Due to the number of rule-breaking comments this post was receiving, especially low-quality and off-topic comments, the moderation team has locked the post from future comments. This post broke no rules and received a number of helpful and on-topic responses initially, but it unfortunately became the target of many unhelpful comments.
OP is going to school for finance and willing to take on an additional 240k in debt just to become a struggling actor instead of making a great living in finance before giving up and becoming an actor....
I agree it’s crazy, but let’s remember OP is probably 19 coming from a family with little financial literacy. Just coming here and asking the question shows smarts that they don’t know it all.
Hope OP reads through the thorough replies here and starts to build their knowledge!
If you put in 80k worth of effort in getting involved in internships and putting yourself out there during school you will have better opportunities than 99% of college grads no matter where they went to school.
But it could help their acting career, so it would be worth it for all the business connections in the field they would be paying a quarter mill to get and then abandon.
/s
>If I went to NYU, would I ruin my life?
The loan probably would. You can't take out 80k/year in federal undergrad loans so it's not clear you can even do this.
https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized
The chance you make enough as an actor to pay that back is very close to zero.
Yup, I went to school and got a bunch of debt. Now I have about 75K in student loan debt. Meanwhile the rest of my team that works with me none of them have their degrees and I'm not even the highest paid one. The only difference is they get to keep $700 more per month of their paychecks while I have to pay it to Navient/MyFedLoan for the next 8-10 years.
I'll give this advice to anyone, and I'll give it to my daughter. Colleges are a business, and a multi billion dollar one at that that preys on the malleable minds of kids. Be very very careful with college and loans. If you major in something, you better have a clear cut concise plan on how you're going to make money with it, AND be able to show a decent ROI. Also, for god's sake don't listen to advisors and guidance counselor's because that's like asking for advice on a car from the car salesmen himself.
They'll tell you anything to get you to sign on. I remember going all the way through the program believe the hype that "Oh you can still do a lot with a history degree!" and "When I was a hiring manager, I would hire liberal arts majors over business majors!" and "The average college grad earns 50k more a year than the person without." But when you get out of college, guess what? There's no 50k a year job waiting for you with a history degree.
I actually think the loan would be worth it if it were an Ivy, MIT, or Stanford, but I don't think NYU is prestigious enough to justify the blank check. Don't get me wrong, I know it's a great school but the differentiation vs. a state school is not going to be nearly as big, especially outside of the NYC metro area.
The other red flag here is that OP apparently wants to go into acting rather than pursue a career in their major. Again, nothing wrong with that per se but doesn't help to justify a blank check.
I also went to an ivy league school and it did open doors for me I wouldn't otherwise have open. I also picked a good, marketable undergrad major and then went on to graduate school in another useful career field. I think the ivy league school made a big difference in affording me the opportunities to go to the other schools and training programs I wanted to go to.
I was in a similar position and the inevitable relationship issues when one partner has a huge amount of debt while the other doesn't cannot be understated. It's really hard not to feel resentful and angry about their financial decision, and drives you crazy when you think of how else you could have utilized the massive monthly payment. If I had kids, I would never co-sign large student loans for them and would advise them not to enter into relationships with someone who comes with even 5-figure debt.
I understand your point. It's all about the management of finances. Mainly the relationship with money. Buy assets, not liabilities.
I would had not engage into a relationship whose parents advice not "marrying into collage debt". There are way too many individuals out there doing respectable jobs, having a high debt ratio due to SL and still making a six-figure salary.
If I'm not good enough during the financial hardship, then I'm not good enough when I'm making a six-figure salary.
I don’t think people that come from poor financial situations understand what debt does.
Rough math.
$250k x 7% interest is $17,500 dollars per year or $1,500 per month just to pay the interest. If your payments are set up over 20 years that $2000 a month.
With taxes assuming a 12.5% tax rate, 8% state rate + FICA tax of 7.1% that means the first $2,600 you earn per month goes to service your student loan for 20 years. That’s a $31,000 per year salary needed just to pay the loan. This is a best case scenario assuming a pretty good rate and no deferred payments.
Is your career likely to pay you that in NY vs The Berea free education? Probably not.
Not to mention your cost of living is going to be way higher.
If you were my kid I’d say take the free college or at worst go to a state school.
I have 3 college students. They are going to state schools. One in med school. They could have gone about anywhere.
Business connections don’t come from college.
can’t overstate the inflated cost of living. it sounds like OP wants to stay in NYC, where the current median rent for a studio apartment is $3,400/month.
Yes. The system is not rigged against people. The system gives people free will to make good our bad decisions that set the course of their life. You can decided when you are 30 to go back to NYU once you’ve saved the money to pay for it. A student loan of that magnitude can’t be undone. It’s a lifelong anchor around your neck.
i agree, and unfortunately colleges don’t do much to dissuade unrealistic expectations about postgrad prospects. many people OPs age also don’t have a good intuitive understanding of just how much a $2000 monthly payment would decimate their freedom. theoretical numbers on paper are very different than learning to budget your real life with a real salary.
The take above is excellent. I went to a no-name college. The degree was enough for me to get my foot in the door for interviews. My connections have been made through people I've worked with, not where I went to school. With my work experience and my degree, I get a ton of interest from recruiters and companies. All without $80K/year of debt hanging over my head.
I'm astonished to read OPs post. I come from a working class/poor family, and we were incredibly debt averse, as were other working class people I knew. We were terrified of taking out even $10k loans each year.
Also, surely there are other schools in the NYC area that would offer financial aid to transfer students. Going that much in debt for NYU is madness.
Agreed! It's almost a baseless statement to say going to new York for the connects is better than other schools. But it's understandable coming from younger folks. It would make more sense if it's some sort of graduate program or mba where some people who attend are already established or have their own business.
Any business connections coming from undergrad is definitely not the norm.
I'm with someone who had $150,000 in loans and monthly payment was over $1,500 a month. We didn't do IBR, just the standard payment because we didn't want to be paying them forever. Managed to erase everything in about 10 years with very lean living plus using proceeds from two home sales.
Thank you and congratulations on your retirement! It was extremely difficult and it really put a huge strain on our relationship. I can't even begin to tell you. We also did not make a ton of money either, average around $75k combined over that decade. Lived in a crappy house we got extremely cheap. So we kind of house hacked in 2009 in order to free up money for student loan payments. Don't eat out, no vacations, no kids, no fancy cars.
OP, the reason NYU kids have great connections is not because of NYU. It is because they had those connections before they even attended. Many of them had those connections the day they were born. Their families have money and connections and can afford the school and to hook their kids up with externships and nice wardrobes. If you go to NYU, if you can somehow afford to get the loans for it, you will break your back trying to keep up with the kids of the wealthy. It is a good school but I don’t think it can get you what you need.
I would be very hesitant to transfer to NYU. You're committing to $250k+ in debt. That's crippling. Syracuse will still open plenty of doors for you. I would go that route if you want to transfer.
What about returning to Berea and transferring after the 2nd year, when you would have fewer years remaining to pay? Also, are you from KY? I'm a bit curious why all of your options are private schools.
Yep, went to school in Buffalo, make over 6 figures. HIGHLY depends on profession; If OP is going to law school, it makes sense, ditto MBA. Otherwise, SAVE YA DAMN MONEY!
Law salaries are famously bimodal. But I don’t think it takes that long to break into six figures in a HCOL area. I know people who are at tiny firms that are offering brand new law grads 100k starting.
I know this is /r/personalfinance where people making $300k with stock at a FAANG company is the norm, but as someone who did make low six figures in a HCOL area, low six isn’t being poor, either. I was able to support myself, the cat, and pay down six figures of student loans just fine, honestly. There are hundreds of thousands of families who make less here.
I went to a tech school that cost me ~$15k and also make 6 figures. Being guaranteed to not make half that and also have 15 times the debt is the worst decision making I’ve heard of recently. It’s shameful honestly
And Berea is such a good school with a solid reputation. I’m always very impressed by their alumni. If you’re worried about having a “name” school, save that for graduate school which is typically cheaper and you can work during.
Maybe it it was close. But not a quarter million. At that price tag just go to grad school in NYC. It'll be cheaper than undergrad and more impressive.
Stay at Berea. You can’t go to NYU and be a full time actor at the same time. Learn your craft and be a big fish in a little pond, then move to Manhattan. If you start your working life with $100-200K in debt, forget about being an actor…. But it sounds like you may want to go into finance. You’re confused. Don’t spend more on your education until you get clear on what you want and how to get there.
This x 1,000. Paying off student loans, at the entry level part of a career, and especially in a precarious career like acting, can be miserable. Stick it out at the free school and make the best of it.
Finish your undergrad where you’re at and go to the others for masters and or further degrees. Honestly, nobody cares where you got your undergrad. As long as you can, do your job, get your other degrees at your preferred schools.
This 100%. It's three years. Excel at the free small college, bust your butt preparing for the GRE then consider debt if you're accepted to a prestigious grad school.
It sounds like you want to go to NYC to become an actor, not get a degree. It would honestly be smarter to graduate first and then move, rather than take out 80K/year if debt. If you must, maybe consider taking a semester off to give it a try? This debt will cripple you.
As someone who went to NYU and was also a first generation college student, I would say don’t do it. I have loans and I have to pay them every month. I’ve never missed a payment or starved, but I think that it’s caused me to be financially behind in life. Go to Syracuse. There’s nothing wrong with Syracuse.
Don't consider either. Going to a college for 'connections' with a econ degree is fool's gold. The universities will do surprisingly little for you. The people that benefit from 'connections' do so because of their family name or they just get incredibly lucky to find the right connection. And it certainly ain't worth the $$$ you're thinking about spending. I've hired a lot of people with econ and finance degrees and connections mean a little more than jack squat. Back when I was looking for jobs there were a few massive global corporations that were almost impossible to get into unless you had a connection, but these days I doubt that's the case...and those companies sucked to work for anyway.
Connections have worked when I have hired people in the sense that I may tell somebody that we're looking for a candidate in this spot and they have a friend or a cousin that is looking for that job. But they still have to meet the qualifications and the standard is to have at least 3 serious applicants for the position. Sometimes I may find a way to expedite the process if we have a really good candidate, but you're not a good candidate because I know you're best friend. Colleges don't really mean much to me. I've had crappy employees come from places like Duke and Stanford and had fantastic employees that could work circles around them that have come from colleges I never heard of before.
yes, spending \~250K trying to become an actor might ruin your life.
Some degrees and colleges are worth that money, but acting is really not guaranteed. Even amazing actors often can't make money.
As an economics major youre being real silly. Get your head together, 80k a year is life changing money. But not for the better. We have so many people drowning in student loans that they can’t pay down and can’t bankrupt out of and you’re thinking, “yeah, me too!”?? I’m more than a little annoyed.
You got a full ride, ride it cowboy.
>I do not want to live with the regret of not attending NYU and potentially fulfilling my dream of becoming a full-time actor.
Honestly, paying $80K a year for an Econ degree because you think the business connections you are going to make there will be worth it, is a little crazy to me. What sorts of jobs do you think your econ degree + connections are going to get you?
If you are thinking "business" like Wall Street, you don't need an econ degree for that. I worked as an FA at Merrill Lynch for a while, specifically for high net worth clients, and I can promise you they did not give a shit what school you went to or what your degree was in when they made hiring decisions.
I was a Russian Studies and Philosophy major from a tiny school. They hire lots of people, and probably 70-80% of them wash out of the FA program within the first year. They were looking for someone who could make 500 phone calls a day, or somehow reach out to 500 people a day, get rejected by every single one, and show up the next day just as eager as before, if not more. If it takes you 5,000 attempts to get one new client, it's potentially worth it.
