OMG, my financial aid "need" is only for 9 months

[Red Bull]

So here's a bit about me: I live in an expensive area. The only apartment that would allow my pets (2 cats, 1 dog) is $500 more than the projected housing need for my school. Also, they do not cover summer/moving costs. I also have a lot of credit card debt ($300/mo min payments). I have a few questions. First off, where is the summer money supposed to come from? How does everyone afford to move/ find an apartment and some how magically come up with the funds? I have borrowed about $6000 from my parents in the last year to pay for my summer rent/ board/ moving fees, school supplies, etc for the past four months. I just now got a job in the area, but I won't see my first paycheck for a few weeks. How has everyone else come up with this? I realize there are people with savings, those who are independently wealthy, etc but I can't be the only one in this situation. Thanks!

[dimanche0829]

Oh, I know your situation all too well. It sucks.

It can get better.

First, is there any possibility that you could move to a less expensive neighborhood? Obviously, California is a big state, but I live in LA when I'm not on the east coast for school. I pay $1400 a month to live downtown vs. $2,000 a month to live in the "nice" area - though I feel it necessary to defend downtown because it's really a great place and I actually prefer it to the suburbs of LA. Then again, I've always been a city girl at heart.

If you aren't willing to downgrade, what about taking on a roommate - either they could move in with you, or you move in with them?

If that doesn't work, would your parents be able to take on one or two pets so that it's not so costly? Parting with pets for any length of time is rarely a desirable choice, but you kind of need to take care of yourself. No money = no money for pet food = really bad situation for pets.

Also, try bartering with the landlord. Most of my landlords have been willing to just accept a higher security deposit instead of added rent. Not to mention, an extra $500 a month seems ridiculous for even the nicest areas.

Second, a more long-term solution, you should really consider cutting up your credit cards. If you're having trouble meeting all of your financial obligations (this doesn't have to mean that you're late on anything) then it sounds like your debt/income ratio is way too high, which isn't doing your credit rating any favors. Bad credit = less favorable interest rates, higher payments, less flexible terms = much worse than the probability of a "just in case" scenario actually happening in the next year or two. Additionally, your cards work against your credit score if your cards have balances totalling more than 50% of the max. limit. I paid down all of my credit debt a couple years ago but kept one card and asked that they reduce my balance to X dollars. In my opinion, a true "just in case" isn't going to run me more than a month's salary. And if it does, it's probably going to be medically related, in which case I can make alternate arrangements with the hospital. Just my 2 cents. I tend to be overly paranoid because I worked at a bankruptcy firm for several years. You learn some things along the way...

Third, you might consider a second job temporarily? With holiday season coming up, it wouldn't be too tough to find something.

Sadly, many academics don't "make it work." Many people work multiple jobs in the summer, rely on family members, live very meager lifestyles, etc. The ones who do make it work just know how to budget really well, still lead modest lifestyles, and do whatever they can to float by. In both cases, it's usually a struggle. Anyway, I hope these suggestions help. If not, I hope things work out for you!

[Red Bull]

My rent is $1450, which is $500 more than the allowance. I am locked into a year lease, so pets or no I am here to stay. I can't pay down my credit cards because I don't have money. There are no more hours in the week to work another job. My parents can't and won't just "give" me money. My landlord is strict about subletting. I seriously don't know what to do.

[dimanche0829]

My rent is $1450, which is $500 more than the allowance. I am locked into a year lease, so pets or no I am here to stay. I can't pay down my credit cards because I don't have money. There are no more hours in the week to work another job. My parents can't and won't just "give" me money. My landlord is strict about subletting. I seriously don't know what to do.

Ahhh, I see. Sorry, I misread your post and thought you were paying $500 a month extra for the pets. No wonder it seemed off! What about calling your CC companies and see if they will allow you to postpone 1-2 months of payments. If you have a car payment, you can request the same and just ask that the additional payment be tacked on to the end. It won't solve your crisis, but should at least help!

[Red Bull]

Thanks for your help! I think I just had a bit of a freak out moment and now I feel better. My parents are loving and supportive, and I think everything can be worked out. Also, the financial aid advisor at my school is very nice. Hopefully I will get everything worked out! Also, I have been stressed over classes and not getting much sleep, which can make things seem worse than they actually are.

[ktel]

Yes, the initial expenses are quite high, and honestly the only reason I could afford them was because I didn't pay for them, my boyfriend did. He probably incurred at least $5000 in setting up our new apartment. If I was doing this on my own I honestly would have probably lived in the graduate residence to avoid having to pay for furniture and the like, or my parents would have supported me. I did have a reasonable amount of savings for my summer job so I probably could have supported the move-in process but with severely downsized furniture purchases.

