PA2016! Posted March 27, 2014 Share Posted March 27, 2014 So lately I have been doing some number crunching and I am trying to figure out what a safe amount of $$ will be for everything except tuition...... Assuming rent is ~1,200 a month, I am looking at 36K alone in rent after 30 months....What do current students think would be a safe number for other related living costs such as food/gas/cable/electricity ect... for the entire 30 months? 36K for rent + ___________ ORC = Total loan amount without tuition for 30 months. Link to comment Share on other sites More sharing options...
IDrunner11 Posted March 27, 2014 Share Posted March 27, 2014 Holy cow 1,200 a month for rent alone!? You should ask First year students from your program how much they pay for gas, power and internet. I believe you apply for loans per semester so keep in mind that the will only give you enough for the first semester for living expenses. Link to comment Share on other sites More sharing options...
winterallsummer Posted March 27, 2014 Share Posted March 27, 2014 My advice is take out max loans. Very hard to live on anything less unless you have money saved away or are getting help from mommy & daddy, or have a working spouse who makes good money. At least that's how it is in large cities IMHO. Link to comment Share on other sites More sharing options...
SHU-CH Posted April 3, 2014 Share Posted April 3, 2014 Biggest unanticipated expense might be rotation travel. Check with your program - are all the rotations driving distance, or will they place you out of state for some of them? Link to comment Share on other sites More sharing options...
PA2016! Posted April 3, 2014 Author Share Posted April 3, 2014 All rotations are in the eastern part of the state. They say that they try to keep you within 100 miles which means pretty cheap travels for me....Assuming I don't land the one rotation 99 miles away ;) Link to comment Share on other sites More sharing options...
SHU-CH Posted April 3, 2014 Share Posted April 3, 2014 This might be an unpopular suggestion (especially for someone who is going to soon be a poor, starving graduate student) but it is frequently worthwhile speaking to a financial advisor for stuff like this. Doing so might set you back a few hundred dollars initially but in the long run you can realize big dividends. Student loans are something to have a healthy respect for. Unlike some other loans, they are "unforgivable" in many circumstances. You go bankrupt, students loans do not go away. You die, they bounce over to your estate. The risk is greatly decreased by the fact that you are going into a field in demand with good compensation. But for a financial decision that will impact your life for decades you might do well to get a professional, objective opinion. Link to comment Share on other sites More sharing options...
GatorRRT Posted April 3, 2014 Share Posted April 3, 2014 Federal student loans are discharged upon death. This probably isn't the case with private loans, so borrow carefully. studentaid.ed.gov/repay-loans/forgiveness-cancellation Link to comment Share on other sites More sharing options...
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