As NYU students, we’ve had to face the increasing role that debt plays in our education. Whether it’s our own student loans or the large sums of low-interest loans made available to famous faculty, students have to grapple with the reality of financing a huge global university in the heart of New York City.
Media coverage, ranging from our own student newspaper to The New York Times, has mainly commented on how it is unjust of NYU to graduate some of the nation’s most indebted students, but still provide generous perks to famous in-demand faculty.
However, the conversation has often been contaminated by an eagerness to turn the facts into something they’re not. As NYU moves forward and decides how much money to budget for financial aid, school programs and faculty compensations, we would be deluded to think that the debate is not first and foremost one of practicality.
Under the leadership of NYU President John Sexton, NYU has grown from a mainly local school to an international dream school. Of course, NYU incurred high tuition rates and debt to fund our period of growth.
Did you think that some of the world’s best faculty decides to teach at NYU because of its proximity to Artichoke Pizza? Or that NYU’s investments in strong academic programs and its celebrity faculty had no bearing in students’ decisions to come here in the first place?
NYU is stuck between a rock and a hard place, as is any institution with a limited budget. But tuition money is what allows a huge university like NYU to function. NYU is not Harvard, Princeton or Yale. The university doesn’t have the same large endowments that would compete with the Ivy League’s generous aid policies. So next time a journalist cites NYU’s student debt as the fourth highest in the country, please graciously remind them that comparing NYU to other schools is like comparing apples to oranges. Not to mention we are in New York City, not in the middle of nowhere.
Until NYU is in a position to meet the financial needs of all of its accepted students, it’s up to students and their families to think hard before committing to it. We must ask ourselves if the debt is worth the careers we hope to obtain in the future, and the experience of attending NYU.
Debt has become a poisonous word. But debt, when used wisely, also allows us to invest in our ideas, passions and dreams. Some dreams belong to individuals. Some dreams belong to universities. NYU has come so far from where it was two decades ago, and we’d be foolish to believe that money didn’t play a large role in it. We can and should, however, always have an open debate about where our university chooses to allocate its resources and utilize the money accumulated from both tuition and debt repayments to further NYU’s educational mission.
A version of this article appeared in the Monday, Sept. 16 print edition. Sibora Lalaj is a contributing columnist. Email her at [email protected].
Michael Rectenwald • Sep 18, 2013 at 10:21 am
The author appears to have no idea what in fact has contributed to the rising tuition, not only at NYU, but in higher education at large — administrative bloat. This comes as layer is added on layer of administrator, some of whom have nothing to do but manage other administrators, who also have nothing to do. At present, there is more than one administrator for every faculty member in higher education. Perhaps each might shadow a faculty member, learning what role in fact a faculty member undertakes, and what the purpose of higher education is. I advise the author and her readers to read The Fall of the Faculty, by Benjamin Ginsberg: http://www.amazon.com/The-Fall-Faculty-Benjamin-Ginsberg/dp/0199975434
On top of the usual bloat, NYU has added an incredible layer of legerdemain and possibly fraudulent activity in the form of near no-interest loans to top administrators and favored faculty, for vacation homes no less, as well as loan forgiveness and massive bonuses and parting bonuses.
NYU is a leader all right — a leader in neoliberal austerity for the majority and a deregulated bonanza of cash and prizes for a tiny, tiny minority.
rick131 • Sep 17, 2013 at 1:05 pm
A lot of NYU’s allure is the fact that now New York City is your average high school students dream destination. The nation (and world) want to come to New York City.) Also NYU’s Med school, law school ,and busines schools have long been in the top ten for over 50 years.
CU_Alum • Sep 19, 2013 at 6:46 pm
NYU’s medical school has never been in the top 10 of any major ranking system. U.S. News currently ranks it 21st. It’s very good, but not as good as you say. The business and law schools are stronger, but they got there (much) less than 50 years ago.
Felliniesque • Sep 16, 2013 at 1:39 pm
This brings new meaning to the phrase “the company line”. For those of us born and raised in the Village, NYU has become a nightmare. Start with the destruction of the Poe House, the semi-destruction of the Provincetown Playhouse, the threat of the 2013 plan, ( which it took an ancient I.M Pei to swat down at least vis-a-vis the Silver Towers part of), come on! This is like saying logging is good for forests because it creates paths on which the woodland creatures can walk. The vote of no faith by NYU professors was so courageous and it didn’t happen because they were unhappy with the cafeteria. Read the New Yorker piece on Sexton. Educate yourself as to the manner in which the University is perceived by people living around it. Study up on the role Greenwich Village has played in the cultural gifts of New York. It deserved to survive, not be gradually chiseled down into dust by an institution of learning. One could almost understand the conduct NYU has displayed if it were Dow Chemical or Monsanto coming in and forcing itself on a community so offensively, but this is a school. A school should act as a model for its students of what civilized behaviour looks like.
Bored College Student • Sep 16, 2013 at 1:17 pm
I’m curious about how much debt the author of this piece is in.
Lynn Lapierre • Sep 16, 2013 at 8:58 am
Let’s also not turn opinion into facts. NYU was an international dream school long before the reign of JSex. And to infer that Harvard and Yale are in the middle of nowhere is ludicrous at best.
Scolding people to think long and hard about their dream school, that they gruelling worked through all the top AP courses, extracurriculars, and volunteering to win an acceptance letter from, is insulting. Translation: a top college is only for the rich kids…sucks to be you.
There is a fundamental conflict in ethics when you actively try to attract top quality students, but then deny them the type of assistance needed to attend your school. And then to be completely blind to your own hypocrisy of turning around in the same article and saying you need to spend top dollar to attract top talent for faculty… well, which is it? Great, you have the best and the brightest teaching the rich and the privilged. But clearly that is not an issue keeping anyone up at night at NYU.