1. Dismiss Notice
  2. Download free Tapatalk for iPhone or Tapatalk for Android for your phone and follow the SDN forums with push notifications.
    Dismiss Notice
Dismiss Notice
Visit Interview Feedback to view and submit interview information.

NYU Tuition Hike? :(

Discussion in 'Pre-Medical - MD' started by LetMeFixYou, Mar 28, 2004.

  1. LetMeFixYou

    LetMeFixYou Junior Member
    5+ Year Member

    Joined:
    Mar 28, 2004
    Messages:
    12
    Likes Received:
    0
    I heard that NYU may copy MSSM's tuition hike from 2002. Maybe as much as 7-10k over the next 4yrs. :mad:

    Also, someone said they are going to AMCAS to be able to make more money through admissions because financially they are screwed. (9,000 applicants at $100 an application is $900,000!)

    Is this true? I want to apply there but this scares me alot if they are going to be charging so much.


    Here's from a 02 sinai thread:

    "as for the tuition hike. This is going to be over the course of the next 4 years.
    So basically,
    First year: 23,000
    Second year: 27,500
    Third year: 27,500
    Fourth year: 30,000"

    SUNY is looking better and better!:mad: :mad:
     
  2. Note: SDN Members do not see this ad.

  3. Super Rob

    Super Rob Senior Member
    7+ Year Member

    Joined:
    Aug 24, 2003
    Messages:
    313
    Likes Received:
    0
  4. Mew

    Mew Junior Member
    7+ Year Member

    Joined:
    Oct 6, 2003
    Messages:
    16
    Likes Received:
    0
    Is this a state school? It decently low for what seems the normal.
     
  5. Super Rob

    Super Rob Senior Member
    7+ Year Member

    Joined:
    Aug 24, 2003
    Messages:
    313
    Likes Received:
    0
  6. norouz1383!!!

    norouz1383!!! Member
    7+ Year Member

    Joined:
    Mar 26, 2004
    Messages:
    36
    Likes Received:
    0
    I dunno where you got this info but I checked last night and their tuition was like 33grand for the 2008 incoming class. Which is still relatively low for private schools.
     
  7. secretmiss

    secretmiss Senior Member
    7+ Year Member

    Joined:
    Feb 18, 2004
    Messages:
    100
    Likes Received:
    0
    The tuition & other costs has already went up from last year. For the past few months I have been looking at the number for the Class of 2007 at $45,125 and only found out last week for Class of 2008 it's going to be $49,280.
     
  8. BioMedResearch

    BioMedResearch Senior Member
    7+ Year Member

    Joined:
    Oct 29, 2003
    Messages:
    232
    Likes Received:
    0
    I hope this is wrong!!!

    According to the NYU Website:

    Next year will be a TOTAL of: $49,280.00

    But i don't thing $300/month is realistic for personal expenses and eating out. Also, if you live in an apt that's alot more than 11,000 for room and board! NY has rents of $1500+/month. This is NUTS

    http://www.med.nyu.edu/admissions/aid/tuition.html

    Tuition and Fees
    $32,555.00

    Books And Supplies
    $1,200.00

    Microscope Rental
    $125.00

    Room and Board
    $11,800.00

    Personal
    $3,600.00

    TOTAL
    $49,280.00

    Health Insurance*
    $3,000.00
     
  9. BioMedResearch

    BioMedResearch Senior Member
    7+ Year Member

    Joined:
    Oct 29, 2003
    Messages:
    232
    Likes Received:
    0
    If they did 4,000 in one year, what will they do over 4 years???

    This is scary enough to give you chest pain.
     
  10. Super Rob

    Super Rob Senior Member
    7+ Year Member

    Joined:
    Aug 24, 2003
    Messages:
    313
    Likes Received:
    0
    They figure food into "Room and Board" assuming you live in Rubin Hall (and leave your ultra sound system with mega bass subwoofer at home). Also, first year is nine months long, so you are given a budget for nine months spending.

    I think their budget is doable. Tuition and fees is the same for everybody. Books and supplies won't vary much from what they predict. Microscope rental? I don't understand why they include microscope rental among their list of expenses (it's a hundred freaking bucks... they forgot to include "mouse pad $5, ash tray $1.50, and pair of sneakers $80"). Between room and board and personal, you have about enough to live on for nine months if your living in the dorm.
     
