Is it possible for a grad student to live alone in Manhattan?

There is a possibility that I might attend an MFA program in Manhattan (it’s a long shot, but still). What I’d like to know is: is it possible to live there on a student’s salary? I would have no problem with a tiny apartment – as long as there’s room for a futon on the floor, and a separate bathroom. I figure since I’d be in New York I wouldn’t want to spend much time there anyway.