Money money money....

[wookim0801]

Hey, guys

 

So I figured i should at least give this forum a try since I am really running out of options on my own research...

 

here's my situation..

 

I got accepted to school for next upcoming year.... and have been doing ALOT of research on loans/FAFSA/etc etc etc...

 

My situation is that i do have a condo that I will be renting out for the time I am gone.. and I am pretty confident that I could rent out for the entire 3 yrs... i've never had any issues with renting out my condo.. so that's all good..

BUT!! I also need to be prepared for the possible money difference in the rent price and my actual mortgage payment.. i am sure it would be minimum.. (about 50-150 bucks a month if anything).

 

Also I have a car that i am making a payment as well.. that's also about 200 bucks... I thought about selling my car.. but then the school actually recommends that I do have a car.. (09 decked out E90 bimmer is what I have....)

 

So.... I know for a fact that FAFSA would not cover anything beyond the school-related expenses...

 

I gotta say... I can NOT be the first person with these kind of issues... people with family with no incomes coming in... single moms... etc etc..

 

so I know that there should be some ways of me managing this financial issues...

 

Any help or suggestion will be really really appreciated!

 

Thank,

 

wookim0801@gmail.com

[cinntsp]

You will get all of the money you need. Contact your school's financial aid office with questions about the finaid budget for your program and what you need to do. It will include costs for tuition, books, living expenses, housing, etc.

[wookim0801]

I've already talked to FAFSA, financial office from the program i am trying to attend... they will told me "financial aid will not cover your mortgage difference nor the car payment" :((((

[cinntsp]

Yeah, they can't outright say "X amount is designated for your car payment"...but how do they know what you're going to use it for? Students of all types do this all around the country. The finaid office designates a budget for the PA program students that will take into account living and housing expenses along with tuition/books. What happens to the money once it's in your account is your choice. If you still find that you don't have enough then you can get a private student loan, which can often be at a lower interest rate than federal loans if you have good credit.

[RPa695]

I always had all my living expenses covered through student loans/grants/scholarship. Tuition at about 13,000 per semester + 400 for rent, and food, utilities, etc. I only had a car one year (rotations). I only had to take out a private loan from Sallie Mae for one semester when funds were short. This is always a good option if you have decent credit, but the school does have to approve it. Living expenses were approved through my school, which did include housing costs. Also, the graduate plus loan always helped me! I'm sure all schools and situations are different, but good luck!

[just_me]

The school gives everyone the same budget now how you use it is up to you. Example: if the program gives you a budget of 9k for the semester (this is on top of the budget for tuition/fees/etc and based on the lo) and lets say you pay bills from august to jan (include jan because your next disbursement doesnt come till mid jan) that gives you about 1500 a month to live off of...now how you use that is up to you. There are certain budget increases you can ask for and what kinds are available how you get them etc depend on the school. Usually you can get them for car repairs, medical expenses and a one time computer purchase.

 

Depending on how you live, you can do just fine on what the school budgets for you but yes they wont give you more just because you have more bills than what they give you a budget for.