I just read an article in the NYTIMES about the ridiculously high cost of apartments in NYC. Something like if you want a one-bedroom, you have to make over 100k a year, just for a one-bedroom apartment! I mean, anywhere else, someone flipping burgers at McDonalds would get a one-bedroom...
NYC is a great city (from my one visit there...) but then you have to remember that you could always move there after graduating from Seton Hall, and probably be ahead 100k. And IP law requires a hard-science background, so take that into consideration.
That is a bit exaggurated. I don't make near 100k and live just fine in Manhattan, in a pretty prime location. Of course I split a 1BR with a roommate (you put a wall up in the living room to turn it into a 2BR), but this is how everyone does it in NYC (at least us non-millionaires). So, living affordably in Manhattan is possible.
That said, Cardozo is easily commutable from all the outside areas as well, Hoboken, Jersey City, Brooklyn, Roosevelt Island, Long Island City, Queens, etc. You are not locked into Manhattan and can find very affordable housing in some out the outlying areas.