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blackpowerman

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omg im screwed-
« on: May 25, 2007, 03:06:29 AM »
The budget at my school is set for 47k.  Peanuts as I understand.  How do i go about trying to get an increase in allotted budget?  I will get $20,500 from stafford and i plan on using access group or THE for the rest of the 27K- will they allow me to take more?  I have heard they will not.

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Astro

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #1 on: May 25, 2007, 03:54:34 AM »
The budget at my school is set for 47k.  Peanuts as I understand.  How do i go about trying to get an increase in allotted budget?  I will get $20,500 from stafford and i plan on using access group or THE for the rest of the 27K- will they allow me to take more?  I have heard they will not.

This is my situation.  I have 17K credit card debt (bad spending, trust me im an idiot) basically, i had a job for 2 years getting paid about 5K a month.  there was no need for credit cards, but i just wanted to "build credit". the job ended without notice, in a matter of 2 weeks, and well, that money stopped coming in and well, i had my money in a car, house and a whooooole lotta crap i didnt need. not to mention i was living like a baller- i was 22 when this started and 24 when my empire collapsed.  after selling all my personal possessions and moving back home, parents bought the house and rent it out now, im broke as ever.  my current job yields 2 grand a month and after cc payments, car payments, insurance and phone bill, i have 300 bucks left which goes to gas and mcdonalds. 

 and i owe 20K on my car. I wanted to consolidate these debts into my student loan because i dont want the burden of having to make a monthly payment especially when i can not work.  The way i see it is, after i graduate i will still have to pay this money back, however i will not have a car payment or credit cards to deal with when i start my first job- yes, my loan payment will be higher, but my over all expenses will be lower considering the lower interest rates and the fact that i wont have extra car payments or credit card payments.

The budget i was shooting for the first year was approximately $85K, give or take.  That would be for 37K first year tuition, room and board, 37K car/credit card payoff and 12K for first year living extras, including car insurance, gas, maintenance and emergency fund (hurricane evacuation travel expense, medical woes, anything that just comes up, etc)

Please let me know if i am talking over my head as i have little idea of how i go about getting budget increases!

is this even possible???? will the school buy it???


I suggest affirmative action.


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kulrythm

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #2 on: May 25, 2007, 04:25:39 AM »
and i owe 20K on my car.
Are you freaking kidding me?  You make $24,000 a year, and you owe $20k on a car?  You should sell your car.  Buy a $2k car, and never buy a new car again.  You wonder why you have no money?  Even though you "sold everything you own," you kept your car, and are still living way above your means. 

Even if you sell your car, and are in the hole a few thousand dollars, you can take out a loan for the difference plus 2k for a new car.  Instead of having 20k in car debt, you now have 5k.  Your payments will be way lower, and you'll be able to put more money towards your credit card payments.

From what I understand, no school will increase your student loan amount in order to allow you to make credit card payments.  Subsidized loans are not meant for credit card debt.  Most schools recommend that you pay off all credit card debt before entering law school. 

You are not bankrupt, you are simply living way above your means.  It is totally rediculous that you bring home $2k a month, and only have $300 left after a car payment, insurance, credit card, and phone bill, when you are living rent-free with your parents.  You cannot afford your car.  It's as simple as that. 

I also recommend you get a second job this summer before school starts in the fall.  Wake up early and lift boxes before work at UPS.  Or, deliver pizzas at night when you get off.  You could easily make an additional 1-2k per month doing this.  If it's only for the summer, it'll be easy and you'll be able to pay off (and cut up) some of your credit cards in the process. 

Sweetpri

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #3 on: May 25, 2007, 08:27:03 AM »
Some schools may let you increase your budget a little bit, but definitely not by that much, and not if you tell them it's for credit card debt!  If you can use less of your living expenses budget and maybe get a slight increase on that budget, hopefully you can keep making the minimum payments on your cards while you're still in school.  I'm assuming that's the biggest reason for wanting the student loan to cover the credit card debt - not having to pay it back until after graduating would be a huge help.  Good luck!
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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #4 on: May 25, 2007, 08:34:09 AM »
your parents bought your house?  obviously they cya.  just ask for more help.  you know thats what you'll do anyway.  its the white "affirmative action".  HTH
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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #5 on: May 25, 2007, 08:35:56 AM »
The budget at my school is set for 47k.  Peanuts as I understand.  How do i go about trying to get an increase in allotted budget?  I will get $20,500 from stafford and i plan on using access group or THE for the rest of the 27K- will they allow me to take more?  I have heard they will not.

This is my situation.  I have 17K credit card debt (bad spending, trust me im an idiot) basically, i had a job for 2 years getting paid about 5K a month.  there was no need for credit cards, but i just wanted to "build credit". the job ended without notice, in a matter of 2 weeks, and well, that money stopped coming in and well, i had my money in a car, house and a whooooole lotta crap i didnt need. not to mention i was living like a baller- i was 22 when this started and 24 when my empire collapsed.  after selling all my personal possessions and moving back home, parents bought the house and rent it out now, im broke as ever.  my current job yields 2 grand a month and after cc payments, car payments, insurance and phone bill, i have 300 bucks left which goes to gas and mcdonalds. 

 and i owe 20K on my car. I wanted to consolidate these debts into my student loan because i dont want the burden of having to make a monthly payment especially when i can not work.  The way i see it is, after i graduate i will still have to pay this money back, however i will not have a car payment or credit cards to deal with when i start my first job- yes, my loan payment will be higher, but my over all expenses will be lower considering the lower interest rates and the fact that i wont have extra car payments or credit card payments.

The budget i was shooting for the first year was approximately $85K, give or take.  That would be for 37K first year tuition, room and board, 37K car/credit card payoff and 12K for first year living extras, including car insurance, gas, maintenance and emergency fund (hurricane evacuation travel expense, medical woes, anything that just comes up, etc)

Please let me know if i am talking over my head as i have little idea of how i go about getting budget increases!

is this even possible???? will the school buy it???

How in the world did this happen? Dude, take a year off, work your tail off, get the bulk of these debts off your back then go to law school. As it is, you're already stressed, think about having all these right now and being a 1L. A perfect recipe for disaster.
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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #6 on: May 25, 2007, 09:26:57 AM »
"Sell your car.  Carmax is great for giving you cash on the spot."

haha. 
The Tragicomic: Itís embodied in the blues, jazz, (HIP HOP, CORNELL <<one slight deserves another!!!!<< REALLY MISSED THE BOAT ON THAT ONE!!!) and the African experience in the New World -- the ability to withstand terrorism, embrace oneís worst enemies lovingly and bear the unbearable in song.

jer

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #7 on: May 25, 2007, 09:33:30 AM »
stop eating at mcdonalds

jer

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #8 on: May 25, 2007, 09:43:00 AM »
i don't think carmax even makes you buy a car from them in order for them to give you cash for your car.

Last King of Edinburgh

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #9 on: May 25, 2007, 09:50:44 AM »
i don't think carmax even makes you buy a car from them in order for them to give you cash for your car.

They sure dont. "We'll buy yours, even if you dont buy ours"
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