Loan for NYU deposit?

[lazyindy]

As of now I only have one acceptance at NYU and currently on the waitlist for Buffalo.

I currently don't have $3500 in my bank balance as of now and don't want to bother my parents with such a large sum. Is there any way I can obtain a student loan for the deposit, that will be added on to the loans for which I take out for school?

cheers

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[whaleofatale]

As of now I only have one acceptance at NYU and currently on the waitlist for Buffalo.

I currently don't have $3500 in my bank balance as of now and don't want to bother my parents with such a large sum. Is there any way I can obtain a student loan for the deposit, that will be added on to the loans for which I take out for school?

cheers

No. You cannot borrow a student loan for expenses during periods of non-enrollment. If you need funding to cover the cost of your deposit, you will need to seek private, consumer loans (NOT education/student loans), such as a line of credit or a personal loan at a bank.

 

[JLT223]

I'm sorry but how they get away with $5,000 for the total deposit is mind boggling

 

[Soleus715]

If you parents really wouldn't mind/ or wouldnt financially be affected too much, it might be the best to get their help.
If you want to do it independently, you'll probably need to take out a private loan.

The thing with financial aid is that an award package comes after you secure your seat with the deposit usually after April 1 deadline. And it won't be disbursed until the beginning of the fall semester.

You can try contacting your school for assistance on this matter..

I had to take 2 gap years and save up what I could to prepare for the application cycle, but it's tough if you're a traditional applicant... I hope everything works out for you!

 

[lazyindy]

If you parents really wouldn't mind/ or wouldnt financially be affected too much, it might be the best to get their help.
If you want to do it independently, you'll probably need to take out a private loan.

The thing with financial aid is that an award package comes after you secure your seat with the deposit usually after April 1 deadline. And it won't be disbursed until the beginning of the fall semester.

You can try contacting your school for assistance on this matter..

I had to take 2 gap years and save up what I could to prepare for the application cycle, but it's tough if you're a traditional applicant... I hope everything works out for you!

I also took 2 gap years (graduated in 2014) but thats because I was choosing between med and dentistry and really wanted to solidify my decision to become a dentist.

I will ask my parents for a part of the sum and the rest I'll manage.

 

[hellofuturedentists]

Maybe you could borrow the sum from your parents and pay it back to them once your student loan package comes in

 

[Soleus715]

^ that's a great idea.. instead of taking a private loan and then paying it off with student loans, this will result in zero interest/origination fees paid. And your parents are pretty much guaranteed to get their money back, which means less pressure to you about asking them.

 

[toothdriller2k17]

@lazyindy

welcome to NYU. loans are a way of life here. the deposit is to secure your seat and it's 3500 off of your tuition, so just take a loan and pay it if you need to

and as a side note, try to push for buffalo if you can. the amount of $$ that you'll be saving will be huge.

 

[toothdriller2k17]

I'm sorry but how they get away with $5,000 for the total deposit is mind boggling

consider the tuition costs for most private schools..they are all in the same ball park. they know that students are desperate enough to pay so they don't care.

 

[JLT223]

consider the tuition costs for most private schools..they are all in the same ball park. they know that students are desperate enough to pay so they don't care.

I wasn't talking tuition but I understand your point. Asking that much up front is just ridiculous. Let's say someone backs out after their 2nd deposit at NYU for whatever reason, they are out 5 grand. It's just too much.

 

[hellofuturedentists]

I wasn't talking tuition but I understand your point. Asking that much up front is just ridiculous. Let's say someone backs out after their 2nd deposit at NYU for whatever reason, they are out 5 grand. It's just too much.

The point of the deposit is to keep you from backing out, though I agree $5k is too much upfront for just the reason OP posted.

 

[ismelllikebeef]

\

 

[JLT223]

^savage

 

[keyboardwarrior]

^classic

 

[milkydusty]

🙂

 

[Typical Average Student]

Have you tried to talk to NYU financial aid office? I'm sure they would understand...

 

[schmoob]

After dropping $5K, once we pay first years tuition through loans, do we get it back? I could really use that 5K....

 

[dentjo]

After dropping $5K, once we pay first years tuition through loans, do we get it back? I could really use that 5K....

The 5k is applied towards your first years tuition.

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[dyesht]

-

 

[lazyindy]

I'll speak to them tomorrow, not expecting much though.

It would be hilarious if I got the acceptance call from Buffalo a day after I pay the NYU deposit.

😳

 

[schmoob]

The 5k is applied towards your first years tuition.

Sent from my SAMSUNG-SM-N910A using SDN mobile

Right. If we take out a loan for the full CoA, do they give us back the 5K since we technically overpay?

 

[whaleofatale]

Right. If we take out a loan for the full CoA, do they give us back the 5K since we technically overpay?

Yes.

 

[lazyindy]

So I called the financial aid office and as expected there is no assistance for the deposit.

I wonder if they charged $10,000 for the deposit, would students still be desperate to get their DDS?

 

[JLT223]

So I called the financial aid office and as expected there is no assistance for the deposit.

I wonder if they charged $10,000 for the deposit, would students still be desperate to get their DDS?

Of course they would be.

 

[toothdriller2k17]

So I called the financial aid office and as expected there is no assistance for the deposit.

I wonder if they charged $10,000 for the deposit, would students still be desperate to get their DDS?

Yup. It's the nature of the field. People think dentistry is big $$ right off the bat so even a 10k deposit would be an "investment"

 

[Scumbag_Steve]

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