<p>So I got into nyu. And I am confused about loans. So on my fin aid summary it says you automatically accept the grant... but when do I have to accept loans by? And do we have to do it through NYU if they are federal loans? I am waiting on scholarships so I don't know how much I need.</p>
<p>Outside scholarships may reduce your grants from the school.</p>
<p>Okay but I am more curious about the loans and the process of accepting them</p>
<p>
Before the school starts: You complete the Entrance Counseling.
You complete ED’s online Master Promissory Note (MPN), which lays out the terms of your loan and describes your responsibilities as a borrower.
ED processes your loan and sends the money to your school at the appropriate time.</p>
<p>You can always make changes to you loan packages up until the first day/week of class depending on your institution policy…
So you can choose to accept the loan package that they have given you now, and based on your financial gatherings by the time school starts, you can elect to reduce the loans amount or decline all the loans altogether. But you will have to do that on the first day or in some schools first week of class.
Another issue is that, if the scholarships are from outside sources, some schools will factor that in again to recalculate your financial award letter and that can also include grands and aid (merit or non-merit).
Best of luck to you.</p>
<p>What loans were you offered? </p>
<p>were any of them Plus Loans? if so, how much? Are your parents going to take those out and pay those back?</p>
<p>Yeah there were plus. Can I take those?</p>
<p>No…YOU cant take those. Your parents would have to apply and get accepted for that loan each year. Plus loans are parent loans, and most parents will not take them because the parents are responsible for to pay them back. and most parents cant afford them or cant qualify for them. too much debt.</p>
<p>How much are the Plus loans. what are your parents saying about them?</p>
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I also got ~35k in loans </p>
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<p>about 30k of that is a Parent Plus loan. Over four years that would be 120k I doubt your parents will borrow that much. and even if you promised to pay it back for them, you would have too much debt. You would have 140k in debt. that is crazy.</p>
<p>Make sure your family is going to support you this much. You know that parent plus loan amount and your loan amount are on top of the EFC that your family needs to pay. I guess it may be too late as it has passed May 1 deadline anyway. For the loan amount, it is not there until you signed the agreement before the school starts. </p>
<p>^^^</p>
<p>I think that Plus Loan is including the EFC in his case.</p>
<p>^^^ That may well be. They usually list up to the maximal amount you would need under plus loan, but some schools would list them separately as they expect you to have that EFC amount in your pocket. In other words, they just show your need in FA and how it would be covered. I am not sure how is the FA in NYU.</p>
<p>I got about 40k in loans but I won’t be needing all of that. I will only need about 11k extra in loans but I told my parents I would be paying them. Is there a way that they can sign for them and then I can take over the loans when I graduate and the payments are required?</p>
<p>And @billcsho. NYU gives you 100% of tuition in loans and fin aid. No out of pocket expenses.</p>
<p>No, the Plus Loans cannot be transferred to you. you can make the payments, but the debt will legally be theirs. If they need to borrow for a car or whatever, those loans will hurt their credit.</p>
<p>Also, I am guessing that you think you only need 11k of the loans because you expect to get outside scholarships. If so, are those scholarships for frosh year only or are the for all 4 years? Likely they are for frosh year only, so for soph, jr, and sr years, you will not only need the larger loans, but you will need MORE because each year costs go up. </p>
<p>are you saying that this year you will take the 5500 student loan AND 11k in Plus loans? were you also given Perkins loans? </p>
<p>You are going to have too much debt when you graduate.</p>
<p>what is your likely career and how much will you be earning when you graduate?</p>
<p>OP. Are you sure your family is okay with the cost? Loans are not really financial aid, it is just a deferred payment with interest. Is that $30-40k loan per year?</p>
<p>I will be taking the 5500+2400 perkins loans. And 12.1k to bring it up to 20k per year. My parents are paying 9 k and I will have 8k from the 529. I got 26250 in grant. Then I will have a summer job to contribute about 3k. And I will have a 3k work study for spending money. This comes out the the 66k that it costs</p>
<p>I guess the 12.1 that would be the plus loans my parents will take and I will make the payments</p>
<p>I am going to major in econ/comp sic dual degree program at nyu. I know it will be a lot of debt but I am confident that I and the NYU job placement team can help me find a job that I like and will give me the resources I need to pay this back</p>
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I will be taking the 5500+2400 perkins loans. And 12.1k to bring it up to 20k per year.
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<p>$80k+ in loans (each year, costs/loans will increase) is waaaayyyy toooo much for undergrad. You will be lucky to be earning $60-80k per year when you graduate. The rate will largely depend on the region that you find a job. The pricier the rents, the higher the income…so it all kind of evens out. </p>
<p>You will be hit very hard with taxes as a single person with no dependents and deductions…plus have all your living expenses to pay…rent, utilities, cable, internet, cell phone, food, car, gas, insurance, etc.</p>
<p>Someone here can tell you how much that debt will grow while you are in college, and what the payments will be upon graduation. I suspect that the payments will be like paying 4 extra car payments each month for 10 long years. …in addition to any real car payment you may have. </p>