Yayayo wrote:
I posted this in another group but could use some help. I focused really narrowly between studying for the GMAT and doing my aps and now that I'm accepted to the school I want to go to I forgot to think about the most important thing... Money.
I'm a military officer and will be using the GI BIll, however, I'm married with a baby and was wondering how people pay for living expenses like bills, food, etc? I know that sounds crazy that I overlooked that but I did. I planned on joining the guard but that is still not enough to support a family.
Would love to hear from those that are married and/or have kids.
Congratulations on your admit!
Welcome to the current students forum. You are not alone with not thinking about funding prior. It is impossible to worry and take care of everything and the only way to maintain sanity is doing it one step at a time.
1. Schools have a "living" budget that you can usually borrow for, using loans whether private or public. It is usually a pretty minimal amount but it helps. I had to borrow for living expenses even with a full scholarship that i was able to get. I assume you have explored this option....
2. Family
3. Job/etc - many of the married folks at school had their spouses work to take care of health insurance and other necessities. I had a campus job that did not pay a whole lot but it helped and i could easily study while "doing the job". I also had an assistanship (helping a professor with their class or whatever project they may have had).
4. Savings - Haha. Yeah, right... though we did have a few folks on the site self-pay for their MBA. I was not one of them.
5. Microfinancing and other investinyourself type of loans. WSJ had an article recently:
https://www.wsj.com/articles/tuition-due ... 1446433546 and also found this one while searching:
https://www.wsj.com/articles/more-colleg ... 14387919776. Credit card debt - that's how I have financed a number of emergency purchases (yes, you will have those unfortunately - new computer, new old car, etc). I have been able to rollover large balances to 0% APR, though in the past you could do it for $50-100 per transaction; now it is more like 3-4%. I really don't recommend that you get into this until the second year or at all. I started using credit cards to cover deficit during the summer and ended up overspending. It ended up working out at the end as I was able to live on virtually nothing as a student, but with a family and additional expenses, use this as the last resort since your credit card debt can easily take an unexpected turn. It is still a tool though not a great one.
P.S. I would suggest giving M7 a call. They do have a free Financial Aid analysis and consultation package specifically for MBA's and that may be of help (it is free and only 30 mins).
https://www.m7financial.com/student-budg ... g-session/ This company is a part of the
mbaMission family of companies, so nothing shady.
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17 Nov 2015, 17:16
