Help Me Figure Out the Best Finanacial Strategy
November 21, 2013 11:36 PM Subscribe
I'm unexpectedly broke. How do I get cash to use now, and a way to pay tuition and living expenses soon -- with the least risk of ending up in this situation again?
My situation now:
I moved from across the country on short notice in order to start grad school in DC (where I'm from), and I've been crashing with my parents since I got here in August. Jobs aren't hard to get, but I worked through the first half of the semester and it was a disaster, grades-wise. Right now, under my professors' advice I'm not working while classes are in session.
This semester is already paid for, and when I stopped working I had enough savings to (barely) get through the end of the year. But my mom was short two weeks ago, so I gave all my money to her. Now she's saying she can't pay me back. So I have the cash I had squirreled away separately for emergencies (now down to about $50), and that's about it.
My debt is a $5K student loan, and a credit card with about $800 on it ($1K limit).
The immediate problem:
Between now and the end of December, I'd probably only need a couple thousand to pay off my credit card, pay my bills, and have enough money so that I won't be terrified of getting a ticket or something. However, like I said, I'm pretty much flat broke until I get my hands on more cash, so I need something ASAP.
Then in January, my tuition bills start coming due and I'll have to buy books. Half of that $5K loan will get disbursed directly to the school, so the tuition payments I'll have to make come up to about $7.5K total (spread over four months).
What kind of loans and how much in loans should I take out? Do I have any other options besides loans? Do the loans have to be private to get disbursed in cash, directly to me?
What I'd like:
My parents and I have had a distant, difficult relationship. They think that's my fault, and they think it's a betrayal for me to leave their home. This is the second time that I've been living out of state and they've convinced me to come back -- I don't know how they do it, and I don't know why I do it. The last time I visited, my mom had a nervous breakdown that put her in the hospital -- according to her that was my fault, wouldn't have happened if I hadn't left her, etc etc etc. Obviously, they don't take very kindly to the idea of me leaving again. They would also like any financial help that I can give them, because my mom would like to quit her job (my dad has been out of work for a long time). As you would expect, I'm pretty ready to move.
How would I be able to a move out, financially? What kind of budget should I be considering? I'd like to stay in Arlington, Alexandria, or DC, because I have to commute into Georgetown. I also have a cat that needs some yard space. Optimally, I'd also have laundry on-site and parking. Every time I look on Craigslist I feel priced completely out of the market, but since my budget is currently $0...
Is this even a possibility? What should I hope for in terms of living arrangements, and how can I finance them? Even if I can't move out -- how can I pay for my living expenses?
Tl;dr:
How do I get my hands on roughly $2K in cash now, enough money to pay for $7.5K in tuition bills, and living expenses within the Beltway (Jan - April), in the least financially irresponsible way possible and with strong prejudice against me either getting a job or continuing to stay with my parents (though if necessary, I'll consider either/both)?
My situation now:
I moved from across the country on short notice in order to start grad school in DC (where I'm from), and I've been crashing with my parents since I got here in August. Jobs aren't hard to get, but I worked through the first half of the semester and it was a disaster, grades-wise. Right now, under my professors' advice I'm not working while classes are in session.
This semester is already paid for, and when I stopped working I had enough savings to (barely) get through the end of the year. But my mom was short two weeks ago, so I gave all my money to her. Now she's saying she can't pay me back. So I have the cash I had squirreled away separately for emergencies (now down to about $50), and that's about it.
My debt is a $5K student loan, and a credit card with about $800 on it ($1K limit).
The immediate problem:
Between now and the end of December, I'd probably only need a couple thousand to pay off my credit card, pay my bills, and have enough money so that I won't be terrified of getting a ticket or something. However, like I said, I'm pretty much flat broke until I get my hands on more cash, so I need something ASAP.
Then in January, my tuition bills start coming due and I'll have to buy books. Half of that $5K loan will get disbursed directly to the school, so the tuition payments I'll have to make come up to about $7.5K total (spread over four months).
