<p>Hi everyone I was very pleased to get into NYU CAS this afternoon after being denied from
my dream school Columbia. It may not be as prestigious but it is a very good school and I think I would be happy there. However, I hear about the terrible finanial aid, and after viewing the aid they are offering me I am very confused about the affordability. </p>
<p>CAS Scholarship for 28,150. Now is this free aid money with no strings attached? If so this is more than i was expecting. Is this a good scholarship?</p>
<p>I also can accept 3000 in work study. </p>
<p>I am also offered about 30000 in various loans, which terrifies me. Is this a lot in comparison to other undergraduates?</p>
<p>Overall, aid comes to 61960 for 2012-13.
I was just wondering If anyone could tell me if this is a good offer from a school as infamous for poor financial aid as nyu.
My families expected contribution is about 22000.
If you need to know anything else of relevence about my finanial situation feel free to ask:) thank you</p>
<p>(also please excuse my bad grammar I am writing this in a panic on my iphone)</p>
<p>$30Rk per year in loans is crippling. If your family can afford to pay it’s EFC and you’re only borrowing $8K, you’ll still be borrowing more than the average undergrad. For NYU an 8K gap is pretty good.</p>
<p>Can your family afford to pay the EFC of $22k? If so, and if that scholarship is truly free money, you are in pretty good shape, though yes, at the edge of what a kid should be borrowing. If your family is in a situation where coming up with that $22k is a bad idea–they don’t have much in savings and income that they can put towards it, then you cannot afford that school. </p>
<p>You realize that YOU cannot take out $30K in loans. You will almost certainly qualify for $5500 freshman year. The rest will involve your parents taking out money as qualified co-signers, but let there be no mistake, it will be on their credit reports and those independent lenders will have THEM in their sights as soon as payment becomes due. If they they can borrow from PLUS it will be in their names alone and the terms will probably be more flexible. Do they have other resources to get the money?</p>
<p>I agree with Waverly that your gap is not bad for NYU.</p>
<p>I am also offered about 30000 in various loans, which terrifies me. Is this a lot in comparison to other undergraduates</p>
<p>Yes…this is a lot. Most undergraduates are only borrowing about $5k per YEAR!!! </p>
<p>That amount of debt is ridiculous and will ruin your life.</p>
<p>Actually many undergrads borrow the Stafford loans which are $5500 for freshman year, $6500 for sophomore year, $7500 for both junior and senior years.</p>
<p>Anything above and beyond that will need to be cosigned by your PARENTS. Are they even willing to do so for four years?</p>
<p>$120,000 in loan debt will be at least $1200 a month in loan payments for at least ten years. Think of how that will affect you in years to come.</p>
<p>I hope you have less expensive options to at least consider.</p>