<p>Just received our financial aid package- It costs $59,000 to attend NYU Tisch. My D received a scholarship of $9,000. Our EFC is $12,000. So they are suggesting she work $4,000- (all money goes towards the tuition- ) and we take out loans for $46,000 a year- presuming the tuition remains the same- she will be in debt $184,000 and will have a degree in drama....it seems ridiculous to me- totally greedy and ridiculous- I really expected it to be around $25-35,000- with the aid package. She wants to go and will not be swayed by SUNY Purchase or Ball State or Fordham. Very bright D (but does not seem to realize how the debt will be a burden)- any advice- we can afford to pay about $70,000 of it- so she will actually be in debt $100,000- what a way to begin a career in acting :/</p>
<p>Have you explained the specifics of college loans and how/when they need to be paid back? When we were in your boat I plugged all the numbers into a Student Loan Calculator and showed my D what her expected payment would be after graduation and bye bye NYU and Ithaca. She is now at a SUNY. In these times the availability of even loans cannot be certain for the next 4 years. Also, the life of a drama major is extremely busy and working even part time difficult. My friend’s D just graduated from a private college with a degree in Theater Arts and now works at Starbucks and a Wine Bar to make a living while her parents are paying off thousands in loans. Not to say that your D cannot do it but it is a tricky profession to make a living.</p>
<p>NYU typically has terrible financial aid. My daughter got much better practices elsewhere and she is very happy and thriving at a non-NYU institution. She was interested because it’s in NY but once she realized she had other good choices which would not burden her for many, many years, she visited and made her choice from those other options. I would strongly encourage your daughter to go elsewhere.</p>
<p>BTW, Purchase is a great choice for theatre and it also is strong in other areas of study. I know several people who went there who are doing quite well in their careers (which changed from what they initially pursued at Purchase). It has gotten increasingly selective, so she will have a very nice cohort of fellow students.</p>
<p>I think she has no choice but to be swayed. Are you really willing to co sign to put her in this position? It’s hard to be a parent!</p>
<p>She is so adamant about attending- am at my wits end- She does not even want to discuss it- it is her future and this is what she wants- I am amazed- I would not have considered this debt as a young person…Whatever ;? I do not know how to proceed…</p>
<p>Thank you everyone- if you have any more advice on how to get through to a teenager with her mindset on NYU- please speak up- I feel like crying- this is a nightmare!</p>
<p>The only way to proceed is to say no. You can tell your daughter that you understand her disappointment and sorrow, but you can’t let her mortgage her future and you won’t mortgage yours. That much debt will delay marriage, children, buying a home. Instead of pursuing her acting career, she will have no alternative but to work hard and long hours to pay back that debt when it is due. Because college debt IS real, honest-to-goodness debt. You simply have no choice other than to refuse to co-sign any loans and help her make a more prudent choice. She will be disappointed now and will move on. If she goes to NYU, she will either have to transfer out or she will blame you when she graduates and her entire future is hamstrung. You are her parent and have made her well-being the priority for 18 years, don’t let her down now, even if she doesn’t understand how much harder it will be for you than for her. You wouldn’t have let her ride without a seat belt just because she wanted to, this is pretty serious too. Good luck.</p>
<p>Oh, Normanrockwell? Cry. That’s just fine. You and she had hopes that didn’t pan out and it’s just fine to be sad. It’s not fine to make a catastrophic mistake. Let her cry too. In fact, cry together.</p>
<p>You are right it is really serious- our retirement could be at stake- The problem is so many people that she knows, who auditioned ,did not get into Tisch Drama- so it is such a privilege to be invited to attend. She has been dreaming about Tisch since 4th grade. Honestly I expected ,through research on this site, and talking with the school - for the tuition to be around $30,000 tops- with financial aid rewards- I am seriously walking around in shock!</p>
<p>I’m sure you are shocked, but honestly you shouldn’t be. NYU is notoriously stingy. I won’t even let my daughter consider NYU although she might have liked to. The admission is certainly a privilege and both of you should be proud. But the sad truth is that she can not afford to attend. Period. What are her other options?</p>
<p>They say that kids who get into elite schools and don’t go are just as successful in life as those who did go. She should be very proud of just getting in. Clearly she has talent that will take her where she wants to go.</p>
<p>Most kids at this age just can’t possibly understand the ramifications of major debt. She’ll thank you later.</p>
<p>Ball State and SUNY and Fordham - we have not received the financial package from any of these schools yet- but she could attend for drama- Fordham is probably as bad, or nearly as bad as NYU.
