<p>It would be irresponsible of your parents to let it happen. They are the adults. I can’t believe they are telling you to go to NYU!!!</p>
<p>Yeah oldfort thats why I am pretty much know I am not going to go unless there is a major change. I really just want to go to the State U. I am trying to convince them to let me go there right now,however, such a thing is much easier said than done.</p>
<p>ElderCookies - see if you could get another adult to talk to them. What’s their objection with your state school? With large public schools, it is what you make of it. Another thing to consider is that NYC is very expensive. NYU doesn’t have a campus. If you are used to a small, friendly environment, it may not be easy for you to adjust. I am just not convinced that you would get that much better of education at NYU to worth all of that. </p>
<p>I know it’s not always easy to get parents to change their mind, but this is your life now. It is not your parents that would get stuck with 150,000 debt. Start taking an important step of becoming an adult and start taking control of your life.</p>
<p>I must be missing something. You are on a free ride at the LAC and hate it. You like your instate U but your parents do not and will not pay for it. You and your parents like NYU but your parents cannot afford it. Is that all correct? If so, where are you supposed to get the money for NYU? No one is going to loan you $150,000 for undergrad. And you still have law school to pay for. Is it possible, that by not being able or willing to pay for either school, your parents are trying to force you to stay at the LAC?</p>
<p>cmbmom - OP has the option of going to his in state university, but his parents would like him to go to NYU for prestige reason. His father is making 500,000, but does not think his son’s education is an important financial obligation. His father would like him to pay for NYU through student loan.</p>
<p>It’s really a non-issue. No one is going to loan the OP $150k. Based on what?</p>
<p>But just for the fun of the exercise, go to [FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid)</p>
<p>$150,000 loan, with a 1% origination fee, at an 8.2% interest rate (fat chance!), over 10 years would require a payment of $1,854.35 every month for 10 years. At 10% of income, it would require (in the first 10 years after graduation), an average income of $222,522.</p>
<p>Yeah, right!</p>
<p>I would not borrow it anyway. Though I can get a loan with my father as a co signer.</p>
<p>Then the interest is likely to be substantially higher, and the monthly repayments steeper. He will be the one on the hook for it, for there is no way any loan agency short of Cousin Vinnie is going to loan a student $150k for two years of college, or assume that s/he will be paying it back.</p>
<p>As you said, your father just recently achieved his level of success, and I suspect he doesn’t really have much idea of what he is asking for. </p>
<p>(All the co-signed “student” loans I know of max out at $40k.)</p>
<p>mini- I think you could borrow up to the total cost of school tuition, room & board, at least on non-subsidized loan.</p>
<p>But that would leave the OP, by his estimation, almost $50k short. (And $100k at 10-12%, with a 3% origination fee, well…the picture is clear.)</p>
<p>I am transferring in as a soph not a junior, so I would not be 50k short if I take out loans for cost of attendance, which I have already stated I will not do unless there is a big change.</p>
<p>NYU for three years costs significantly more than $150k. If your father wants to carry the loan, more power to him. But there’s no question but that you can’t. Your being a signer on a co-signed loan would be irrelevant, 'cause (short of drug dealing or the Lotto Jackpot) you couldn’t pay it in any case.</p>
<p>(I expect that, once you really show him the numbers, your case for the state u. will get that much easier.)</p>
<p>NYU or any other school isn’t worth that kind of debt. IF your parents are willing to pay it out of current income and you only take on stafford loans for the next 3 years then go for it.</p>
<p>NYC - people either love it or hate it. I suggest you visit for a weekend if possible to see what you think. You think you know it because you’ve seen it on tv and movies. you need to get on the ground to see for yourself.</p>
<p>My son just completed his freshman year at NYU. He loves the city and school. That being said, he’s there on a big scholarship and there is no way he’d be there w/o it. My Efc is about 12K and I did pay more than that.</p>