NYU Financial Aid Bonanza Forum

[Sogui]

I just got my NYU Financial aid award via email, and it was a little different than I expected. I was "encouraged" to complete my financial aid by Feb. 25th so that I could qualify for NYU's Dean's Scholarship. I did.

Then I get the email today saying that if I accept the award I must make an enrollment decision by April 2nd. That's a little tight considering I have heard naught a word from Harvard or Columbia's Finaid... but I'm sure I'll be able to make a decision by then.

The scholarship was for 30k/30k/15k (30k if I decided to do PI). I was pumped, a $75,000 scholarship! Then I scrolled down to see what I'd get for NEED based aid, after all I was poor and have a fair amount of UG debt... and my mom is making peanuts right now, surely they'd be generous here too:

Just got mine too, $75,000 Dean's Scholarship. $90 if I decide to do PI.

I had some questions, but they've been answered here. I definitely freaked out a little hard, but hopefully GRAD PLUS loans will be able to cover the "gap".

[kittenmittons]

As far as difference gap, look into GradPLUS loans.

[Sogui]

--ImageRemoved--

^^^

Primary reason for concern

[Hattori Hanzo]

Oh, I just caught this gem.

So in order to finance my "gap" I have 2 options:

1-Parent PLUS

2- Private Loan (Exciting!)

PLUS is 100% out of the question. So I scroll down to what they say about private loans:

Oh yea, my fantastic credit that I've been building on a $500 limit credit card to pay for groceries when I left my debit card at home. I'm sure that will convince banks to hand over SIXTY-THOUSAND DOLLARS to someone who will have $160,000 in debt and loans and no income (except summer of course) until 3 years from now.

There are many students who have to pay for law school, often right out of undergrad and without really good credit scores, and most of then don't even get $75 or $90K. I have never heard of anyone not being able to get loans to cover the costs. Although I am sure that does happen, unless you have an absolutely horrible credit history you should be fine.

[toolshed]

You are going to NYU and will be 60k in private debt when you are done, and you are complaining? Moreover, you are surprised by this? Did you do any research into financing law school at all?

[s419]

There is no reason you shouldn't be able to get GradPLUS loans -- credit only restricts you with these if it's BAD, not if it's just short. I was in a similar situation (1 low limit credit card that I paid all the bills on) and had no problem.

[Kohinoor]

You are going to NYU and will be 60k in private debt when you are done, and you are complaining? Moreover, you are surprised by this? Did you do any research into financing law school at all?

[hopefullaw27]

You are going to NYU and will be 60k in private debt when you are done, and you are complaining? Moreover, you are surprised by this? Did you do any research into financing law school at all?

[tallboone]

he has to pay back stafford loans too. So he's going to be $140k in debt.

[Sogui]

You are going to NYU and will be 60k in private debt when you are done, and you are complaining? Moreover, you are surprised by this? Did you do any research into financing law school at all?

Went to a public university, even the year my mom didn't do FAFSA I still got enough loans dumped on me from various locations so that I didn't have to resort to a private loan.

It's not so much the private loan that bothers me, it's the fact that there is no way for me to guarantee that I will be able to get $$$ from banks. It's also the amount, do they make less federal loans available to graduate-level students?

I expected some private loans, and as a last resort I can just stay at my school and pay MUCH less (non T-14). But only $20k over 3 years in Federal loans and no forms of need-based grants is also surprising. Basically this is my need/merit package, but it also encompasses ALL of the need part, which I found to be a little deceptive on NYU's part.

[BaiAilian2013]

I can understand why Parent PLUS wouldn't be on the table, by why is Grad PLUS not an option?

[maudlinstreet]

You are going to NYU and will be 60k in private debt when you are done, and you are complaining? Moreover, you are surprised by this? Did you do any research into financing law school at all?

Went to a public university, even the year my mom didn't do FAFSA I still got enough loans dumped on me from various locations so that I didn't have to resort to a private loan.

It's not so much the private loan that bothers me, it's the fact that there is no way for me to guarantee that I will be able to get $$$ from banks. It's also the amount, do they make less federal loans available to graduate-level students?

