Any of you older folks in same situation?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
turkey
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Any of you older folks in same situation?

Postby turkey » Fri Jan 06, 2012 6:45 pm

I am 30 and single. I have a car that will be paid off in January of 2013, so if I start law school in 2012 it will put me having to pay my car note (350.00) through a whole semester. I have about 100.00 a month in credit card debt, but aside from that nothing major (insurance, cell phone).

I don't have a lot of savings and what savings I have will just be to get me moved from this city to wherever I end up.

I am worried about the budget crunch that is going to hit me, but hoping for a little bit of scholarship and financial aid. Just really stressful.

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anjmissy
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Re: Any of you older folks in same situation?

Postby anjmissy » Fri Jan 06, 2012 7:32 pm

i have a car note that won't be done til August of 2016 (just got the car)..and my payment is $330 a month. I am not worried at all because I have nothing thats 90 days late or something like that, and thats pretty much what they look for when you apply for loans, to make sure you arent late on anything. As long as that car payment is in good standing you should be fine. A lot of schools factor in bills in their cost of living allowance, what I would say is don't go looking for the most expensive condo to live in. You should do this, the school you are planning on going to look at the living expense they have and divide that number by 12 and thats how much you have to live off for a month.

Example..il probably be at W&L and they have living at roughly $17,000 (not including textbooks), divided by 12 (so as to include the summer months) I have $1,416 a month to live off. If you expenses don't fit in within your school's living expenses than maybe you should find a school who's location is cheaper to live.

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citykitty
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Re: Any of you older folks in same situation?

Postby citykitty » Fri Jan 06, 2012 7:34 pm

If you're that worried, can you get a part time job waiting tables or something for a few months to pay the loan off early?

turkey
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Re: Any of you older folks in same situation?

Postby turkey » Fri Jan 06, 2012 7:35 pm

Does the 90 days late apply to current debt? The worst I have ever had shows as 60 days late on one payment but the account was paid off and closed several years ago.

turkey
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Re: Any of you older folks in same situation?

Postby turkey » Fri Jan 06, 2012 7:36 pm

citykitty wrote:If you're that worried, can you get a part time job waiting tables or something for a few months to pay the loan off early?

I work full time now. I guess i could get a night job

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anjmissy
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Re: Any of you older folks in same situation?

Postby anjmissy » Fri Jan 06, 2012 7:36 pm

turkey wrote:Does the 90 days late apply to current debt? The worst I have ever had shows as 60 days late on one payment but the account was paid off and closed several years ago.


if the issue has been settled than thats fine, its only current debt from what I understand

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Tiago Splitter
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Re: Any of you older folks in same situation?

Postby Tiago Splitter » Sun Jan 08, 2012 1:35 pm

You can also request a higher cost of attendance from the school you ultimately end up choosing. This lets you borrow more, although keep in mind that transportation is factored into the COA already.

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neeko
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Re: Any of you older folks in same situation?

Postby neeko » Sun Jan 08, 2012 2:11 pm

Im not older folks yet, but im pretty good at racking up debt. I was going to have this same problem. I took every extra penny that I had and paid 700 a month on my car instead of the required 400 and got it paid down enough to where I took all my savings and paid it off. Now I'm working on all my credit cards (there are a lot, plus I can't stop buying clothes so this one is probably a lost cause).

Jeffro
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Re: Any of you older folks in same situation?

Postby Jeffro » Sun Jan 08, 2012 8:27 pm

.

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tajudad
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Re: Any of you older folks in same situation?

Postby tajudad » Wed Jan 18, 2012 2:11 pm

I'm definitely in the older folks category: early 40's, family, house, car, and some credit card debt. I'm looking at some very large changes to my life and budget.

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Lady in Red
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Re: Any of you older folks in same situation?

Postby Lady in Red » Wed Feb 01, 2012 3:37 pm

32 years old here. I felt like I still could squeeze into the category of "young woman" until I started the law school application process; now I feel like an old lady. I was just accepted into U Mich, and I emailed a member of their OWLS (Older Wiser Law Students) club. She's about my age, and she's the oldest woman at the school. She's graduating, so I guess that will be me next year. <Identity shifting with a disconcerting thud>

Anyway. I'm single, I teach English full time at a public high school, and my paycheck barely pays my monthly expenses. LSATs (3 of 'em) and law school apps cleaned me out, and I'm wondering how to scrape together the cash to pay for the hefty deposit required by my new apartment complex in Ann Arbor, to pay off the extra month and a half on my current lease (I doubt I can find a subletter in my location), and to pay for the move to Michigan.

And yes...I still have three years left on the car payment.

I just interviewed for two moonlighting jobs this week, one waitressing at a pizza joint, the other teaching online in the evenings. But I'm a little concerned about working myself to death right before starting law school. The law schools recommend taking some time to relax before school starts. In truth, I really don't want to pick up a 2nd job, but if I don't...I'm nervous that I won't make it without slapping something on a credit card.

BUT...despite freaking out a little about money...I'm still VERY excited about this new adventure in my (ahem) old age.

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TommyK
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Re: Any of you older folks in same situation?

Postby TommyK » Wed Feb 01, 2012 3:43 pm

You're going to attend law school starting this August. You'll have to pay your car loan payments on 8/12, 9/12, 10/12, 11/12, 12/12 and 1/13. That's 6 months of payments at $350/month which totals to $2100. Your cost of attendance estimate will almost certainly be generous enough to pay an extra $2k over the course of the first semester, especially if you have a non-extravagant apartment and are good about living within your means and if you only have $100 monthly bill on your cc, something tells me you're not horrible at it.

But... I am an older student (30) and I postponed until this year so I could save up a bit more, pay off my car and get rid of my home. So, multiple ways to approach it, I suppose.

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Lil Kev
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Re: Any of you older folks in same situation?

Postby Lil Kev » Wed Feb 01, 2012 3:45 pm

Tiago Splitter wrote:You can also request a higher cost of attendance from the school you ultimately end up choosing. This lets you borrow more, although keep in mind that transportation is factored into the COA already.


That's what I would recommend doing. You will likely get the money, too.




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