<p>First you need to talk to your dad…</p>
<p>Find out how much he’ll contribute towards your education and find out if he’ll co-sign for loans for years - give him the amounts.</p>
<p>There’s no point to sending in any money until you get THAT answer. Make the call and then come back here. :)</p>
<p>I don’t think NYU is going to give you more money for a bankruptcy. Personal debt is considered a personal choice to FA offices.</p>
<p>I’ll keep adding info, lol.</p>
<p>my mom filed bankruptcy in 2007… ends in summer 2011.
they have money ($90k a year) so they told me they can pay 10k a year for me. but, i still need to apply for the $35k loan because they told me to? idk why.</p>
<p>also, i’m planning on working all this winter, spring, and summer to get more money to help pay next year.</p>
<p>@mom2collegekids</p>
<p>since NYU offered me an “expected” package, and not an actual one (since it was based off of money made last year), and they didnt know that we had bankruptcy… do you think they’ll give me more institutional aid?</p>
<p>edit: i saw what you said.</p>
<p>but they told us to tell them if we had a change in finances that wasnt shown on the fafsa or something.
also, my stepdad (our only income) may be laid off in february…</p>
<p>So, you’ll need to borrow around $30k per year (all of your earnings can’t go to college costs; you’ll have weekly expenses that your job will also have to pay for.)</p>
<p>So, ask your dad if he’ll co-sign for 4 loans of $30k each for a total of $120,000 (do you really think he will???). </p>
<p>BTW…the monthly payments for these loans will be about $1400 per month.</p>
<p>He will only have to pay the 120k if I cannot do so when I graduate. Which I am certain I will because of the job field.</p>
<p>$1,400 is like a house mortgage, so I don’t think its totally undo-able…</p>
<p>$1,400 is like a house mortgage,</p>
<p>Yes, it’s like a SECOND mortgage…in ADDITION to your own housing costs. </p>
<p>How much do you think you’ll be earning when you get your undergrad degree?</p>
<p>BTW…I really doubt your dad will agree to co-signing $120k in loans, because his wife (your step-mom) will also be legally obligated since it will be a debt responsibility incurred during the marriage. That isn’t a risk that many step-parents (or parents) are willing to accept.</p>
<p>Even while you are paying, this will negatively affect your dad’s credit.</p>
<p>probably more unless you are planing to pay the interest every year as you go along. In 5 years $30,000 a year loan at 8% will have accumulated an additional $25,000+ in interest making the $120,000 grow to $145,000. So plan on more like $1700 a month in payments just for undergrad.</p>
<p>I really have no clue how I am going to do this then…
Unless I get tons of outside scholarships that add up to like $25k a year. BUT, all the ones I applied for I dont find out until like March.</p>
<p>I’ve told everyone that I’m going here. They didnt mail me my financial aid package until a week after I got my acceptance… how annoying of them.</p>
<p>Should I just try and see what I can do? I have been accepted to three other schools, so come May I have options if worse come to worse.</p>
<p>^^^</p>
<p>Excellent point Swimcat. </p>
<p>This is such a bad plan. What rather new grad has an extra $1500-1700 a month to pay for a student loan AFTER paying for all of their own living expenses.</p>
<p>I thought with ED you have to withdraw the other applications once you accept the school.</p>
<p>Yes, if the ED is not declined, the other schools must be contacted and withdrawn. If NYU finds out that the other schools’ apps are not withdrawn, NYU will likely cancel acceptance.</p>
<p>*I have been accepted to three other schools, so come May I have options if worse come to worse. *</p>
<p>NO! You won’t have those options. Unless you decline your ED, you will be obligated to let those other schools know immediately that you’ve accepted your ED school.</p>
<p>BTW…those “outside scholarships” that you got are probably for one year only. And, there’s only a slim chance that you’ll get any of them.</p>
<p>You have to withdrawl AFTER you accept their offer, which I have not yet.</p>
<p>Edit: Really? Well thankfully some schools deadlines are rolling until April</p>
