Loan help

Just to clear up this information - are you needing a loan to live on or a student loan to cover education expenses? I'd recommend selling CDs and clothes to resale/used shops before ever taking out a "small" loan to live on for a couple of weeks.

I second that recommendation. You'd be amazed at the kind of $$ you can make selling stuff.

I'm looking at needing a minimum of $2500 to travel cross country and live on for at least two weeks. Things are complicated by the fact that I have to maintain an apartment here while I am out of town. I was supposed to get the money in the form of an alternative student loan that I applied for in April Didn't hear anything about not getting it and then it showed up on my expected funds at school. When it wasn't posted with the rest of the financial aid money, I called and was then told (two days before school started) that I needed a co-signer. I have tried several people and none of them qualify either. So now I am left to my own devices to get this money together by the 27th of May.

Are you going to make more than that with your summer job so that it is worth it? Otherwise I'd pass. It's really hard for me to give the advise or recommendations you will want to hear on this topic only because once you get there and start making money, it will be hard to want to pay back that loan instead of spending the money on other things. Will be make enough to pay back the loan, pay for the apartment at home, AND pay for living/travel expenses while working? I'd list out all of the expenses on an excel spread sheet and sum it all up - see what the final number is and base it all on that. $2500 is a LOT of money to get across country for a summer job.

mineje

If you're needing to maintain your apartment as well, perhaps you could sublet your place out. There's a site out there called craigslist.org that will let you put your apartment up for even just 2 weeks. Plus, you can sell the items if you need to do that too.

Additionally, if you cannot afford this trip, then maybe it's not meant to be. If it's for work, then maybe your employer could cover your expenses. Quick loans have high interest rates, and at the amount you're needing, the rates would be though the roof.

Regards-
Mike

Great idea Mike - I should have thought of subletting (make sure it's allowed with the landlord though first... don't want to run into problems there... they are worse than creditors!).

The internship is definitely worth it. It is with the State department and that is my "goal" job when I graduate. I will be able to repay the loan and will not have a problem doing it once I get a paycheck there. I anticipate paying it all back no later than August, when I return to school and get my fall financial aid. I will definitely have the money at that time. I just need someone who will front me the money now so that I can follow through on this internship. I've been workingo n getting it for about 8 months, so it is rather important to me.
I am subletting my apartment, sort of. My adult daughter is moving in and paying half the rent. I have a younger son who will be staying in the apartment also. My daughter can only afford to pay half the rent on her paycheck, and my son is only 15, so has no income.

mineje

Quote:

I am going to Washington DC, probably the most expensive place in the country to live. I will not be living in DC (I can't afford that!), rather I am looking at an extended stay place in Maryland. I will get a metro pass as part of the job package, so I can commute via train to work. That is not a concern. I will need to pay weekly at the extended stay place and it will run about $420 a week. I can probably get there and do this on a shoestring of $1500, but having that extra cushion would make life a lot less stressful. If the kids here run into any problems or I have any car difficulties on the way, I would be covered.
Now, is it necessary to stay at an extended stay place? I have considered this over the past few weeks and the answer is yes. I need a place to park my car, internet access (I am taking online classes over the summer) and kitchen facilities so that I can do my own cooking (cheaper than restaurants). I have looked at sublets and apartment sharing but most of them charge extra for parking and are more than the price of the extended stay.

Have you looked on Craigs list for people needing temporary roommates? DC is an expensive place and this internship does sound good. But I have to agree with Mike on not depending on student loans/financial aid to pay OFF past debt. My boyfriend was doing that when I met him and it has taken him 2 years to get out of that cycle (he was using loans to pay past debt and working full time and STILL didn't have enough to live on and go to school - what a mess!). If you are a member of a credit union, they sometimes will offer lines of credit with a reasonable interest rate and will often do so when a regular bank won't.

mineje

I recommend you check out craigslist.org for a place. You can find one bedrooms, and studios cheaper than what you would pay at a hotel extended stay lodge. I've looked over a few places, and a few even come with cable and internet.

Regards-
Mike