<p>Let's say that hypothetically I get accepted into NYU within these subsequent days. I applied there as an International Relations/Economics major, and I feel like NYU is the absolute best school on my list for such a field. However, I've constantly been hearing how meager NYU's financial aid packages turn out to be... My mom is currently unemployment and my father can only contribute ~$5,000/year toward my education with his salary and financial situation (my parents are divorced). Should I receive an acceptance letter but my financial aid does not favor my socioeconomic situation, do you believe it is still worth the loans to attend? My only other college choices seem to be PennState and Lafayette College as of now...</p>
<p>It depends. I know people who are dead-set against going into debt, and I know people who accept college debt as a normal part of life that is to be expected. Similarly, some people have no problem paying a monthly mortgage on luxurious houses that are slightly beyond their means, and others prefer to pay their houses off in full. It’s really just a psychological preference. You should be aware that you’ll probably be paying off college debts for the rest of your life. Once you realize that, then it’s time to make a decision. Will it bother you to never really be free of those debts, to constantly be trying to pay them off? Or will you see it as just another bill, like cable or electricity?</p>
<p>The average student at NYU graduates with roughly $40,000 in student loans, and
50% percent of the students have two jobs. There are scholarships that you can apply for while you are in college, so the scholarship search does not stop after high school. There is a federal program that will likely be implemented in 2012 that will help with student loans, too. Basically, you only have to pay 10% of your wages per month toward the loan. If you haven’t payed off your debts in 20 years, then your debts are forgiven. If you keep up a high GPA and work during college, it should be cheaper to attend.</p>
<p>^Can anybody else verify what erin94 stated? That seems almost too good to be true.</p>
<p>If you’re talking about the federal loan program, it’s a bit more involved than it sounds. It’s 10% of income over a hurdle (150% poverty rate) - however, I’m fairly certain it’s pre-tax income after that. So beyond the hurdle level the size of your loan payments will increase faster than your income in percentage terms. The 20 years is simple enough, though I think you have a gross misconception of just how long that is. It’s more time than you’ve been alive. Also, the “simplicity” doesn’t take into account life choices such as marrying/having children - I’m not a student loan expert but I’m pretty sure if you marry and file jointly, that 10% will be of both your incomes (maybe even if you file separately, someone else may know). And if you decide you to take time off for kids, etc etc. I’m not trying to scare you, but make SURE you know what you’re getting into. It’s easy to put off the issues until you run into them, but it’s a hell of a lot easier going around a mountain than having to scale it.</p>
<p>And lastly, beware of private loans…</p>
<p>I think that the loan foregiveness only applies to Federal loans, like Stafford. The average debt means nothing, it is what YOU borrow that will mean something. Horror stories about about excessive debt.</p>
<p>Loan forgiveness can change at any time the gov’t wants it to and at the OP. D’s friend is a Junior at Lafayette - was NMF and Valedictorian, has loved every minute at that school. Don’t be too quick to write it off.</p>
<p>Honestly, you will not get enough to cover the cost of tuition and room and board. They are very stingy with aid. Even in the best scenario, based on CC posts, the most Ive seen anyone get is ~30,000, that would leave you figuring out the other 29000 per year. Taking on that kind of debt may hamper you in all other areas of your life when you graduate and trying to get on with your life. Tread cautiously.</p>
<p>Good news guys. I just received $47,600 in scholarships/grants and $3,000 in work study. I’m so happy!</p>
<p>I’m kind of confused…am I supposed to look at the “Offered” column or the “Accepted” column? The offered column has around 61K a year and the accepted column has 44K?</p>
<p>audacity, I believe the accepted column are scholarships aka things you don’t have to pay back and the offered columns are the additional loans you could receive/take out.
I am not 100% sure, but I think that’s what it means.</p>
<p>alright, thanks!</p>
<p>The accepted shows scholarships and grants that you won’t have to pay back. Then they add loans and work study to fulfill the rest of the cost, which can be seen in the offered column. The reason why the scholarships/grants are already in the accepted is because they assume you’re going to say ‘yes’ to free money.</p>