What kind of loans and how much in loans should I take out? Do I have any other options besides loans? Do the loans have to be private to get disbursed in cash, directly to me?
What I'd like:
My parents and I have had a distant, difficult relationship. They think that's my fault, and they think it's a betrayal for me to leave their home. This is the second time that I've been living out of state and they've convinced me to come back -- I don't know how they do it, and I don't know why I do it. The last time I visited, my mom had a nervous breakdown that put her in the hospital -- according to her that was my fault, wouldn't have happened if I hadn't left her, etc etc etc. Obviously, they don't take very kindly to the idea of me leaving again. They would also like any financial help that I can give them, because my mom would like to quit her job (my dad has been out of work for a long time). As you would expect, I'm pretty ready to move.
How would I be able to a move out, financially? What kind of budget should I be considering? I'd like to stay in Arlington, Alexandria, or DC, because I have to commute into Georgetown. I also have a cat that needs some yard space. Optimally, I'd also have laundry on-site and parking. Every time I look on Craigslist I feel priced completely out of the market, but since my budget is currently $0...
Is this even a possibility? What should I hope for in terms of living arrangements, and how can I finance them? Even if I can't move out -- how can I pay for my living expenses?
Tl;dr:
How do I get my hands on roughly $2K in cash now, enough money to pay for $7.5K in tuition bills, and living expenses within the Beltway (Jan - April), in the least financially irresponsible way possible and with strong prejudice against me either getting a job or continuing to stay with my parents (though if necessary, I'll consider either/both)?
Could you take a semester off to work? Is your degree likely to convert immediately into employment?
posted by Dansaman at 12:38 AM on November 22, 2013 [4 favorites]
posted by Dansaman at 12:38 AM on November 22, 2013 [4 favorites]
It depends on what you're studying in grad school and what job you're aiming for.
I had terrible grades in college and grad school and no one has ever asked to see them once in ten years since graduation.
If you're in a field where grades matter, then getting better grades will presumably get you more money at a potential job, so it's a worthwhile investment.
Then again, relevant work experience is always going to get you further than grades. If you're not in med/law school or on an academic track, I would seriously consider taking a leave of absence and getting an entry level job in your field.
It sounds like being in your parents' house is making you miserable. I've been there, and you need to prioritize your health and well being over abstract things like "grades" or following the "correct path." No one wants to hire a miserable person and honestly, no one wants to be around a miserable person. Take care of yourself first.
posted by hamsterdam at 12:53 AM on November 22, 2013 [2 favorites]
I had terrible grades in college and grad school and no one has ever asked to see them once in ten years since graduation.
If you're in a field where grades matter, then getting better grades will presumably get you more money at a potential job, so it's a worthwhile investment.
Then again, relevant work experience is always going to get you further than grades. If you're not in med/law school or on an academic track, I would seriously consider taking a leave of absence and getting an entry level job in your field.
It sounds like being in your parents' house is making you miserable. I've been there, and you need to prioritize your health and well being over abstract things like "grades" or following the "correct path." No one wants to hire a miserable person and honestly, no one wants to be around a miserable person. Take care of yourself first.
posted by hamsterdam at 12:53 AM on November 22, 2013 [2 favorites]
Best answer: In terms of student loans, whether more federal or alternative, in almost all cases the money has to be sent through the school first before you receive any excess for living expenses. Schools have different timelines for this so check with your aid office. Try to avoid private loans and look into grad plus if that's the route you take. You only have to be attending half time to receive loans, could you do that and work part time? Otherwise I agree with moving in with roommates and finding work in the field you're interested in. As previously mentioned an advanced degree is not a guaranteed ticket to a job, and the longer you stretch out school the more debt you'll be in.
posted by wannabecounselor at 2:07 AM on November 22, 2013 [1 favorite]
posted by wannabecounselor at 2:07 AM on November 22, 2013 [1 favorite]
I don't have much to offer about your current predicament, but I feel obliged to call attention to this:
My mom was short two weeks ago, so I gave all my money to her. Now she's saying she can't pay me back....My mom would like to quit her job (my dad has been out of work for a long time).
