessing that Op will have max stafford loans and most likely a max Perkins loans. With a 0 EFC, I am thinking that her parents are not in a position to cosign any loans.</p>
<p>Unless there is a totally different Rudin scholarship, from what I see, the scholarship is for a semester and is not automatically renewable.</p>
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<p>If this is indeed the scholarship, it is a big game changer, because I would not want my child to get a scholarship, where there is so much uncertainity attached to it. The thing you need to do immediately is find out the terms of this scholarship. If it not automatically renewable for all 4 years with a really doable gpa requirement, you may need to walk away.</p>
<p>*EDITED: found the Rubin City Scholarship
It says nothing about the scholarship being automatically renewable/guaranteed for all 4 years</p>
<p><a href=“Aid and Costs”>Aid and Costs;
<p>Since there is grad school in your future, you should try to minimize your debt since grad school will be mostly loans</p>
<p>You and your parents must do your due diligence and ask about the fine print when it comes to keeping thescholarship $$</p>
<p>Is it automatically renewable for the next 4 years?</p>
<p>Is it renewable for the same amount of money each year?</p>
<p>Is scholarship adjusted to take into consideration tuition increases (about 5% per year)</p>
<p>Is there a gpa requirement needed to keep getting the money?</p>
<p>When does the gpa requirement start (by the end of fall term or the end of spring term)?</p>
<p>Is there a phase in to the gpa requirement?</p>
<p>What happens if you do not meet gpa requirement, does money leave immediately or is there a grace period?</p>
<p>If you lose scholarship and bring your grades back up is money reinstated?</p>
<p>What percentage of students lose their scholarship?</p>
<p>Ask the financial aid office what percent of students lose their merit money in the first year.</p>
<p>And the most important question… worse case scenario if you were to lose the scholarship would you still be able to swing the cost of attending?</p>
<p>
Assuming you could borrow that much, and also assuming you able to finish the program on time and get a job in the hospital; the RN is definitely worth the $40,000 loans. However, there are cheap options to obtain the RN license.</p>
<p>Thank you, everyone, for your help. I found this on NYU Bursar - [NYU</a> > Office of the Bursar > Payment Information > Payment Plans](<a href=“Bills, Payments, and Refunds”>Bills, Payments, and Refunds)</p>
<p>I do have a supportive (extended) family that will help me throughout college. The TPP would make it feasible for us to pay the remaining $5,000 per semester.
As for the scholarships being renewable/having a GPA requirement, I have not found any definite information on it. I have found others who have received the same scholarships, but I can’t message them yet because I am a new member with <15 posts.
Based on the posts I have found in these forums, the scholarship is renewable for four years.
I will call the financial aid office tomorrow for details.</p>
<p>I think you have answered your own question.</p>
<p>Don’t forget to calculate what $40,000 will add up to after interest on those loans. </p>
<p>Borrowing $40,000 doesn’t mean borrowing “only” $40,000 after interest throughout all the years you’re paying them back. </p>
<p>Plus, you say you want further education after that $40,000. Now those numbers (debt) are adding up more.</p>
<p>What’s the entry-level salary for a nurse in NYC?</p>
<p>In most areas, the entry-level salary for a nurse is $35,000 or so. If you’re living in NYC, housing costs will eat up a lot of your paycheck. If you’re planning to work in the rural midwest, that $30,000something a year salary could pay those loans back faster.</p>
<p>What that said, I like NYU, and $40,000 for a degree from NYU is a relatively good deal. You’re lucky to have such a large aid package.</p>
<p>Nursing jobs are not very easy to come by. That is true in many parts of the country, but particularly NYC where there are so many nursing schools.</p>
<p>" Nursing jobs are not very easy to come by. That is true in many parts of the country, but particularly NYC where there are so many nursing schools."</p>
<p>This. Everyone talks about the supposed nursing shortage, but aren’t accounting for the THOUSANDS of nurses that are graduating ALL THE TIME. Even if you have a 4.0, six years experience as a nurses’ aide, and graduated from the top nursing school in the country, there is always somebody else with all of that, plus their dad is the mayor. It is extremely competitve.</p>
<p>(But I digress.)</p>
<p>Don’t go to NYU just for the name. At the BSN level, the name means nothing. You would be better off financially going to a SUNY or CUNY for the first four years. Nursing school is hard enough without worrying about finances.</p>
<p>Get your BSN at the cheapest place you can…SUNY/CUNY whatever. You won’t get more money for a BSN from NYU. </p>
<p>If you rack up debt, you’re going to find that you can’t afford to pay rent. If you end up having to live at home, then that will limit the jobs available to you to areas near parents.</p>
<p>I am the first to tell you that I am no fan of NYU and their financial aid policies.
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<p>The one good thing about OP attending NYU is that she will go directly into the nursing program. There are no direct nursing programs at CUNY (not even at hunter) and only 2 direct entry programs at SUNY (Plattsburgh, Binghamtom). This means it could take longer than 4 years to complete the program, which would make SUNY more expensive. She will also have the advantage of doing her clinicals right in her own back yard at Langone, Tisch or Rusk</p>
<p>Since OP has the max TAP and Pell, the loans that she would take for NYU vs SUNY are pretty comprable (1-1.5k in this situation is splitting hairs).</p>
<p><a href=“https://www.suny.edu/student/paying_tuition.cfm[/url]”>https://www.suny.edu/student/paying_tuition.cfm</a></p>
<p>In this case I would choose NYU</p>
<p>NYS Pass rates:</p>
<p><a href=“http://www.op.nysed.gov/prof/nurse/nurseprogs-nclexrn2008-12.htm[/url]”>http://www.op.nysed.gov/prof/nurse/nurseprogs-nclexrn2008-12.htm</a></p>