@throwaway468 again I ask…what do you hope to do with a communications major? There are many options. Please clarify.
Regardless…NO undergrad degree is worth $150,000 a year in loans.
- Your loan limit in your own name via the Direct Loan is limited to $5500 for your freshman year. Where is the other rest in loans going to come from?
- As noted, if your parents were considering the Parent Plus Loan, it is limited to $20,000 a year now. So that won’t fund your $150,000 in loans either.
- If you go the private loan route, your parents will need to be qualified borrowers, and will need to co-sign. Will they do this? And will they be qualified borrowers for all four years, because the more you borrow, the more risky you become.
Short answer…NYU is not worth $150,000 in loans. IMHO, no undergrad program is worth that much.
If your parents can absolutely contribute $40,000 a year, start looking for colleges that will meet that price point. Not colleges that require $40,000 a year or so in loans.