  11. secretmiss

    secretmiss Senior Member
    7+ Year Member

    Joined:
    Feb 18, 2004
    Messages:
    100
    Likes Received:
    0
    No Kidding this Stinks.

    I narrowed down my acceptances thus far to UMDN-RWJ & NYU. For awhile I had been telling myself NYU would be worth it since the cost instate for UMDNJ is actually a ridiculous $38,704. $45K and $38 K did not seem that much different but $49K & $38 doesn't make NYU seem like such a catch anymore. And yes, I totally agree NYU does not allot enough money in the budget for the cost of living in NYC.
     
  12. BioMedResearch

    BioMedResearch Senior Member
    7+ Year Member

    Joined:
    Oct 29, 2003
    Messages:
    232
    Likes Received:
    0
    SUNY's tuition is $14,840.

    And I think the budget they offer for living in Syr, Buffalo, Brooklyn, or SB is ALOT more realistic than NYU's.

    I still can't believe a 4,000 increase in one year. At least, the SUNYs are mandated by the state and they would never get away with an increase like that.
     
  13. An Yong

    An Yong Senior Member
    7+ Year Member

    Joined:
    Sep 13, 2002
    Messages:
    329
    Likes Received:
    1
    I don't know whether to cry or laugh at the fact that despite the enormous price tag, MSSM and NYU will still get a flood of applicants =P
     
  14. fullefect1

    fullefect1 Senior Member
    10+ Year Member

    Joined:
    Feb 23, 2003
    Messages:
    790
    Likes Received:
    0
    Screw NYU, go with SUNY.
     
  15. bradm23

    bradm23 Junior Member
    7+ Year Member

    Joined:
    Dec 11, 2002
    Messages:
    19
    Likes Received:
    0
    SUNY is actually a bit higher than that. They've been increasing tuition $2000 a year for the past few years. It was 16,000 and change this year and is going up to 18,000 and change next year, but that should be the last of the increases for a while.
     
  16. kito

    kito Big Evil
    10+ Year Member

    Joined:
    May 13, 2002
    Messages:
    4,755
    Likes Received:
    5
    SUNY: $18k x 4 = $72k + housing
    NYU: $32k x 4 = $128k + housing

    You'll start in the hole either way. Its just that one is deeper than the other.
     
  17. movingonup

    movingonup Member
    7+ Year Member

    Joined:
    Mar 7, 2004
    Messages:
    53
    Likes Received:
    0
    living in rubin costs $600 a little less or a little more depending on which side of the building you want to live.
    600x9months = $5400 for rent
    11800 - 5400 = $6400 for food per school year

    6400/9months = $711/ month on food.

    Are you guys telling me that your greedy selves will spend more than $700 on food each month.

    Note, water and electricity is paid for during the regular year... at least in rubin

    The room and board is very doable... just suck it up and live in the dorm... i mean u get your own room. For $600 what do you expect in manhattan.

    Going to an expensive school is about cutting out the excess, thats all. $3600 is reasonable for a pair of shoes, some new clothes for 4 years and clubbing. I don't plan on spending $700 on food anyway. They even put in the stupid microscope thingy so we wouldn't have to factor that in.
    That must be one serious microscope...
     
  18. BioMedResearch

    BioMedResearch Senior Member
    7+ Year Member

    Joined:
    Oct 29, 2003
    Messages:
    232
    Likes Received:
    0
    I think the point here is that most of us will be on LOANS.

    No matter if they budget 3600 for expenses or 5000 for expenses I stll owe that money!!

    An in 10 years from now when I'm finally earning a pay check there will be a TON of interest on that money.

    If tuition keeps going up at 4,000 pops then I won't be able to afford to take out an ADDITIONAL 3600 for my personal expenses.

    NY is SUPER expensive and although Rubin is reasonable, it is 2 bathrooms for 30 people per floor and even if i wanted an apartment, like most people in there 20's, i couldn't afford that because I would be paying probably closer to $70,000/year.

    Just saying tuition hikes are not a small issue, this is just scary.
     
  19. movingonup

    movingonup Member
    7+ Year Member

    Joined:
    Mar 7, 2004
    Messages:
    53
    Likes Received:
    0
    by the way, has anyone gotten their fin aid packet yet? If you did how was it. Did it seem commensurate with your need?
     