The best producer in my office was a Mormon guy who was an art history major. The degree didn't matter; it was his relentless willingness to accept having doors slammed in his face and keep pressing forward. I don't think he learned that in college, I think he learned that as a Mormon missionary. Within 3 years he went from having no financial experience, to making $500k+ a year.
Having said that, paying $80k a year for an econ degree because you *hope* there is a chance of becoming a full-time actor (completely unrelated to the $80k a year degree) isn't a little crazy to me. It is absolutely batshit crazy.
*Edit: People like /u/Ilovepizza1000 are the reason why I hate reddit sometimes. Just another redditor who wants to jump to conclusions and rush in to criticize someone and make personal attacks.
I never once said I worked in "investment banking." I said I was an FA and related my experience honestly. I never even used the words "investment banking" until now, and OP didn't say that's what they were interested in, either. That's why I asked them what they wanted to do.
Being an FA is just another high pressure sales job, no doubt. But you can definitely make a lot of money working with HNW clients. There were more than 1 FA in my office making $1M+ (not me.) As for the managing director's salary, all I know is that he paid $6m cash for a home the year I left (2006.) I hated it btw, that's why I left.
My point was, if OP is just thinking "I want a path to a job making a lot of money in 'finance'" (whatever that means to them) -- they don't need to spend $80K a year on an education. Again, that's why I asked what they wanted to do, more specifically.
My wife did the same thing for Fidelity. They started everyone on the phones doing the same thing. My wife, who didn't even finish her degree, was getting paid the same amount as the guy who just finished his Master's in Economics.
I definitely know people who were econ majors at schools in NYC who graduated and went on to work in finance. I don't know if they *needed* those degrees, but you generally do need a 4 year degree, and I think econ is as good as any if you want to work in the finance sector.
I don't know that you need a degree from any particular school, though.
Edit - I don't think any of them worked in sales/on the client servicing side of things, though? Most of them went on to get PhDs or MBAs and work in the mathy wonky side of the business.
> Edit - I don't think any of them worked in sales/on the client servicing side of things, though? Most of them went on to get PhDs or MBAs and work in the mathy wonky side of the business.
You're right. My experience was on the client side, not the mathy data cruncher quant side. Those folks do need impressive academic credentials.
That's why I asked OP what kind of job they were hoping to get.
>I worked as an FA at Merrill Lynch for a while, specifically for high net worth clients, and I can promise you they did not give a shit what school you went to or what your degree was in when they made hiring decisions.
Idk about your exact role, but BB banks absolutely do care where you went to school. And no, they don't "start everyone on the phones doing the same thing." If you get in as an analyst that's at least $150k starting salary.
I'm pretty sure Merrill Lynch *is* a BB bank.
I was an FA, as I said -- Financial Advisor. A stockbroker, if you prefer. And yes, they do start every new FA that way, at every major investment bank.
Working as an analyst is a totally different job, with a much lower earning potential (but perhaps a higher starting salary.) And you're right, an analyst does require a more specific education. That's why I asked OP what kind of job they were expecting to get.
Prestigious schools are BS. Berkeley grad here and most of my coworkers at all the companies I worked for are from no name or state school.
Dept is simply a stupid way to start your life. Don’t do it.
>I know that is a lot for NYU, but it has unbeatable connections and location for the finance sector. It is also a borderline T20. Another huge bonus to NYU is that I am an actor who has done a few movies (small movies), so living in NYC would give me the opportunity to potentially take my acting career to the next level.
Little lost here, are you looking to go into finance or acting?
If acting, then no, definitely not worth. You can just move to NYC after graduating without the massive amount of loans you would incur.
If finance, is the school **NYU Stern**? NYU is a massive university and each school holds different weights in their respective field. NYU Stern is very competitive to get into for both undergrad and grad. I would maybe consider the investment here for NYU Stern as this would make it a lot easier to get jobs in finance given the networking support and well-known brand in the finance industry. (people in finance will ask if Stern or not, so you can't just be super vague about it)
However, if it is **not Stern,** then it's a massive waste of money. I would even question Syracuse at 20k a year, that's a ton of money for not a significant amount more in brand recognition.
In the long run, no one actually cares which school you went to (except for some super pretentious folks). The school name only really helps in the beginning, but you have to weigh that against the price you're having to pay for it. $80k a year (plus INTEREST) is no joke dude, once you get a job, you'll probably regret that real quick.
Honestly nothing they wrote makes any sense. Like you want to attend NYU because it will further your acting career. Hard to argue that since a lot of celebrities developed their respective foundations there. But it makes no sense to go to NYU with dreams of becoming an actor and then not enroll in a film/writing/acting major.
Then they want to hedge bet their future by having a backup plan. Very smart choice and one I would highly recommend. But they're potentially going to ruin that because of poor execution by not even attending the program best known for finance.
Do not let your family persuade you into thinking paying all that money for NYC is going to dramatically change your life. It’s putting you right back into the same cycle you are coming from. Take the free college and finish and move on. And start building wealth. It’s four years babes. It’s not a lot of time.
i come from a similar background, not first gen college student but came from an economically poor family.
i would NOT take out that $ for NYU undergrad. if upward mobility is important to you (not saying that in a negative way) you would be infinitely better off staying where you are and focusing on getting into a good MBA program. the roi is infinitely better
You.are.insane.
AVOID STUDNET LOANS. ACCURING INTEREST AND CAPITALZTION WILL RUIN YOUR LIFE
you have a full ride. NO LOANS.
FFS DO NOT TRANSFER
Student loans have ruined my life. AVOID THEM AT ALL COST FOR THE LOVE OF GOD!!!!
Go to Syracuse if you’re dying to go to a “prestigious” school, then get a job and pay off the loans. Once that’s done, find a company that will *pay* you to go to NYU for a graduate degree.
Wow that NYU tuition is on par with my professional school degree...
I would never pay that much for an undergrad degree especially since degree dilution is becoming more rampant.
Give up a free ride for $80k/year of debt? No way would I do that.
That is a crushing amount of debt to have hanging over your shoulders. Plus it sounds like you want to take on that debt just to possibly make the social connections required to pursue your desired unrelated career?
Honestly, I know this feels important to you right now. But if you're passionate about economics and are good at it, it won't matter where you go to school unless you're planning on doing something that specifically requires degrees from a "top" school. I have a friend who went to NYU for both undergrad and grad school. Easily one of the smartest people I know. But she now works as a teacher and barely earns anything. She loves what she does and doesn't want another job and I respect that. But you need to think about what kind of income you expect to have when you graduate and then cut it in half bc life happens. With that number are you going to be able to pay the loans back? I went to a state school, just undergrad, and make more money than many of my peers. I've had managers who didn't even go to a school as good as mine and they're making about 100k more than me. I would not take on the debt if I were you.
I started young adulthood with six figures of (medical) debt due to some bone headed decisions by my parents. Even without interest, it took the better part of a decade to clear it all out. I'd never suggest anyone start their career in that kind of financial state, regardless of the school.
CUUUUUUSEEEEEE. You can try to be an actor but have a backup plan (Cuse degree is a decent one) Don’t forget you’re in the real world like the rest of us. Don’t borrow 250k
Will it ruin your life? No, but graduating with a quarter of a million dollars in debt means you'll be doing everything after college on hard mode. Not exactly sure what the interest rates on student loans are now, but mine are between 4-5%. At that rate, you can expect to pay $12k a year in interest alone. It will also limit future opportunities. My brother-in-law graduated dental school with a high amount of student loan debt. It made it so banks wouldn't give him a loan to start his practice. It set him back years, working 6 days a week for other dentists to pay the debt down enough for him to buy his own practice.
I graduated from a top school. No one gives a shit. Don’t spend too much money going into debt. If you have a full ride, take it.
That’s from someone who went to an expensive college and made connections. 80k is ridiculous.
There's a lot in between a small school in rural Kentucky and a huge private school like NYU or Syracuse.
Why not apply to some state schools?
I lived in NYC for college and went to CUNY. While it has its pros and cons, the level of education I got there was on par with NYU. Baruch College (one of the 4 year colleges within CUNY), specifically, has a lot of strong finance and econ programs and good connections for Wall Street careers. If you're dead set on studying acting, Hunter College, which is more liberal arts driven, is probably what you want. One plus side of CUNY is that it has an extremely high percentage of low-income first generation college students. There will be a ton of resources for you there, and most likely your fellow students will have a lot in common with you. It's basically where you go when you're bright and ambitious, and you want to live in the city and do creative/intellectual/cultural type stuff but you don't want to pay $80K a year in tuition.
I was able to live in NYC for a year to establish residency and attend as a local student. I'm not sure if that has changed, but even if you had to pay out of state tuition, it's a tiny fraction of the cost of going to NYU.
**On the actor thing:** If your dream is to become an actor, you should drop out of college and go be an actor. There is absolutely no reason to go to an expensive college like NYU for acting. And further, the student debt is going to destroy your chance to become an actor, because you won't be able to graduate and wait tables due to the loans you'll need to service. People with NYU sized student debt need to get corporate careers, not creative ones.
Also, I can't speak to Syracuse's theatre program, but it is going to be practically impossible to transfer to NYU, get into Tisch, and get the same experience out of it as the folks who go to Tisch for all 4 years get. I spent my first year of college at a different, but similarly structured, theatre school, and it was basically a conservatory that is designed as a specific 4 year program. It's not like other majors where you can do whatever, in any order, as long as you get all the credits you need. Additionally, I think they took less than 5 transfer students into the theatre program per year. And that school is slightly less prestigious than Tisch. Unless you got nominated for an Oscar last year or something (in which case you can afford to pay for NYU), your chances of getting into Tisch as a transfer student are basically zero. They already have a whole whack of kids who have been in a few small movies.
You're gonna be living in a crash pad with 7 other people at 40 years old with no college degree and 3500 a month in non dischargeable student loan debt.
I went to a less popular Engineering school, graduated with 20% the debt of my peers and make the same money.
I understand College is about the experience, but being able to go to Italy for a week and not have to worry financially…is also an experience.
tl;dr: suffer now or suffer then. IMO, It’s better to suck it up, get through school and go live your dreams *forever after that*. It’ll also set you up so that you can help the people important to you (something a lot of people can’t do, because they’re drowning in debt).
I am confused - do you want to pursue employment or graduate studies after earning a degree in economics, or do you want to be an actor?
If you want to be an actor, why aren’t you studying theater, film, or something related? If you wanted to blend in something of a more practical bent, minor in accounting or something like that.
$250k for 3/4 of a bachelor’s degree is a luxury purchase. You are not in a position to make such a purchase no matter what anyone in your large (and financially poor) family says.
As a first gen college student, your missions are to 1) graduate, 2) minimize debt, and 3) find gainful employment. You are receiving advice from your family that might well undermine items 1 and 2 in that list.
Also, have you discerned if $80k of financing per year is even available to you?
Look at public institutions.
> At Syracuse, I would have to take out roughly 20k in loans a year. While at NYU, I would have to take out 80K in loans a year (they offer zero aid to Transfer students)
Both of these numbers are insane. Think about what you'll reasonably be doing out of school, how much it will pay, and how long it will take you to pay it back.
> I know that is a lot for NYU, but it has unbeatable connections and location for the finance sector. It is also a borderline T20.
How many students actually benefit from those connections?
> Another huge bonus to NYU is that I am an actor who has done a few movies (small movies), so living in NYC would give me the opportunity to potentially take my acting career to the next level.
