<p>Hello,
I was only offered the standard $5.5k in grants, no scholarships. My EFC= 0. I love NYU/ NYC but I feel like it's such a bad financial decision to go there...opinions?</p>
<p>Nursing major btw!</p>
<p>Are you serious? Think about what you said - $220,000 in loans for a four-year college degree. You can buy a really nice house for that much money.</p>
<p>Let’s run a hypothetical: $220,000 in loans at 6.8 percent interest paid back over 10 years. Your monthly payment would be a shade over $2,500.</p>
<p>That’s right, you would owe more than $30,000 per year for 10 years just to pay off student loans.</p>
<p>You cannot even borrow that much anyway, so don’t worry about it - NYU is not an option for you. Time to move on to your other college choices.</p>
<p>You can only borrow $5,500 your freshman year, going up to $7,500 your junior year and beyond. Any loans beyond that have to be signed or, at the least, co-signed by your parents. With an EFC of zero, your family is unlikely to even be approved for such huge loans.</p>
<p>You’re kidding me.</p>
<p>You would actually never pay that off.</p>
<p>Umm… NO! If you can get into NYU, you can get into some schools that meet full need. Or you could go in-state, ahah.</p>
<p>Definitely not, no.</p>
<p>Nope, not even if you’re in Stern.</p>
<p>NO I’m not kidding…obviously I would have to use the PLUS loans which I DID get approved for, but regardless, I’m not taking them out…No need to give me a rude response…</p>
<p>I am a pretty big selective school snob … and there is no way I’d recommend a student take out $220,000 in loans to go to NYU (or Harvard or Stanford or MIT or anywhere) … I wouldn’t recommend anything over about $25-$30k total for any school. </p>
<p>If you’re a good enough student to get into NYU you can win some merit scholarships at other schools.</p>
<p>As much as i LOVE NYU… absolutely not. It’s hard to grasp how much money that is at this stage in your life but I think the average student graduates with about $25,000 worth of debt and that’s considered a lot. So I’d keep that in mind. It can have a huge impact on your future. i love NYU and NYC too and understand how conflicted you might feel though :(</p>
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<p>There is no guarantee that your parents would be approved for four years’ worth of loans that size. It would depend on their credit rating.</p>
<p>Didn’t mean to be rude, but did mean to be blunt. Taking out $220,000 in student loan debt is a fast track to financial ruin and I’d rather be seen as rude than not be brutally clear about how bad an idea it is.</p>
<p>if ur expected family contribution is 0…how did u end up getting absolutely no money at all…? i know nyu is stingy with money but they arent THAT bad</p>
<p>YOU don’t get approved for PLUS. Your parents have to apply and go through a credit check. NYU, and a number of other schools package PLUS, PELL, Staffords, TAP like its their own money, when it is not, and when it comes to PLUS, it is listed as an option for parents to pursue. No guarantee that they will be approved. And if they are, can they take on a $50K loan with their financial situation?</p>
<p>NYU is need blind for admissions but does not meet full need for most of its students. The OP is congratulated for gaining admissions, but that just means it’s up to her/him and family to come up with the money. FInancial aid is based on merit/need, and NYU tries to package the money so that those they most want will come, and everyone else has to find their own way to pay. I’ve seen some truly generous packages from them, and I’ve also seen this.</p>
<p>Like polarscribe I also didn’t mean to be rude and I apologize if it came across that way. That amount of debt would be crippling and you might not be able to get out from under it. Nursing is a terrific career, there must be another way.</p>
<p>I am a nurse practitioner. I can assure you that you can get a better education at another school for a lot less money. You need to pass the licensing exam. Very few employers really care where you went to school. Don’t go into debt for this education.</p>
<p>If you look at it in a financial sense…220k for 4 years of undergrad in any degree at any college is indeed too much if your parents are not paying for anything and you have to take loans out…
but if your dream is to attend nyu and you do not mind paying off the money for the next 20years (it is indeed a life changing decision) then you might reconsider. You only go to college as an undergrad once and if you really want that experience then go for it…just realize what chasing that dream will cost.</p>
<p>To all who apologized, it’s ok, I overreacted anyways.</p>
<p>Anyways, yea, I’m not going to do the loans at all…I originally wasn’t going to, but like somebody said it’s SO conflicting, so I just wanted others’ opinions. You’ve all convinced me to stop even thinking about going there. I’m attending a top public school instead, which gave me a scholarship. I’m going to try to be happy about that and forget about NY lol.</p>
<p>Thank you!!</p>
<p>You don’t need to forget about NY, just NYU. Remember that your lack of debt will make it much, much more feasible to live here.</p>
<p>You are making the right decision, especially if your goal is to be a nurse. You do not want to be saddled with that kind of debt. And while college may be a once in a lifetime event, I know very few people who consider college the highlight of their lives or the most important decision they ever made. You have a great career goal and that should be your focus not the four years you spend in college. After the fact you will realize it is only a tiny blip on the screen and you will be so happy not to have that debt.</p>