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View Diary: Overnight News Digest 01/25/2013 (46 comments)

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  •  One Of The Worst Private Schools For Student Debt (2+ / 0-)
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    Trix, JML9999

    From the Village Voice (via NYU Local):

    Much of the article focuses on Lyndsey, an NYU alumna who took out over $300,000 in loans to graduate from NYU and subsequently found herself forced to make the choice between working in the industry she actually studied for and making her loan payments ($1,232 a month!). The rest of the article details why NYU is so bad at student debt, which essentially boils down to the fact that NYU is using student tuition to finance its massive expansion plans and vision of a Global University in an effort to become a New Ivy:
    “But at the same time, NYU’s status as an iconic and prolific generator of student debt is an awkward fit with the populist outrage of national education funding activists and Occupy Wall Street protesters. Prospective NYU students have less-expensive options, and NYU isn’t exactly positioning itself as an affordable institution for the masses. In fact, its tuition is so high and its financial aid so low precisely because the university is on a multi-decade spending spree, attempting to launch itself into the highest tiers of elite universities with a state-of-the-art campus and top-notch faculty.

    That sort of aspirational spending—the idea that, as former NYU president L. Jay Oliva once said, “There’s no way to get excellence, other than buying your way into it”—is, of course, only the institutional mirror of the aspirational spending NYU’s students are doing when they pay their tuition bills. For many, the belief that a diploma from a prestigious school like NYU can catapult a student into a higher socioeconomic register makes NYU’s staggering tuition seem worth it.

    There is a significant difference between these double strands of big dreams and lavish spending, though: NYU is financing its dreams with student tuition. The students are financing theirs with enormous loans that can weigh on them and limit their options for decades to come.”

    •  NYU was much more affordable when I was there... (2+ / 0-)
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      Rimjob, JML9999

      I think tuition when I graduated (1996) was *only* around $30K.

      Thankfully, I didn't need to take out any student loans.

    •  My father also went to NYU... (2+ / 0-)
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      JML9999, Rimjob

      and after he got his Bachelor's degree there (in accounting), he enrolled in the business school to go for his MBA. His family didn't have a lot of money, so to help pay for his tuition, he was working for the school (doing financial auditing). In that capacity, he discovered that someone was stealing hundreds of thousands of dollars from the school, and brought the info to the attention of his boss, who then proceeded to fire him (forcing him to drop out). As it turned out, his boss is the one who was doing the embezzling.

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