<p>
</p>
<p>Before you say this…you MUST have a plan for paying your college bills. Don’t just “assume” that the money will materialize from somewhere. You MUST know that you have this money. OR think if it this way…when the time comes, you could end up with NO undergrad college to attend…because you can’t pay NYUs bill. You cannot take classes at a school unless you pay them to do so. NYU is not free.</p>
<p>You need to have a serious talk with BOTH sets of your parents ASAP…and find out if this is a realistic expectation or not. If the money isn’t there…you simply have to choose another school. You say you want to go to law school too…remember that is very expensive and there is virtually NO financial aid for law school. You would be adding in the area of $100,000 plus for your law school ON TOP of those undergrad loans. And in many cases, law schools will also ask for your parental information on their financial aid applications.</p>
<p>You do know that you can go to law school after graduating from a school that is less expensive than NYU, don’t you? </p>
<p>A debt of $200K plus for undergrad and law school is STAGGERING. </p>
<p>Unless you have a firm way to pay for NYU, I would not suggest you accept their offer. You could call them and tell them how they are your number one choice…etc. If you are a TOP applicant…one with tippy top stats who they don’t want to lose, you might get some merit money out of them.</p>
<p>
</p>
<p>Only if you decline the ED offer. If you accept the ED offer, you have to withdraw those other aps and decline those other acceptances.</p>
<p>Sorry…that is a HUGE risk for you.</p>
<p>Can’t remember exactly now, but I read some post recently with some article that has a rule of thumb which I thought is good.</p>
<p>Do not finish college with debt more than your first year expected earning.</p>
<p>I think you have been getting lots of good advice. I personally cannot imagine starting out life with that much debt and possibly not being able to buy a house for a long long time becuase I have a student loan “mortgage”.</p>
<p>I am very sorry that NYU might not work out for you but plenty of colleges can give you a good education for a more reasonable price.</p>
<p>*Edit: Really? Well thankfully some schools deadlines are rolling until April *</p>
<p>I’m confused.</p>
<p>Are you planning to reapply to some schools later?</p>
<p>Don’t you want your scholarships from IU or Purdue? I doubt that they would re-award them if you declined and then reapplied (they probably have early deadlines for scholarships).</p>
<p>Which scholarships will you get from IU and Purdue?</p>
<p>Have you called your dad and asked if he’ll co-sign?</p>
<p>I’ve accepted that this is happening… It’s depressing.</p>
<p>I’ve told everyone that I’m going here… embarrassing now.</p>
<p>I just left NYU an “urgent voicemail” about my situation.</p>
<p>I didnt receive a financial aid stuff from iu or purdue yet.</p>
<p>*I’ve told everyone that I’m going here… embarrassing now.
*</p>
<p>I understand. But, there’s no shame in the truth. Just say that you told everyone BEFORE you got your FA package, and you had no idea that it would be so short. Who’s going to blame you for declining? </p>
<p>Believe me, this happens EVERY year here on CC. Kids get accepted to dream schools and they’re all excited and tell everyone, then reality hits…the FA package is bad, or their parents can’t pay their huge EFC, or loans can’t be obtained. </p>
<p>You don’t need to immediately broadcast your change in plans. You can quietly do what you need to and then - when you’re ready - say that NYU wasn’t financially do-able, so you’re going to go somewhere more reasonable for undergrad and then apply to NYU (or wherever) for law school.</p>
<p>What are your stats? Are you in-state for Indiana? If so, there should be some automatic scholarships for you. What is your ACT/SAT and GPA?</p>
<p>Didnt do too well on the ACT/SAT. I never finish them.</p>
<p>In-state for indiana
Gpa 4.0 unweighted 4.252 weighted
(grading scale 100=A+, 96-99 A, 94-95 A-) so hard grading scale
ACT = 24
SAT = 1140/1600, 1710/2400</p>
<p>so my even getting into NYU was a miracle!
and I applied after the nov 15 deadline for automatic scholarships :(</p>