[Sigaba]

First, do not freak out. You are going to make it through this experience. Any graduate student worth his or her salt can do three things consistently--sleep in any position, no matter how uncomfortable the surroundings; turn any topic into a viable research project; and find ways to stay fed.

I recommend that you develop a matrix of different housing options. Program into this matrix the cost of breaking your lease. See if you can develop an option where there's still a net savings.

If breaking your lease is simply something you cannot do, keep the following in mind for next time. One can get a lot more bang for the buck by renting a room in an apartment/house than by living alone. The key will be to make sure you and any prospective housemate vet each other carefully. If you're in a seminary, you will have no trouble finding a good place to stay--it is a renter's market.

If your school is reasonably close to mass transit, consider getting rid of your car. To calculate the amount you'd save from not having a car, multiply the number of months you drive in a month by $0.56. (This value excludes the savings one can get by negotiating a lease without parking privileges.) You may qualify for a student rate metro pass. If you're in the L.A. area, you'll find that the LAMTA is reliable enough for your needs during the week (if not during the weekends).

To the extent possible, skim off some of the money you're getting now and put it aside for the lean times ahead.

Give thought to offering your services as a tutor on craigslist. If you travel this route, make sure that your rate is competitive and that all of the tutoring sessions take place in a public space.

Give thought for asking your friends and relatives for gift cards for the coming holidays, ideally for gift cards from area super markets. At worst, ask for Starbucks gift cards. (Nothing imparts a sense of omnipotence like a Starbucks card with $100.)

In regards to you not receiving your stipend during the summer months, double check to see if you can get your tuition covered for summer school courses. If so, max out the number of classes you can take. Spend as much time in the stacks as you can stand. Keeping busy intellectually will help dull the edge of hunger. And of fear. If you play ball, the summer is a great time to work on your midrange game. (I suggest you do this indoors. It will be better on your knees and the time will pass more quickly.)

If you don't have membership to COSTCO, find someone who does. In the months leading up to the summer, stockpile inexpensive food stuffs. Before you do so, I recommend that you get a good sense of what kinds of inexpensive foods you can handle physically and psychologically. (If you're going to be eating the same basic foods over and again, you want to make sure it isn't something that enhances depression or tears up your stomach. In regards to the former, I recommend Nescafe, Splenda, and evaporated milk. In regards to the latter, I recommend that you avoid the cheap ramen noodles and go with varieties that are more expensive--your stomach will thank you.)

In regards to the logistics of the summer move, ask around. Someone will know someone who has a truck. Someone else will know someone who has a place to store stuff. Everyone will need help moving. (And if you're good at the basics of shrink wrap, you'll find yourself in demand.) You put these people together and pool resources, you will find a way.

Remember at all times to keep your sense of perspective and your sense of humor. Acknowledge that you face a serious challenge but don't be overwhelmed. You will make it through.. Keep in mind that you are intelligent, that you are resourceful, and that there are people around you who will help. Use your intellect and your resourcefulness to develop and to implement solutions. This may include finding a dozen ways to make PB&Js. It may also include finding a nice groove where you're so involved with your studying that the lean days of the summer fly quickly. It may also involve reading the autobiographies/memoirs of senior scholars and other luminaries in your field. When you read about what they went through during similar phases in their lives, you'll smile to yourself and know you're just continuing the tradition.

HTH.

[starmaker]

I'm guessing that religious studies students don't have opportunities for paid summer industry internships (which is what I would advise for a fellow STEM grad student) in their own field. But, there might be something that follows the same idea, like summer research fellowships at museums or archives. So that might be an option.

[Red Bull]

Sigaba- thank you so much for taking the time to write that. Starmaker, that is a great idea, too!

[long_time_lurker]

It's not ideal but you can take loans. Rates are as good as they'll ever be (it's essentially no interest counting inflation) and they don't have to be paid until you get out of school.

Also, assuming your Bachelor's is also in religious studies, I would look into religious schools in the area. You don't need to be certified to teach in private schools. I don't know your faith but in my school (Catholic) the religious (i.e. nuns) aren't getting any younger and the school has been hiring especially part-timers for whom they don't have to pay benefits. So it won't kill you as far as time is concerned, and you'll make about $50/hr.

[Sigaba]

Nice, long_time_lurker!

To dovetail with your point, one could also work at summer programs (day camps). Even if the pay were not as lucrative, one can gain experience, have fun working with the program participants, and maybe qualify to take meals served during program days.