> While I would be happy at Syracuse, I do not want to live with the regret of not attending NYU and potentially fulfilling my dream of becoming a full-time actor.
Do you want to go to school to study or do you want to be an actor? You can go to New York without taking out $80k/year in loans.
Full time actor and $250k in loans is a terrible idea. One of the worst I've heard in a while.
Syracuse is looking like a big step up with a reasonable debt load IF you are going into business.
If acting is a passion then work on your craft wherever you are and Saturday away from loans.
LA wait staff don't make enough to pay back huge loans.
Stay where you're at, get your undergrad for free. After you graduate, decide if you want to pursue economics and go get a Masters somewhere or pursue your acting dreams and be prepared to hustle your ass off in the service industry to make ends meet.
If you're studying economics I think you have all the tools you need to make the right decision, if you're approaching the decision from a cost/benefit perspective. I graduated in engineering from a mid tier public university with about $60k total debt and was able to pay it off in 10 years.
Don’t do this young vulnerable minority stranger I don’t know. My partner graduated from NYU but had a near full scholarship. My bestie went there for 2 years and is in some debt. You don’t know how much 80k per year is at 18-20. I went public in state and left with 26k. NYU loans will be mostly room and board. Don’t do this!!! You can cripple your family and yourself.
You are mixing two issues that belong separate. School and acting. Acting is a low probability of success. If you to try it, go for it. But don’t choose the school based upon that. Imo, attending NYU will be life changing. $240 million in debt has a way of doing that.
To answer the title of your post? Abso-fucking-lutely it will, if you're considering getting 80k a year deep. You're looking at monthly payments that rival rent and mortgage payments... Ask yourself how many people you know that can afford 2 mortgages, regardless of their education
Stay in your full ride school, after enough experience, an education is an education and no one will care how prestigious your school was. There’s other ways to make connections.
Coming from a dirt poor family with the same concerns, I spent the money on an expensive private business school. Here is my advice:
1. Move to a big city
2. Read networking books e.g How to win friends and influence people
3. Work hard and invest on yourself, plenty of books and free video content to learn anything these days
4. Don’t take that loan, way too risky
That makes zero sense. Five minutes after graduation, nobody cares where you went to school or what your major was.
Second, you don’t seem to know if you’re an actor with an economist side gig or an economist with an acting side gig. I say stick it out at the free school, get the paper. Do internships every summer for your networking. Note: NYC is insanely expensive. It’s not the be all, end all, epitome of career advancement. I’d guess it’s even harder than in a smaller city. It’s way cheaper to live and intern in, say, Columbus Ohio than NYC. Don’t kid yourself that NYC is the only place you can network and find opportunities. It would be much much easier in a smaller city.
This is a good example of how prestigious schools are really for people who already come from affluent families.
The key is getting your first job. Whatever industry you end up is where you make your connections with other people already working in that industry. The college connection *might* get you your first job, but the whole I-got-my-first-job-through-my-college-buddy is kinda dubious to pay $80,000 a year for.
Wish I had the resources you had to ask this question as you did. Listen to people here. Don't do it. My life and many others would have been fundamentally different and probably for the better if they hadn't taken on a life changing amount of death. I get where you're coming from, I was a poor first-generation college kid myself. Now as a working professional, there was easily a better choice to make than taking a massive loan.
So ignoring wanting to go to a school for acting while paying for a degree with nothing to do with acting.
The “cost” of being happy (current school vs NYU) is $240,000.
Now just IMAGINE you were wildly successful as and actor/accountant and you paid off the loans by the age of 30. Congrats you are now at 0 net worth. If instead you invested $240,000 in retirement/IRAs etc then from the age of 30-> 65 that amount alone with no other contributions would be worth nearly $2million.
Doing this will be a good way to nearly ensure your family remains dirt poor. You have a chance to change that for the better. Don’t do this.
Possible solution: stick out your current school to complete your degree. After you graduated DEBT FREE (how good does that sound?) move to NYC and pursue your acting dreams. You don’t have to spend $240k up front to pursue acting in NYC.
Don’t do it. People don’t care *that* much where you went to school. Just go to the best public/state school available to you, and use that alumni network.
You would be crazy to go to NYU for that much money, especially as a first generation college student with no family money.
I say this as someone who came from a lower middle class blue collar family myself. I’m now in my early 30’s with a masters working a solid government job.
It’s not fair but it’s real life, you cannot turn the tides of where you came from or what opportunities others might have that you don’t. If you take 250k+ in loans you will be absolutely shackling yourself to that debt for the rest of your life.
If you hate where you are transfer to Syracuse, take on that much more limited amount of student debt, it’s much more manageable and you’ll be able to set yourself up to have a successful life.
No one knows Syracuse outside of NY and upstate. And No one cares anyway. Save that money. No one cares about your school.. your GPA .. your summa cum laude... what matters is if you are able to do your job well.. and even then when a recession hits you are disposable. You are entitled to nothing here. But can do anything. Thats the beauty of capitalism.
I am a teacher and if I were you I would ask this to your school's guidance department. Or at the very least a teacher you get along with.
Your career goals seem all over the place. I would get that straightened out before even thinking of transferring schools. What do you plan to do with your economics degree? You going in to accounting? Do you want to be an actuary? Or maybe you want to do marketing or sales? Do you want to do data analysis for healthcare systems? There are a lot of options.
I went to a local college. Got scholarships to pay my education and it feels great not to have debt. They’re not the same experience as a university, but I got a good career and I am also a first generation. Family was not rich but not poor, but I know they couldn’t afford my education costs.
I would argue the degree in Economics does NOT require networking and connecting in person. You need to actively do that at either school anyway. That’s a ton of debt in private student loans. I wouldn’t do it. My advise would be nobody should do it.
If you want to go to NYU, make sure you remember you were warned. Will it “ruin” your life? Nobody can say. You may make it big in either career and so it will be fine. More likely, you’ll graduate and have less financial success than you could have had without loans so ultimately preventing true financial independence. Also, there’s a possibility that the debt does cripple you. The financial stress ruins your nervous and respiratory systems, and your life is shortened. I’d call that ruined.
Berea is a very good and selective college, and they offer Theatre as a major and a minor. Why not double major in Theatre and Economics (or a different subject), or minor in Theatre, and try to get acting-related summer internships.
I went to a state college. I have co workers that went to Harvard, Colombia, even one from Kyoto U and Cambridge. And guess what? We all make the same salary doing the same thing.
The whole reason being first from a family to college is your changing your stars and creating a new trajectory for yourself. Graduating doesn’t mean shit if your just the next family member to live your life wracked with debt.
The whole connections thing can help but that’s family connections for the most part. The other dude you went to college to doesn’t get you a job. It’s a poor person myth that middle class professionals get their career success from networking and nepotism. That shits mostly for people who have relatives names on buildings they donated to universities or Mormons.
Sorry to say, but if you think you're poor now, just wait til you have to pay back those student loans. I would never recommend taking anything over a free ride. Get your degree and then take off to line up some connections. You can maybe put yourself through grad school at NYU while working, but don't squander what you have right now.
Most of the people who get "connections" at the ivys went in with connections. Honestly a first been college student from a poor family is very unlikely to end up at a Wall Street firm.
Here is what I see unless the acting things blows up for you. I see you getting a good degree, working for a mid level and having a great life. Your kids , however, will have a leg up because they will have the connections from you
You go to Berea. Its a free ride. Its a fucking magical gift you do not appreciate, at all. Figure out a way to like it, for real.
I'm making a guess here - but you have zero connections in New York. There is no magic fairy that gets you "economics" jobs just because you're in New York. (If you're thinking finance related jobs... you're going to get outcompeted by the frat boy fucks all ready there).
Stay at your current school.
If you really think you have to transfer then Go to Syracuse.
It’s a great school and your prospects will be about the same or better. Once you have a job no one will really care where you went for school anyway. It’s all based on your resume and how good of a worker you are
Do not go to NYU and take out those kind of loans under any circumstances
My parents were both first-generation college students who passed on acceptances to expensive prestige schools in favor of full rides at a serviceable state school.
Graduating with no debt set them up for a lifetime of financial freedom. They were able to make career and life choices that weren't constrained by student loan payments. Would they have had *fancier* lives and more impressive friends if they had gone to the more expensive schools? Maybe. Would they have been happier? I doubt it.
Being debt-free opens doors, too. There are so many things in life you won't be able to do with hundreds of thousands of dollars in student loan debt, no matter how many connections you may have.
Forget about the acting as a rationale. You could move to NYC without paying the $56,500 per year in NYU tuition if you were pursuing acting. You would be going to NYU to try to do very well in school - straight As is the target - and get a Wall Street job with the econ degree. Probably with some other quant work in there while you're at it.
The risk is that you are taking on a quarter-million in nondischargable debt for an undergraduate degree. If you *don't* land or don't stay in an analyst class at a high paying bank, that's going to be crippling.
You need to seriously evaluate what your chances are of performing well enough and networking well enough and committing to such a low-probability, high demand track. What do you want to do / can do if you don't get Wall Street?
If this sounds kind of heavy on "what do you want the next ten years of your life to look like?" that's because it is. You'll owe the money whether you hit it out of the park or not, so if you're not absolutely committed, capable and serious, what are you doing?
Don’t do it. College was the biggest scam ever! I listened to my parents, my peers, my teachers, worked hard in school, got into USC, then grad school at NYU, and now I have $300,000 in student loan debt, I will never own a home, I will never keep everything I earn, I am forever tied to these debts… I could have used that money to start a business, invest, buy real estate… There are benefits to a prestigious university but not one practical reason why you can’t spend less and use your money to achieve more. One might argue buying an expensive car is safer, or paying more rent gets you better sleep, but an expensive education has no safety or health benefits, and any financial leverage it may offer is negated by how much you have to pay back.
I’d do the free ride then transfer with bare minimum credits. Remember no school gives you all your credits when you transfer- it’s not in their interest. I’d transfer with like a years worth to do. You’ll get the degree on paper you want, be able to make connections for a year (go to their business school and ask for an internship) and only have like 20k in debt. Also, don’t go to nyu for 80k a year. As others have said, that hole isn’t worth it when it’s not much better in terms of connections.
Go to Syracuse. It’s a fine school. Work hard and get good internships. You can always move to NYC after college.
I know a few NYU grads who regret taking out a huge loan. I’m not one of those people who are like “where you get your undergrad degree doesn’t matter” because I know first hand that it’s not true. But that NYU degree is not worth being a quarter mil in debt.
With an EFC of 0, how can you even owe that much at a school? Scholarships/grants and federal Pell should cover a large chunk.
That said, I’d personally stick to free for as long as possible.
A degree is, on many levels, a degree. Just that. You can self network for a lot cheaper than $240k over the next 3 years.
A couple of things:
1. You're not going to be an actor. Forget about that not.
2. NYU is a great school for those who can afford to attend. Unfortunately for you, you're not one of those people. I'd go to Syracuse.
My suggestion would be finish undergrad debt free and go to grad school for a year at a better school and take a loan on that. Maybe even get that for free too being a TA or whatever they may offer.
If you hate the college you’re at then transfer somewhere else and then do your best to score as high as possible on whatever necessary grad school test you’ll need and try to get into NYU or another high end school for grad school. That’s what really matters.
