<p>I have to get a student loan of about $30,000 a year for NYU... but my parents do not have good credit because they are currently going through a bankruptsy. </p>
<p>Most banks require a cosigner to get these private loans... is it possible to get a loan like this without a cosigner? I mean, I know I have the option to go without one, but will I be approved for this much money per year do you think?</p>
<p>:(</p>
<p>No, I don’t think you can get approval, nor should you. No student should be borrowing $30k per year for undergrad. That would be $120k total for undergrad. 
</p>
<p>How much do you think you will be earning upon graduation?</p>
<p>If you were to somehow borrow $120k for undergrad, your monthly payments would be about $1400 per month (and that’s at a good loan rate; the payments would be higher if your rate is highish). You would have to be earning about $150,000 per year to comfortably pay that much back each month.</p>
<p>In truth, you can’t afford NYU. Where else have you applied to? You need to go to a more reasonably priced school. NYU isn’t the only school out there that can provide you a great education.</p>
<p>What schools are your financial safeties???</p>
<p>Also, if you plan on going to law/business/med school after graduation, you’ll have run out of borrowing power for that. There is a max amount that students can borrow for undergrad + grad/med/law/etc.</p>
<p>I applied and was accepted early decision to NYU. So I’m bound to NYU…</p>
<p>You are NOT bound to NYU if their aid package isn’t enough and you can’t afford the school. **You have the right to decline NYU ED if it is truly unaffordable - and it is. ** It sounds like you got a lousy aid package from them.</p>
<p>What did your FA package say your EFC was?</p>
<p>Have you applied anywhere else? If you haven’t, you need to start making a list quickly.</p>
<p>As an aside…schools like NYU who admit that they can’t meet need, have no business being an ED school. No wonder it has the rep of being a rich kid’s school.</p>
<p>Full price per year is $54,578</p>
<p>They gave me 7,500 in scholarship. 4,000 in work study. 2,400 in perkins loan. and 5,500 in stafford loan. And then they EXPECT us to get 35,178 in PLUS Loan.</p>
<p>But we probably cant get the plus loan because of the bankruptcy that we are going through.</p>
<p>so that leaves 35,178 uncovered as of now. we can possibly cover 10,000 a year… but my dad works at Ford and that is unstable job at the moment.</p>
<p>Oh, and I have applied to other schools.
IU, Purdue, Hanover…</p>
<p>If your parents are turned down for the PLUS you will be additional $4000 inn Stafford loans.</p>
<p>However that still leaves you well short of what you need. You are talking about a ridiculous amount of loans for udergrad. I the unlikely event you ca even borrow that much you will be drowning in debt when you graduate and for 10-20 years after. </p>
<p>You need to be realistic and accept this does not appear financially doable for you. You can be released from ED if the financial aid is not enough for you to attend. Best to do it now so you can apply to some schools that you can afford to attend.</p>
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<p>If your parents apply for the Plus Loan and are denied the loan…then YOU would be eligible for additional Stafford loan money, I believe, in your name, but I’m not sure of the amount.</p>
<p>In any event…it sounds like you cannot pay the bills at NYU. Your family doesn’t have the resources to do so. Truthfully, I don’t think applying ED (on a wish that the money would come) was such a good idea, but that is water over the dam. The reality is your financial aid package does not make it possible for you to attend.</p>
<p>The average NYU student has like 100k+ in debt after undergrad. So how can they all do it but I’m advised not to?</p>
<p>Where did you get the figure that the AVERAGE debt for an NYU student is $100K. I have NEVER seen that number.</p>
<p>But that doesn’t matter. Say it’s true…those kiddos had to have had cosigners for a significant amount of those loans. You (a student) can NOT get loans in that amount without a cosigner.</p>
<p>That figure wasnt a stat I found, just from NYU students I’ve talked to they all said they’d be in that ballpark range.</p>
<p>So realistically, I need to find a co-signer if I want to attend NYU?</p>
<p>The avg NYU undergrad doesn’t have $100k in debt. Where did you get that idea?</p>
<p>At NYU…58% graduate with debt…and their avg debt is…$33,637</p>
<p>Perhaps those kids you were talking to were including grad/med/business/law school into their figures, since the real NYU avg for UNDERGRADS is $33,637.</p>
<p>It is NOT typical to graduate as an undergrad with that much debt. The few that do likely have parents that will be PAYING for some of that debt. </p>
<p>Seriously, **you really cannot afford this school. ** What will your likely career be? How much will you be earning upon graduation? you also can’t depend on finding co-signers for each of your 4 years. Being a co-signer is a huge responsibility. If you can’t pay, then they have to pay.</p>
<p>Are you in-state for Indiana? Did you get any merit awards from any IN schools? What will your major be?</p>
<p>I want to attend NYU Law School to become a lawyer. Which will make good money.</p>
<p>I cannot imagine declining my ED offer… at all…</p>
<p>But, won’t you need to borrow a lot of money for law school? You’ll run out of borrowing power if you borrow a lot for undergrad. How will you pay for law school?</p>
<p>You may not have a choice. Don’t be stubborn and then end up with nothing. There is another girl on this board that was in a similar situation last year with NYU. She had a huge gap and thought she’d somehow get a loan, but she didn’t. She ended up not getting to go to school in the fall, and now is trying to go somewhere this spring.</p>
<p>I was going to figure that out when the time came…</p>
<p>Ugh. Okay I was doing some research and the Chase Select Undergraduate Loan says:</p>
<p>COA $120,000 cummulative… 3M LIBOR + 4.15%
3M LIBOR + 12.00%… no fees… up to 25 years.</p>
<p>Would I be able to get this with a co-signer with good credit?</p>
<p>If your parents can’t cosign your loans (which they can’t if they are declaring bankruptcy) they you probably don’t have a choice. No one will lend you the money without a cosigner. It is unlikely that anyone other than parents would be willing to cosign. Being a cosigner is an enormous risk - a cosigner is responsible for the loans and can have their assets, including their home, taken to pay the debt and can have their credit ruined if you miss a payment or make one late.</p>
<p>Okay, I have two sets of parents…</p>
<p>Mom and stepdad: filed bankruptcy, $90,000/year</p>
<p>Dad and stepmom: normal credit</p>
<p>could i maybe get it with my dad and stepmom (who i dont live with)?</p>
<p>I can’t imagine anyone wanting to co-sign a long term loan. They would be responsible for such a loan for the entire duration. That is a huge risk. Plus, it could prevent them from getting credit when they need it.</p>
<p>How much do you see yourself borrowing for undergrad PLUS law school?</p>
<p>What do you think that your monthly payments will be after borrowing for undergrad and for law school?</p>
<p>You need to add all that you’ll need to borrow for undergrad and ask your dad. He needs to know the entire amount for 4 years - it won’t do you any good to get a co-signer for only your first year. The sooner you find out the answer the better. </p>
<p>How much will you need to borrow for both undergrad and law school?</p>
<p>I know it would be a lot. But right now I just need to concentrate on Undergrad, I can always go back for grad classes if needed.</p>
<p>Should I ask my dad and step mom to apply for the plus loan? I havent said anything to them about this at all… they might be able to co-sign (he is my dad so he does need some responsibility).</p>
<p>I also emailed NYU and told them that we were going through a bankruptcy (they didnt know this when i filed the financial stuff for them in november)… so i could get more money from them…</p>
<p>but, an $800 non-refundable deposit is due in 2 weeks. should i send this in… get my REAL financial aid package when i do the fafsa, and then see?</p>