New York University, which often leaves graduates with large sums of debt, recommended that students eat fewer meals to save money, according to The Wall Street Journal.
The school reportedly told students they could save money by eating fewer meals, babysitting, finishing school faster and living with a senior citizen, the WSJ reported.
The NYU website’s “Ways to Save” page advises students to buy textbooks from the campus bookstore, explaining that “if you find the book you need for a cheaper price [at a different store] they may bring down the price at the bookstore.” The site also tells students to search for food coupons online and look for campus events offering free food.
Students at NYU collectively borrowed $3.4 billion in federal Plus loans in the last decade, more than any other school, according to the WSJ. The university covered only 62% of financial need for its undergraduates, the lowest for any private school with at least a $1 billion endowment.
Graduate students took out more money in loans than they earned in the two years after graduation in 40 of 49 NYU graduate programs, and the school is in the top 1% of parent Plus loan averages nationwide, WSJ reported.
Most of the debt incurred for students at NYU and other elite schools, including Georgetown and Boston University, is taken on by graduate students, according to Brookings. The federal Plus loan program allows graduate students to borrow money to cover the full cost of attendance.
“They like to think that they have made a lot of headway on college affordability,” NYU professor Caitlin Zaloom told the WSJ. “There’s a lot of smoke and mirrors.”
NYU did not respond to the Daily Caller News Foundation’s requests for comment.
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