You are in no position to be helping others with their finances, as you yourself need help with your finances. I realize that these are your parents, but, to put it metaphorically, a person with one kidney is ineligible to become a kidney donor. I'm also not sure why your mom wants to quit her job when your parents have already relied on their child to help them make ends meet, but that sounds like quite a problematic thought process.
Between this, their convincing you to move back home twice when you didn't want to, and your mom's fault-assigned nervous breakdown, it sounds like your parents are irresponsible, manipulative and controlling. Once you get through this current situation, I recommend you get out of the house and minimize your contact with them for your own mental and financial health.
posted by charlemangy at 2:58 AM on November 22, 2013 [18 favorites]
My mom was short two weeks ago, so I gave all my money to her. Now she's saying she can't pay me back....My mom would like to quit her job (my dad has been out of work for a long time).
You are in no position to be helping others with their finances, as you yourself need help with your finances. I realize that these are your parents, but, to put it metaphorically, a person with one kidney is ineligible to become a kidney donor. I'm also not sure why your mom wants to quit her job when your parents have already relied on their child to help them make ends meet, but that sounds like quite a problematic thought process.
Between this, their convincing you to move back home twice when you didn't want to, and your mom's fault-assigned nervous breakdown, it sounds like your parents are irresponsible, manipulative and controlling. Once you get through this current situation, I recommend you get out of the house and minimize your contact with them for your own mental and financial health.
posted by charlemangy at 2:58 AM on November 22, 2013 [18 favorites]
Then in January, my tuition bills start coming due and I'll have to buy books.
Hmm, I dunno if you're doing a masters or what, but I completed a five year honours degree with thesis without ever having to buy a textbook. The library/ies had what I needed, and any particularly in-demand textbooks were always put on the two-hour loan reserve by my professors (or I asked them to), so there's one expense you can start saving on.
posted by smoke at 3:27 AM on November 22, 2013 [2 favorites]
Hmm, I dunno if you're doing a masters or what, but I completed a five year honours degree with thesis without ever having to buy a textbook. The library/ies had what I needed, and any particularly in-demand textbooks were always put on the two-hour loan reserve by my professors (or I asked them to), so there's one expense you can start saving on.
posted by smoke at 3:27 AM on November 22, 2013 [2 favorites]
Does your grad program offer any assistantships (TA, Research assistant, etc) that would help cover tuition and provide some amount of cash? These jobs are expecting you to also be taking classes and may not cause the same challenges that outside employment does.
posted by nalyd at 3:37 AM on November 22, 2013 [2 favorites]
posted by nalyd at 3:37 AM on November 22, 2013 [2 favorites]
Can you take out more in student loans for this current semester?
posted by mercredi at 4:23 AM on November 22, 2013
posted by mercredi at 4:23 AM on November 22, 2013
Get a job and go part time at grad school if necessary. Your family situation seems worthy of it's own separate question, but in general it sounds like a boundary setting situation and boundaries are easier to set when you are not under the same roof which cycles back to get a job and put grad school on a more part time long view achievement. Growing up sucks.
posted by WeekendJen at 5:17 AM on November 22, 2013 [2 favorites]
posted by WeekendJen at 5:17 AM on November 22, 2013 [2 favorites]
Sounds like grad school is the least of your worries.
Yes, it would be grand if you could afford it. But you can't. But you're not trying to hear that right now.
If you're female, I'd recommend sex work. Phone sex is pretty great for students. I did it. You just talk to guys on the phone. You can study between calls. The problem is, it pays pretty close to minimum wage. But it's money coming in.
The other option is to be a dominatrix. It's not even illegal. If you're inclined, it's pretty easy to pick up, and you may find it fun. If you get a couple of regulars, you're only doing it a few hours per week. The money can be pretty decent. Go to a dungeon on the weekend and see what it's about. Make friends with the mistress and see if she can teach you and hook you up with some folks.
