How much in loans?????

milkandsugar
Wed, 20 Apr 2011 05:42:10 +0000

My D is NYU junior and our concerns were the same as you when she was making her college decisions. NYU was her first choice and though other great schools gave her better scholarships/grants(BU, Johns Hopkins), we are paying exactly the same as you, 30,000 per year. She takes out the full gamut of stafford loans, Perkins, has a work study job, and we cover any gap with savings and current income. It’s a sacrifice, but she is thriving there and it is a good fit. Generally, 27,000-30,000 dollars student debt is not unreasonable, especially for an NYU degree. I read somewhere that the general rule is student debt should total what one year of college cost. Our consolation is that she will have her undergrad degree from NYU which we hope will take her far, because of prestige and name recognition. Plus this school has made my daughter so independent and self reliant. She doesn’t even want to come home that much, wanting to stay in city and work. She has met some wonderful people from all over the place. Her best friends come from all over the US. It has worked for our family.
Many people here on CC will tell you not to put out that kind of money for any degree, but you have to do what is best for your own family.