I expected some private loans, and as a last resort I can just stay at my school and pay MUCH less (non T-14). But only $20k in Federal loans and no forms of need-based grants is also surprising. Basically this is my need/merit package, but it also encompasses ALL of the need part, which I found to be a little deceptive on NYU's part.

I really don't understand why you can't get the gradplus loans. also I am amazed that you were expecting more? than $75,000 at NYU. that's a SUPER good award and I don't think they give many that are bigger than that. I think it's a bit unfair to feel "deceived"...

[hopefullaw27]

i thought that the general consensus was that these schools don't really give need based aid...i mean most ppl entering are savings-less students straight from undergrad...correct me if i'm wrong...i'm not expecting any need based aid, yet i have no money entering law school and parents aren't contributing.

[Sogui]

Oh, I just caught this gem.

So in order to finance my "gap" I have 2 options:

1-Parent PLUS

2- Private Loan (Exciting!)

PLUS is 100% out of the question. So I scroll down to what they say about private loans:

Oh yea, my fantastic credit that I've been building on a $500 limit credit card to pay for groceries when I left my debit card at home. I'm sure that will convince banks to hand over SIXTY-THOUSAND DOLLARS to someone who will have $160,000 in debt and loans and no income (except summer of course) until 3 years from now.

There are many students who have to pay for law school, often right out of undergrad and without really good credit scores, and most of then don't even get $75 or $90K. I have never heard of anyone not being able to get loans to cover the costs. Although I am sure that does happen, unless you have an absolutely horrible credit history you should be fine.

I hope you're right. Keep in mind, most law students probably have credible co-signers/guarantors.

My co-signer/guarantor, my mom, basically had to let tens-of-thousands in CC debt default and ignore the ringing phone for several years until they weren't able to legally get their money back. Her signature is more likely to get me rejected for any loans.

[maudlinstreet]

Oh, I just caught this gem.

So in order to finance my "gap" I have 2 options:

1-Parent PLUS

2- Private Loan (Exciting!)

PLUS is 100% out of the question. So I scroll down to what they say about private loans:

Oh yea, my fantastic credit that I've been building on a $500 limit credit card to pay for groceries when I left my debit card at home. I'm sure that will convince banks to hand over SIXTY-THOUSAND DOLLARS to someone who will have $160,000 in debt and loans and no income (except summer of course) until 3 years from now.

There are many students who have to pay for law school, often right out of undergrad and without really good credit scores, and most of then don't even get $75 or $90K. I have never heard of anyone not being able to get loans to cover the costs. Although I am sure that does happen, unless you have an absolutely horrible credit history you should be fine.

I hope you're right. Keep in mind, most law students probably have credible co-signers/guarantors.

My co-signer/guarantor, my mom, basically had to let tens-of-thousands in CC debt default and ignore the ringing phone for several years until they weren't able to legally get their money back. Her signature is more likely to get me rejected for any loans.

but you don't need a co-signer for gradplus loans

[Sogui]

i thought that the general consensus was that these schools don't really give need based aid...i mean most ppl entering are savings-less students straight from undergrad...correct me if i'm wrong...i'm not expecting any need based aid, yet i have no money entering law school and parents aren't contributing.

Harvard and Yale ONLY give need-based aid.

Columbia offers a few big scholarships, but the rest of the students get need-based grants.

NYU was a little deceptive in that they rush you to apply for Finaid, then they rush you to give them a decision, you get the "scholarship" only to realize that's probably what you might get for need-based aid at another school, with a little extra for merit.



Also, I don't need a cosigner for GRAD plus? (I admit I haven't researched those, I assumed they worked like UG PLUS loans)

[hiro86]

i thought that the general consensus was that these schools don't really give need based aid...i mean most ppl entering are savings-less students straight from undergrad...correct me if i'm wrong...i'm not expecting any need based aid, yet i have no money entering law school and parents aren't contributing.

Harvard and Yale ONLY give need-based aid.

Columbia offers a few big scholarships, but the rest of the students get need-based grants.

