Please Read! Is it worth the money?

Colleges and Universities A-Z New York University
1

<p>Ok so this is the situation that I am currently in. I got accepted to LSP about a month ago, and after talking it over with my parents, they agreed that they would pay for $160,000 (or essentially 2/3 the total cost of 4 years at NYU) of my total cost. However, I will have to take out approximately $68,000 in loans.</p>

<p>This is my financial situation:</p>

<p>I am taking out a Stafford Loan each year at the maximum price, which after 4 years will equate to $19,000.</p>

<p>I am taking out a Perkins Loan each year. I was offered $2400 by the university, and I don't know how much I will be offered each subsequent year, but I will take out whatever is offered to me through that specific loan.</p>

<p>The rest of my loans are coming from my parents who I'm entering into an agreement with through their home equity plan. They have a lower interest rate than a lot of other unsubsidized loan agencies so I'm kind of lucking out with them.</p>

<p>I'm also doing a work study program each year which is cutting $12,000 off of my original loan debt of $80,000. I'm applying for any scholarships I can find, and I'm going to work during summers to try to cut off some of the debt.</p>

<p>Anyways, NYU seems to be an amazing opportunity, and it's within my grasp, but I would like to know from anyone out there if they think that it is worth it in the end? Since I'm in LSP, I don't have to declare a major until I believe the end of Sophomore Year and then I'm going to transfer into CAS. I'm considering journalism, political science, and communications as some prospective majors, but then again, if I don't have decide until two years from now, I have a lot of resources and time to try to pinpoint what I actually want to pursue.</p>

<p>So I'd love to hear your thoughts, especially since I need to confirm with NYU or UTK within the next couple of days. Thanks!</p>

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<p>I’d also like to clarify that my parents are not taking out loans in order to pay for their portion of the cost.</p>

3

<p>Work-study is not guaranteed money - it’s a maximum that you can earn. You have to find a job on campus that gives you enough hours to reach that maximum, otherwise you’ll make less.</p>

4

<p>Oh ok, I was actually wondering about that. Is it generally easy to find an on-campus job that can offer the right amount of hours, or do most students usually come up short of the $3000?</p>

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<p>Bump 10char</p>

6

<p>Bump. Please, I could really use some advice because I need to confirm within the next week. Thanks!</p>

7

<p>I’m kind of in the same boat. NYU seems to offer so many resources and opportunities, but the cost. The thing about the college decision, in general, is that you never know how you’ll end up after you’ve earned the degree. If it’s going to be worth it.</p>

8

<p>What’s the cost of UTK and your other options?</p>

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<p>“The rest of my loans are coming from my parents who I’m entering into an agreement with through their home equity plan.”</p>

<p>What does that mean? Isnt a home equity plan when u borrow money and put your home as collateral?</p>

10

<p>What other options do you have?
I was in the same situation as you a few weeks ago. I was also accepted to NYU, and I wanted to go there so bad. I mean, it’s NYU, with tons of resources, opportunities, internships, and the location is a plus. I visited the school too, and it was just beautiful. I would have loved to go there, but ultimately I couldn’t afford it. They didn’t give me enough financial aid even though I was offered a scholarship, and I figured it would be best for me to go to school in my state where I wouldn’t be in debt for my undergraduate years, paying them for ten years later. If you feel you can pay the loans and go to graduate school (if that’s your plan), then go ahead. But think ahead!
I’m hopefully going to apply there for graduate school (:</p>

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<p>EduFuture57: I know! But I have this strange feeling that going to NYU will make me happier in the end. I think that gaining that experience will leave a lasting impression on me, possibly financially, but also in a positive, symbolic way.</p>

<p>CollectivSynrgy: UTK will be paid for, and I’ll be Honors. I also have Rhodes College and UTC as other options, but I’ve already crossed them out. If I don’t go to NYU, I will definitely be going to UTK.</p>

<p>woopthack: Yeah that’s basically what it is. My parents own our house completely though and don’t feel unsafe loaning to me through it. Plus they have a really good credit rating and interest rate in comparison to outside agencies.</p>

<p>Colombiana228: I’m not exactly sure that grad school is on my horizons. I’m really hoping that by going to NYU, I will receive a good enough education while making plenty of connections and gaining a lot of real world experience to step into the market with a Bachelor’s at the most. UTK is not a bad option, but I feel like the opportunities at NYU are so much more plentiful and worthwhile, whereas I feel like UTK will not be able to provide me with such advantages.</p>

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<p>If you go to NYU you better be prepared to network and get good internships like a madman for that money to be worth it. I’m not impugning your choice, because I made a similar one. But it’s all on you to get a good return on your parents’ hard-earned money.</p>

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<p>Stalmadge5194: Exactly. I’m debating between NYU and an in-state School. I feel like I might have a great opportunity here. The question just is - is it worth it? Hardest decision that I’m trying to make right now.</p>

14

<p>Whether or not tens of thousands in loans is worth it for you is an entirely subjective decision that you and you alone can make.</p>

<p>Are you planning on going to graduate school eventually? How driven are you? Will you be landing well-paying jobs right out of school to pay off those loans? Might you be better suited by going to a much cheaper school for undergrad before paying more for grad? What do you want to get out of college?</p>

15

<p>I decided last night to accept NYU’s offer of admission. It was my “reach”, dream school after I visited it in my junior year. I feel it is worth the Stafford loans, work study, and the emptying of my 529 funds. My in state flagship school offered me a large scholarship , but I couldn’t see myself in an environment that was too familiar. I want to discover new things. I see so many opportunities for internships, experiences and jobs in the most interesting city of the world. My opinion is that the value of college is intangible in some ways. My gut check told me it was where I wanted to be and it would be worth it.</p>

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<p>I’m in Liberal Studies Program right now. For you, it would be a good experience since you are planning to go into fields that require you to take the Liberal Studies courses. Do it. NYU has a great reputation so it will be good for your future endeavors!</p>

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<p>NYU: Is it worth the money/debt? It seems as though this question comes up every year. Here is a link to a lengthy/heated discussion of this topic from this forum circa 2010:</p>

<p><a href=“http://talk.collegeconfidential.com/new-york-university/934579-cnn-college-debt-nyu.html[/url]”>http://talk.collegeconfidential.com/new-york-university/934579-cnn-college-debt-nyu.html&lt;/a&gt;&lt;/p&gt;

<p>Here is another from the CC parents’ forum from about the same time:</p>

<p><a href=“http://talk.collegeconfidential.com/parents-forum/935923-mired-debt-education-worth.html[/url]”>http://talk.collegeconfidential.com/parents-forum/935923-mired-debt-education-worth.html&lt;/a&gt;&lt;/p&gt;

<p>Just some food for thought.</p>