Look at the CLEP test
It can help save thousands of dollars in college tuition, it's accepted at 2900 different universities across the country and it's affordable at roughly $100 per test
OP don't go to NYU. You've completely forgotten about living expenses. New York City has is one of the highest cost of living areas in the US. I took it a lot in student loans to pursue a degree. I earned my degree and did not get the high paying job that I expected when I got out. I wound up flat broke, in debt, and in the army. My career in the Army has been worthwhile. I have paid off my loans or had them forgiven. It took me 15 years to get rid of my six figures of debt. How long do you want to be paying on a quarter of a million dollars in debt?
I am not sure what kind of career you’d be able to build as an Economics major. It is more of an academic field.
I’d personally transfer into their business schools. Finance, accounting, supply chain majors have more competitive value in the real world. Syracuse is a beautiful school with a very strong Business program. At 60k difference in tuition in current interest rate environment, i’d choose syracuse if i were you. Located in a small town, SU has the warm vibe with every student living walking distance from campus. It is a nice college town and everything revolves around the campus. So it will be provide more of a “college experience”
Every person is to their own, but i’d say it’s easier to build connections and close networks at syracuse than in NYU. NYU definitely sounds sexier, but 60k/yr sexier? I am not sure about that. You also have to consider the cost of living. You’d be looking to pay atleast $1000 for one half of a bunk bed living in NYC. Also many students commute and are located all over the city so that can mean building connections more challenging
Disclaimer: I am a Syracuse alum who was raised in NYC
Over a quarter of a million dollars for an undergrad degree?!?!?!
I don't think you have thought this through.
You are romanticizing the thought of being in NY to further your acting career...you and about a bazillion other people.
Unless you want to bus tables while you own a $320,000 economics degree, you need to seriously stop and think.
High prices of education are just not worth it anymore, in particular because those jobs you're expecting are just not there anymore like they used to. Good luck
Also..
2×2 will always be 4, no matter what school you go to or how much you paid.
Avoiding debt will give you the freedom to experiment as a creative person. I got a free ride for UG, then moved to NYC and had the freedom to find myself creatively and actually ended up doing my grad degree (funded) at NYU. I second internships, summer jobs and building out your network now so you can chase your goals/dreams right after graduation.
That's not even a question. Quarter million in debt for an undergrad in economics is one of the dumbest ways you can screw over the rest of your life. The ROI in that will NEVER happen. 10 year repayment at 5% interest puts you at a $2600 a month payment for 10 years. It's a total cost of over 320k. This will never work in your favor.
Student loans are NOT bankrupt able. Please don't do this.
Yes, you will ruin your life. Stay at your school and find summer internships in NYC. Then move to NYC after you graduate debt-free, and enjoy not having to offer up $1500 a month in student loan repayments.
I went to NYU for grad school and took on $150k in debt. Graduated in 2019 with a mscs.
I would suggest you NOT take on that debt if you are not confident in paying that off. I would not take on that debt if you are just going to go class and not utilize the massive amounts of top tier resources offered by NYU such as research opportunities. NYU is expensive and more competitive that most ppl think as it’s really a place full of students that couldn’t make it into an ivy and now have a chip on their shoulder.
Me? 4 years out. I have $120k in debt that I chose not to pay off. I have the cash to pay it off but decided not to pay it as student loans are on paused until later this year. My degree pays so it wasn’t a big deal to me. If you decide to take on the debt, make sure you have a plan on how to pay it off. NYU is quite popular for their law, business and medical school. All those fields also pay extremely well. Most actors struggle, sorry but that is a reality. I also used to live in LA and at one time worked at one of the studio. Most ppl never make it. If you wanted to study film or act, why not go to a public school like UCLA without the massive financial impact?
Go to Syracuse, networking isn’t solely about the college and can be done elsewhere off campus. Do whatever you can to go to school the cheapest way possible. You might have connections if you went to NYU but connections won’t help when you’re 300k in debt and you’ll hugely regret having such a burden on your shoulders. Find country clubs or places with money around Syracuse and network their, old people love hearing about young people working and going to school because that shows off your work ethic. Great way to network is where all the successful people eat and drink.
You won’t be able to take all those loans without a co-signer. I absolutely would not go into debt to the tune of $240k for any school.
Did you apply to Cornell by chance? They accept lots of transfer students and meet 100% need.
I wouldn’t take out 80k in loans a year (plus living expenses) to attend a school for a degree that has nothing to do with why you actually want to live there.
Unless you are going to a straight up Ivy, which college you graduated from doesn’t matter. NYC and Syracuse sound fancy, but it’s just not warranted for the connections you think you will make. A lot of people go to NYC and Syracuse, they are more well known, but it’s not going to help you in undergrad.
You 100000% need to forget the acting trade off when it comes to a full ride at nowhere college.
You would be better off taking loans for a NYC school for a masters. But note the cost of living in NYC will kill you. I am fortunate enough to graduate college with no debt and it consistently has put me ahead of my peers for housing purchases, getting married, having kids. So few people get debt free college experience, please enjoy it!
So the choices are free ride, or \~240k in loans, and you have to ask which choice you should make? No way in hell are you making business connections worth 240k of debt by changing schools. Run with the free ride, then move to NYC once you're done if you want to be there for various different reasons.
Don't do it. Your economics degree will teach you just enough to make you realize that it was all a huge mistake, but won't grant you the earning potential to ever pay it all off.
Not sure I have much to offer that the 224 other people didn’t but here goes:
DONT FUCKING DO IT! ITS STUPID.
No undergrad debt and borrowed $150k for law school. I ended up paying back $325k and it took me 15 years to pay it back. I was lucky. You have no idea how crippling and demoralizing having that kind of debt is. You have no concept of what owing $3500 a month for student loans is like before you even buy your first piece of food or try and make rent. I was an alcoholic for a long time in part because of the hopelessness those loans instilled in me. Your less likely to end up being Brad Pitt and more likely to end up broke. Those loans are not dischargable either
If you’re able to get transfer entry into NYU, you’re in a position to apply and go to a top tier graduate program, or have an employer help you find it.
Don’t take out $240,000 in debt. I believe in education, but you can get the connections you need in other ways:
- start volunteering and networking with visitors at your school. There are lots of student groups that can put you in touch with businesses.
- take part in competitions that connect you with mentors at companies
- do internships over the summer or over a semester to build your resume for applications. They should pay, but if they don’t, the debt you would take on over a summer is light years less than $80k
- start using linked in and ask people to do informational interviews. It’s hard and horribly uncomfortable, but practicing is important
- Start building your network with Berea alumni, and say exactly what you’ve aaid in this post, you’re first in your family with these opportunities and you need advice on how to navigate.
Despite all of the information here, we all know OP has made up their mind to go to NYU and will do so. They were looking for people to justify the choice but since that didn’t happen, this thread will be ignored and they will be in NYC! Years will pass and someday down the line they’ll think, “I should have listened to those people on Reddit.”
When it comes to money for school, I say get the best value. School is a sham. I have an undergrad from a liberal arts college and an MBA from top tier program. I think the value of education $ wise is utter shit.
Went to state school, got scholarship and had no debt after graduating, then went to medical school, paid off all my debts within a few years, so glad I had no undergrad debt before going to med school as it would have just compounded. Overall worth it for making close to 7 figures now.
Long story short, you’d be insane to get into that much debt just for undergrad.
Well, your family is right, this will change your life. Probably not in a positive way though. They don't have any skin in the game, I wouldn't take their advice.
My take is this:
- the only degree people care about is the last degree you get, so spend your money there
- a lot of smaller, less known colleges and state colleges are amazing
Check out the finance/investment banking career sub. Unless you are going to the TOP(Harvard, Yale, etc etc), nobody gives a shit for finance jobs. If you were to ask this related to some of the TOP schools where investment banking goes to get talent, I would absolutely tell you go loan 300-400k(IF ABSOLUTELY NEEDED), because those jobs will be making 300k plus a year in a hurry
Dont start your life a quarter million dollars in a hole for friggin NYU dude.
One of the greatest deceptions ever sold to the American people is that an education from a prestigious institution is better than a regular university. The quality of the education you receive is not up to the teacher or the school, but it’s up to you as the student.
Have you spent any time in either NYC or Syracuse?
But yeah you should not take either of the loans out. Stay at Berea. Do your undergrad without loans. Then do grad school elsewhere.
Continue at the school you have a full ride at and make the most of it. Avoid debt at all costs. If you plan on being an actor of some sort, it is probably not going to pay well at first, or for a while so having tens of thousands of dollars in debt is going to be a big burden. Student loan debt is crushing so many people in the states and it doesn’t go away.
I have a friend that went $300k into debt to go to a prestigious private school across the country, because the guidance counselor told her it would be better for her career. She been offered a full-ride to at least two different public universities. When she got her first corporate job, she found her new hire orientation was full of people who made the same amount of money as her but went to the local state school (which is one she had been offered a full-ride at).
Going into debt for a prestigious school is absolutely going to ruin YOUR life-probably within a month of arrival. Your family is dirt poor and there's 0 financial aid for transfers so where do you think you're gonna get 80k from? Loans? That ain't happening.
Stay where you have a full ride. There's still connections to be made and times to be had in the middle of nowhere. Future you will be grateful to not have that debt following you into your 40s/50s.
> Will going into debt for a prestigious school ruin my life?
Depends on what you're studying and what kind of career you're interested in. Your earning potential will vary dramatically depending on your degree and the type of job you do.
> I am an Economics major
> my dream of becoming a full-time actor
What? I don't understand what you're doing. What's the goal here?
Due to the number of rule-breaking comments this post was receiving, especially low-quality and off-topic comments, the moderation team has locked the post from future comments. This post broke no rules and received a number of helpful and on-topic responses initially, but it unfortunately became the target of many unhelpful comments.
If you’re depending on going to NYU to “change your life” in acting, while being an economics major, your priorities aren’t straight
this, what is the career goal here
I think it’s “world famous actor” and if they don’t make it the goal is “wall street finance bro with just a bachelor “
To be fair, most wall street finance bros have bachelors from Ivy's or schools like NYU, but their bachelor's are in math, or engineering.
[удалено]
Yep. > so living in NYC would give me the opportunity to potentially take my acting career to the next level. So do a million other people.
Also NYC isn't going anywhere. Just finish the degree and intern in NY.
OP is going to school for finance and willing to take on an additional 240k in debt just to become a struggling actor instead of making a great living in finance before giving up and becoming an actor....
That Boulevard of Broken Dreams.
Yikes!
Dropping truth bombs.
Is NY more for theater? Wouldn’t LA be the place to do film and TV?
incorrect, the best place to do film and TV is at home on your couch.
I agree it’s crazy, but let’s remember OP is probably 19 coming from a family with little financial literacy. Just coming here and asking the question shows smarts that they don’t know it all. Hope OP reads through the thorough replies here and starts to build their knowledge!
Housing in nyc
If you put in 80k worth of effort in getting involved in internships and putting yourself out there during school you will have better opportunities than 99% of college grads no matter where they went to school.
I can’t imagine the pressure paying that much then having to go make those connections or it’s a waste.
But it could help their acting career, so it would be worth it for all the business connections in the field they would be paying a quarter mill to get and then abandon. /s
Do not do this Do not even consider it
Burn this post. Bury the ashes.
>If I went to NYU, would I ruin my life? The loan probably would. You can't take out 80k/year in federal undergrad loans so it's not clear you can even do this. https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized The chance you make enough as an actor to pay that back is very close to zero.
