Hi, I’m a transfer student who was recently accepted to NYU CAS. I have a 3.48 GPA and a ton of extracurricular activities. I have to receive a loan of 33,000$. I’m wondering if it is worth it. I’m studying for philosophy and I am a third-year student. I come from a low-income family. NYU CAS told me I would be able to get a lot more scholarships later on after attending a semester and I heard that one person received scholarships that semester after meeting and calling certain people. I have two questions: did anyone here receive solid financial help after transferring that semester and is a loan of 33,000$ not that bad to repay? Please help me! I’m having second doubts about becoming a lawyer too now.
Where will you get a loan of $33000?
How much debt do you have now?
What about your 4th year?
What are your employment plans with a philosophy degree?
I’m not sure but the loan was already considered in my financial aid package. This is my first dealing with loans so I don’t know what to do or where to get it. I don’t have any debt as I said. This is my first dealing with loans. I’m not sure about my fourth year. My friends at other colleges who had loans said that they got more financial aid later on, but this is NYU and I’m unsure about their financial help. I’m planning to become a lawyer but my goal there is really to meet up with my friend and work on a web project. I have a really good idea but it’s only an idea and I might have to settle for law school if it doesn’t work out. I’m also thinking if I could transfer to business into Stern. The financial aid said so that Stern has alot of financial help. I don’t know! Please help!
You do know that NYU’s financial aid is notoriously bad, right?
As a junior you can only borrow $6500 after filing FAFSA.
YOU cannot borrow $33000 without a cosigner for a private loan.
My bet is the loan is a Parent Plus Loan.
^^ Agreed thumper. If is is apart of the package at that amount it has got to be the Parent PLUS.
@Genocider Can your parents qualify for a Parent Plus loan? Are your parents willing to be on the hook for such a loan? Do you want to put your parents in that financial situation if they are willing?
After $60k-$70k in loans, and tacking on $100k plus for law school, how will this all be repaid?
And you do know that law school is three years, right? So another 200K in money you don’t have?
This is a terrible plan IMHO.
What are your other options right now? This is a boatload of debt.
@Madison85 I definitely don’t want to put my parents in that position nor do I think they are able to because they have bad credit…
@blossom to be honest, I was pretty confident in getting financial aid during my time there because my friend goes there with a scholarship and he has the same academic standing as me. Except he was applied there as a freshman two years ago. I was planning to work with him on the project I mentioned on the post. There were people with connections, money, and power so I thought it wasn’t a bad idea. Even if there was a debt to be paid, I thought I could work hard and get scholarship and maybe make it big time before I graduated.
@blossom I was thinking to just call NYU and not go and stay at my state university and maybe graduate there. I mean I don’t think I would be able to transfer again when I’m already a third year. It is a big dilemma.
It seems risky. Can you live with him over the summer to work on your idea and continue afterward over the internet?
Google NYU financial aid horror stories. I think there is even a Facebook group.
Generally speaking, transfers get worse aid than incoming freshman.
@Madison85 I could but the reason for picking NYU was the people I could meet. The opportunities of meeting people who could get me closer to achieving my dream. So he is essential for the project but I wanted to meet different people as well.
IMO Finish where you are. Keep your money for law school or grad school.
Transferring to NYU for PHILOSOPHY for $33,000 is NOT a good idea. Employers will not care whether you graduated from UKentucky or NYU when you’re a philosophy major. Seize the opportunities that are already around you instead of chasing wild dreams that will will be very costly for you in the end. I would invest that money in graduate school. Maybe look for a summer internship in New York, don’t go transferring for $33,000 to a school notorious for horrible financial aid especially when going for a degree in philosophy.
Many movies depict the high cost and debt burden of NYU:
2 examples:
In Good Company (2004 film) - Scarlett Johansenn
Wall Street (1987 film) - Charlie Sheen
you may be able to find more here: http://alumni.nyu.edu/s/1068/2col_scripts.aspx?sid=1068&gid=1&pgid=5299
NYU was the second worst finaid package for my kids. Only beat by Boston College.
Do not do this. You are operating on hopes and fear, fear and greed and a lot of wishful thinking. NYU really burns me up by misleading students. You should know that transfers get lousy aid almost everywhere. NYU is lousy for aid for most students, while a few get lucky, NYU has the most horror stories of any school. If they wanted you more they would have offered more. I have never heard of someone getting more aid later except for small department awards. They have no incentive, you have already committed and are on the hook. Every year we see people coming here unable to afford NYU and think that massive loan is somehow the key to future happiness, when it is really the key to restrictions and stress to service that debt. Every year kids come here desperate to find money before they drop out of NYU for lack of funds because they accepted the lousy aid. Do not be one of those stats.
That loan is not given to you. Your parents have to apply for it. Only federal student loans are guaranteed for you. That is 7,500 for Jr year and you can get 4,000 more if your parents are turned down for a Parent Plus loan. That amount for Jr and Sr year are the most that you should take out. If they put loans in the package that is a nasty, misleading way to suggest you go find some loans. You, as a student, will not qualify. Your parents would have to qualify for the Plus loan this year and next. That doesn’t mean good credit but does mean no past due items and other less strict things. So the loan is in the parent name. They have to start paying now or defer. If they defer then the interest is going to capitalize and you will be paying a lot of money back. You will anyway. If they can’t get the Plus loan then they can’t get private loans to cosign with you. Any time you can’t start paying these loans back your parents will be ruined along with you. Do not even consider this. 66k is too much money. Double check if you are thinking that NYU is going to just give you this loan themselves. I have never heard of that.
Find a way to work with this person remotely and plan to go to NY over the summer.
Just who was it that told you more money could be gotten out of NYU later? If it was someone official get it in writing. Don’t be a sap. Who said you can get into CAS and transfer to Stern as a JR? What?
Don’t even get me started on what a bad idea it is to use law school as a default and what problem that will be. Oh sure, just go into massive debt in a field that is decimated with massive unemployment as a backup plan, What a great idea.
Thanks everyone. I decided to stay at my state university. I did realize what I had was just wishful thinking and it was way too risky. I guess I became infatuated with the name of “NYU.” Thank you everyone for your honest opinions. It really helped me. You guys just saved a student from a whole lot of debt.
Thanks for listening to the advice!
Now go enjoy those 2 movies I mentioned. Pay attention to the parents complaints about NYU.