NYU tuition... money problem... please help???

Question

I was accepted into my dream school NYU and not getting any financial award.

My parents now have approximately 300,000 dollars in their savings and due to my dad's new unstable job he earns about 55,000 dollars a year (without any tax taken out)

NYU costs about 50,000 dollars a year and my parents want me to cancel my acceptance (after I accepted the offer of admission and paid for housing and stuff) and go to a community college.

What are financial options for me? Do the universities loan money to students directly (not to parents) so that they can pay eventually pay off after they graduate? I want to go to NYU even if I owe a 20,0000 debt after I get out of school and have to pay off the debt for the next 5 years after graduation. .

I desperately want to go to NYU and study my *** off.

Let's say I pay the full tuition in my first year and get like 3.9 GPA. Can I apply for scholarship in my second year?

How generous is NYU in generally about giving out money?

Answer 1

Do the math.  

If NYU costs 55,000 a year, you will not be in debt 20,000 after 4 years you will be in debt (55,000 X 4) = $220,000 after you graduate.  $220,000 debt is a loan that would be paid on for 10 years after you graduate with payments of over 2,500 a month.

Yes, you can get student loans in your name without your parents to cosign, but the max amount you can borrow as a freshman is 3,500 a year.  You can attend a perfectly good community college for that amount and even most in-state schools.

Don't count on getting a 55K (or even a 10K) scholarship.  You can't bet on something that hasn't happened yet!  Do 2 years at a community college, then transfer to NYU after you get a good GPA and have a confirmed scholarship from them (and you can come up with the extra cash to pay the difference).

You are not entitled to any of your parents money... Period.