NYU was a little deceptive in that they rush you to apply for Finaid, then they rush you to give them a decision, you get the "scholarship" only to realize that's probably what you might get for need-based aid at another school, with a little extra for merit.



Also, I don't need a cosigner for GRAD plus? (I admit I haven't researched those, I assumed they worked like UG PLUS loans)

Wow, do some research before you start complaining. Most schools don't really give out true need based aid. Also, you do not need a cosigner for Grad plus loans. That is pretty much the entire point of those loans.

[maudlinstreet]

i thought that the general consensus was that these schools don't really give need based aid...i mean most ppl entering are savings-less students straight from undergrad...correct me if i'm wrong...i'm not expecting any need based aid, yet i have no money entering law school and parents aren't contributing.

Harvard and Yale ONLY give need-based aid.

Columbia offers a few big scholarships, but the rest of the students get need-based grants.

NYU was a little deceptive in that they rush you to apply for Finaid, then they rush you to give them a decision, you get the "scholarship" only to realize that's probably what you might get for need-based aid at another school, with a little extra for merit.



Also, I don't need a cosigner for GRAD plus? (I admit I haven't researched those, I assumed they worked like UG PLUS loans)

Wow, do some research before you start complaining. Most schools don't really give out true need based aid. Also, you do not need a cosigner for Grad plus loans. That is pretty much the entire point of those loans.

+1. seriously dude, before you posted in 3 threads panicking and complaining about NYU, you should have at least researched what the gradplus loans entailed. your $75,000 is a great award, especially for a top 6 law school!

http://www.gradloans.com/graduate-plus-loan/

[dbt]

That's a higher Dean Scholarship than I heard of anyone receiving last year. NYU must be cranking up the aid to steal more prize students.

I understand your concern, but I really think it's petty to complain. The vast majority of students I know here got NOTHING and are taking a much bigger risk than someone that's getting $75k of law school paid for. Law schools, if I recall correctly (and if they offer merit aid), tend to blend merit and need aid together. In the end, you get some amount of money if you're fortunate, and you take out some loans.

[Sogui]

Well NYU does deserve some heat for the shenanigans they pulled here. Forcing people to make decisions by April 2nd, especially during this cycle where it feels like most of us are on hold or waitlisted at our top choices.

But yea, I admit I freaked out a little. I don't have any grad school buddies and whenever I saw "PLUS" in financial aid descriptions, I skipped over it... assuming that it was another form of parent debt, or something that at least required (I always thought the P in PLUS stood for parent, just like people say ATM Machine).

Don't get me wrong, I was happy about the aid... but I skipped over the PLUS stuff and saw the disclaimer about private loans and how I'll pretty much have to drop out if I can't get a loan. I remember how I couldn't even convince my UG to give me a COLLEGE-ACCESS LOAN because I couldn't find an acceptable co-signer.

Long story short, I can't get private loans... so while I should've done more research and freaked out less, I think my financial situation is a little more delicate than those of you who have parents with incomes/assets.

[jitsrenzo]

You are going to NYU and will be 60k in private debt when you are done, and you are complaining? Moreover, you are surprised by this? Did you do any research into financing law school at all?

But only $20k over 3 years in Federal loans and no forms of need-based grants is also surprising. Basically this is my need/merit package, but it also encompasses ALL of the need part, which I found to be a little deceptive on NYU's part.

Dude, are you kidding? Law school leads to a professional job that will most likely pay you $160K out of NYU. If you go into PI, there's LRAP. It's expected for you to take on loans to finance it.

ONLY $20 over 3 years??? That's a ton of money.

And yes, pretty much EVERYONE has need. People graduating from college generally have $0, and a lot of people will not have their parents pay for law school.

You seem to spend a lot of time on TLS, yet seem to know nothing about financial aid. So bizarre

[toolshed]

Well NYU does deserve some heat for the shenanigans they pulled here. Forcing people to make decisions by April 2nd, especially during this cycle where it feels like most of us are on hold or waitlisted at our top choices.

But yea, I admit I freaked out a little. I don't have any grad school buddies and whenever I saw "PLUS" in financial aid descriptions, I skipped over it... assuming that it was another form of parent debt, or something that at least required (I always thought the P in PLUS stood for parent, just like people say ATM Machine).

