Hi, everyone,
So I just found out last Wednesday that I was accepted into NYU off the waitlist for the spring 2020 term. With the financial aid and scholarships they offered me, of the 70k that it cost me I would still be having to pay about $35k. I was accepted into the liberal studies program and after that’s over I was planing on applying for the Dramatic Writing program at tisch. NYU has been my dream school since 6th grade, and this is a dream come true, but I’m worried about finances. To help you understand my situation, my family’s EFC is 0, and my mom is going to be unemployed soon because the company is closing. This means if I go I’ll likely have to accept loans and I’m not sure being 35k in debt in my first year is really scary, and my acceptance letter stated that fall terms are more expensive meaning that debt will rise too over my 4 years with them. My other option is to attend Florida State University, which is much more affordable for my family at only 3k, and I think I can cover that with scholarships and a part time job. But again I’ve been so attached to NYU I really want to make sure I give it my all to go there before I give up and go to FSU. Here are some things to note:
My mom has gotten an interview for a new job that will pay the same as her old job but there are no guarantees
I can’t work part time at NYU because part of my aid package is a work study
NYU is the #2 film school in the nation, FSU’s is good as well, but no where near the level of NYU’s
There are so many opportunities in NYC
My parents said that they would do all they can to make sure I go there if I want to. Like they’ll find a way to afford it, but I don’t want them to go wasting their lives savings on my college career it just doesn’t feel right.
I understand that I can also do 2 years at FSU and then transfer, simply go to NYU for graduate school, or go to FSU for fall 2019 and then NYU spring 2020 and not do a summer with NYU in order to make it more affordable as well.
what do you all think?
Thank you so much in advance!
FSU because NYU is unaffordable.
You can’t borrow that much and you can’t assume that your parents will qualify for that kind of money.
Don’t do this to your parents. Go where you can pay.
Also forgot to point out that once I qualify for residency I will receive more aid because of the New York Tuition Assistance Program. Also my parents qualify for the money I state stated and I will not drain their wallets. The concern isn’t “can my parents afford it” the concern is “will NYU be worth going into debt for”
You can’t borrow $35k/year and NYU isn’t worth that kind of debt. The NYS TAP program is for students who graduated from NYS high schools. Your family isn’t from NY and you aren’t attending one of our high schools, so I don’t see how you’d be eligible for a state grant. @sybbie719
will know for sure. It’s only $5k/year anyway, so it won’t help you.
If you aren’t certain you can raise $3,000 per year how are you planning to raise that much per month to repay ~$150k plus interest?
You can not take out $35K in loans on your own. Undergraduates can take a Direct Federal Student loan of $5,500 their first year, that’s it.
The following year maximums are $6,500, $7,500, and $7,500 (grand total ug max $27K).
Any additional loans would be on your parents (either directly or co-signed).
Borrowing the $27K over 4 undergrad years is not unreasonable, anything above that is often not a good idea. Go to FSU, which seems like the only school you and your family can afford.
The problem with your scenario is that you will never be eligible for NYS aid as your family must have a physical presence in NYS (living in NYS).
Right now you are talking about accumulating a minimum of $140k in dept for an NYU degree.
As a person who holds 2 degrees from NYU I can unequivocally tell you that unless you are attending NYU Med school (which now has free tuition for it’s incoming class), there is not a program at NYU that is worth 140k of debt. As a parent that I have been there done that as I told my own D that NYU law needed to come off of the table because if was not feasible to start her career with 6 figure debt.
As the parent of an artist I can tell you my major concern with her attending NYU was that she not graduate with debt. You paint yourself into a corner when you take on debt that will require you to live cheaply and earn a good salary fulltime from day 1 after school just to make the payments. That kind of burden can cripple an artistic career; don’t do it. Go to a school you can afford and build your dreams from there.
In your situation I would definitely go to FSU. NYU will be a financial burden on you and your parents, causing unnecessary stress. FSU is a good college
FSU all the way! It’s a great school and you can make the most of your time there. NYU & NYC aren’t going anywhere. There’s always the chance for grad school later, if it’s still what you want to do - and for now you won’t have debt concerns hanging over your head ALL THE TIME which will make your whole college experience better.
Best of luck.
Don’t forget Barry Jenkins, who won an Oscar for Moonlight, started his career at FSU.
Go to FSU. It’s not worth the debt, which your parents would have to shoulder - don’t do this to them.
Do all you can to establish yourself at FSU - strive to be the best there. See if you can get a paid internship in anything in NYC summer after junior year (meaning positioning yourself well and reverse charting your path so that August before junior year you can apply and thus doing everything right your fest two years).
Then get your graduate degree from NYU. NYC isn’t going anywhere.
I think there is no question what you should do. It’s not worth the money to go to NYU involving that much debt in the field you are considering. Really, given your circumstances, any field of study. FSU is s great school.