I would like to know who is telling you that a student loan is a really good thing? If the US government limits you to $27,000, as a maximum, they are trying to tell you something. This is the maximum amount of money that you should be taking out as a loan. And this is from the US Federal government.
So I don’t know who is giving you such awful and poor advice!
Do you hope to one day pay for your own vehicle, or a have a small home or apartment? Do you hope to help your parents out as they age? You will not be able to do any of those things if you take out $150,000 in loans. As previously mentioned, your major begins as a very low paying career and this is if you can find a job after you graduate.
You know you have to pay it back, right? Did you also know that some of those loans get sold and resold? And some loans, require to pay as you go. So you could be in your junior year of college and your parents are required to make $4000 a month payments on those loans while you’re still in school.
I want you to understand how SERIOUS this is. Every person, who has responded to you, has said this is not a good idea because you will be in debt for DECADES!
If you and your immigrant parents are thrilled that NYU has accepted you, and the “prestige” that they can tell the relatives about back home, isn’t worth it because you are going to be suffering for years and years paying back a lot of money.
You won’t be able to file for bankruptcy because the student loan NEVER goes away.
I worked with a colleague who has at least $350,000 in loans and those loans have interest payments.
She has to live with her parents; she married her husband (who had kids). They live in her childhood bedroom. She works in social services and makes very little money.
She has very bad credit because she can’t afford to repay her loans. She can’t afford to buy a home, She can’t afford to buy a car; she drives her dad‘s old truck.
No matter how much your parents want to brag, please don’t take out these types of loans. You will regret it indefinitely.