I think I have read almost all of the “is it worth it” posts, but I am still torn. I went to community college here in NYC and recently got admitted to NYU Gallatin as a transfer student, but I only got $12k for scholarships and grants. I would probably graduate with around $70k in debt, even though I will be living with my family here. I got into Boston University, and they gave me $50k per year, but I still can’t help feeling that NYU is the better option, as it became "my dream school."On top of that, is Gallatin even worth it? I feel like it’s too risky, especially if I will be in debt after grad. Any advice will be good
Is it your dream to be $70k in debt? Given that we might be in for a bumpy ride for a little while financially, I can’t see NYU being worth that much debt.
My daughter transferred as a sophomore this year to NYU Gallatin and she loves everything about it. Hard decision financially though …
Especially if the alternative is Boston U, which is an excellent school.
So BU gave you 50k… but you still need to pay for housing … so what’s the apples to apples debt for both schools? I think starting your working life with a huge amount of debt to pay off is always just a bad idea and BU is an excellent school that is very close to NYU in many ways. If your debt is more like 40K for BU that seems like a no-brainer.
How are you paying fo NYU or BU? Where are you getting the money? Are your parents taking out a loan and hoping you can make the payments? These schools certainly do not trust you Alone to pay the money back. They are hamstringing both you and your parents unless your parents are lending you the money with the faith that you will pay it back. Either way, they are on the spot to repay the money. Can you all afford this hit? There are good state options in NY that can cost a lot less
@CaMom13 I just estimated the cost, and I am shocked by how insanely high the housing costs are. So both surprisingly are quite comparable even though I got a larger financial aid at BU.
@cptofthehouse We have money saved up in general, but with the increasing tuition fee, it’s surely not going to be enough. So we are going to take out loans for NYU and BU, but not entirely. I actually ended up not applying to any state schools here in the city.
Where else have you been admitted?
What’s your net cost at each university?
(Tuition, fees, room, board) - (grants, scholarships) =…
No, NYU Gallatin is not worth 70k in debt. Nor is BU.
The maximum debt you should have at the end of your 4 years of college is 27k. It’s the amount of the federal loans because that’s what a college graduate can expect to pay back over 10 years. Don’t borrow more than this, total.
What major? Unless it is something like theater or film where being in NYC is advantageous NYU is not worth it. And we all know the professional success rate of theater and film majors.
@kdalida , the schools have given you what they are willing to put towards COA for you. It’s up to you and your parents to come up with the difference. Perhaps you can appeal the award—I remember having to claw and fight each year for financial aid when I went to college in order to make it work out. Also had to work part time the entire time. Some have to take out loans, and the parents do as well since student only loans are usually limited.
College is generally paid ( by prepared families) with past, present, future income. So, yes, Your family savings will cover some of the cost gap, tightening the family budget and you working part time will be the present earnings part of the equation. The lines—against future income is the third part. The question is how difficult it is for you sbd your family to give up each part of the money source. I can tell you that the ease to borrow is far outweighed by the pain of repayment in the future much of the time. It was painful for us and our finances were such that they were supposed to be well doable. As parents, we willingly took in those loans. If your parents are willing and able, that’s probably how your gap will be filled. It’s up to your parents to decide how affordable this will be.
IMO, a teenager is rarely informed and aware enough to make wise decisions about borrowing large amounts of money. That’s why large loans generally are not given to students alone. Parents or another adult has to sign beyond Direct loans most of the time.
@kdalida - so with the cost being equal, I would choose NYU. First off Gallatin is the smallest college in NYU which means you’ll make friends easier and find your niche easier, which is a challenge for any junior transfer into a very large school. Living at home gives some stability to your situation so if finances get tight and you need to take a semester off to work you can do so without having to pay rent or leave your friends entirely behind. I would recommend looking for ways you can earn money while in school - part-time jobs, summer jobs, semesters off to work - so you don’t graduate with 70K in debt. That’s an amount that can cripple your career from the start and your life after college is as important as your life in college. Many NYU students carry part-time jobs (as do BU students) but the minimum wage in NY is higher than MA. I would do some more planning and see if you can’t bring that debt number down.
As a transfer student, most of my decisions come out by the end of the month, but I have till May 8 to decide if I want to go to NYU or not.
Definitely will keep this in mind!
So NYU Gallatin basically is a “Make your Own Major,” but I am leaning more towards business. It’s no Stern, but it probably will still have some value?
With the current situation, I have absolutely no idea. Everything is completely uncertain and I am not sure how much money we are going to take out for both BU and NYU. I am willing to work part-time and/or on-campus jobs at either university.
But is the education that I am getting from Gallatin going to be worth it in the long run? I think I will have student debt no matter where I end up though, but in this case, BU will definitely be lower.
Hey, I’m also a recently admitted NYU cas transfer struggling with the same cost issues. For what it’s worth, you can ask them to extend your decision deadline, if you haven’t already. I was granted a two week extension and by then I’ll hopefully have received the rest of my decisions from other schools. Best of luck to you!
You need to talk to your parents. I’m surprised that you are so calm about commuting to NYU. My kids would have made the decision to go to BU if costs were equal. Or to a SUNY rather than commute. So you’ll be commuting but STILL paying more at NYU?
Have a talk with your parents on what their financial situation is. I know a family who had to relocate which rendered commuting to local college in doable. With an $18k cost to live on or near campus, and financial hardship being the reason they moved, it really didn’t just rock the boat, it capsized it. I still think about them— kid took a couple years off, transferred into a state school after getting right to state tuition, and then… this. School, like most others closed for the year. Parents just went to pick up the kid, has an apartment that needs to be paid on location; it’s a mess. Being able to afford room and board and tuition a t a school like BU sounds really good to me. But being able to “afford” is key here
Thank you! Best of luck to you too!!
I went to community college here in the city, so I got used to it, but I get what you mean. BU is so far the best and realistic option for me though.