I graduated from NYU in 1986. I loved that I lived in Greenwich Village, and I didn't even mind that I had to share a one bedroom walkup with 5 other people for 4 years in order to go there. As an art major, the experience of living in Washington Square among artists and writers was umatched, and even though I just got done payoing off loans about 4 years ago, I wouldn't trade the experience for anything.
I got my masters degree at Pratt Institute, in Brooklyn. There is no better school for someone interested in an advanced degree in fine arts or architecture. It cost me an arm and a leg, as I paid for my entire education myself through school loans, but it paid off in the long run.