<p>Those of you going to NYU without aid, which program are you using tp pay for it and how are you comming up with the money? Since the deposits are so large, are they just comming out of your pockets or are oyu all taking out large loans to pay for them?</p>
<p>Nellie Mae~</p>
<p>citibank (30k)</p>
<p>i really want to know the answers to this question too.
I was 100% sure Id attend NYU till it hit me that I am short $31K
how will it be at the end of the 4 yrs? how much monthly
maybe xindianx can answer this since he/she is getting almost the same amount in loans!
and again the usual question: is it worth going under that financial burden... if you can get the same education with $0K debt (in my case: UVA)</p>
<p>is that 30k and 31k per year that you guys are planning to take out or 30k over the course of 4 years?</p>
<p>Swiss bank account</p>
<p>The following is my efc and financial aid information, and how my family and I will be handling the situation:
EFC: 5k
Financial Aid:
8k CAS Scholarship
2k Grants
4k Work Study
2.6k Stafford
2.4k Perkins
29k Suggested PLUS Loan</p>
<p>Now, the grants and scholarships are free money, the work study is taken care of after I find a job, and the stafford loan has to be taken care of as soon as possible (we received mails regarding this). The Perkins loan is not taken care of until August (when in which we will receive mails). Now, my family will NOT be taking out a PLUS loan, instead we are taking out a private student loan under my name (my parents would have to cosign, and they would need a decent credit for the loan to be approved). The bank we are using is citibank assist, and the loan is for 29k for the first year only, you can apply for this right on the financial aid website for nyu. Next year I will have to reapply with the new FAFSA for financial aid, and a new awards list will be given to me. Furthermore, my family plans to defer ALL PRINCIPAL PAYMENTS until after I graduate NYU. This means my family will only pay interest that will accrue so that I do not have to pay crazy amounts of interest on my loans after 4 years. But for my case specifically, I actually will not be paying anything until after 8 years, because one may defer all payments until after grad school as well. This basically means for the debt added in undergrad and grad school, I will probably hit about 250k after 8 years of schooling, hopefully much of the interest will be paid by then though. After the 8 years of schooling, I will have 20 years (that's what citibank's policy is, other banks are different, it usually varies from 15-25) to pay off the debt per month, which comes out to 1k per month, which is not bad at all considering I hope to make at least 150k per year (even if you end up making 50k alone, 1k per month is still feasible) after schooling is done. So as you can see, the entire process is dependent upon yourself, but please do not be scared away by costs becuase you are allowed to defer payments until you yourself actually start making money. And furthermore, yes you can say that YOU paid for your college education, because my parents are only paying the interest on my loans, however I will be paying all the principal in the years after grad school. If you guys have any other questions, please don't hesitate to ask.</p>
<p>EDIT: And as for deposits, so far it has been 1,500 in which some money has come from myself (I've been working since the beginning of the year) and other money has come from my parents. Only other payments to come are for orientation, books, and other small misellaneous expenses. No more loans need to be taken out for this upcoming year.</p>
<p>Wow! 15-20 years to pay off student loans, you will be nearly 50 before its all payed off.</p>
<p>Yes, that is the normal time to pay off student loans, and most loans that you take out in your life, for example a house loan is for 30 years. Furthermore, you can pay more money then 1k per month, so that all the principal is paid off in say 5-10 years or whatever you can do, it's not like you have to pay off the loans for 15-20 years, if you have the money it's better to get it out of the way.</p>
<p>I am planning on taking out a 20,000 loan from CampusDoor. I am still on the edge about it however and am debating if it would be smarter to attend the community college rather than go in so much debt. </p>
<p>Advice?</p>
<p>I was in the same position till yesterday Ashley and I chose to gi woth my emotions and attend NYU because it is my dream school and I know that I will be happy there.