  20. LetMeFixYou

    LetMeFixYou Junior Member
    5+ Year Member

    Joined:
    Mar 28, 2004
    Messages:
    12
    Likes Received:
    0
    Anyone hear about any preposed hikes for the next few years? I called the financial aid office today but didn't get far at all when I said I'm going to apply this summer.
     
  21. secretmiss

    secretmiss Senior Member
    7+ Year Member

    Joined:
    Feb 18, 2004
    Messages:
    100
    Likes Received:
    0
    I got my package Monday:

    $3,000 grant
    $47,500 loan

    my EFC: $0.00

    :(

    I was not excited about it
     
  22. BioMedResearch

    BioMedResearch Senior Member
    7+ Year Member

    Joined:
    Oct 29, 2003
    Messages:
    232
    Likes Received:
    0
    Unforunately I think you mean per year. OMG!

    Do you know how much subsidized how much unsubsidized?
     
  23. Super Rob

    Super Rob Senior Member
    7+ Year Member

    Joined:
    Aug 24, 2003
    Messages:
    313
    Likes Received:
    0
    got my package...

    Two quarters, three dimes, seven pennies, a paperclip, and a piece of lint. I think they just reached inside of their pocket and offered what they could spare.

    Okay, time to be serious.

    Did secretmiss get the shaft? Do schools generally put out more money to students with zero EFCs? Is NYU cheap, about average, or beyond generous when it comes to offering money? They claim they do not offer merit scholarships, so I'm guessing secretmiss' scholarship was entirely need-based (zero EFC). What's this mean?

    Super Clueless Rob
     
  24. secretmiss

    secretmiss Senior Member
    7+ Year Member

    Joined:
    Feb 18, 2004
    Messages:
    100
    Likes Received:
    0
    $30,000 Unsubsidized
    The rest in subsidized, NYU loan, & Perkins [all no interest until graduation]
     
  25. Tone2002

    Tone2002 Senior Member
    10+ Year Member

    Joined:
    Oct 29, 2001
    Messages:
    251
    Likes Received:
    0
    Status:
    Attending Physician
    OUCH!
     
  26. missmod

    missmod Senior Member
    10+ Year Member

    Joined:
    Jun 15, 2002
    Messages:
    191
    Likes Received:
    0
    I got my financial aid package this week and it's actually exactly the same as secretmiss.

    3,000 grant
    17500 interest free loans
    30000 unsubsized

    This was actually the first financial aid package I got, but I feel kinda shafted, even though I have nothing else to compare it to. I know that NYU undergrad is notriously stingy with financial aid so I don't know if the med school is the same way. I feel like NYU doesn't put much effort into figuring out financial need because while all other schools require their own financial aid forms, need access, or some other really long and probing questionnaire, all NYU wanted for their financial aid was the FAFSA. ARGH.
     
  27. linus

    linus fly tux.
    7+ Year Member

    Joined:
    Jan 30, 2004
    Messages:
    162
    Likes Received:
    0
    wow, you must be so rich.
     
  28. roundabout

    roundabout Member
    7+ Year Member

    Joined:
    Oct 20, 2003
    Messages:
    68
    Likes Received:
    0
    secretmiss, i got the exact same package as you (efc=0). how infuriating.
     
  29. Super Rob

    Super Rob Senior Member
    7+ Year Member

    Joined:
    Aug 24, 2003
    Messages:
    313
    Likes Received:
    0
    Can anybody compare that offer to offers made by other schools? I know there are no standard offers and that every applicant has a unique financial situation, but is the sort of NYU financial aid package being discussed just plain ridiculous?

    A lot of people say "Don't make money the issue, just go to the school you like best," but other schools talk like they'll cover half your expenses once you're accepted. Those people haven't seen NYU's "preliminary award" letter.

    NYU has jacked its tuition up 4,000 in the passed year alone and they keep sliding down the US News List. Is this a great school? An elite school? A school where students are going to get such a great education and have so many more opportunities available to them than at State U, that loans should not even matter? Or is NYU an expensive alternative for applicants unable to get into their state schools?

    I hate to be so blunt and I don't care if I get flamed, but I want to know what I am going to get out of this school besides endless debt. Skeptics and hardcore NYU fans, chip in.
     
