financial discussions with the girl next door

PhD – moving expenses March 30, 2010

Filed under: Uncategorized — girlnextdoorfinance @ 6:37 pm

The school I’m probably going to go to next year requires that tuition for the fall be paid in full by 01 August. I’ll be taking out student loans to pay tuition, and they usually aren’t credited to your account until a week or so before the semester begins (as I understand it). So, I’m going to have to come up with about $8,000 to pay the remaining portion of my tuition costs (after my funding from the school is deducted) by 01 August. The money that I have left in savings after this school year ends (which won’t be a whole lot) and the money I make working over the summer (assuming I’m able to find a part-time job for the two months or so before I move) will probably need to stay in my savings to make sure I can afford moving expenses – apartment deposit, setting up utilities, actually getting my stuff to Boston, etc.

Here are the options that I /think/ I have for paying the tuition before 01 August:

1. Convince the school that the student loan money is coming, and they should keep me enrolled until that point (I think this is unlikely to work, or the financial aid department would have responded to my questions by saying that this is an option)

2. Take out a personal loan of some sort, which I can pay back a month later when the student loan money comes through (this I think is also unlikely to work – from my understanding, it is difficult to get private loans for education)

3. Get my credit card to increase my spending limit, and put the expenses on there. Then, pay off the credit card a month later when the loan comes through. Or, use the money I have saved up to pay for tuition (if it’s enough), and put all moving expenses on my credit card, again paying off the credit card a month later when I get the student loan money.

4. Borrow money from a family member to pay tuition, pay them back a month later when the loans come in. I’m not sure if this one is an option or not – I haven’t borrowed money from a family members since I was 19, and that was to buy a car. I was also still living at home at that time, and an undergrad, so I was technically a dependent. I’m not sure how willing my family would be to loan me that much money now that I’ve been an adult/independent for a while, nor am I sure how many people from my family would even have that much in savings that they can spare for a month or two.

5. Get 2 or 3 summer jobs, lie to them so they want to hire me (since most places don’t like hiring people who are leaving town in a couple of months), work like crazy and save everything I make. This plan is unlikely to work for a couple of reasons: 1. I don’t lie, and convincing people to hire me if I’m honest up front will be a little more difficult and 2. I still have to do my big research project for my MA over the summer, and I’m supposed to be devoting basically full-time hours to that. As much as I want to work a lot and have a nice cushion of money, right now, the school stuff has to be a priority.

None of these options seems particularly feasible. I feel like I have to be missing something here.

What would you do? What am I missing?


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