Is the $100,000 loan worth it for NYU?

Paying for College
1

<p>I'll admit it, I'm in love with NYU. I've loved it the past 3 years and dream about it at night. I visited in October and fell in love all over again -- I felt like I BELONGED. I went to a reception on my area and talked with students before the reception started for 30 minutes. </p>

<p>Now here's the dilemma. I am almost certain I won't get any financial aid from NYU; my family makes a lot of money, but we certainly can't afford the NYU price tag. We can <em>barely</em> pull Tulane on a $16,000/yr scholarship, and that's if I don't get a new computer, etc. </p>

<p>I can also go to Georgia Tech and go for under $10,000 year, get a new computer, clothes, and pay for grad school. While I like it a lot, it's just not NYU. I'd be satisfied to go there, but I'd DIE to go to NYU. </p>

<p>My brother went to Boston Univerisity, didn't get any financial aid, took the loans, and calls me up every other day to tell me how much he regrets it. He says his BU education wasn't worth the money he paid. </p>

<p>So, here I stand. I can get the huge loan, pay it off for the next 20 years, and hope a miracle happens for grad school, but spend 4 years at a school that I love, studying with people I love, and having limitless possiblities. </p>

<p>Or I can go close to home at Georgia Tech (1 hour away), never think about college payments, get all the benefits, and get a great education, but I'll be in Atlanta (not my favorite city), at somewhat of a "techy" school, and have to slightly rearrange my major to study what I want (no straight Communications degree; Science, Technology, and Culture instead).</p>

<p>I can also go to Tulane (visiting next month). I'm waiting on Cornell (doubtful acceptance, can't afford), WashU (without a scholarship I can't afford, though I heard they have good finaid), Emerson (hoping for a 1/2 tuition Honors scholarship), and Boston University.</p>

<p>Advice? Is the loan worth it for my dreams? Or should I be practical?</p>

<p>THANKS!</p>

2

<p>magster</p>

<p>I, personally, wouldn't get into that much debt for anything except a house.</p>

<p>Read "Student debt, a reality check?" in the Parents' Forum, especially post #27</p>

<p>Good luck making a wise, lifelong decision.</p>

3

<p>100,000! no way, you will regret it. the average student debt is 20,000. your's would be insane. you never know if your second choice might be the college of your dreams.</p>

4

<p>Here is the link for "Student debt, a reality check?" </p>

<p><a href="http://talk.collegeconfidential.com/showthread.php?t=154072&highlight=Student+debt%5B/url%5D"&gt;http://talk.collegeconfidential.com/showthread.php?t=154072&highlight=Student+debt&lt;/a&gt;&lt;/p>

5

<p>No way should you be taking a $100,000 debt just for undergrad. That will completely limit your opportunities and options after you graduate. NYU is not worth that. Instead of thinking about now, you should be thinking about the future. How will you pay it off? How long will it take? How will it limit your life? What happens if you can't pay it off?</p>

6

<p>Dude, no school is worth a 100K in debt. Especially if you're going into a field where you'll need to go to grad school. That's the time to spend money, not undergrad.</p>

7

<p>I would be so impressed by a 22 year old who was carrying $100,000 of debt for something that they were turning the key and walking into it every evening taking a shower and sleeping in it at night, mowing the lawn in front of it in the summer, and raking leaves in front of it the fall. I woulddefinitely be worried about them being too young to have this kind of debt. With over 3000 schools in this country there are a number of schools of your dreams that won't be a living nightmare for you in terms of debt.</p>

8

<p>I guess you guys are right, it doesn't seem worth that kind of debt when there are so many great oppurtunities that are affordable. I guess I'm just afraid I'll be thinking about "What could have been" had I gone to NYU. Who knows, maybe we'll win the lottery. Or I'll get a scholarship.</p>

9

<p>Go to Georgia Tech or Tulane and then move to NY for work or grad school when you're done. There's a whole life to be lived after college. Starting $100,000 in the hole is a bad choice.</p>

10

<p>This board has changed a lot over the past year, somewhat for the better. People used to say, go to the school of your dreams, no matter what the cost. Now the trend has been to actually thing these things through and go someplace you can afford, so you are not saddled with debt the rest of your life. I like it!</p>

11

<p>Joe,</p>

<p>You have to think about who is giving the advice. There are many high school students (many who have never paid a bill) who would still say go for it and it is worth the $100,000. Those of us who have either paid off our own educational debt, mortages, bills, braces, etc or are paying for our kids would never dream of advising an 18 year old to take on take on that kind of debt</p>

12

<p>I wouldn't incur that kind of debt for undergraduate studies. Save up the debt, if necessary, for grad or professional school.</p>

13

<p>magster</p>

<p>I know it is hard to give up a "dream," especially for financial reasons. </p>

<p>In my experience, sometimes when god closes a door, he opens a window. All that to say....there are many many wonderful opportunities out there for you....some you aren't even aware of yet. </p>

<p>If NYU does not work out for you, please don't get discouraged. Keep an open mind to all that the world has to offer you, and I bet you will be pleasantly surprised.</p>

<p>I wish you the best as you make your decision.</p>