  30. Super Rob

    Super Rob Senior Member
    7+ Year Member

    Joined:
    Aug 24, 2003
    Messages:
    313
    Likes Received:
    0
    btw, NYU claims that all grant and scholarship money is "need base." This means that someone with an EFC of zero should get as much help as the school can afford. I'm just wondering who gets the full scholarships that keep getting brought up on this forum?
     
  31. secretmiss

    secretmiss Senior Member
    7+ Year Member

    Joined:
    Feb 18, 2004
    Messages:
    100
    Likes Received:
    0
    So basically, if many of us go to NYU and take out about $50,000 of loans per year for four years, we are going to start with about $200,000 of debt. I also have about $18,000 worth of Stafford undergrad loans hanging over my head and some accruing interest as we speak. If I go to NYU, how long will it take me to pay off my loans and will it be feasible?
     
  32. BioMedResearch

    BioMedResearch Senior Member
    7+ Year Member

    Joined:
    Oct 29, 2003
    Messages:
    232
    Likes Received:
    0
    It seems that provided tuition does not change you will take 120,000 in unsubsidized which means interest is accruing from when you get the money. Provided you consolidate to a nice number say 4% since interest rates will never be as low as they were last year you're looking at 4% interest compounding for the duration of your residency and fellowship which would be anywhere from 3 years if you do IM (no fellowship) to 10 years (Neurosurgery with fellowship). REMEMBER, this is ontop of the money's interest acrument during medical school preconsolidation.

    This is also ontop of your subsidized loans that would not start baring interest until after residency. In my mind I would expect 200k in loans, again provided no change in tuition, and provided you did not take an apartment and stayed in the dorms or a cheap housing alternative for four years, to be somwhere closer to 300-350,000 by the time you are actually able to start paying them off. If you get married and buy a house you could quite feasably be 1 MILLION DOLLARS in debt if the housing market continues to grow over the next 10 years as it has over the last 10 years.

    Remember this is all provided your parents give you no support and you have no supplemental resources.
     
  33. BioMedResearch

    BioMedResearch Senior Member
    7+ Year Member

    Joined:
    Oct 29, 2003
    Messages:
    232
    Likes Received:
    0
    From what I have heard from attendings, realistic repayment is 10 years from when you start working as either a junior faculty or a low partner. Because by the time you make full faculty or full partner your income will be dramatically more and you will be able to take a greater ammount from each pay check.
     
  34. juddson

    juddson 3K Member
    7+ Year Member

    Joined:
    Aug 21, 2002
    Messages:
    4,049
    Likes Received:
    3
    Assuming you take out 200,000 in loans with a 10 year repayment schedule (which is typical), you can expect to pay something on the order of $2100 a month at a 5% interest rate. In reality this figure will be a bit higher because interest will have acrued during med school (and probably residency) and therefore the outstanding balance may be closer to $220,000 before you start repayment. Also, 5% interest is about middle of the road. It can go as high as 8.25 on your federal loans (and the sky's the limit on the some of the private loans, which you WILL have if you borrow as much as $200,000.

    Assuming to go into primary care, your yearly salary at about 120,000 leaves you with about $6,500 after taxes each month. So, after you make your school loan payment, that leaves you with $4400 left each month to live on. It might seem like a lot, BUT IT IS NOT.

    The REAL victims of spiralling medical schools costs are those who want to go into primary care and the patients they are intending to treat. These sorts of debt burdens steer young doctors away from primary care into specialties.

    I think costs are getting out of hand, and at SOME point it is going to reverse the fortunes of many "good" private medical schools and students FINALLY decide to choose to go to thier state schools in order to save money.

    Judd
     
  35. amd263

    amd263 Junior Member
    7+ Year Member

    Joined:
    Aug 23, 2003
    Messages:
    18
    Likes Received:
    0
    Hi secret miss,

    I got the same package as you did, and used the PMT function solving with excel to come up with some rough numbers. Using some of the values on the award letter and estimating others, (Perkins, 5%/10 years, NYU loan 6%/10years, Stafford ~3.2/10years) I came up with monthly payments of ~1900 for 10 years to pay back the debt after graduation. That sucks! Its too bad my state school isnt much cheaper (40k/year budget).
     
