<p>Are you serious? Think about what you said - $220,000 in loans for a four-year college degree. You can buy a really nice house for that much money.</p>
<p>Let’s run a hypothetical: $220,000 in loans at 6.8 percent interest paid back over 10 years. Your monthly payment would be a shade over $2,500.</p>
<p>That’s right, you would owe more than $30,000 per year for 10 years just to pay off student loans.</p>
<p>You cannot even borrow that much anyway, so don’t worry about it - NYU is not an option for you. Time to move on to your other college choices.</p>
<p>You can only borrow $5,500 your freshman year, going up to $7,500 your junior year and beyond. Any loans beyond that have to be signed or, at the least, co-signed by your parents. With an EFC of zero, your family is unlikely to even be approved for such huge loans.</p>