If you're female and pretty, then be a stripper. Again, you can choose your hours and you can make some SERIOUS money.
Most of these you can start doing tonight.
If you're a guy, I don't have as many options for you. I'm wondering if, with 50 Shades of Grey, there is more of a demand for men in the S/M world. Something to consider.
You do realize that your parents are controlling you with money, right? This is why you must NEVER rely upon them for money or a home, ever again, in this lifetime.
Your Mom can pay you back. She can sell something if she had to. She's just keeping you broke so you'll be dependant.
While I doubt it would go over well, start looking around the house for things to pawn or sell for cash. Do you have any jewelry? Sell that. That's the easiest, quickest cash around. Walk down any street, spot a guy twirling a sign, and see what they'll give you.
How about electronics? iPod, TV, etc. Those might bring in money, not a lot.
Do you have any old sports equipment? Skis, Tennis Raquets, Golf Clubs, Treadmills. Sell on Craigslist. Collectibles? Try eBay.
Do you have a car? Sell it and use public transportation.
You are in a much more desperate situation than you realize.
If you can get more loans, get them. But again, I suggest to you that you are too financially precarious right now to afford Grad School.
posted by Ruthless Bunny at 5:34 AM on November 22, 2013 [2 favorites]
Yes, it would be grand if you could afford it. But you can't. But you're not trying to hear that right now.
If you're female, I'd recommend sex work. Phone sex is pretty great for students. I did it. You just talk to guys on the phone. You can study between calls. The problem is, it pays pretty close to minimum wage. But it's money coming in.
The other option is to be a dominatrix. It's not even illegal. If you're inclined, it's pretty easy to pick up, and you may find it fun. If you get a couple of regulars, you're only doing it a few hours per week. The money can be pretty decent. Go to a dungeon on the weekend and see what it's about. Make friends with the mistress and see if she can teach you and hook you up with some folks.
If you're female and pretty, then be a stripper. Again, you can choose your hours and you can make some SERIOUS money.
Most of these you can start doing tonight.
If you're a guy, I don't have as many options for you. I'm wondering if, with 50 Shades of Grey, there is more of a demand for men in the S/M world. Something to consider.
You do realize that your parents are controlling you with money, right? This is why you must NEVER rely upon them for money or a home, ever again, in this lifetime.
Your Mom can pay you back. She can sell something if she had to. She's just keeping you broke so you'll be dependant.
While I doubt it would go over well, start looking around the house for things to pawn or sell for cash. Do you have any jewelry? Sell that. That's the easiest, quickest cash around. Walk down any street, spot a guy twirling a sign, and see what they'll give you.
How about electronics? iPod, TV, etc. Those might bring in money, not a lot.
Do you have any old sports equipment? Skis, Tennis Raquets, Golf Clubs, Treadmills. Sell on Craigslist. Collectibles? Try eBay.
Do you have a car? Sell it and use public transportation.
You are in a much more desperate situation than you realize.
If you can get more loans, get them. But again, I suggest to you that you are too financially precarious right now to afford Grad School.
posted by Ruthless Bunny at 5:34 AM on November 22, 2013 [2 favorites]
Sell anything you can, maybe even your car, if you have one. Does your Mom have stuff that could be sold to pay you back? It's the holiday season, so the moment you hand in your last paper, get a job. Look now to see if you can get started, but have minimal hours until school is relatively wrapped up. You may be able to sell plasma for immediate cash. *Don't* get payday loans or anything like that.
You can't afford to move out and go to school. Until you have a job, you can't afford to move out at all. Get out of the house as much as possible. Unless you can get loans, next term is unlikely to be possible. And even if you can get loans, how much debt are you comfortable with?
Your Mom defrauded you. Get a job, and get out. Severely limit your communications with her. Read Stop Walking on Eggshells, for help on resisting emotional blackmail. She is an adult, and is responsible for her own life. Part of a parent's job is to teach their child to be independent, and to encourage them to have their own life. You don't have the power to make her ill, happy, etc.
posted by theora55 at 5:53 AM on November 22, 2013 [3 favorites]
You can't afford to move out and go to school. Until you have a job, you can't afford to move out at all. Get out of the house as much as possible. Unless you can get loans, next term is unlikely to be possible. And even if you can get loans, how much debt are you comfortable with?