  36. BioMedResearch

    BioMedResearch Senior Member
    7+ Year Member

    Joined:
    Oct 29, 2003
    Messages:
    232
    Likes Received:
    0
    NOTE: You will not be making enough money during residency and fellowship to pay back your loans. When residents are bringing home $2500-3000/month after taxes how can someone afford to live, have some semblence of a life, and pay $1900 in debt.

    That interest is going to build up for 10 years after graduation before you are realistically making a sizeable dent in your debt.
     
  37. secretmiss

    secretmiss Senior Member
    7+ Year Member

    Joined:
    Feb 18, 2004
    Messages:
    100
    Likes Received:
    0
    Is your state school UMDNJ? Those are my state schools and RWJ's package is almost as bad as NYU. When I look at it, despite how bad things look at NYU, UMDNJ is not worth saving a mere $10,000 a year. Or is it? Thoughts?


     
  38. amd263

    amd263 Junior Member
    7+ Year Member

    Joined:
    Aug 23, 2003
    Messages:
    18
    Likes Received:
    0
    Hey Secretmiss,

    Yup, my state school is UMDNJ. I was seriously considering RWJ over NJMS because the area, but the lack of a P/F grading system isnt enticing. Personally, I think it is worth shelling out the extra 10k/year to go to NYU.

    I didnt get RWj's package yet- do they give out any grants?
     
  39. secretmiss

    secretmiss Senior Member
    7+ Year Member

    Joined:
    Feb 18, 2004
    Messages:
    100
    Likes Received:
    0
    RWJ sent my package to my home address so I don't have specifics on it, but it was all loans, no grant money. It came out to $30,000 [I think only stafford loans] and then said you need to decide how much more Stafford Subsidized loan money you want to get up to the estimated cost of attendance. For me, since no one is supporting me, I would probably be forced to take out an additional $10,000 Subsidized loan for a grand total of $40,000 worth of loans for a state school. I have not heard from NJMS yet, but I would predict a similiar package.

    My only concern between choosing between NYU and the UMDNJ is that I think NYU underestimates how much it costs to live in NYC while the UMDNJs actually overestimate. Maybe the costs are really not as close as they seem.
     
  40. chc

    chc Junior Member
    10+ Year Member

    Joined:
    Mar 22, 2004
    Messages:
    7
    Likes Received:
    0
    That is really really interesting. My EFC is a lot more than zero, and yet yesterday I got the exact same package that you guys got ($3000 grant and the rest loans). It's almost like they just give out a standard package regardless of need. Way to go lazy financial aid office! I'd suggest that you guys ask the office about that.

    I'm in the same situation too..my state school (UCSD) isn't that much cheaper (~40-45k a year).
     
  41. Super Rob

    Super Rob Senior Member
    7+ Year Member

    Joined:
    Aug 24, 2003
    Messages:
    313
    Likes Received:
    0
    My state school anticipates a yearly budget of 35k and I seriously think NYU underestimates the cost of living in NYC. Also, the first year budget (50K) is for NINE MONTHS, meaning if you want to live there this summer and do research or spend the summer after your first year there, you're gonna need to take out more money.

    Should we all just go to our respective state schools? What will NYU do for us that we cannot do for ourselves at any other institution?
     
  42. MGHMD2B

    MGHMD2B Junior Member

    Joined:
    Feb 8, 2004
    Messages:
    4
    Likes Received:
    0
    As one that considers themself fortunate enough to be studying at MGH, commonly referred to as Man's Greatest Hospital, where some would argue is where modern American medicine began, let me tell you my story.

    I graduated high school with the goal of becoming an artist. I went to a local community college, worked my butt off academically during the day, and during the night I would paint and draw. It was my goal to become a medical artist and capture the life and vibrance that Netter did with his drawings. As I read more and more anatomy books I started to fall in love with the subject at hand (haha), and questioned as to why I was not going into medicine. It was at that point that I decided to at least take the prereq's to see if I could even dream of becoming a doctor. I continued with my drawings for they were not only my stress relief but my inspiration. I eventually tansfered to a not-so-well-known four year college and graduated with a 3.99. I thought I would be a shoe in for Harvard or Hopkins or Yale and that NYU or Sinai would be my safety. Because my parents are nerotic, like most 1st generation immigrants, they made me apply to all the state schools in our geographic region too. When I went on interviews people would ask me all the time about my artistic background since I sent copies of my drawings to each school with a secondary. Actually I didn't send the same picture twice to a school incase any of them ever talked to each other. Of 30 applications, I received 26 interviews, and went on 20. I was accepted to 18 and in the end could only go to one. I waited to see where their financial packets would put me 8 years later and did alot of thinking and balancing. In the end I chose to go to a state school. I went to this school because not only was it a comforting and supportive environment, and not only did it offer a cheaper tuition (something that was a big concern) it was in an area where I felt comfortable, near the water, near a big city, 100% manageable.