Don't get me wrong, I was happy about the aid... but I skipped over the PLUS stuff and saw the disclaimer about private loans and how I'll pretty much have to drop out if I can't get a loan. I remember how I couldn't even convince my UG to give me a COLLEGE-ACCESS LOAN because I couldn't find an acceptable co-signer.

Long story short, I can't get private loans... so while I should've done more research and freaked out less, I think my financial situation is a little more delicate than those of you who have parents with incomes/assets.

NO. You are not a special and unique snowflake. Many, perhaps even most, potential law students have no income/assets (including their parents) that will assist in paying for school. Many, and perhaps most, finance their entire education exactly how you are going to have to, without the beneift of any merit/need aid. You don not need a cosigner, and you will be able to borrow up to the cost of attendance with no problems.

[Sogui]

You are going to NYU and will be 60k in private debt when you are done, and you are complaining? Moreover, you are surprised by this? Did you do any research into financing law school at all?

But only $20k over 3 years in Federal loans and no forms of need-based grants is also surprising. Basically this is my need/merit package, but it also encompasses ALL of the need part, which I found to be a little deceptive on NYU's part.

Dude, are you kidding? Law school leads to a professional job that will most likely pay you $160K out of NYU. If you go into PI, there's LRAP. It's expected for you to take on loans to finance it.

ONLY $20 over 3 years??? That's a ton of money.

And yes, pretty much EVERYONE has need. People graduating from college generally have $0, and a lot of people will not have their parents pay for law school.

You seem to spend a lot of time on TLS, yet seem to know nothing about financial aid. So bizarre

To be fair, outside of generalized talk about debt numbers and school-specific awards... nobody really gets into this stuff. I haven't heard a single person bring up GRAD PLUS here before today. That doesn't excuse my ignorance, but it helps explain it.

I know "poor college kid" is common for law students, though quite a few have also been making good $$$ for a few years before applying. It's the fact that I have NO co-signer/guarantor. I had a few incidents that were EXTREMELY frustrating during undergrad where I couldn't get any money for PLUS or College-Access Loans because I had NOBODY with enough credit to help me out.

Even this year I have to live frugally because I'm missing a few thousand dollars because of a CAL/PLUS loan that just had to be ignored.

Also, I know not everyone has rich parents to fund their law school... but at least they are there to co-sign loans and be a financial safety net.

[jitsrenzo]

NO. You are not a special and unique snowflake.

Excellent Fight Club reference.

[09042014]

You are going to NYU and will be 60k in private debt when you are done, and you are complaining? Moreover, you are surprised by this? Did you do any research into financing law school at all?

But only $20k over 3 years in Federal loans and no forms of need-based grants is also surprising. Basically this is my need/merit package, but it also encompasses ALL of the need part, which I found to be a little deceptive on NYU's part.

Dude, are you kidding? Law school leads to a professional job that will most likely pay you $160K out of NYU. If you go into PI, there's LRAP. It's expected for you to take on loans to finance it.

ONLY $20 over 3 years??? That's a ton of money.

And yes, pretty much EVERYONE has need. People graduating from college generally have $0, and a lot of people will not have their parents pay for law school.

You seem to spend a lot of time on TLS, yet seem to know nothing about financial aid. So bizarre

To be fair, outside of generalized talk about debt numbers and school-specific awards... nobody really gets into this stuff. I haven't heard a single person bring up GRAD PLUS here before today. That doesn't excuse my ignorance, but it helps explain it.

I know "poor college kid" is common for law students, though quite a few have also been making good $$$ for a few years before applying. It's the fact that I have NO co-signer/guarantor. I had a few incidents that were EXTREMELY frustrating during undergrad where I couldn't get any money for PLUS or College-Access Loans because I had NOBODY with enough credit to help me out.

Even this year I have to live frugally because I'm missing a few thousand dollars because of a CAL/PLUS loan that just had to be ignored.

Also, I know not everyone has rich parents to fund their law school... but at least they are there to co-sign loans and be a financial safety net.

You are pretty stupid for someone who got into NYU.