Your Mom defrauded you. Get a job, and get out. Severely limit your communications with her. Read Stop Walking on Eggshells, for help on resisting emotional blackmail. She is an adult, and is responsible for her own life. Part of a parent's job is to teach their child to be independent, and to encourage them to have their own life. You don't have the power to make her ill, happy, etc.
posted by theora55 at 5:53 AM on November 22, 2013 [3 favorites]
charlemagny pointed it out already, but it needs to be repeated:
My mom was short two weeks ago, so I gave all my money to her. Now she's saying she can't pay me back....My mom would like to quit her job (my dad has been out of work for a long time).
Your family is wanting YOU to support THEM, not the other way around. You are an adult. If you can't sit them all down and talk about the job situation and have ALL OF YOU out there looking for jobs while you support each other in that, then you need to put on your own oxygen mask first and let them deal with their own issues.
You really need to come back to this thread and tell us what you are studying in grad school and how likely it will be to get a good-paying job out of it. If it's like engineering or medical, then take out loans and do whatever it takes to finish. If it's like history or philosophy, dude, you need to quit because you can't afford it.
posted by CathyG at 6:54 AM on November 22, 2013 [5 favorites]
My mom was short two weeks ago, so I gave all my money to her. Now she's saying she can't pay me back....My mom would like to quit her job (my dad has been out of work for a long time).
Your family is wanting YOU to support THEM, not the other way around. You are an adult. If you can't sit them all down and talk about the job situation and have ALL OF YOU out there looking for jobs while you support each other in that, then you need to put on your own oxygen mask first and let them deal with their own issues.
You really need to come back to this thread and tell us what you are studying in grad school and how likely it will be to get a good-paying job out of it. If it's like engineering or medical, then take out loans and do whatever it takes to finish. If it's like history or philosophy, dude, you need to quit because you can't afford it.
posted by CathyG at 6:54 AM on November 22, 2013 [5 favorites]
Best answer: I don't think you can afford grad school right now. You need to triage. Go beg and plead for a year off. Really.
Then find the best job you can (I'm impressed when you say that jobs are plentiful and easy to get!). Pay back your debts and save save save. If you have to live with your parents for a bit longer, decide how much you want to contribute to living expenses (you're an adult and you should be contributing to household costs, NOT supporting your mother) and give that (I don't trust your parents to be fair to you) and not a penny more.
The plan is to set yourself up for success by next fall - to be able to have moved out into the most affordable livable roommate share you can, have money set aside for emergencies, and time to either arrange sufficient loans (IF your degree warrants them, I second the advice that you consider this carefully) or a part time job that is really compatible with school work, and *then* go back to school.
I agree with Ruthless Bunny that it sounds like you don't quite realize how tenuous your situation is. Better to take a leave of absence, or if necessary withdraw, then to set yourself up for the emotional and financial nightmare of being dependent on a toxic family while going further and further into debt. If you are suited to grad school and grad school is suited for you, you will be able to return on better terms.
posted by Salamandrous at 7:17 AM on November 22, 2013 [2 favorites]
Then find the best job you can (I'm impressed when you say that jobs are plentiful and easy to get!). Pay back your debts and save save save. If you have to live with your parents for a bit longer, decide how much you want to contribute to living expenses (you're an adult and you should be contributing to household costs, NOT supporting your mother) and give that (I don't trust your parents to be fair to you) and not a penny more.
The plan is to set yourself up for success by next fall - to be able to have moved out into the most affordable livable roommate share you can, have money set aside for emergencies, and time to either arrange sufficient loans (IF your degree warrants them, I second the advice that you consider this carefully) or a part time job that is really compatible with school work, and *then* go back to school.
