I applied early decision to NYU but wasn’t offered NEARLY enough money, and it winded up being because my CSS profile was five minutes past their November 15th deadline. Regardless, if I accept their admission and attend, I would be looking to graduate with well over $240K in student loans. But I just read a website tell me I would actually be graduating with over $400K in student loans, when tax and interest is accounted for. Additionally, I want to eventually study aboard, and I doubt they’ll be the ones paying for that.
I have stil not heard back from Rutgers, but I’m quite confident I’ll get in. I know I will receive much more money (I’m in-state) and will graduate with way less in student loans than I would be with NYU.
The problem here is I have 3 more days to give NYU an official answer, and I’m so unsure. Ive wanted to attend NYU since grade school, so declining this once in a lifetime opportunity seems like something I would regret but graduating college with that much in student loans for an undergraduate degree?
By the way- I want to study journalism and political science. I figured the city would be the best place to get my name out there and make contacts. But would it be worth it?
Bruh, there’s no way you should take that much debt. If Rutgers is cheaper (it should be) you could head there, and if you really hate it then you could transfer to NYU after a couple of years, reducing the amount of loans drastically.
$240K is a debilitating amount of debt. And I’m not even sure how you could borrow that much money. You need to find a more affordable option be in Rutgers or elsewhere. You are one of many people who find that they have to put their “dream” of living in NYC on hold – but in the long run you will be in a much better position.
@casey49 Oh my gosh, no, you couldn’t personally take on that debt anyway. How much were your parents willing to pay? Sounds like you should get into Rutgers (excellent school) and where else have you applied?
Also, don’t beat yourself up over the missed CSS deadline, I don’t think that would really affect much. NYU is just notoriously stingy with financial aid.
Definitely don’t go into debt for $240K! If you assume an interest rate of 4% and payback period of 20 years, the monthly payment would be: $1454.00.
You’d need a yearly salary of approx $90,000 to be able to afford paying that (25% of after-tax income). There are very few entry level jobs that pay $90K per year.
I think it’s not worth it. You’re going to spend the better years of your life in debilitating debt. Don’t forget, Rutgers isn’t that far from the city and it’s a big school that has a career services department.
Even at a yearly salary of $90,000 you’d be feeling the burn. I make more than that and I would not want to fork over $1500 every month to Sallie Mae. It’d drastically reduce my quality/standard of living.
Grade school aspirations are nostalgic but children make unrealistic plans and dreams all the time because they don’t understand how life works; your plans are supposed to morph and grow as you get older and understand more. What you will definitely regret is borrowing $240,000 to go to NYU.
Rutgers is an excellent school; you’ll get a great education at a much better price. Who knows - you may go to NYU for graduate school.
I think the answer is obvious. NO school is worth that amount of debt at all. Borrowing that much will feel like death in the long run. Rutgers is a good school. Obviously not on NYU’s caliber, but definitely a better value, especially in this case.
Saying that, you still have time. Any other schools you want to apply to? Anywhere OOS?
I went to NYU and loved it. BUT (well, it was MANY years ago, and did not cost as much as it does now, and) I only went for my Junior and Senior years, after completing all gen ed at community college. I also went there for an accelerated grad school program, and so got a bachelors and masters from NYU for the price of three years. I got my NYU fix in, what was then, a smart way. I also like the above poster’s idea of using the savings on an NYC apartment in the future. My cousin now lives in NYC, works in publishing, OWNS a great apartment on the Upper Eastside, graduated from a super inexpensive state school in New Hampshire. Seriously, I totally get the need for New York, just don’t do it that way. Go to Rutgers (or elsewhere) and get internships in the city. Best of luck to you.
You can always apply to transfer to NYU after two years! Their overall transfer acceptance rate isn’t much lower than their freshman admit rate - just a couple points lower.