<p>I am really confused. I was accepted to both the University of Miami and New York University. From UM, I have recieved $48,000 annually which covers room, board, and tuition. With NYU, I have recieved $34,000 annually. I would have to pay around $25,000 more each year for NYU which will mainly be in student loans. I have no preference and can honestly see myself at either school. I want to major in politcal science and economics and I know that NYU has a great business school. If I do go to NYU, I would try my best to transfer to Stern after my freshman year. My question is: Is NYU worth paying $25,000 a year? Are my chances of landing a job significantly increased?</p>
<p>No college is worth paying $100,000 more. Especially if it means that you are going to pay most of that with loans. </p>
<p>University of Miami has offered you a great package. Take it.</p>
<p>*I would have to pay around $25,000 more each year for NYU which will mainly be in student loans. *</p>
<p>No school is worth $100k in undergrad debt.</p>
<p>Don’t your FA packages ALREADY have student loans in them? If so, then your debt would be about $130k if you went to NYU.</p>
<p>Do you realize that YOU aren’t allowed to borrow that much? YOU would need your parents to co-sign…and most parents won’t do that nor would many parents even qualify to co-sign for that much. </p>
<p>YOU are limited to borrowing the following amounts (which are probably ALREADY in your FA packages)</p>
<p>frosh 5500
soph 6500
jr and sr 7500 each year. </p>
<p>Go to Miami…and when you’re paying back the basic student loans from UMiami, you’ll be thrilled that you didn’t add an additional $100k of loans on top.</p>
<p>Yeah my FA package does include the loans available to me. The loans add up to 25k a year. My parents said that they would pay around 10k a year, which means that I would have a total debt of around 60k when I graduate. Won’t my chances of getting a job or internship in NYC make the money an investment? I have heard from people who to go/went to NYU who have landed jobs that pay 60k+ as soon as they graduate. And NYU’s career center is one of the best in the country. Will I be able to get the same opportunities in Miami? I know that I am getting a great deal from UM. I just don’t want to make a decision that could cost me opportunities in the long run.</p>
<p>Ask your friends who started out at $60,000/year just exactly how much money they have left at the end of the month after federal taxes, NYS taxes, NYC taxes, rent, transportation, utilities, food, and their loan payments. Then think about whether or not your particular major field will lead to a job as well paid as theirs. Maybe in your individual case this amount of debt would be worth it. However, I am more inclined to believe that $60,000 in debt will actually limit your opportunities because you will be spending too much of your energy trying to figure out how to pay it down.</p>
<p>$60k per year in income is NOT a lot of money for a single person in NY. The fed, state, local, and FICA taxes are going to take a big chunk. Then, rent will take another big chunk. </p>
<p>The monthly payments on $60k in debt is about 3 car payments. I don’t know ANYONE who earns $60k per year who can affored 3 EXTRA car payments in addition to their regular expenses.</p>
<p>No, it is NOT worth the “investment”…it is an unwise decision.</p>