I will be taking out 30k loan.
if the community college and the other school with 20k loan have big differences in education quality and job placement then that should be your mail criteria. in my case both schools were almost the same (in rankings and job placement) I will be paying that money for my happiness throughout my college years. I believe we wont be 19-20 again and that we should do whatever that makes us happy!(and rich:))</p>
<p>Wow, there is some extreme financial lack of knowledge going on here. Paying $1,000/mo on a $50K salary is feasable? Do you hope to eat? After taxes, fica and other deductions, you will probably bring home 65% of the $50K. Combine that with the fact that for a good salary you will most probably have to live in a high cost of living city. Counting on a $150K/yr salary is a big leap of faith. What pays that much directly out of grad school other than perhaps investment banking which could not be done on an 8 year plan and there are many more people who want these jobs than can get them.</p>
<p>Kids, you're playing with fire. You are risking everything for an undergrad education--delaying marriage, children, home ownership, and probably eating anything that does not come in cardboard or plastic.</p>
<p>Ashley, I've followed your thread on the financial aid board. What major from GSP do you think is going to yield a big money job? Go to CC for 2 years and transfer. You'll have the same degree.</p>
<p>Please don't sign for these loans without one on one advice from knowlegable adult. Listening to other wishful thinking teenagers with no financial knowledge on web sites will get you in over your heads. It's unfortunate that NYU puts so many kids in this position. Asking someone with a $5K EFC to take out over $100K in loans seems unethical. The parents, as relatively low wage earners, probably do not have the financial experience to guide the student. High future incomes, at your age, often seem relatively easy to come by. Realize only a few percent of the population make over $100K/yr, and most people your age think they will be in that group right now. Recessions don't factor in your thinking.</p>
<p>Unfortunately, there are all kinds of situations that can effect what looks like an easy path to $150K/yr. The only thing you can really count on is that the student loans won't go away, and banks can go after you in ways they can't with other types of loans.</p>
<p>uh zagat, my family income is 50k, and we are currently paying loans on our 400k house, 50k lexus, 30k mazda, and many other items, and furthermore my father and mother are supporting two kids including myself. (we are doing fine with all of this included, and yes I still live the same life as my friends). Lack of financial info..uh, no, it's called budgeting. Furthermore, I have spoken with MANY adults on the case, and each one has said you will be paying loans for a while but it is more favorable to get the better education (and I did give my specifics). Additionally, when I speak with adults that are actually going into my field of interest (medicine), they say to absolutely go for the better education, and that I will be able to pay off the debt in less than 5-7 years after 8 years of schooling.</p>
<p>EDIT: Also..you have to remember that THOUSANDS of students are in the same situation as me, every single one of my friends will be in atleast a 20k per year financial loan, and if there is a general consesus after doing the research and asking the adults that would know best that this is the right way to go, then yes, I feel comfortable. Of course you have to look at the type of education you are getting for it, and I trust that knowledge I have acquired on NYU's education and science-oriented students is accurate in stating that it is exemplary. If I was comparing say Drexel (i haven't applied here, but just for example's sake) with my state college or something, and I realized that I would be paying much more loans at say Drexel, then I would choose my state college simply because the difference in education is not significant.</p>
<p>Another EDIT: And last but not least, there are always chances one must take in life, however if one believes in himself/herself and is truly determined to succeed in life, then he/she will acccomplish the goal on hand. I have always been determined and I have been brought up in a type of culture that makes me never stop from continuing to pursue my path in terms of academics and being successful. I know I will be in a lot loans, but I trust in myself that I will have a good occupation afterwards becuase of my ambition, determination and motivation.</p>
<p>Your parents make 50k a year and have a 400k house and luxury cars? I dont think that this is true.</p>
<p>Really, why would your parents buy a car that would cost them a whole year's salary?</p>
<p>Perhaps he lives in an expensive area of the country, where $400k is the bare minimum.</p>
<p>I totally agree with xindianx
I am taking out 30k/year too and I believe that a good education is the most important thing. plus being in NYC and interning in different companies throughout college will give us the opportunity to have contacts in different fields which is probably as important as a good education.
I also believe that non of us is going under that much debt without researching and having different point of views from different people. We wouldn't be planning to pay that much if we werent sure that NYU is the right choice!</p>
<p>$50k and a $400K house and $50K car? This is very far from a normal picture, as is making $150K sraight out of 4 years of med school. but I wish you luck.</p>
<p>Well no1 makes 150k out of med school because you still have to do residency which can last 3-7 yrs depending on what field you are interested in. Residents make something like 45-55K a year.</p>
<p>I live in morris county, this is where my parents work, it is the second richest county in this country. Furthermore, we have LOANS, it's not like one pays 30k for the car in one shot, it is more like you pay $400 a month and 2,000 per month for the house. And no, I am not lieing at all, I have absolutely no reason to lie. My parents make 55k a year, that is the truth, and we are still able to live, maybe not extravagantly, but we are able to live.</p>