use your best judgement
Not OP but I am quite confused by this sentiment. While I do understand the extreme debt than one will incur, as a Canadian applicant I really have no choice if NYU is the only school I am accepted to. I applied to Canadian schools this past cycle and got rejected pre-interview with an extremely competitive GPA. I will obviously try again this cycle, but if push comes to shove and I am only accepted to a school in the States, I would take those loans on in a heartbeat. I would love to hear your opinion on this!
Keep in mind you’ll be unable to take the same loans we US students get to take. So your options will be to take loans from your province or have a US co-signer sign on your behalf for US private loans. Just make sure that if you do get accepted, you will be able to take out the necessary funds. Some schools require you have at least 1/2 of the total cost of tuition readily accessible for them.
What’s so hard to understand? Paying back $750,000+ in student loans will be an absolute nightmare that will last decades. I don’t think you comprehend how much this debt burden will impact your life.
but if ur from nyc like alot of nyu students are loans are closer to 400k
Thank you for this. I plan on taking a loan from my province and also using a co-signer in the States. At least that’s the plan right now depending on if this cycle is favourable or not 😭
Tuition and fees alone are $450,000, and that doesn’t include accrued interest. Even with your living expenses covered, you’re going to be $500,000 to $550,000.
show them how much they'd be paying in interests for 20 years. I think you posted it somewhere before lol... That should be stickied.
Around 6k/month for 20 years at the current rate I believe. +/- $500.
And don’t forget, that’s paid back with after tax money! So you’ll have to earn $7,500/month to cover your student loan payment, that’s $90,000/year. How much do these people think they’re going to earn?!
That’s for the $750,000 it would cost for full loans. At $550,000, you’re sitting at around $4,500/month (after taxes).Seriously nobody in their right mind would be doing this... $7,500 for 20 freaking years???? and that's only from a 500k loan! Some schools are charging upwards of 600-700k now..
Easy to google, I believe they give you around 40-50k per year to live based on a single person living in a 1 bedroom apt.