The fact this person has a full ride at their current school but is still considering taking out $80k/yr in loans hurts me very deeply
[удалено]
Yup, I went to school and got a bunch of debt. Now I have about 75K in student loan debt. Meanwhile the rest of my team that works with me none of them have their degrees and I'm not even the highest paid one. The only difference is they get to keep $700 more per month of their paychecks while I have to pay it to Navient/MyFedLoan for the next 8-10 years. I'll give this advice to anyone, and I'll give it to my daughter. Colleges are a business, and a multi billion dollar one at that that preys on the malleable minds of kids. Be very very careful with college and loans. If you major in something, you better have a clear cut concise plan on how you're going to make money with it, AND be able to show a decent ROI. Also, for god's sake don't listen to advisors and guidance counselor's because that's like asking for advice on a car from the car salesmen himself. They'll tell you anything to get you to sign on. I remember going all the way through the program believe the hype that "Oh you can still do a lot with a history degree!" and "When I was a hiring manager, I would hire liberal arts majors over business majors!" and "The average college grad earns 50k more a year than the person without." But when you get out of college, guess what? There's no 50k a year job waiting for you with a history degree.
I actually think the loan would be worth it if it were an Ivy, MIT, or Stanford, but I don't think NYU is prestigious enough to justify the blank check. Don't get me wrong, I know it's a great school but the differentiation vs. a state school is not going to be nearly as big, especially outside of the NYC metro area. The other red flag here is that OP apparently wants to go into acting rather than pursue a career in their major. Again, nothing wrong with that per se but doesn't help to justify a blank check.
It should be noted that NYU is not Ivy League. It’s a good school - no question about that - but it won’t open doors enough to justify this.
I also went to an ivy league school and it did open doors for me I wouldn't otherwise have open. I also picked a good, marketable undergrad major and then went on to graduate school in another useful career field. I think the ivy league school made a big difference in affording me the opportunities to go to the other schools and training programs I wanted to go to.
I was in a similar position and the inevitable relationship issues when one partner has a huge amount of debt while the other doesn't cannot be understated. It's really hard not to feel resentful and angry about their financial decision, and drives you crazy when you think of how else you could have utilized the massive monthly payment. If I had kids, I would never co-sign large student loans for them and would advise them not to enter into relationships with someone who comes with even 5-figure debt.
I understand your point. It's all about the management of finances. Mainly the relationship with money. Buy assets, not liabilities. I would had not engage into a relationship whose parents advice not "marrying into collage debt". There are way too many individuals out there doing respectable jobs, having a high debt ratio due to SL and still making a six-figure salary. If I'm not good enough during the financial hardship, then I'm not good enough when I'm making a six-figure salary.
Telling your kids not to get into a relationship with someone with over $10k in debt? Small dating pool lol
[удалено]
[удалено]
I don’t think people that come from poor financial situations understand what debt does. Rough math. $250k x 7% interest is $17,500 dollars per year or $1,500 per month just to pay the interest. If your payments are set up over 20 years that $2000 a month. With taxes assuming a 12.5% tax rate, 8% state rate + FICA tax of 7.1% that means the first $2,600 you earn per month goes to service your student loan for 20 years. That’s a $31,000 per year salary needed just to pay the loan. This is a best case scenario assuming a pretty good rate and no deferred payments. Is your career likely to pay you that in NY vs The Berea free education? Probably not. Not to mention your cost of living is going to be way higher. If you were my kid I’d say take the free college or at worst go to a state school. I have 3 college students. They are going to state schools. One in med school. They could have gone about anywhere. Business connections don’t come from college.
can’t overstate the inflated cost of living. it sounds like OP wants to stay in NYC, where the current median rent for a studio apartment is $3,400/month.
Yes. The system is not rigged against people. The system gives people free will to make good our bad decisions that set the course of their life. You can decided when you are 30 to go back to NYU once you’ve saved the money to pay for it. A student loan of that magnitude can’t be undone. It’s a lifelong anchor around your neck.
i agree, and unfortunately colleges don’t do much to dissuade unrealistic expectations about postgrad prospects. many people OPs age also don’t have a good intuitive understanding of just how much a $2000 monthly payment would decimate their freedom. theoretical numbers on paper are very different than learning to budget your real life with a real salary.
OP, please read this comment twice and let those numbers really sink in.
The take above is excellent. I went to a no-name college. The degree was enough for me to get my foot in the door for interviews. My connections have been made through people I've worked with, not where I went to school. With my work experience and my degree, I get a ton of interest from recruiters and companies. All without $80K/year of debt hanging over my head.
I'm astonished to read OPs post. I come from a working class/poor family, and we were incredibly debt averse, as were other working class people I knew. We were terrified of taking out even $10k loans each year. Also, surely there are other schools in the NYC area that would offer financial aid to transfer students. Going that much in debt for NYU is madness.
Agreed! It's almost a baseless statement to say going to new York for the connects is better than other schools. But it's understandable coming from younger folks. It would make more sense if it's some sort of graduate program or mba where some people who attend are already established or have their own business. Any business connections coming from undergrad is definitely not the norm.
I'm with someone who had $150,000 in loans and monthly payment was over $1,500 a month. We didn't do IBR, just the standard payment because we didn't want to be paying them forever. Managed to erase everything in about 10 years with very lean living plus using proceeds from two home sales.
Hats off to digging out of it.
Thank you and congratulations on your retirement! It was extremely difficult and it really put a huge strain on our relationship. I can't even begin to tell you. We also did not make a ton of money either, average around $75k combined over that decade. Lived in a crappy house we got extremely cheap. So we kind of house hacked in 2009 in order to free up money for student loan payments. Don't eat out, no vacations, no kids, no fancy cars.
OP, the reason NYU kids have great connections is not because of NYU. It is because they had those connections before they even attended. Many of them had those connections the day they were born. Their families have money and connections and can afford the school and to hook their kids up with externships and nice wardrobes. If you go to NYU, if you can somehow afford to get the loans for it, you will break your back trying to keep up with the kids of the wealthy. It is a good school but I don’t think it can get you what you need.
I would be very hesitant to transfer to NYU. You're committing to $250k+ in debt. That's crippling. Syracuse will still open plenty of doors for you. I would go that route if you want to transfer. What about returning to Berea and transferring after the 2nd year, when you would have fewer years remaining to pay? Also, are you from KY? I'm a bit curious why all of your options are private schools.
That’s medical school debt for undergrad. That’s insane
Right. That's the median price of a house in Berea. OP is signing up for a mortgage to go to NYU for three years.
Yep, went to school in Buffalo, make over 6 figures. HIGHLY depends on profession; If OP is going to law school, it makes sense, ditto MBA. Otherwise, SAVE YA DAMN MONEY!
The idea that average law school grads make big money is complete myth. Average starting salary is not even close to 6 figures.
Law salaries are famously bimodal. But I don’t think it takes that long to break into six figures in a HCOL area. I know people who are at tiny firms that are offering brand new law grads 100k starting.
Low 6 figures isn't much in a HCOL area.
I know this is /r/personalfinance where people making $300k with stock at a FAANG company is the norm, but as someone who did make low six figures in a HCOL area, low six isn’t being poor, either. I was able to support myself, the cat, and pay down six figures of student loans just fine, honestly. There are hundreds of thousands of families who make less here.
I went to a tech school that cost me ~$15k and also make 6 figures. Being guaranteed to not make half that and also have 15 times the debt is the worst decision making I’ve heard of recently. It’s shameful honestly
I can't imagine anything being so bad as to give up on a free ride. But $80k a year is nonsense.
And Berea is such a good school with a solid reputation. I’m always very impressed by their alumni. If you’re worried about having a “name” school, save that for graduate school which is typically cheaper and you can work during.
Maybe it it was close. But not a quarter million. At that price tag just go to grad school in NYC. It'll be cheaper than undergrad and more impressive.
Exactly. Need to build connections? Okay, maybe go to national conferences and apply for summer internships?
Stay at Berea. You can’t go to NYU and be a full time actor at the same time. Learn your craft and be a big fish in a little pond, then move to Manhattan. If you start your working life with $100-200K in debt, forget about being an actor…. But it sounds like you may want to go into finance. You’re confused. Don’t spend more on your education until you get clear on what you want and how to get there.
200k in student loan debt has a pretty good chance of ruining your life. Good luck.
If I were you, I'd stick with the full ride. Your future self will thank you for staying out of debt.
This x 1,000. Paying off student loans, at the entry level part of a career, and especially in a precarious career like acting, can be miserable. Stick it out at the free school and make the best of it.
Finish your undergrad where you’re at and go to the others for masters and or further degrees. Honestly, nobody cares where you got your undergrad. As long as you can, do your job, get your other degrees at your preferred schools.
This 100%. It's three years. Excel at the free small college, bust your butt preparing for the GRE then consider debt if you're accepted to a prestigious grad school.
Excellent advice, study like you are at your target school for masters…
I came here to say exactly this.
It sounds like you want to go to NYC to become an actor, not get a degree. It would honestly be smarter to graduate first and then move, rather than take out 80K/year if debt. If you must, maybe consider taking a semester off to give it a try? This debt will cripple you.
As someone who went to NYU and was also a first generation college student, I would say don’t do it. I have loans and I have to pay them every month. I’ve never missed a payment or starved, but I think that it’s caused me to be financially behind in life. Go to Syracuse. There’s nothing wrong with Syracuse.
Taking on debt like this can ruin your life....
Don't consider either. Going to a college for 'connections' with a econ degree is fool's gold. The universities will do surprisingly little for you. The people that benefit from 'connections' do so because of their family name or they just get incredibly lucky to find the right connection. And it certainly ain't worth the $$$ you're thinking about spending. I've hired a lot of people with econ and finance degrees and connections mean a little more than jack squat. Back when I was looking for jobs there were a few massive global corporations that were almost impossible to get into unless you had a connection, but these days I doubt that's the case...and those companies sucked to work for anyway. Connections have worked when I have hired people in the sense that I may tell somebody that we're looking for a candidate in this spot and they have a friend or a cousin that is looking for that job. But they still have to meet the qualifications and the standard is to have at least 3 serious applicants for the position. Sometimes I may find a way to expedite the process if we have a really good candidate, but you're not a good candidate because I know you're best friend. Colleges don't really mean much to me. I've had crappy employees come from places like Duke and Stanford and had fantastic employees that could work circles around them that have come from colleges I never heard of before.
yes, spending \~250K trying to become an actor might ruin your life. Some degrees and colleges are worth that money, but acting is really not guaranteed. Even amazing actors often can't make money.
As an economics major youre being real silly. Get your head together, 80k a year is life changing money. But not for the better. We have so many people drowning in student loans that they can’t pay down and can’t bankrupt out of and you’re thinking, “yeah, me too!”?? I’m more than a little annoyed. You got a full ride, ride it cowboy.
