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05 Apr 2011, 13:36
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All,
So when looking at the estimated costs of attendance of the school I will be going to in Fall, the student budget that is given is much lower than I believe I can live on. For instance, the transportation allocation is around $350, and my current vehicle with insurance is well over $500. Even scrimping in some areas I find that I'll be short each month (assuming max Stafford and GradPLUS loans.) Since it is not really feasible to sell my car (although an option, I will still owe money on it if I do), I'm wondering what are some other ways to offset this cost.
The COA seems to allot for a shoestring budget and although I will cut costs significantly I want to ensure I'm able to eat/socialize/etc. I know there are private loans I'm just wondering how many here have gone that route. I don't have a very good credit score (I'd say FICO maybe around 630) so I'm concerned that I'm going to be in trouble when it comes to utilizing private loans. I don't have a problem with working part time I just really hoped to be able to focus on school full time this time around. Cheers to any feedback.
So when looking at the estimated costs of attendance of the school I will be going to in Fall, the student budget that is given is much lower than I believe I can live on. For instance, the transportation allocation is around $350, and my current vehicle with insurance is well over $500. Even scrimping in some areas I find that I'll be short each month (assuming max Stafford and GradPLUS loans.) Since it is not really feasible to sell my car (although an option, I will still owe money on it if I do), I'm wondering what are some other ways to offset this cost.
The COA seems to allot for a shoestring budget and although I will cut costs significantly I want to ensure I'm able to eat/socialize/etc. I know there are private loans I'm just wondering how many here have gone that route. I don't have a very good credit score (I'd say FICO maybe around 630) so I'm concerned that I'm going to be in trouble when it comes to utilizing private loans. I don't have a problem with working part time I just really hoped to be able to focus on school full time this time around. Cheers to any feedback.
06 Apr 2011, 13:19
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extermin8r
Well the Stafford and GradPLUS loans will cover you to the total student budget amount listed by the school which I agree tends to be on the low side. I know for my school, they assume 9 months of rent when in reality 90% of students will be unable to sublease their apartments during the summer. My wife is going to work while I attend school and I'm hoping to make some money during the internship to close the gap as well. I also do have a little savings and I can pull my ROTH IRA savings as well if necessary. I'm avoiding private loans unless I find one without a variable interest rate. It'll be tough to learn to live on a shoestring budget when my fellow classmates will be jetsetting around the world but I think part of b-school education is learning to live within your means and say no to excess spending from time to time. I think working a part time job would be really difficult but if you don't qualify for private loans or if you don't have family/friends able to loan you the incremental amount you need, then you just have to do what it takes. Best of luck!
06 Apr 2011, 22:51
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that's great advice and good point about living within your means (or below.) thanks for the detailed post.
