Student Budget

[hypergex]

So my school has an out of state student budget of $41,000 and tuition and fees (not including books) is $29,000. How on earth do I live with a wife and two kids on $12,000 when I have to pay for books and Misc. expenses and the cheapest apartment I can find is $600 a month? There has to be a way to get around the school's budget. Anyone know a lender that does this that isn't through the roof in interest rates?

[Sweetpri]

I'm having a similar problem - I can't figure out how I'm going to live on this budget - I think they even take the health insurance out of the student budget (at least my school does).  Here are a couple of places to get student loans from that don't need to be certified through the school - interest & fees probably arent great though and you need either a job or a cosigner.  I hope this helps - good luck to you!

http://www.astrivestudentloans.com/

http://www.educationone.com/

[jillibean]

So my school has an out of state student budget of $41,000 and tuition and fees (not including books) is $29,000. How on earth do I live with a wife and two kids on $12,000 when I have to pay for books and Misc. expenses and the cheapest apartment I can find is $600 a month? There has to be a way to get around the school's budget. Anyone know a lender that does this that isn't through the roof in interest rates?

Ask your school for a cost-of-living increase. Don't bring your wife into it because they are assuming that she will work also. Just explain that you need money for a computer (even if you already have one, just take the 2K) and money for child care for 2 kids. Estimate it out to how much it will cost per year,add the 2K computer, and then tell them thats how much more you need. Child care is considered a educational-related expense

[Sweetpri]

Be careful if you're going to lie and find out exactly what they will need - I know that most schools or the lender will require receipts, at least for the computer. 

[bamf]

So my school has an out of state student budget of $41,000 and tuition and fees (not including books) is $29,000. How on earth do I live with a wife and two kids on $12,000 when I have to pay for books and Misc. expenses and the cheapest apartment I can find is $600 a month? There has to be a way to get around the school's budget. Anyone know a lender that does this that isn't through the roof in interest rates?

is your wife not working?

[The Law]

tag

[Papa Bear]

Child care is considered a educational-related expense

I asked about this and was told that it's limited to childcare for the time during which you are in class.

[hypergex]

So my school has an out of state student budget of $41,000 and tuition and fees (not including books) is $29,000. How on earth do I live with a wife and two kids on $12,000 when I have to pay for books and Misc. expenses and the cheapest apartment I can find is $600 a month? There has to be a way to get around the school's budget. Anyone know a lender that does this that isn't through the roof in interest rates?

is your wife not working?

Nope. We both feel it is better for the kids for her to be home to take care of them. Not to mention all the money she could bring in would barely cover child care. I can't believe how low-balled we are from the schools. You would think they would do a little research about living expenses in the area of the school.

[almostlegal]

Nope. We both feel it is better for the kids for her to be home to take care of them. Not to mention all the money she could bring in would barely cover child care. I can't believe how low-balled we are from the schools. You would think they would do a little research about living expenses in the area of the school.

I'm not so sure that the school low-balled the cost of living.  The school is looking at the cost of living in terms of one person, not four.  If you can find an apartment for you, your wife, and two kids for $600/month, then the cost for one person to find an apartment (probably estimated at a studio size or at sharing a multi-bedroom apartment with others) is probably less.  The cost of living for one person is also going to be less than for four people.  Also, the school is not looking at your cost of living for 12 months, it is looking at your cost of living for 8-9 months (because those are the months of the year that you are in school).

Not that it really matters, because you need to figure out a way to manage.

I would suggest looking into the additional loans mentioned, but also look into assistance programs in the area.  You may be able to find subsidized housing, and you may qualify for welfare, low-cost health insurance, or food stamps.  I know that you probably do not want to seek government assistance, but it may just help.

Perhaps your wife could get a part-time job (on weekends when you would be home) or she could work from home.  Even a little additional income will help (particularly if you do not need childcare during those times).

Also, you can put your book costs onto a credit card and make minimum payments while you are in law school (rather than the roughly $1000/year towards books).  Check with your friends and family to see if there is anyone in the area that you are moving to that someone knows and might be able to help with childcare or housing.  Talk to your school, see if they have any recommendations, also talk to the public hospital in the area (they can hook you up with those resources).
 
Lots of luck!

[hypergex]

Nope. We both feel it is better for the kids for her to be home to take care of them. Not to mention all the money she could bring in would barely cover child care. I can't believe how low-balled we are from the schools. You would think they would do a little research about living expenses in the area of the school.

I'm not so sure that the school low-balled the cost of living.  The school is looking at the cost of living in terms of one person, not four.  If you can find an apartment for you, your wife, and two kids for $600/month, then the cost for one person to find an apartment (probably estimated at a studio size or at sharing a multi-bedroom apartment with others) is probably less.  The cost of living for one person is also going to be less than for four people.  Also, the school is not looking at your cost of living for 12 months, it is looking at your cost of living for 8-9 months (because those are the months of the year that you are in school).

Not that it really matters, because you need to figure out a way to manage.

I would suggest looking into the additional loans mentioned, but also look into assistance programs in the area.  You may be able to find subsidized housing, and you may qualify for welfare, low-cost health insurance, or food stamps.  I know that you probably do not want to seek government assistance, but it may just help.

Perhaps your wife could get a part-time job (on weekends when you would be home) or she could work from home.  Even a little additional income will help (particularly if you do not need childcare during those times).

Also, you can put your book costs onto a credit card and make minimum payments while you are in law school (rather than the roughly $1000/year towards books).  Check with your friends and family to see if there is anyone in the area that you are moving to that someone knows and might be able to help with childcare or housing.  Talk to your school, see if they have any recommendations, also talk to the public hospital in the area (they can hook you up with those resources).
 
Lots of luck!

Wow these are great suggestions, thanks. I think I was just letting off steam and did not expect someone on these boards to be so understanding and informative at the same time.