Apartment Budget.

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
LSHPFL10
Posts: 72
Joined: Thu May 28, 2009 10:12 am

Apartment Budget.

Postby LSHPFL10 » Tue Mar 23, 2010 12:24 pm

So, I realize that now (and likely sooner than now) is a good time to start putting money down on an apartment in the area where I will likely be attending law school. Up to this point, I've been waiting on other decisions, but I think I'm pretty much decided.

That being said, I will be financing the majority of my expenses with GradPlus loans, which I have yet to apply for (but am fairly certain I will get them, since I have no >90 delinquencies).

But since I have not applied for these loans yet, and thus have not requested a set amount, how do I know what my budget is in terms of apartment hunting?

Thanks in advance for the replies.

LSHPFL10
Posts: 72
Joined: Thu May 28, 2009 10:12 am

Re: Apartment Budget.

Postby LSHPFL10 » Tue Mar 23, 2010 12:39 pm

LSHPFL10 wrote:So, I realize that now (and likely sooner than now) is a good time to start putting money down on an apartment in the area where I will likely be attending law school. Up to this point, I've been waiting on other decisions, but I think I'm pretty much decided.

That being said, I will be financing the majority of my expenses with GradPlus loans, which I have yet to apply for (but am fairly certain I will get them, since I have no >90 delinquencies).

But since I have not applied for these loans yet, and thus have not requested a set amount, how do I know what my budget is in terms of apartment hunting?

Thanks in advance for the replies.


Bump.

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Threepeat
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Joined: Sat Sep 26, 2009 11:37 pm

Re: Apartment Budget.

Postby Threepeat » Tue Mar 23, 2010 12:41 pm

Well, someone can correct me if I am wrong, but I believe you are allowed to take out GradPlus loans up to the full amount the school has listed for the Total Cost of Attendance (this includes living). I would use that amount as a starting point. From there, start taking a look (either visit or search online) at what the cost of different apartments that you are interested in will run you. Ultimately it is up to you on how much you are willing to spend on an apartment and how much in loans you want to take out for living, but you should be able to put together a pretty good estimated budget just by looking around at the prices of apartments in the area.

Usernamepassword
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Joined: Wed Mar 10, 2010 11:28 am

Re: Apartment Budget.

Postby Usernamepassword » Tue Mar 23, 2010 12:41 pm

Are you familiar with the area you'll be living? If you are its pretty easy to estimate what a decent (not great) apartment will cost. If not..call the admissions office and ask them what you should be paying for a decent apartment

LSHPFL10
Posts: 72
Joined: Thu May 28, 2009 10:12 am

Re: Apartment Budget.

Postby LSHPFL10 » Tue Mar 23, 2010 12:44 pm

I'm not entirely familiar with the area, but I have been doing a lot of preliminary apartment hunting there, and I have a good idea of what the prices are.

So, essentially, just take a look at what the CoA budgeted amount for living expenses are, and start there?

LSHPFL10
Posts: 72
Joined: Thu May 28, 2009 10:12 am

Re: Apartment Budget.

Postby LSHPFL10 » Tue Mar 23, 2010 6:11 pm

LSHPFL10 wrote:I'm not entirely familiar with the area, but I have been doing a lot of preliminary apartment hunting there, and I have a good idea of what the prices are.

So, essentially, just take a look at what the CoA budgeted amount for living expenses are, and start there?

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beesknees
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Re: Apartment Budget.

Postby beesknees » Tue Mar 23, 2010 6:19 pm

That's what I'm doing - just figured out a maximum rent+utilities number given my probable gradplus loan amounts and am looking for something at (hopefully under) that number. The only problem might be with the apartment application, which will undoubtedly require proof of income. We can show our loan awards, but we have to have received our fin aid, applied for our grad plus, be approved and have that award printed to show the renter.

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Xnegd
Posts: 322
Joined: Wed Jul 01, 2009 4:06 pm

Re: Apartment Budget.

Postby Xnegd » Tue Mar 23, 2010 6:25 pm

LSHPFL10 wrote:So, I realize that now (and likely sooner than now) is a good time to start putting money down on an apartment in the area where I will likely be attending law school. Up to this point, I've been waiting on other decisions, but I think I'm pretty much decided.

That being said, I will be financing the majority of my expenses with GradPlus loans, which I have yet to apply for (but am fairly certain I will get them, since I have no >90 delinquencies).

But since I have not applied for these loans yet, and thus have not requested a set amount, how do I know what my budget is in terms of apartment hunting?

Thanks in advance for the replies.



I just dealt with this Friday, good timing!

Your Stafford loan only goes up to $20,500, then after that it's Graduate Plus loans.

I just Googled my school and added a coma and put "cost of attendance." You could also check on here, this site is pretty goos with cost of living. Anyways, then I e-mailed the school financial aid department and asked them for a confirmation of the rates I had found for 2010. Then, I put that amount minus the 20,500 in my loan application.

They have to work with your school to get everything approved, so if you need more/less they'll know that and you're school will take care of it.

Then after it's all done, you get the pleasure of having it fully hit you that you just signed away $$$,$$$, at which point you go cry in the corner, or like me get really really drunk.

too old for this sh*
Posts: 124
Joined: Mon Feb 08, 2010 9:48 pm

Re: Apartment Budget.

Postby too old for this sh* » Wed Mar 24, 2010 2:35 pm

beesknees wrote:That's what I'm doing - just figured out a maximum rent+utilities number given my probable gradplus loan amounts and am looking for something at (hopefully under) that number. The only problem might be with the apartment application, which will undoubtedly require proof of income. We can show our loan awards, but we have to have received our fin aid, applied for our grad plus, be approved and have that award printed to show the renter.


While I have never sought housing during a period in which I was not otherwise employed, I have NEVER been asked for PROOF of income. Granted, the last application I had to make for an apartment was sometime during the Reagan administration, I have leased a number of houses since that time. Some used their own apps and others used the same apps the apartment complexes in Texas utilize...most places seem to be more concerned with the fact that you pay your bills (ie. credit score) and the absence of judgments from former landlords.

I cannot imagine that a college-area apartment/duplex manager is going to be MORE stringent than the owner/manager of a 3K sq ft house valued in excess of a half-mil...




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