Loaning from family?
I'm 16 and just got a job and am going to get paid $7.50 an hour. Well, I have this summer program exchange to Japan next summer and I need to have about $6-7000. I'm signing up for a scholarship and financial aid, but am not guaranteed either. If I don't get the scholarship (one pays for $2700 the other I'm signing up for pays for the full thing) or financial aid ($800), I still want to go and the program costs, like I said $6-7000. Since I'm starting work on tuesday, making $7.50 an hour, I won't be able to make that much money by April 1st (I should really have all the money before that though). And I need to send in a check for $610 real soon so I can reserve a place for myself and have better chances of receiving a scholarship and/or financial aid. My mom has bad credit, so she can't take a loan out for me. I'm think about asking my grandparents, who have money, but just are cheap. If I do, should I loan from them or have them loan from a bank and I'll pay them money each month?
If I do ask them, how should I do it? I don't want to sound rude. My grandpa said if I ever need anything, to come to him, so should I?
I would take out a loan myself but I'm not 18
- ElsieLv 51 decade agoFavorite Answer
Go ask Grandpa. Tell him exactly what you explained here. Let him decide whether to get a bank loan or get a loan from them. Just be very straightforward with him. Most grandparents are happy to help out if they see that you are genuine.
- TryItOnceLv 51 decade ago
Just use similar words that you did in your question. Emphasize:
1. This is EDUCATION, that you'll be intensively learning
2. This is a once-in-a-lifetime (assuming it really is). That your peer group (not friends) are going
3. Specify a payment plan. You'll have all the money back by [insert month and year here]
4. You won't be asking for any more money, even for college
5. You're working hard to do this by yourself, but you cannot.
6. Consider dollar-matching. For each dollar you earn, he lends you five (or some other number that makes sense). This will help motivate you.
1. How fun this will be
2. That "all my friends are going"
Don't blurt this out over Xmas dinner. Pull your grandfather (and grandmother?) aside. Look him/her in the eyes and be direct, in private, like a business meeting (which it is).
- Anonymous1 decade ago
save your 6000 for college instead, college is almost a necessity anymore to be self supporting. Almost everyone qualifies for fin aid to go to college but trust me, it will not be enough... I know you are only 16 now, but you have to start thinking like a self-supporting adult to plan for 4 years of college.
You will be able to save so much more money now at 16 then you'll be able to do when your a college student with tuition, books, dorms or meal plans to buy.
Make an adult decision and save for college instead...once you have that degree, you'll be able to afford a trip to Japan without chaperone's, schedules or borrowing from grandparents.