I agree with Ruthless Bunny that it sounds like you don't quite realize how tenuous your situation is. Better to take a leave of absence, or if necessary withdraw, then to set yourself up for the emotional and financial nightmare of being dependent on a toxic family while going further and further into debt. If you are suited to grad school and grad school is suited for you, you will be able to return on better terms.
posted by Salamandrous at 7:17 AM on November 22, 2013 [2 favorites]
Nthing the badness of your relationship with your parents. In your stage of life, it's not incumbent upon you to live with them to make them happy or support them financially.
As far as raising cash in the immediate future, in additional to season retail work, you can look into tutoring (both undergrad and K-12) and babysitting. Babysitting won't pay that much, but you might be able to combine it with tutoring to boost your fee and it lets you study after the kids go to bed.
Your school may have some kind of emergency loan available if you have an absolute need to get some cash to hold you over.
How do I get my hands on roughly $2K in cash now, enough money to pay for $7.5K in tuition bills, and living expenses within the Beltway (Jan - April), in the least financially irresponsible way possible and with strong prejudice against me either getting a job
Frankly, you're not in a place to be going to school next semester. You're doing poorly in school, in a bad living environment, and it sounds like you're naive about money. Your options are to take on a job (which you've already acknowledged is bad for your grades and still has to be fairly high pay to cover your costs) or a crushing debt load (for a program that your previous question indicated you didn't know whether it would pay off monetarily). Other than the scholarship you're on, money doesn't just come from nowhere and there's always a cost. You're on the verge of failing out as it is. Take a semester off to work and save money to pay for school, get into a healthy living environment, and figure out better study habits. And get some therapy.
I'm looking for more short-term solutions here, and I'll cross the next bridges when I get to them.
Be careful that you don't burn those bridges as you cross them. If you let your need for money cause you to fail out they may never let you back in the program.
posted by Candleman at 8:02 AM on November 22, 2013 [3 favorites]
As far as raising cash in the immediate future, in additional to season retail work, you can look into tutoring (both undergrad and K-12) and babysitting. Babysitting won't pay that much, but you might be able to combine it with tutoring to boost your fee and it lets you study after the kids go to bed.
Your school may have some kind of emergency loan available if you have an absolute need to get some cash to hold you over.
How do I get my hands on roughly $2K in cash now, enough money to pay for $7.5K in tuition bills, and living expenses within the Beltway (Jan - April), in the least financially irresponsible way possible and with strong prejudice against me either getting a job
Frankly, you're not in a place to be going to school next semester. You're doing poorly in school, in a bad living environment, and it sounds like you're naive about money. Your options are to take on a job (which you've already acknowledged is bad for your grades and still has to be fairly high pay to cover your costs) or a crushing debt load (for a program that your previous question indicated you didn't know whether it would pay off monetarily). Other than the scholarship you're on, money doesn't just come from nowhere and there's always a cost. You're on the verge of failing out as it is. Take a semester off to work and save money to pay for school, get into a healthy living environment, and figure out better study habits. And get some therapy.
I'm looking for more short-term solutions here, and I'll cross the next bridges when I get to them.
Be careful that you don't burn those bridges as you cross them. If you let your need for money cause you to fail out they may never let you back in the program.
posted by Candleman at 8:02 AM on November 22, 2013 [3 favorites]
Response by poster: Thanks everybody so far! Also, thanks for not being too hard on me, obviously this is an embarrassing situation. Would love more advice, and thought some clarifications might help:
-- I work as a waitress. It's not hard for me to pick up work, scheduling is flexible/school-friendly, and it pays OK. Significantly more lucrative than being a TA/GA/RA. Less lucrative than sex work but with fewer mental health costs. The biggest downside is that it's not much of a resume builder. I have thought about trying to get an entry level job that would be more resume-friendly, but realistically, I need to at least have an internship first (which will happen this summer, as part of my degree program).
-- I'm studying in a professional track, but not medicine or law. From what I know so far, think: better prospects than a lawyer (specifically why I didn't go to law school), worse than a doctor. My goal in entering the program was specifically to raise my earning potential/career qualifications, and from what I've seen of other people's experiences, I do trust that it will.
