<p>Definitely not worth $100k+ unless you plan on only getting an undergraduate education. And even then it is very risky to have such big loans. Your life will be extremely restricted after college because you’ll be paying off you’re loan for 10 to 25 years…do you really want to be making high monthly payments for that long?? Second of all, consider the interest. Let’s say you get 8% interest and you’re paying off a $100k loan over 10 years. That means $8000 in interest alone, every year. Do you think you’ll be able to make pay more than $8000 to actually put a dent on your loan? If you bring home $50k in pure income, that means 16% of your income is going directly to your student loan just to pay the interest. Paying $10,000 a year means only $2k goes directly to paying of the loan. At this rate it will take you ~50 years to pay off the loan? Ok let’s say you take off 10 years because interest reduces the more you pay off your loan, that still means 40 years… I think this is pretty realistic considering that no one will pay $15k a year or even $20k a year directly toward loans… Yet you’re expected to pay off the loan in much less time. Doing a rough calculation means you have to pay approximately a little under 18k a year every year to pay off a $180k loan–which is $100k with 8% over 10 years (Take a few thousand away since interest declines the more you pay off the loan…let’s say total loan comes out to be $150k?) That is $1,250 monthly payment for 10 years straight. Now consider the 25 year track with the same $100k. The total loan with 8% interest over 25 year comes out to probably $250k? Not making exact calculations… But that is a lot of money to pay for undergraduate education. Obviously the process is much more complex than this, but this is a small preview. Definitely not worth it. And this is only $100k loan, meaning you have over a 50% scholarship every year. The cost of attendance is approximately $224k without any scholarships…and tuition cost always rise. </p>
<p>Now you want to go to graduate school? Hope you get a full ride or that is another big loan under your belt…what about when you start having a family? Will your payments decrease? I’m pretty sure they will. I don’t know, but it sounds very risky. And yes I do realize that eventually you think you’ll make over $100k a year but your 20s and 30s will be ruined by debt. </p>
<p>I got accepted and was expected to take a loan over 130k… definitely not worth it at all!!! I can get still a great education for much less money. Whoever has taken the plunge into NYU good luck, it’s an awesome school and I wish I had the resources to attend. I hope this helped some of the indecisive students/parents.</p>
<p>If I missed anything or made a mistake…correct me please.</p>