How to pay for an apartment? HELP

[TheBeedo11]

So my boyfriend and I are starting at the same school this upcoming fall. Staying in on-campus housing is just not an option for us. We're looking at apartments but rent is about $650-900 for a small, 1 bedroom apartment (keep in mind that could or couldn't include utilities and such). Obviously we won't be able to get better jobs than minimum wage (or $10/hour if we're lucky). Even with our paychecks combined, it's barely livable. How can we do this? Would it be smart to take out student loans to pay for rent?

Keep in mind that:

• We don't have help from parents
• We're going to a two-year technical school with about $50,000 for tuition- each
• There are other expenses such as food and insurance
• Both our families are kind of poor so we should get a good bit in federal loans (my estimate is about $17,000 in student loans, I believe)

[TonyaB]

Have you looked at getting a studio apartment instead? that should be cheaper. I would recommend roommates but since it's two of you, it wouldn't make much sense. However, if you think coming up with approximately $1000 a month will be hard between the two of you (that's for a place, utilities, internet, and food), then you two need to start working as much as you can now and start saving up as much money as you can.

the FASFA is open now, so both of you should go ahead and submit for that. I was in a similar situation when I was getting my Master's degree, and I ended up maxing on my government loans to pay my bills. That might be your only option. However, I suggest that you only get federal loans, no private loans. People do this all the time, but keep in mind what you borrow you have to pay back so take that into account that taking all these loans for schooling and bills will cut into your income greatly once you start working. 

Also bartending is better than taking a minimum wage job. I use to pick up bartending jobs all the time to pay for things, on a good night I could make $300 plus dollars which was enough to pay quite a few bills and get food. 

[Soon2bgrad]

You should be eligible for federal direct loans that are in addition to any other financial aid (and other types of loans) and those can cover up to the estimate cost of living expenses that the school sets.  Ask your financial aid officer about it, but it should be included in your financial aid package.  I also would advise against taking out private loans.  Private loans often don't offer a grace period or deferrals for financial hardship if something happens when you are paying them back and you are unemployed for a period of time for some reason.

[TMP]

Though it's just a small thing but it can go a long way-- see if you can apply for SNAP benefits to help pay for the food.

[dr. t]

You have $50k in tuition and $17k (maybe) in federal aid. How are you planning on paying the $33k difference, before you even start worrying about living expenses? Does attending actually make financial sense?

[GradSchoolTruther]

$50k tuition for a two-year technical school is a rip off, and I'm guessing most graduates can't afford to pay back their student loans. Also have a feeling this question is better suited for College Confidential.

[sackofcrap]

There is something called a graduate plus loan. It is available to cover everything up to your total cost of attendance. If you need to take out a loan for graduate school, it is there. It does have a certain credit requirement, but I believe it is easy to qualify for. A lot of students take out graduate plus loans. Another thing to consider is working as a graduate assistant. Usually those jobs will have you work 20 hours per week on campus and pay enough to cover rent and living expenses.

Also, this is outrageous!

On 1/12/2016 at 4:31 AM, TheBeedo11 said:

We're going to a two-year technical school with about $50,000 for tuition- each

I went to a 4 year, private college in the northeast for undergraduate and my tuition still wasn't that high. To be paying that much for just a technical school is absolutely crazy. If I were you, I would re investigate what school I am going to. You are getting royally ripped off.

[Horb]

On January 27, 2016 at 2:44 PM, sackofcrap said:

There is something called a graduate plus loan. It is available to cover everything up to your total cost of attendance. If you need to take out a loan for graduate school, it is there. It does have a certain credit requirement, but I believe it is easy to qualify for. A lot of students take out graduate plus loans. Another thing to consider is working as a graduate assistant. Usually those jobs will have you work 20 hours per week on campus and pay enough to cover rent and living expenses.

Also, this is outrageous!

I went to a 4 year, private college in the northeast for undergraduate and my tuition still wasn't that high. To be paying that much for just a technical school is absolutely crazy. If I were you, I would re investigate what school I am going to. You are getting royally ripped off.

Is it 50,000 for two years? If so, that seems about right for a private school, which usually has high tuition but low fees (the inverse of state schools).

[sackofcrap]

On 1/30/2016 at 7:14 AM, Horb said:

Is it 50,000 for two years? If so, that seems about right for a private school, which usually has high tuition but low fees (the inverse of state schools).

I thought they were talking about per year. I could be wrong though.

[Pronounce]

What programs are you going for?  Have you looked into community colleges?  They cost less than half that.  Many private technical schools leave you with large loans, credits that don't transfer and a degree employers don't respect. 

 

[zipykido]

Keep in mind that many places will require a security deposit as well. It would be rather odd if your program doesn't have a financial aid office to deal with this since most of the time they work to make sure you can pay after acceptance. 

[ihatechoosingusernames]

On February 4, 2016 at 6:54 PM, zipykido said:

Keep in mind that many places will require a security deposit as well. It would be rather odd if your program doesn't have a financial aid office to deal with this since most of the time they work to make sure you can pay after acceptance. 

And it'll likely be a high security deposit too. Most places require proof that you and your boyfriend make at least three times the cost of the rent, and if you don't you may need your parents to cosign the lease. Depending on where you live coffee shops may be a good place to work also. My sister made enough just in tip money to cover her monthly gas, utilities, and grocery budget.