-- Dropping out would lose me the scholarship, which I think would be a mistake, but I can take three classes (instead of four) and still be full-time. If I lowered my course load and took out a loan to cover my remaining tuition, it would bump up my loans from $5K total to about $8K total.
-- Regarding grades, anything below a B- is considered failing. My undergrad transcript is great and it never got me anything, so I'm not that concerned about my transcript now -- but skating by with not great grades is apparently not an option. Taking "easier" (or at least less technical) classes is, though, I'll try that.
-- I don't have anything left to sell. Back in California I was living with my (then-)boyfriend, so after we broke up I had a limited window in which I sold everything possible, left the rest, and GTFO. I shipped the personal things I could over to DC, but that stuff isn't really salable. The one exception is my car, but I get out of work in the middle of the night, after the buses and metro have stopped running, so selling it seems counterproductive.
-- Craigslist is great, I've found a lot of past housing that way. But from what I've seen, renting a room in the suburbs is about $700-1K/mo here. If I'm paying that solely from work earnings, it'll take me at least a few months to put together a schedule and nest egg to make that affordable, which means staying with my family for a semester while I do that. That is literally the exact plan I had going into this semester, so I'm pretty pessimistic that it'll work...but I don't see any other options, either. Is there any other way I can afford to move out? Can you guys figure out any other plan? I know it's a long-shot, just crossing my fingers.
-- As for paying my way while with my parents, my past MO is to give them a set amount each month and also give whatever they need/I can as things come up, which I'm fine with until times like now, when I run dry. And yeah, I can see how that's a system pretty easy to rig in order to run me dry if that's what they want to do, but I'm not sure how to tackle that (again. The previous times I've tackled it by basically being a jerk and/or throwing my stuff in my car and driving off, which is fine when you're a teenager but not great ten years later). Well anyway, that's a whole other question. Don't worry, I'm sure you'll hear that question, too! Waiting with baited breath, I'm sure.
So, as far as a current game-plan goes:
Work --> Living Expenses
Student Loan --> Tuition
+ Lower course load to 3 classes (2 of which can be non-technical)
+ Moving is put on hold?
It sounds like there isn't really a workable way to get cash immediately, aside from the usual payday loans, bumming it off people, etc. Which is really too bad, but not surprising.
posted by rue72 at 12:51 PM on November 22, 2013
-- I work as a waitress. It's not hard for me to pick up work, scheduling is flexible/school-friendly, and it pays OK. Significantly more lucrative than being a TA/GA/RA. Less lucrative than sex work but with fewer mental health costs. The biggest downside is that it's not much of a resume builder. I have thought about trying to get an entry level job that would be more resume-friendly, but realistically, I need to at least have an internship first (which will happen this summer, as part of my degree program).
-- I'm studying in a professional track, but not medicine or law. From what I know so far, think: better prospects than a lawyer (specifically why I didn't go to law school), worse than a doctor. My goal in entering the program was specifically to raise my earning potential/career qualifications, and from what I've seen of other people's experiences, I do trust that it will.
-- Dropping out would lose me the scholarship, which I think would be a mistake, but I can take three classes (instead of four) and still be full-time. If I lowered my course load and took out a loan to cover my remaining tuition, it would bump up my loans from $5K total to about $8K total.
-- Regarding grades, anything below a B- is considered failing. My undergrad transcript is great and it never got me anything, so I'm not that concerned about my transcript now -- but skating by with not great grades is apparently not an option. Taking "easier" (or at least less technical) classes is, though, I'll try that.
-- I don't have anything left to sell. Back in California I was living with my (then-)boyfriend, so after we broke up I had a limited window in which I sold everything possible, left the rest, and GTFO. I shipped the personal things I could over to DC, but that stuff isn't really salable. The one exception is my car, but I get out of work in the middle of the night, after the buses and metro have stopped running, so selling it seems counterproductive.
