Ok, so I just got accepted to NYU Tisch for a BFA with the intention to double major in political science. I’m so happy- this has been my dream and top choice since junior year.
The only problem that I’m worried about is aid. I got my financial aid package, and tuition for one year costs 76,000- jaw dropping I know. I received half that in a Tisch scholarship and pell grant. I also got a work study up to 3000 dollars, and I know I have to work a lottttttt to make that.
This means that I’m looking at a 40,000 loan, yearly. My father will help me out, but I don’t want it be completely dependent upon him. I believe that I work tirelessly- I am willing to do almost any job to pay the bills and am quite conservative with entertainment. I think I can do it. It’s all I want.
Yet, I’m wondering- what are most other people facing? Has this been done before? Is it normal? Is this an okay decision? My other option is to go to Rutgers- I live in New Jersey. Rutgers is a state university- tuition is 30,000 a year and I didn’t get any aid so I’d have to borrow a loan anyway. Concentration is similar.
Well?
I am very aware of the weight of my decision as an actor- I come from a health science academy for students wanting to pursue medicine. Four years of hell. I hated it.
$160k in debt over 4 years? That’s WAY too expensive for ANY school, even an Ivy League. I would just save the money and go to Rutgers, which is still a great institution.
We’re struggling with similar concerns. My son applied to NYU Tisch for film/television…RD so we don’t even know if he’s accepted yet. But he’s had merit scholarship offers from several other schools so if he is accepted he’s going to have big decisions to make. Obviously Tisch is the best springboard into the film/television industry but should he get his undergrad degree from a less prestigious scholarship school and save the big debt for a graduate degree? It’s all very stressful and confusing. NYU has been his dream for as long as I can remember. Ugh.
Edited to add that I don’t think you are crazy at all! These are big decisions and big money. It’s a lot of pressure!
If I receive half of my tuition money as scholarship I would be so happy that I Would laugh my ass off. Just saying I only received 9390 dollars for the full year so seriously you should appreciate how generous NYU is to give u that much money because NYU is known to give little scholarship
You can’t take out a loan for $40K. You personally can only borrow $5,500 (federal loans) for freshman year, and a little more per year in the following years. Any other loans have to be taken out by an adult or have an adult co-signer. So if you don’t pay them back… that adult is stuck with responsibility for your debt. Can your dad even qualify for those loans? Since you got a Pell, I am wondering…
Yeah I know I can’t take out a loan- it would be my dad who would and I would pay him back. And I know NYU was very generous towards me- I feel very lucky that I got that much. My brother says to do it- he went to Boston College and graduated in 2008 with a bachelors in economics, now he works and is still paying off loans but he says its manageable- as long as you keep finding work.
I don’t mind not getting acting jobs after college- that’s the ultimate goal of course, but I became an artist for the process. If I have to, I can find happiness as a writer, producer, working in a theater company, etc. also, my interests in politics also offer other possibilities- perhaps working for the government towards becoming a liaison and so forth. My Tisch degree could be a creative spin on a diplomatic degree.
That being said, I can definitely ask for a little more- I know I’ll only get 1000 or 2000 more but every bit counts. These factors are encouraging me to take the deal- it certainly isn’t common. Of course, I do not feel doubt free yet about the decision.
Have you run the calculations to see the monthly payment you will have with $160,000 in student loans? Even if you get an income based repayment plan that debt burden will follow you for 25 years, well into middle age.
I could not get comfortable with that level of debt, unless you were in med school and even then I would feel a little sick with anxiety.
Have you had in-depth discussions with your dad about the exact numbers and length of the loan (10-20 years probably?)? What happens when you want to get married, have a baby, buy a house, go on vacation, etc., and can’t pay him back as quickly? How will he feel about that? How will you feel?
I know what you mean- but I’m going to be in debt regardless of where I go- even Rutgers, of course it is considerably less, so the anxiety won’t leave. I don’t really plan on having a family- I don’t want kinds, don’t need a large home, don’t plan to get married soon. Of course things can happen but in my car it is very unlikely- I’m very career driven and I don’t favor traditional life. I do yearn to pay back my father and what is holding me back is the fear that I will be a deadbeat child. Other than those thoughts, I’m okay with it.
Didn’t you apply to any place that is more affordable or are you only choices NYU and Rutgers? I guess you would have mentioned other options if you had them.
Over and over posters ask about affording NYU. The same comments are written over and over. I would personally not co-sign loans that would put me (the parent) in debt for $160,000.
Is your father wealthy? You mention Pell grants so I am guessing that he is not. Can he qualify for $40,000 each of the 4 years? I would find out the answer to that question. You don’t want to get into year 2 and run out of money. Also, NYU’s COA goes up every single year. You need to factor in increasing costs.
Before you agree, you better make sure your dad CAN get the loans you want. Not that I think this is advisable – I honestly think it is a terrible decision on your part to go ahead. But for heavens sake, make sure the financing is truly available before you accept their offer. Because then you have to withdraw all other apps If the loans turn out to be impossible to get (or you realize this is not a good idea once you understand the interest rates and impact on your future), you will be stuck either attending a community college or taking a gap year.
And if you go to NYU I hope you won’t be one of those alumni interviewed on the TV news ten years from now complaining about the impossibility of paying off the loans they were" forced" to take out in order to get a decent education.
There are websites, I believe, and a facebook page called NYU debt stories. You might want to check it out. My quick look just know showed a kid who’s financial aid was cut 50% the second year.
Yes I will talk with my dad seriously about our ability to pay. I did apply to many places- Fordham, some ivies, Sarah Lawrence, Boston college, U Chicago, UC Berkeley. Rutgers was the safety net. I didn’t mention them because costs there would be similar.
The thing is, in the process of applying to all these places it was my dad and brother who pushed me to apply- the constantly reassured me that it is doable. I originally was not planning on applying to so many high profile schools.
My mom doesn’t make much- only around 30000 a year. My dad makes around 100000 a year- fluctuates a little. My parents are divorced- I am Asian American, second generation Indian. my father works as a marketing executive and salesman for a cast iron company, and is working on some other side businesses as well- he has a degree in business administration.
I understand what you are saying, that it is odd that I did not receive aid at Rutgers. Yet, I field my Fafsa over a month ago to Rutgers and still have not record email or update about aid. I looked online as well, and tried contacting Rutgers in case of a mistake- of course, none of these packages are final yet so maybe there’s a chance that it is too early for them to release information? My friends have all gotten financial aid and scholarship information already though.
How much money will your parents give you for college?
I am still not understanding how you received a Pell Grant from NYU. But the problem you will run into is that schools that require the CSS Profile probably won’t give you much need based aid. If both or one of your parents own a home or a business your aid would be further reduced. That is probably why your brother has a lot of loans from Boston College, a school which meets need.
You were accepted ED II to NYU, correct?
This is tough. I just don’t see how you can afford to repay the loans required for either of these schools especially on an actor’s salary.
I did receive a pell grant- I guess because Fafsa doesn’t have a noncustodial and Css was the only representation of my dad. My pell grant was only 3,666 $- most of my money came from my Tisch scholarship. My dad does not own a home, my mom just bought a home for 200,000 in 2015.