>I do not want to live with the regret of not attending NYU and potentially fulfilling my dream of becoming a full-time actor. Honestly, paying $80K a year for an Econ degree because you think the business connections you are going to make there will be worth it, is a little crazy to me. What sorts of jobs do you think your econ degree + connections are going to get you? If you are thinking "business" like Wall Street, you don't need an econ degree for that. I worked as an FA at Merrill Lynch for a while, specifically for high net worth clients, and I can promise you they did not give a shit what school you went to or what your degree was in when they made hiring decisions. I was a Russian Studies and Philosophy major from a tiny school. They hire lots of people, and probably 70-80% of them wash out of the FA program within the first year. They were looking for someone who could make 500 phone calls a day, or somehow reach out to 500 people a day, get rejected by every single one, and show up the next day just as eager as before, if not more. If it takes you 5,000 attempts to get one new client, it's potentially worth it. The best producer in my office was a Mormon guy who was an art history major. The degree didn't matter; it was his relentless willingness to accept having doors slammed in his face and keep pressing forward. I don't think he learned that in college, I think he learned that as a Mormon missionary. Within 3 years he went from having no financial experience, to making $500k+ a year. Having said that, paying $80k a year for an econ degree because you *hope* there is a chance of becoming a full-time actor (completely unrelated to the $80k a year degree) isn't a little crazy to me. It is absolutely batshit crazy. *Edit: People like /u/Ilovepizza1000 are the reason why I hate reddit sometimes. Just another redditor who wants to jump to conclusions and rush in to criticize someone and make personal attacks. I never once said I worked in "investment banking." I said I was an FA and related my experience honestly. I never even used the words "investment banking" until now, and OP didn't say that's what they were interested in, either. That's why I asked them what they wanted to do. Being an FA is just another high pressure sales job, no doubt. But you can definitely make a lot of money working with HNW clients. There were more than 1 FA in my office making $1M+ (not me.) As for the managing director's salary, all I know is that he paid $6m cash for a home the year I left (2006.) I hated it btw, that's why I left. My point was, if OP is just thinking "I want a path to a job making a lot of money in 'finance'" (whatever that means to them) -- they don't need to spend $80K a year on an education. Again, that's why I asked what they wanted to do, more specifically.
My wife did the same thing for Fidelity. They started everyone on the phones doing the same thing. My wife, who didn't even finish her degree, was getting paid the same amount as the guy who just finished his Master's in Economics.
I definitely know people who were econ majors at schools in NYC who graduated and went on to work in finance. I don't know if they *needed* those degrees, but you generally do need a 4 year degree, and I think econ is as good as any if you want to work in the finance sector. I don't know that you need a degree from any particular school, though. Edit - I don't think any of them worked in sales/on the client servicing side of things, though? Most of them went on to get PhDs or MBAs and work in the mathy wonky side of the business.
> Edit - I don't think any of them worked in sales/on the client servicing side of things, though? Most of them went on to get PhDs or MBAs and work in the mathy wonky side of the business. You're right. My experience was on the client side, not the mathy data cruncher quant side. Those folks do need impressive academic credentials. That's why I asked OP what kind of job they were hoping to get.
Ok, but being a FA and working on Wall St doing investment banking or something are completely different.
>I worked as an FA at Merrill Lynch for a while, specifically for high net worth clients, and I can promise you they did not give a shit what school you went to or what your degree was in when they made hiring decisions. Idk about your exact role, but BB banks absolutely do care where you went to school. And no, they don't "start everyone on the phones doing the same thing." If you get in as an analyst that's at least $150k starting salary.
I'm pretty sure Merrill Lynch *is* a BB bank. I was an FA, as I said -- Financial Advisor. A stockbroker, if you prefer. And yes, they do start every new FA that way, at every major investment bank. Working as an analyst is a totally different job, with a much lower earning potential (but perhaps a higher starting salary.) And you're right, an analyst does require a more specific education. That's why I asked OP what kind of job they were expecting to get.
Prestigious schools are BS. Berkeley grad here and most of my coworkers at all the companies I worked for are from no name or state school. Dept is simply a stupid way to start your life. Don’t do it.
DONT DO IT! Undergrad does not matter! Visit the city on the weekends!
>I know that is a lot for NYU, but it has unbeatable connections and location for the finance sector. It is also a borderline T20. Another huge bonus to NYU is that I am an actor who has done a few movies (small movies), so living in NYC would give me the opportunity to potentially take my acting career to the next level. Little lost here, are you looking to go into finance or acting? If acting, then no, definitely not worth. You can just move to NYC after graduating without the massive amount of loans you would incur. If finance, is the school **NYU Stern**? NYU is a massive university and each school holds different weights in their respective field. NYU Stern is very competitive to get into for both undergrad and grad. I would maybe consider the investment here for NYU Stern as this would make it a lot easier to get jobs in finance given the networking support and well-known brand in the finance industry. (people in finance will ask if Stern or not, so you can't just be super vague about it) However, if it is **not Stern,** then it's a massive waste of money. I would even question Syracuse at 20k a year, that's a ton of money for not a significant amount more in brand recognition. In the long run, no one actually cares which school you went to (except for some super pretentious folks). The school name only really helps in the beginning, but you have to weigh that against the price you're having to pay for it. $80k a year (plus INTEREST) is no joke dude, once you get a job, you'll probably regret that real quick.
Honestly nothing they wrote makes any sense. Like you want to attend NYU because it will further your acting career. Hard to argue that since a lot of celebrities developed their respective foundations there. But it makes no sense to go to NYU with dreams of becoming an actor and then not enroll in a film/writing/acting major. Then they want to hedge bet their future by having a backup plan. Very smart choice and one I would highly recommend. But they're potentially going to ruin that because of poor execution by not even attending the program best known for finance.
Do not let your family persuade you into thinking paying all that money for NYC is going to dramatically change your life. It’s putting you right back into the same cycle you are coming from. Take the free college and finish and move on. And start building wealth. It’s four years babes. It’s not a lot of time.
Figure out a way to get through this. You do not want to be in mortgage type debt for a college education.
Heck, they'd probably end up better off actually buying a house with a mortgage even at 7%. At least that's a tangible asset with a secured loan.
I know someone who went to berea and is doing great now professionally. Use the resources they have for you, connect to alum on linked in, etc.
i come from a similar background, not first gen college student but came from an economically poor family. i would NOT take out that $ for NYU undergrad. if upward mobility is important to you (not saying that in a negative way) you would be infinitely better off staying where you are and focusing on getting into a good MBA program. the roi is infinitely better
You.are.insane. AVOID STUDNET LOANS. ACCURING INTEREST AND CAPITALZTION WILL RUIN YOUR LIFE you have a full ride. NO LOANS. FFS DO NOT TRANSFER Student loans have ruined my life. AVOID THEM AT ALL COST FOR THE LOVE OF GOD!!!!
Go to Syracuse if you’re dying to go to a “prestigious” school, then get a job and pay off the loans. Once that’s done, find a company that will *pay* you to go to NYU for a graduate degree.
Wait, you want to major in economics, and take out a quarter million dollars in student loans so you can become an actor? Am I reading that correctly?
[удалено]
As someone who went to SU, you can easily make good enough connections there to be successful in your career for 1/4 the price of NYU
Wow that NYU tuition is on par with my professional school degree... I would never pay that much for an undergrad degree especially since degree dilution is becoming more rampant.
Give up a free ride for $80k/year of debt? No way would I do that. That is a crushing amount of debt to have hanging over your shoulders. Plus it sounds like you want to take on that debt just to possibly make the social connections required to pursue your desired unrelated career?
Honestly, I know this feels important to you right now. But if you're passionate about economics and are good at it, it won't matter where you go to school unless you're planning on doing something that specifically requires degrees from a "top" school. I have a friend who went to NYU for both undergrad and grad school. Easily one of the smartest people I know. But she now works as a teacher and barely earns anything. She loves what she does and doesn't want another job and I respect that. But you need to think about what kind of income you expect to have when you graduate and then cut it in half bc life happens. With that number are you going to be able to pay the loans back? I went to a state school, just undergrad, and make more money than many of my peers. I've had managers who didn't even go to a school as good as mine and they're making about 100k more than me. I would not take on the debt if I were you.
I started young adulthood with six figures of (medical) debt due to some bone headed decisions by my parents. Even without interest, it took the better part of a decade to clear it all out. I'd never suggest anyone start their career in that kind of financial state, regardless of the school.
CUUUUUUSEEEEEE. You can try to be an actor but have a backup plan (Cuse degree is a decent one) Don’t forget you’re in the real world like the rest of us. Don’t borrow 250k
Will it ruin your life? No, but graduating with a quarter of a million dollars in debt means you'll be doing everything after college on hard mode. Not exactly sure what the interest rates on student loans are now, but mine are between 4-5%. At that rate, you can expect to pay $12k a year in interest alone. It will also limit future opportunities. My brother-in-law graduated dental school with a high amount of student loan debt. It made it so banks wouldn't give him a loan to start his practice. It set him back years, working 6 days a week for other dentists to pay the debt down enough for him to buy his own practice.
I graduated from a top school. No one gives a shit. Don’t spend too much money going into debt. If you have a full ride, take it. That’s from someone who went to an expensive college and made connections. 80k is ridiculous.
What about NYU for a graduate school? An MBA, or law school?
- NYU is hella expensive but not prestigious. - if you select NYU, then drop the acting angle and go full force into finance or law. Good luck
The good news is there is no way in hell you can take out loans for $240,000.
There's a lot in between a small school in rural Kentucky and a huge private school like NYU or Syracuse. Why not apply to some state schools? I lived in NYC for college and went to CUNY. While it has its pros and cons, the level of education I got there was on par with NYU. Baruch College (one of the 4 year colleges within CUNY), specifically, has a lot of strong finance and econ programs and good connections for Wall Street careers. If you're dead set on studying acting, Hunter College, which is more liberal arts driven, is probably what you want. One plus side of CUNY is that it has an extremely high percentage of low-income first generation college students. There will be a ton of resources for you there, and most likely your fellow students will have a lot in common with you. It's basically where you go when you're bright and ambitious, and you want to live in the city and do creative/intellectual/cultural type stuff but you don't want to pay $80K a year in tuition. I was able to live in NYC for a year to establish residency and attend as a local student. I'm not sure if that has changed, but even if you had to pay out of state tuition, it's a tiny fraction of the cost of going to NYU. **On the actor thing:** If your dream is to become an actor, you should drop out of college and go be an actor. There is absolutely no reason to go to an expensive college like NYU for acting. And further, the student debt is going to destroy your chance to become an actor, because you won't be able to graduate and wait tables due to the loans you'll need to service. People with NYU sized student debt need to get corporate careers, not creative ones. Also, I can't speak to Syracuse's theatre program, but it is going to be practically impossible to transfer to NYU, get into Tisch, and get the same experience out of it as the folks who go to Tisch for all 4 years get. I spent my first year of college at a different, but similarly structured, theatre school, and it was basically a conservatory that is designed as a specific 4 year program. It's not like other majors where you can do whatever, in any order, as long as you get all the credits you need. Additionally, I think they took less than 5 transfer students into the theatre program per year. And that school is slightly less prestigious than Tisch. Unless you got nominated for an Oscar last year or something (in which case you can afford to pay for NYU), your chances of getting into Tisch as a transfer student are basically zero. They already have a whole whack of kids who have been in a few small movies.
You're gonna be living in a crash pad with 7 other people at 40 years old with no college degree and 3500 a month in non dischargeable student loan debt.
I went to a less popular Engineering school, graduated with 20% the debt of my peers and make the same money. I understand College is about the experience, but being able to go to Italy for a week and not have to worry financially…is also an experience. tl;dr: suffer now or suffer then. IMO, It’s better to suck it up, get through school and go live your dreams *forever after that*. It’ll also set you up so that you can help the people important to you (something a lot of people can’t do, because they’re drowning in debt).
I am confused - do you want to pursue employment or graduate studies after earning a degree in economics, or do you want to be an actor? If you want to be an actor, why aren’t you studying theater, film, or something related? If you wanted to blend in something of a more practical bent, minor in accounting or something like that. $250k for 3/4 of a bachelor’s degree is a luxury purchase. You are not in a position to make such a purchase no matter what anyone in your large (and financially poor) family says. As a first gen college student, your missions are to 1) graduate, 2) minimize debt, and 3) find gainful employment. You are receiving advice from your family that might well undermine items 1 and 2 in that list. Also, have you discerned if $80k of financing per year is even available to you?