-- Craigslist is great, I've found a lot of past housing that way. But from what I've seen, renting a room in the suburbs is about $700-1K/mo here. If I'm paying that solely from work earnings, it'll take me at least a few months to put together a schedule and nest egg to make that affordable, which means staying with my family for a semester while I do that. That is literally the exact plan I had going into this semester, so I'm pretty pessimistic that it'll work...but I don't see any other options, either. Is there any other way I can afford to move out? Can you guys figure out any other plan? I know it's a long-shot, just crossing my fingers.
-- As for paying my way while with my parents, my past MO is to give them a set amount each month and also give whatever they need/I can as things come up, which I'm fine with until times like now, when I run dry. And yeah, I can see how that's a system pretty easy to rig in order to run me dry if that's what they want to do, but I'm not sure how to tackle that (again. The previous times I've tackled it by basically being a jerk and/or throwing my stuff in my car and driving off, which is fine when you're a teenager but not great ten years later). Well anyway, that's a whole other question. Don't worry, I'm sure you'll hear that question, too! Waiting with baited breath, I'm sure.
So, as far as a current game-plan goes:
Work --> Living Expenses
Student Loan --> Tuition
+ Lower course load to 3 classes (2 of which can be non-technical)
+ Moving is put on hold?
It sounds like there isn't really a workable way to get cash immediately, aside from the usual payday loans, bumming it off people, etc. Which is really too bad, but not surprising.
posted by rue72 at 12:51 PM on November 22, 2013
> Significantly more lucrative than being a TA/GA/RA
In most universities these types of positions come with tuition reimbursement, either full or partial - is that not the case at your university? If there is tuition reimbursement, then these positions could be more lucrative than other part-time work you are considering, as essentially you'd be getting paid tuition + stipend.
posted by needled at 1:38 PM on November 22, 2013 [2 favorites]
In most universities these types of positions come with tuition reimbursement, either full or partial - is that not the case at your university? If there is tuition reimbursement, then these positions could be more lucrative than other part-time work you are considering, as essentially you'd be getting paid tuition + stipend.
posted by needled at 1:38 PM on November 22, 2013 [2 favorites]
As for paying my way while with my parents, my past MO is to give them a set amount each month and also give whatever they need/I can as things come up, which I'm fine with until times like now, when I run dry. And yeah, I can see how that's a system pretty easy to rig in order to run me dry if that's what they want to do, but I'm not sure how to tackle that
Your current setup means that you have no ability to ever have control over your money, because as soon as you have some money your parents take it. If this continues you will never, ever have money. Here's how you tackle it: you stop giving your parents money. Not for anything. Not a set amount each month, not whatever they need as things come up. Nothing. They are expecting you to support them at great cost to you personally. You have to stop it if you want to sort out your finances.
posted by medusa at 1:42 PM on November 22, 2013 [4 favorites]
Your current setup means that you have no ability to ever have control over your money, because as soon as you have some money your parents take it. If this continues you will never, ever have money. Here's how you tackle it: you stop giving your parents money. Not for anything. Not a set amount each month, not whatever they need as things come up. Nothing. They are expecting you to support them at great cost to you personally. You have to stop it if you want to sort out your finances.
posted by medusa at 1:42 PM on November 22, 2013 [4 favorites]
Best answer: Check with your university's financial aid department: they might have an emergency loan fund (my public school offers up to $2500) that you can borrow from for deposit/moving/food/etc.
posted by stillmoving at 8:25 PM on November 22, 2013
posted by stillmoving at 8:25 PM on November 22, 2013
This thread is closed to new comments.
Do your parents have a life insurance policy on you? You can borrow money against whatever value has accrued there and pay it back whenever you feel like it. That should be able to cover moving expenses and rent for the first month and so on.
But if you're not going to get a job (and your relatives aren't going to give you money), your only option is to live with your parents. How else do you think you're going to money?
If you haven't gotten a loan for tuition, you need to talk to the financial aid office at your school and they'll take care of all of that for you.
posted by empath at 12:12 AM on November 22, 2013