<p>As of right now, you need $63,528 to cover your direct cost in order to walk on campus, attend classes, sleep in the dorms and eat at NYU.</p>
<p>Your financial aid package has $49640 in grant aid (monies that do not have to be repaid).</p>
<p>this leaves a balance of $ 13888 that has to be paid by you and your parents (in the form of loans). </p>
<p>You wil be borrowing $7900 year one and your parents will be borrowing $6060. </p>
<p>If you are receiving full Pell, your parents are low income; this may be a hardship for them to repay this money. </p>
<p>If you had to borrow the same amount each year (unlikely because tuition increases each year and the amount that you can borrow increases each year), we are talking about your leaving NYU with $55,840 (which IMHO is too much debt as your parents will have $25k of debt and they are not making a lot to service this debt).</p>
<p>However, it is highly unlikely that any money will be coming back to you because you will need heath insurance; if your parents do not have adequate health insurance, you will have to purchase the school plan, which his ~3500. This money is not covered in your FA package</p>
<p><a href=“http://www.nyu.edu/content/dam/nyu/studentHealthServices/documents/PDFs/student-health-insurance/Health-Plan-Rates-2013-2014.pdf”>http://www.nyu.edu/content/dam/nyu/studentHealthServices/documents/PDFs/student-health-insurance/Health-Plan-Rates-2013-2014.pdf</a></p>
<p>I would recommend that you get a summer job or perhaps 2, you can pay for the health insurance (you will be billed half of the cost in august).</p>
<p>You will also need money for start up costs; getting to campus, books, dorm set up, perhaps a new computer, getting around campus, because the dorms are not centrally located to the school and the bus system, is the pits.</p>
<p>While you have a 'generous package" from NYU, it may not be the best financially feasible package for your family. You need to talk with your parents (perhaps direct them to this thread) to discuss how they are going to feel about you and them having this kind of debt</p>