bigbomb654

would it be easier if my parents could afford to pay the interest as it came?

Mathy

What you make really depends on yourself. Say, if you slack off and did not try to get an internship, for sure you will be in a terrible position.

NYC salaries are generally higher than the rest of the nation but it has no real difference because consumer prices are higher.

Here's a link to an outside analyst of the average salaries of Stern undergraduates. MBA students make even more. Look for where it says "Less than one year" of employment.

PayScale - New York University (NYU) Leonard N. Stern School of Business School Salary, Average Salaries

ichi09

54,000$.....i was like o crap
but the grants > fed loans and plus loans


i got decent financial aid..some loans but hey..

im very pleased, so pleased, in fact, im sure i will pay off my college loan with a smile

bigbomb654

do you think I should call fin aid and see it i can get a better package? do i have anything to lose?

Je6868

yeah I don't know what the hell this school is thinking....I want to go so incredibly bad but I am not sure if taking out $42K a year in loans to become an actor is very practical....AHHH!!! WHAT ARE YOU EVEN PAYING FOR???? I mean really. yes the taxes may be high in the city...whatever. But they own all their properties by now, and $60k a year from each student just seems a little unecessary.
Sigh, I realize complaining will get me no where but it just frustrates the hell out of me.
My EFC was $25k. HOW DO THEY EXPECT US TO PAY DOUBLE THAT?
But if anyone has a brilliant plan other than begging on our hands and knees ( which we are currently in the process of doing), I beg that you post it

plasma99

@Je6868

I get the same feeling you do, NYU is really really expensive. I do know that they do not own all of their buildings though, they lease some dorm buildings.

sgc914

hey guys, for anybody who is considering some loans, I was reading Money magazine recently (April 2009 issue) and they reported that the recently passed economic stimulus legislation had a provision for tuition-paying parents in the 2009 and 2010 tax years. It's called the American Opportunity Tax Credit, a tax credit that ranges from $1500 to $2500 a year. Unlike the old Hope Credit it can be claimed all 4 years. It also expands the range of people who qualify for this credit. If your family makes $180,000 or less ($90,000 for single parents) you'll get at least a partial credit (unlike the Hope which excludes those making more than $120,000). There are also other credits like the Lifetime Learning credit, which they didn't go into specifics on (they did mention it's up to a $2000 credit), and a tuition deduction of $4000 but the writer of the article opined that the American Opportunity credit is "the best of the bunch". However, you might want to look those other ones up, just in case.

Also, and this is the biggie for me at least, you can deduct all or part of the interest you pay on college loans, up to $2500, if your parents make $150,000 or less ($75,000 for single parents). I'm not sure if this includes interest earned on federal loans, but if it is, the highest interest rate on a federal loan is 8.5% and if you divide 2500 by .085 it comes to around a 29k loan. Taxes are always tricky though and I don't pretend to be an expert, so definitely check me on some of those facts, especially if they're requiring private loans; those are so much riskier.

Also, after browsing through this thread I'm a little confused. My EFC is around 32k and I have a Stern scholarship of 20k and a 1k national merit scholarship. My parents can probably shoulder some of the cost before I graduate. Did I get a pretty good aid package? I saw someone with the same aid package as me, also going to Stern, and they were shot down about how they have to make a very high salary in order to pay off their loans when they come out. I always assumed I could just pay everything back once I graduated because of my getting a business degree. A large part of my decision really is financial aid; like someone else on the board I got into Barnard, which is a very different track (I would probably do like...English rofl. I love it though), but I have no aid so it's almost a non-consideration.

milkandsugar

If your EFC is 32,000 and you got 21,000 from NYU, that is an excellent package. they met approx 100% of need with free money. Congratulations. NYU is notorious for not meeting 100% of need. Consider yourself lucky and fortunate.
NO stafford loans?

COA 54,000- EFC 32,000=22,000 Need
.

CoffeeAddict9716

I'll still have to take out over 50,000 in loans...like the banks will allow that with this economy and the whole mortgage mess...goodbye NYU Think I can appeal? What do I say?

sgc914

thanks for your help, and I have stafford loans but in the total of 2,176 (this is before national merit; the FA officer I talked to said they would deduct that from this number). Then I have unsubsidized stafford (mostly this) and PLUS loans in the amount of 32,695.
I was very surprised with my package. My mom keeps rounding up my 4 year total to 160k and saying they could buy a house with it though. (my mom is the queen of putdowns...) However, one thing is that I am signing up for the BPE program, so I have to factor in travel and living costs abroad.

And guys, I think if you have to take out 25-40k in loans a year, and a public university is offering you a better financial aid alternative, I think you have a really hard decision ahead of you. It really is a lot of debt. If you read any of the recent magazine articles they all advise against it (I think you can tell I am a fan of magazine articles lol); for example, there was an article about a girl who was about to go to UPenn but started seriously considering Ohio State because she planned on medical school. Her parents were both doctors and even though they had grown-up college kids they were still paying off their own med school loans.

My mom may make me feel like crap sometimes but I know they are capable of affording tuition, and my sympathies go out to everyone who has to make a really difficult decision based on finaid. I hope the info on the tax credits and interest deductions helped somewhat, but they are only for 2 years and if your loans exceed that amount by crazy then I'm not sure if it will help much in the long run.

bloggergirl

I feel your pain, sgc. My parents can afford it, but are giving me a lot of grief over it. I didn't apply for financial aid because I thought they would be okay with paying it out of pocket, so is it possible for me to apply for nonneed-based aid or merit aid in my second year? (and pray that I'll get it!) I'd apply for outside scholarships, but I'm not in the US right now =/

parthiv

NYU isn't worth it. I go there. So overrated.