By: Konrad Holden
New York University (NYU), one of the country’s most expensive schools, lists “eating fewer meals” as a way to save money during their time of study. The university’s other advice includes living with a senior, babysitting, finding food coupons online, and finishing school quicker. Over the last decade, NYU students have collectively borrowed $3.4 billion in federal Plus loans, which is more than any other school in the nation.
What is a college degree worth?
For New York University, it means hundreds of thousands of dollars in debt and students eating fewer meals to save some money.
The school is one of the country’s most expensive schools and it sits in the middle of one of the most expensive cities in the world. Despite this, the university, which has a $1 billion endowment, only covers about 62% of the financial needs of its undergraduates. This is the lowest for any private school of the same endowment size.
Even worse, in 40 of 49 programs, NYU graduate students took out more student debt than they earned in the first two years after getting their degree. The school also stays in the top 1% of parent Plus loan averages across the country.
Wall Street Journal reporter said, “NYU is known as an expensive school. In an expensive city. But we were still struck by just how poorly it does on so many measure [sic] of student and parent debt and affordability.”
“They like to think that they have made a lot of headway on college affordability. There’s a lot of smoke and mirrors.” - NYU professor Caitlin Zaloom