BU vs. NYU for a Writer (Financial Aid)

Colleges & Universities Boston University
1

<p>Hi everyone, I was wondering if you could help me out with a bit of a dilemma I’m in. </p>

<p>I was accepted into both BU and NYU, and if money weren’t an object I would choose NYU simply because of their Creative Writing Minor, internships with literary journals, publishers, and agencies, and expansive writing course load. However, BU gave me significantly more non-loan financial aid. My parents have said that they will find away to get me into the school I want to go to, but I want to make sure I am really putting myself at an advantage by choosing NYU. Here is how the aid breaks down</p>

<p>BU:$30,000/year BU Grant, $2500/year Perkins Loan, $2000/Year federal unsub loan, $3500/year federal subsidized loan, and $2000/year workstudy. Total Aid: $40,000/year</p>

<p>Parents would pay around $16,000/year out of pocket.</p>

<p>NYU:$12,500/year CAS scholarship, $3,000 a year work study, $2,400/year perkins loan, $3500/year Stafford Loan, $2,000/year unsubsidized loan, and $7,000 in more stafford loans because my parents will not qualify for the Federal PLUS loan.</p>

<p>Parents would pay around $26,000/year out of pocket.</p>

<p>My reasoning is that NYU has a much better writing program, from what I’ve seen in comparing the websites between the two schools. NYU has excellent connections for internships in the writing world (Publishers, Journals, Agencies) that will allow me to get a better job out of college and begin paying down my debt (Estimated $75,000 NYU vs. $40,000 BU).</p>

<p>Is this sound logic? Or just wishful thinking on my part. I really love NYU, but don’t hate BU.</p>

2

<p>No, it’s not sound logic. Honestly, even $40,000 is too much debt for undergraduate. Borrowing nearly double that is seriously asking for trouble. With the upheavals occurring in publishing and media, jobs are really competitive - and starting pay is penurious at best. You’ll be saddled with huge loan payments taking big chunks of your paychecks. Borrowing $75,000 will result in you owing nearly $900 a month for the next 10 years.</p>

<p>Work-study is not guaranteed and is best thought of as pocket money only - not something you can be certain of applying to tuition costs.</p>

3

<p>Thanks for the response. What do you suggest?</p>

4

<p>Talk to your parents and find out exactly what they can afford to contribute. Base your budget around what they’re realistically able to pay.</p>

<p>Do you have any financial safety schools?</p>

5

<p>It’s tough to know exactly what they are able to contribute because my father is a real estate agent, works on commission. He said that he had budgeted in about $2,000 a month for my college, which just about fits in with my estimate of what he’d pay for NYU. </p>

<p>BU is the best financial aid I have seen so far. Still waiting on Princeton and Dartmouth, though those are reaches that I don’t think I will get into. </p>

<p>My problem is I have no experience with debt, student loans, or anything of that sort. I have a cousin who is in her late 20s and still repaying student loans, but they in no way cripple her.</p>

6

<p>Reasonable student loans aren’t crippling - borrowing $20-$25,000 (max Stafford limit) is generally considered workable.</p>

<p>If your parents are willing and able to pay the tuition cost of NYU, then this isn’t an issue. But borrowing that much money is a Bad Idea ™.</p>

7

<p>As a parent, I will tell you that NYU is not a financially viable option for you. You are looking at $15,000 a year in loans, plus work study. Are you sure you can even get a work study job? On top of all those loans, your parents will be out of pocket to the tune of $26,000 a year. Your dad is in a job with unstable income, so while it may be doable next year, what about the following years? Do you have siblings coming up behind you? If so, that will factor in over your college career.</p>

<p>Listen, BU and NYU are both great schools. College is what you make of the resources available to you. NYU may be better for what you want to do, but itt is not worth burdening yourself with crippling debt. That amount of debt will seriously affect your lifestyle for many years after you graduate. And the field you are looking to be employed in is rapidly changing, who knows what you can realistically expect to earn after you graduate, if you do get a job in your field. I would think long and hard about this decision. You are obviously a smart kid, and asking the questions tells me that you already know the answer. Best of luck to you!</p>