debt for NYU

Started by PlasticSurgeon3
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PlasticSurgeon3

PlasticSurgeon3

Full Member
10+ Year Member
Hi, I am really confused about the total debt for NYU... a lot of people from various threads say that they will end up with a 300k debt form NYU... but how is that possible? If you live with your parents, then each year will cost you roughly 65k and lets say a 6.8% interest rate... so after four years... and a 10 year payment plan, the total cost comes out to around 360k.... I am also assuming unsubsidized loans... I am really confused about this whole process, can someone explain it to me? thanks
 
PlasticSurgeon3 said:
Hi, I am really confused about the total debt for NYU... a lot of people from various threads say that they will end up with a 300k debt form NYU... but how is that possible? If you live with your parents, then each year will cost you roughly 65k and lets say a 6.8% interest rate... so after four years... and a 10 year payment plan, the total cost comes out to around 360k.... I am also assuming unsubsidized loans... I am really confused about this whole process, can someone explain it to me? thanks
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Maybe they mean 300K when they walk out the door, not after they pay it all back?
 
PlasticSurgeon3 said:
Hi, I am really confused about the total debt for NYU... a lot of people from various threads say that they will end up with a 300k debt form NYU... but how is that possible? If you live with your parents, then each year will cost you roughly 65k and lets say a 6.8% interest rate... so after four years... and a 10 year payment plan, the total cost comes out to around 360k.... I am also assuming unsubsidized loans... I am really confused about this whole process, can someone explain it to me? thanks
Click to expand...

Your calculation seems correct. I think around 350K sounds about right if you live with your parents.

~450K sounds about right though if you included the housing rent fee for 4 years around the vicinity of NYU (or even if you commuted from Brooklyn or somewhere cheaper other than near NYU, it won't much different maybe your debt will be ~30K less?).
 
PlasticSurgeon3 said:
Hi, I am really confused about the total debt for NYU... a lot of people from various threads say that they will end up with a 300k debt form NYU... but how is that possible? If you live with your parents, then each year will cost you roughly 65k and lets say a 6.8% interest rate... so after four years... and a 10 year payment plan, the total cost comes out to around 360k.... I am also assuming unsubsidized loans... I am really confused about this whole process, can someone explain it to me? thanks
Click to expand...

NYU is about 70k a year just to attend (tuition plus fees, etc. seen here). This is assuming you live with your parents. That 70k a year, at say 7.5% interest (a rough approximation if half is at 6.8% and the other half is at 7.9%) will end up being 336.5k the day you graduate. If you are on a 10 year payback plan, the total you end up paying is 479k overall. If you are on a 25 year payback plan, you end up up paying 746k overall. 👍
 
PlasticSurgeon3 said:
Hi, I am really confused about the total debt for NYU... a lot of people from various threads say that they will end up with a 300k debt form NYU... but how is that possible? If you live with your parents, then each year will cost you roughly 65k and lets say a 6.8% interest rate... so after four years... and a 10 year payment plan, the total cost comes out to around 360k.... I am also assuming unsubsidized loans... I am really confused about this whole process, can someone explain it to me? thanks
Click to expand...

The school itself is at least 280K w/o living, so it cant be 300K for the whole thing. If you plan to live there expect to spend another 20K or more on living expenses.

W/O interest it should be be at least 360K (depending how low you can bang out the living expenses.)

then depending on the loans you take out and your payback period it will be a hefty $$$$ thats for sure. Keep praying for Buffalo that's my advice.
 
Bereno said:
NYU is about 70k a year just to attend (tuition plus fees, etc. seen here). This is assuming you live with your parents. That 70k a year, at say 7.5% interest (a rough approximation if half is at 6.8% and the other half is at 7.9%) will end up being 336.5k the day you graduate. If you are on a 10 year payback plan, the total you end up paying is 479k overall. If you are on a 25 year payback plan, you end up up paying 746k overall. 👍
Click to expand...

😱
 
Bereno said:
NYU is about 70k a year just to attend (tuition plus fees, etc. seen here). This is assuming you live with your parents. That 70k a year, at say 7.5% interest (a rough approximation if half is at 6.8% and the other half is at 7.9%) will end up being 336.5k the day you graduate. If you are on a 10 year payback plan, the total you end up paying is 479k overall. If you are on a 25 year payback plan, you end up up paying 746k overall. 👍
Click to expand...

😱 OMG is this accurate????! I have been trying to choose between NYU and my state school (leaning toward state school), but I would definitely not be living with my parents so it would probably cost me another 100,000 and then all the interest. Definitely not very appealing.
 
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