    My point here is that you have to go where your gut tells you. A tuition hike, although it would stink, may not affect you if money is not a problem. For me this seems likes the handwritting on the wall on what is going to come down the pipeline. And this is why I am posting this here:

    While I was going on the residency interview trail I made friends wit an NYU student. This individual and I had a common friend who was a student at NYU and so we became friendly really naturally. So at the end of our first interview the student told me how great NYU is because of the clinical experience and that having a private hospital lets med students see so much. This was good to hear, but this person has this attitude as if where I attend is "not so great." I was told that the school is so supportive and so unique and that MGH was definitely in reach for this person because of their NYU background.

    Well when it came to the match, NYU had a good one, but not one to MGH for medicine and we had two. Ends up thru these threads I've seen that we have a higher board score too.

    So the moral of the story: Don't make money an issue in your decision. Instead go where you feel comforatble. Don't go somewhere cushy because that will get you no where. Go where you know you will suceed. But with respect to NYU, A slipping US News ranking and a $4,000 tuition hike CANNOT be good!

    By the way, that NYU student did not even get an interview at my school's program! :)

    PM me if you want to chat. Now i am cruzing to grad and would love to help anyone on the fence. :thumbup:
     
  43. BioMedResearch

    BioMedResearch Senior Member
    7+ Year Member

    Joined:
    Oct 29, 2003
    Messages:
    232
    Likes Received:
    0
    This is a not so nice way of writing an intro, but I could "sorta" see this person's point.

    Anyone else starting to feel shunned by the school they may be choosing in two weeks? :mad:
     
  44. MGHMD2B

    MGHMD2B Junior Member

    Joined:
    Feb 8, 2004
    Messages:
    4
    Likes Received:
    0
    Look dude, I didn't mean to offend, but after working so hard, for so long, I feel like I've earned my due with Harvard this July.

    However I think you all missed my point. Schooling is about the individual. No one will hold a gun to your head and make you study. Plenty of kids figure it out and plenty figure it out when its too late (they usually end up in Peds anyway, J/K). But if a school is putting the nails to you before you even start, doesn't that make you wonder if you are one of those borderline students will you sink or will you swim?

    From my experience, NYU throws you out to the boards, and hopes you wash in with the tide.
     
  45. missbonnie

    missbonnie floating
    10+ Year Member

    Joined:
    Mar 21, 2002
    Messages:
    778
    Likes Received:
    1
    Status:
    Medical Student
    Different schools give different aid. NYU has tradionally been low on aid for med (and ugrad i believe unless u get merit based stuff). This is not the case with ALL private med schools though.

    I hear Stanford is very generous with aid.

    P&S is also generous. Their max loan for first yrs is 22,750 (all UNsub), before giving you grants. So u cant have more than 22,750 technically (you can have more if your EFC is larger than u can pay, necessating private loans or whatever).

    Alot of ppl say go to the state school, but honestly, some privates give so much aid that it ends up costing the same.
     
  46. ancientone

    ancientone Junior Member

    Joined:
    Oct 22, 2003
    Messages:
    6
    Likes Received:
    0
    It seems to me that this should, in fact, be an economic decision. Unless you are into heavy duty research, status of a school should be a lesser factor, compared to the crushing burden of $200K (plus interest) loans. Remember that the interest is going to accumulate over a minimum of 7 and possibly more years until you begin to repay the loan. That causes people to feel that they have to only consider higher paying specialities and would limit freedom of action. I have talked to third and fourth year students who definitely feel trapped in this cycle. It doesn't seem to be worth it, particularly given the current economic pressures on physicians. Things may be better in 7 or 8 years when we get out, but again they may be worse. We all may be working for the government, Blue Cross, or United Healthcare. The only way out may be to marry a rich spouse.
     

Share This Page