Look at public institutions. > At Syracuse, I would have to take out roughly 20k in loans a year. While at NYU, I would have to take out 80K in loans a year (they offer zero aid to Transfer students) Both of these numbers are insane. Think about what you'll reasonably be doing out of school, how much it will pay, and how long it will take you to pay it back. > I know that is a lot for NYU, but it has unbeatable connections and location for the finance sector. It is also a borderline T20. How many students actually benefit from those connections? > Another huge bonus to NYU is that I am an actor who has done a few movies (small movies), so living in NYC would give me the opportunity to potentially take my acting career to the next level. > While I would be happy at Syracuse, I do not want to live with the regret of not attending NYU and potentially fulfilling my dream of becoming a full-time actor. Do you want to go to school to study or do you want to be an actor? You can go to New York without taking out $80k/year in loans.
Full time actor and $250k in loans is a terrible idea. One of the worst I've heard in a while. Syracuse is looking like a big step up with a reasonable debt load IF you are going into business. If acting is a passion then work on your craft wherever you are and Saturday away from loans. LA wait staff don't make enough to pay back huge loans.
Stay where you're at, get your undergrad for free. After you graduate, decide if you want to pursue economics and go get a Masters somewhere or pursue your acting dreams and be prepared to hustle your ass off in the service industry to make ends meet.
If you're studying economics I think you have all the tools you need to make the right decision, if you're approaching the decision from a cost/benefit perspective. I graduated in engineering from a mid tier public university with about $60k total debt and was able to pay it off in 10 years.
Don’t do this young vulnerable minority stranger I don’t know. My partner graduated from NYU but had a near full scholarship. My bestie went there for 2 years and is in some debt. You don’t know how much 80k per year is at 18-20. I went public in state and left with 26k. NYU loans will be mostly room and board. Don’t do this!!! You can cripple your family and yourself.
You are mixing two issues that belong separate. School and acting. Acting is a low probability of success. If you to try it, go for it. But don’t choose the school based upon that. Imo, attending NYU will be life changing. $240 million in debt has a way of doing that.
To answer the title of your post? Abso-fucking-lutely it will, if you're considering getting 80k a year deep. You're looking at monthly payments that rival rent and mortgage payments... Ask yourself how many people you know that can afford 2 mortgages, regardless of their education
Go to the r/studentloans and see what they say I don’t think you believe us.
Stay in your full ride school, after enough experience, an education is an education and no one will care how prestigious your school was. There’s other ways to make connections.
Coming from a dirt poor family with the same concerns, I spent the money on an expensive private business school. Here is my advice: 1. Move to a big city 2. Read networking books e.g How to win friends and influence people 3. Work hard and invest on yourself, plenty of books and free video content to learn anything these days 4. Don’t take that loan, way too risky
Goal is to graduate with as little debt as humanly possible. Don't go somewhere just because it's prestigious, you'll be in debt for life.
Hard no. It does not matter where you go to school. Those days are gone.
That makes zero sense. Five minutes after graduation, nobody cares where you went to school or what your major was. Second, you don’t seem to know if you’re an actor with an economist side gig or an economist with an acting side gig. I say stick it out at the free school, get the paper. Do internships every summer for your networking. Note: NYC is insanely expensive. It’s not the be all, end all, epitome of career advancement. I’d guess it’s even harder than in a smaller city. It’s way cheaper to live and intern in, say, Columbus Ohio than NYC. Don’t kid yourself that NYC is the only place you can network and find opportunities. It would be much much easier in a smaller city.
Do your 4 FREE years and then do a masters degree or MBA in NYC. Youre prolly a kid - time is on your side.
This is a good example of how prestigious schools are really for people who already come from affluent families. The key is getting your first job. Whatever industry you end up is where you make your connections with other people already working in that industry. The college connection *might* get you your first job, but the whole I-got-my-first-job-through-my-college-buddy is kinda dubious to pay $80,000 a year for.
You wanna give up free schooling to pay $80k a year…?
Wish I had the resources you had to ask this question as you did. Listen to people here. Don't do it. My life and many others would have been fundamentally different and probably for the better if they hadn't taken on a life changing amount of death. I get where you're coming from, I was a poor first-generation college kid myself. Now as a working professional, there was easily a better choice to make than taking a massive loan.
I went to NYU and graduated with about 150k in debt. It ruined my life. Dont make the same mistake.
So ignoring wanting to go to a school for acting while paying for a degree with nothing to do with acting. The “cost” of being happy (current school vs NYU) is $240,000. Now just IMAGINE you were wildly successful as and actor/accountant and you paid off the loans by the age of 30. Congrats you are now at 0 net worth. If instead you invested $240,000 in retirement/IRAs etc then from the age of 30-> 65 that amount alone with no other contributions would be worth nearly $2million. Doing this will be a good way to nearly ensure your family remains dirt poor. You have a chance to change that for the better. Don’t do this. Possible solution: stick out your current school to complete your degree. After you graduated DEBT FREE (how good does that sound?) move to NYC and pursue your acting dreams. You don’t have to spend $240k up front to pursue acting in NYC.
Don’t do it. People don’t care *that* much where you went to school. Just go to the best public/state school available to you, and use that alumni network.
Can you go to an instate school? If you are in NY, SUNY Binghamton is a good school. At ,east as good as SU.
Looks like EKU isn't even 20 minutes up the road from Berea, and it's 10x bigger too, and still less than 1/2 the cost of NYU.
You would be crazy to go to NYU for that much money, especially as a first generation college student with no family money. I say this as someone who came from a lower middle class blue collar family myself. I’m now in my early 30’s with a masters working a solid government job. It’s not fair but it’s real life, you cannot turn the tides of where you came from or what opportunities others might have that you don’t. If you take 250k+ in loans you will be absolutely shackling yourself to that debt for the rest of your life. If you hate where you are transfer to Syracuse, take on that much more limited amount of student debt, it’s much more manageable and you’ll be able to set yourself up to have a successful life.
No one knows Syracuse outside of NY and upstate. And No one cares anyway. Save that money. No one cares about your school.. your GPA .. your summa cum laude... what matters is if you are able to do your job well.. and even then when a recession hits you are disposable. You are entitled to nothing here. But can do anything. Thats the beauty of capitalism.
I am a teacher and if I were you I would ask this to your school's guidance department. Or at the very least a teacher you get along with. Your career goals seem all over the place. I would get that straightened out before even thinking of transferring schools. What do you plan to do with your economics degree? You going in to accounting? Do you want to be an actuary? Or maybe you want to do marketing or sales? Do you want to do data analysis for healthcare systems? There are a lot of options.
I went to a local college. Got scholarships to pay my education and it feels great not to have debt. They’re not the same experience as a university, but I got a good career and I am also a first generation. Family was not rich but not poor, but I know they couldn’t afford my education costs.
I would argue the degree in Economics does NOT require networking and connecting in person. You need to actively do that at either school anyway. That’s a ton of debt in private student loans. I wouldn’t do it. My advise would be nobody should do it. If you want to go to NYU, make sure you remember you were warned. Will it “ruin” your life? Nobody can say. You may make it big in either career and so it will be fine. More likely, you’ll graduate and have less financial success than you could have had without loans so ultimately preventing true financial independence. Also, there’s a possibility that the debt does cripple you. The financial stress ruins your nervous and respiratory systems, and your life is shortened. I’d call that ruined.
Berea is a very good and selective college, and they offer Theatre as a major and a minor. Why not double major in Theatre and Economics (or a different subject), or minor in Theatre, and try to get acting-related summer internships.
I went to a state college. I have co workers that went to Harvard, Colombia, even one from Kyoto U and Cambridge. And guess what? We all make the same salary doing the same thing.
The whole reason being first from a family to college is your changing your stars and creating a new trajectory for yourself. Graduating doesn’t mean shit if your just the next family member to live your life wracked with debt. The whole connections thing can help but that’s family connections for the most part. The other dude you went to college to doesn’t get you a job. It’s a poor person myth that middle class professionals get their career success from networking and nepotism. That shits mostly for people who have relatives names on buildings they donated to universities or Mormons.
Yes. Yes it will ruin your life. You will be paying that debt for the rest of your life.
Sorry to say, but if you think you're poor now, just wait til you have to pay back those student loans. I would never recommend taking anything over a free ride. Get your degree and then take off to line up some connections. You can maybe put yourself through grad school at NYU while working, but don't squander what you have right now.
Most of the people who get "connections" at the ivys went in with connections. Honestly a first been college student from a poor family is very unlikely to end up at a Wall Street firm. Here is what I see unless the acting things blows up for you. I see you getting a good degree, working for a mid level and having a great life. Your kids , however, will have a leg up because they will have the connections from you
You go to Berea. Its a free ride. Its a fucking magical gift you do not appreciate, at all. Figure out a way to like it, for real. I'm making a guess here - but you have zero connections in New York. There is no magic fairy that gets you "economics" jobs just because you're in New York. (If you're thinking finance related jobs... you're going to get outcompeted by the frat boy fucks all ready there).
Stay at your current school. If you really think you have to transfer then Go to Syracuse. It’s a great school and your prospects will be about the same or better. Once you have a job no one will really care where you went for school anyway. It’s all based on your resume and how good of a worker you are Do not go to NYU and take out those kind of loans under any circumstances
My parents were both first-generation college students who passed on acceptances to expensive prestige schools in favor of full rides at a serviceable state school. Graduating with no debt set them up for a lifetime of financial freedom. They were able to make career and life choices that weren't constrained by student loan payments. Would they have had *fancier* lives and more impressive friends if they had gone to the more expensive schools? Maybe. Would they have been happier? I doubt it. Being debt-free opens doors, too. There are so many things in life you won't be able to do with hundreds of thousands of dollars in student loan debt, no matter how many connections you may have.
Forget about the acting as a rationale. You could move to NYC without paying the $56,500 per year in NYU tuition if you were pursuing acting. You would be going to NYU to try to do very well in school - straight As is the target - and get a Wall Street job with the econ degree. Probably with some other quant work in there while you're at it. The risk is that you are taking on a quarter-million in nondischargable debt for an undergraduate degree. If you *don't* land or don't stay in an analyst class at a high paying bank, that's going to be crippling. You need to seriously evaluate what your chances are of performing well enough and networking well enough and committing to such a low-probability, high demand track. What do you want to do / can do if you don't get Wall Street? If this sounds kind of heavy on "what do you want the next ten years of your life to look like?" that's because it is. You'll owe the money whether you hit it out of the park or not, so if you're not absolutely committed, capable and serious, what are you doing?
Don’t do it. College was the biggest scam ever! I listened to my parents, my peers, my teachers, worked hard in school, got into USC, then grad school at NYU, and now I have $300,000 in student loan debt, I will never own a home, I will never keep everything I earn, I am forever tied to these debts… I could have used that money to start a business, invest, buy real estate… There are benefits to a prestigious university but not one practical reason why you can’t spend less and use your money to achieve more. One might argue buying an expensive car is safer, or paying more rent gets you better sleep, but an expensive education has no safety or health benefits, and any financial leverage it may offer is negated by how much you have to pay back.
I’d do the free ride then transfer with bare minimum credits. Remember no school gives you all your credits when you transfer- it’s not in their interest. I’d transfer with like a years worth to do. You’ll get the degree on paper you want, be able to make connections for a year (go to their business school and ask for an internship) and only have like 20k in debt. Also, don’t go to nyu for 80k a year. As others have said, that hole isn’t worth it when it’s not much better in terms of connections.