Ball State (David Letterman attended ?) and SUNY Purchase she did walk in auditions and was offered admission to their theater programs. But, it was all NYU or Fordham for her- Her reasoning is - high academics at NYU- she will double major- Her ACT 32 and SAT around 2200. So the academics at Purchase and Ball don’t cut the mustard- ? I think my husband is willing to co-sign. She believes in herself and is strong willed and wants to go for it- so get out of my way Mother!</p>
<p>Where would she get the money to attend NYU?</p>
<p>Loans- Three kinds of loans are listed on the financial letter we received from NYU…</p>
<p>What kind of loans are they and who has to sign for them?</p>
<p>Do not have letter here- but I think there was a Stafford Loan, and a PLUS- I am not sure who has to sign- I know you have to apply for them and they are not guaranteed- I am sure a parent is required to co-sign.</p>
<p>PLUS loans are PARENT loans and they start being repaid after the second disbursement is made (in January of next year) and each year adds onto the next. Are you ready to start paying that next year with the amount doubling the second and fourth years? You’d better be if you are even considering this.</p>
<p>Thank you zoosermom for information- I need to do some research-
I appreciate you, and everyone else,taking the time to respond- this is a stressful day- the high of being admitted-two weeks ago-to the low of realizing you cannot afford it…today
The real question is- Is it worth it??? Is an education at NYU Tisch worth $59,000 a year? Where in heavens name did they come up with this figure for tuition? Am I the only one who thinks it is totally ridiculous?</p>
<p>Normanrockwell, you have my sincere sympathy. I have two myself and I know how difficult teenage girls can be. I couldn’t say no to my older daughter and it was a catastrophic mistake. I thought she didn’t really “get” the debt issue, but it turns out that she did and the stress of it ruined her experience. Unfortunately, she became ill at the end of her freshman year and wasn’t medically cleared to return for the fall semester and decided that she would stay local, which was one of the best decisions she’s ever made. Has a great fellowship coming up, tons of friends, smokin’ GPA, and no stress. We are paying the PLUS loan for that first year, though, and thinking what it would have done to our lives if it had kept building. That’s thirteen years of very large payments, in case you were wondering, the payments would be $508 per month for the first year, going up to $2033 per month for the middle 8 years. Can you afford that? What would you give up? You could always tell her you didn’t qualify because it’s not a sure thing that you will.</p>
<p>Normanrockwell – I’d be completely against starting out at a school where either you or your daughter will end up AT LEAST $130K in debt – more likely to be $145 or $150K in debt after four years given increases in the cost of school and expenses each year. For a drama major, it is particularly problematic, because even very, very talented young grads are often working two low-paying jobs to get enough to scrape by on while they audition for low-paying non-Equity work. You might point out to her that if she graduates debt-free, she’ll have the opportunity to pursue her drama dreams professionally, but if she finishes school with any significant debt burden she’s likely to be forced into a “real” job in order to pay the bills, and that will make her hopes for a long-term career very, very difficult. </p>
<p>I’m sure you daughter has had other life crises where she absolutely had to have something or do something that you didn’t allow, and she survived. She won’t be allowed to take out loans of this magnitude without your assistance, and this is one case where “just say no” can’t be repeated often enough.</p>
<p>I’m sorry that you and your daughter didn’t know that NYU has terrible financial aid much earlier, but it is a truth that is widely known. </p>
<p>Bloom where you’re planted isn’t a half-bad idea.</p>
<p>Please don’t give up your own retirement security to fund this – I suspect that the entire family would end up regretting that for many, many years.</p>