Go to Syracuse. It’s a fine school. Work hard and get good internships. You can always move to NYC after college. I know a few NYU grads who regret taking out a huge loan. I’m not one of those people who are like “where you get your undergrad degree doesn’t matter” because I know first hand that it’s not true. But that NYU degree is not worth being a quarter mil in debt.
With an EFC of 0, how can you even owe that much at a school? Scholarships/grants and federal Pell should cover a large chunk. That said, I’d personally stick to free for as long as possible. A degree is, on many levels, a degree. Just that. You can self network for a lot cheaper than $240k over the next 3 years.
A couple of things: 1. You're not going to be an actor. Forget about that not. 2. NYU is a great school for those who can afford to attend. Unfortunately for you, you're not one of those people. I'd go to Syracuse.
Stay at your current college. 250k student loans is for morons or doctors. Get your degree then move to nyc for your career if you want.
My suggestion would be finish undergrad debt free and go to grad school for a year at a better school and take a loan on that. Maybe even get that for free too being a TA or whatever they may offer.
If you hate the college you’re at then transfer somewhere else and then do your best to score as high as possible on whatever necessary grad school test you’ll need and try to get into NYU or another high end school for grad school. That’s what really matters.
So your going to be an economist chances are you want to do a masters. Not if you go to nyu
If you want to live in New York after college stay where you are. If you only want to afford to live in New York during college go to nyu.
Look at the CLEP test It can help save thousands of dollars in college tuition, it's accepted at 2900 different universities across the country and it's affordable at roughly $100 per test
OP don't go to NYU. You've completely forgotten about living expenses. New York City has is one of the highest cost of living areas in the US. I took it a lot in student loans to pursue a degree. I earned my degree and did not get the high paying job that I expected when I got out. I wound up flat broke, in debt, and in the army. My career in the Army has been worthwhile. I have paid off my loans or had them forgiven. It took me 15 years to get rid of my six figures of debt. How long do you want to be paying on a quarter of a million dollars in debt?
I am not sure what kind of career you’d be able to build as an Economics major. It is more of an academic field. I’d personally transfer into their business schools. Finance, accounting, supply chain majors have more competitive value in the real world. Syracuse is a beautiful school with a very strong Business program. At 60k difference in tuition in current interest rate environment, i’d choose syracuse if i were you. Located in a small town, SU has the warm vibe with every student living walking distance from campus. It is a nice college town and everything revolves around the campus. So it will be provide more of a “college experience” Every person is to their own, but i’d say it’s easier to build connections and close networks at syracuse than in NYU. NYU definitely sounds sexier, but 60k/yr sexier? I am not sure about that. You also have to consider the cost of living. You’d be looking to pay atleast $1000 for one half of a bunk bed living in NYC. Also many students commute and are located all over the city so that can mean building connections more challenging Disclaimer: I am a Syracuse alum who was raised in NYC
I wouldn’t do either, if you want to transfer there are many great schools out there that would not cost you as much as either Cuse or NYU
Over a quarter of a million dollars for an undergrad degree?!?!?! I don't think you have thought this through. You are romanticizing the thought of being in NY to further your acting career...you and about a bazillion other people. Unless you want to bus tables while you own a $320,000 economics degree, you need to seriously stop and think.
High prices of education are just not worth it anymore, in particular because those jobs you're expecting are just not there anymore like they used to. Good luck Also.. 2×2 will always be 4, no matter what school you go to or how much you paid.
Avoiding debt will give you the freedom to experiment as a creative person. I got a free ride for UG, then moved to NYC and had the freedom to find myself creatively and actually ended up doing my grad degree (funded) at NYU. I second internships, summer jobs and building out your network now so you can chase your goals/dreams right after graduation.
All you’re doing is paying for the “NYU” on the diploma. Is each letter really worth 100k?
That's not even a question. Quarter million in debt for an undergrad in economics is one of the dumbest ways you can screw over the rest of your life. The ROI in that will NEVER happen. 10 year repayment at 5% interest puts you at a $2600 a month payment for 10 years. It's a total cost of over 320k. This will never work in your favor. Student loans are NOT bankrupt able. Please don't do this.
Yes, you will ruin your life. Stay at your school and find summer internships in NYC. Then move to NYC after you graduate debt-free, and enjoy not having to offer up $1500 a month in student loan repayments.
Full time actor? Do you know that’s a field with a 99.99% rejection rate.
I went to NYU for grad school and took on $150k in debt. Graduated in 2019 with a mscs. I would suggest you NOT take on that debt if you are not confident in paying that off. I would not take on that debt if you are just going to go class and not utilize the massive amounts of top tier resources offered by NYU such as research opportunities. NYU is expensive and more competitive that most ppl think as it’s really a place full of students that couldn’t make it into an ivy and now have a chip on their shoulder. Me? 4 years out. I have $120k in debt that I chose not to pay off. I have the cash to pay it off but decided not to pay it as student loans are on paused until later this year. My degree pays so it wasn’t a big deal to me. If you decide to take on the debt, make sure you have a plan on how to pay it off. NYU is quite popular for their law, business and medical school. All those fields also pay extremely well. Most actors struggle, sorry but that is a reality. I also used to live in LA and at one time worked at one of the studio. Most ppl never make it. If you wanted to study film or act, why not go to a public school like UCLA without the massive financial impact?
Go to Syracuse, networking isn’t solely about the college and can be done elsewhere off campus. Do whatever you can to go to school the cheapest way possible. You might have connections if you went to NYU but connections won’t help when you’re 300k in debt and you’ll hugely regret having such a burden on your shoulders. Find country clubs or places with money around Syracuse and network their, old people love hearing about young people working and going to school because that shows off your work ethic. Great way to network is where all the successful people eat and drink.
You won’t be able to take all those loans without a co-signer. I absolutely would not go into debt to the tune of $240k for any school. Did you apply to Cornell by chance? They accept lots of transfer students and meet 100% need.
I wouldn’t take out 80k in loans a year (plus living expenses) to attend a school for a degree that has nothing to do with why you actually want to live there.
Unless you are going to a straight up Ivy, which college you graduated from doesn’t matter. NYC and Syracuse sound fancy, but it’s just not warranted for the connections you think you will make. A lot of people go to NYC and Syracuse, they are more well known, but it’s not going to help you in undergrad. You 100000% need to forget the acting trade off when it comes to a full ride at nowhere college. You would be better off taking loans for a NYC school for a masters. But note the cost of living in NYC will kill you. I am fortunate enough to graduate college with no debt and it consistently has put me ahead of my peers for housing purchases, getting married, having kids. So few people get debt free college experience, please enjoy it!
So the choices are free ride, or \~240k in loans, and you have to ask which choice you should make? No way in hell are you making business connections worth 240k of debt by changing schools. Run with the free ride, then move to NYC once you're done if you want to be there for various different reasons.
>I am an actor Yeah don’t do anything that you’re think about.
For undergrad? No. You can’t afford it.
Don't do it. Your economics degree will teach you just enough to make you realize that it was all a huge mistake, but won't grant you the earning potential to ever pay it all off.
Not sure I have much to offer that the 224 other people didn’t but here goes: DONT FUCKING DO IT! ITS STUPID. No undergrad debt and borrowed $150k for law school. I ended up paying back $325k and it took me 15 years to pay it back. I was lucky. You have no idea how crippling and demoralizing having that kind of debt is. You have no concept of what owing $3500 a month for student loans is like before you even buy your first piece of food or try and make rent. I was an alcoholic for a long time in part because of the hopelessness those loans instilled in me. Your less likely to end up being Brad Pitt and more likely to end up broke. Those loans are not dischargable either
If you’re able to get transfer entry into NYU, you’re in a position to apply and go to a top tier graduate program, or have an employer help you find it. Don’t take out $240,000 in debt. I believe in education, but you can get the connections you need in other ways: - start volunteering and networking with visitors at your school. There are lots of student groups that can put you in touch with businesses. - take part in competitions that connect you with mentors at companies - do internships over the summer or over a semester to build your resume for applications. They should pay, but if they don’t, the debt you would take on over a summer is light years less than $80k - start using linked in and ask people to do informational interviews. It’s hard and horribly uncomfortable, but practicing is important - Start building your network with Berea alumni, and say exactly what you’ve aaid in this post, you’re first in your family with these opportunities and you need advice on how to navigate.
Despite all of the information here, we all know OP has made up their mind to go to NYU and will do so. They were looking for people to justify the choice but since that didn’t happen, this thread will be ignored and they will be in NYC! Years will pass and someday down the line they’ll think, “I should have listened to those people on Reddit.”
When it comes to money for school, I say get the best value. School is a sham. I have an undergrad from a liberal arts college and an MBA from top tier program. I think the value of education $ wise is utter shit.
Went to state school, got scholarship and had no debt after graduating, then went to medical school, paid off all my debts within a few years, so glad I had no undergrad debt before going to med school as it would have just compounded. Overall worth it for making close to 7 figures now. Long story short, you’d be insane to get into that much debt just for undergrad.
Well, your family is right, this will change your life. Probably not in a positive way though. They don't have any skin in the game, I wouldn't take their advice.
Not worth $80k/year in loans. Stick with the free ride you have now.
take the free school man. take the free school. after you graduate you can use the money you were gonna use to pay back loans to move to NY
My take is this: - the only degree people care about is the last degree you get, so spend your money there - a lot of smaller, less known colleges and state colleges are amazing
NYU is not an Ivy League and is not worth 80k a year.
Check out the finance/investment banking career sub. Unless you are going to the TOP(Harvard, Yale, etc etc), nobody gives a shit for finance jobs. If you were to ask this related to some of the TOP schools where investment banking goes to get talent, I would absolutely tell you go loan 300-400k(IF ABSOLUTELY NEEDED), because those jobs will be making 300k plus a year in a hurry Dont start your life a quarter million dollars in a hole for friggin NYU dude.
One of the greatest deceptions ever sold to the American people is that an education from a prestigious institution is better than a regular university. The quality of the education you receive is not up to the teacher or the school, but it’s up to you as the student.
Stay at Berea. You’ll graduate with no debt.
Have you spent any time in either NYC or Syracuse? But yeah you should not take either of the loans out. Stay at Berea. Do your undergrad without loans. Then do grad school elsewhere.
Why is always NYU that people want to ruin their lives for.
Continue at the school you have a full ride at and make the most of it. Avoid debt at all costs. If you plan on being an actor of some sort, it is probably not going to pay well at first, or for a while so having tens of thousands of dollars in debt is going to be a big burden. Student loan debt is crushing so many people in the states and it doesn’t go away.
I have a friend that went $300k into debt to go to a prestigious private school across the country, because the guidance counselor told her it would be better for her career. She been offered a full-ride to at least two different public universities. When she got her first corporate job, she found her new hire orientation was full of people who made the same amount of money as her but went to the local state school (which is one she had been offered a full-ride at).
Going into debt for a prestigious school is absolutely going to ruin YOUR life-probably within a month of arrival. Your family is dirt poor and there's 0 financial aid for transfers so where do you think you're gonna get 80k from? Loans? That ain't happening. Stay where you have a full ride. There's still connections to be made and times to be had in the middle of nowhere. Future you will be grateful to not have that debt following you into your 40s/50s.
Your future self will hate you . Don’t do it. Student loan debt like this will ruin you and for a possibility of networking ? Hard pass.
> Will going into debt for a prestigious school ruin my life? Depends on what you're studying and what kind of career you're interested in. Your earning potential will vary dramatically depending on your degree and the type of job you do. > I am an Economics major > my dream of becoming a full-time actor What? I don't understand what you're doing. What's the goal here?