Need $10k housing loan with no credit?
This Fall I am going to be attending a two year community college. The tuition of the college is about $6000 for my first year, which FAFSA will cover $5500 of and $2000 from my college fund will cover the rest.I can get up to $9500 from FAFSA for my second year which is more than enough. My job will also be reimbursing my education $1500 per year.
However I would like to move into a apartment in a more central location to my job and the school that I will be going to. It seems that I can find a decent $800 apartment in the area and I will be splitting the cost with a room mate for $400 a month.
I will have a part time job while I am going to school, however I only make anywhere from $800-$1000 a month with this job so with rent + other expenses I will not be able to save any money and will basically be broke...I want to avoid this.
What I would like to do is somehow obtain a $10k private loan for education or housing that I will not have to start paying off until AFTER I graduate. I want to use this loan money for my rent payments/food/utilities for the next two years while I am saving the money from my job as well as college fund. Between this loan and FAFSA I will essentially have a $25k loan after I obtain my associates BUT I will have about $10k + in the bank in savings from my job which will give me time to actually find a job with my degree. Does this sound like a sound plan, and does anyone know of a bank or special type of education/housing loan I can get where I do not have to make payments while in school? I have no credit but my Mother has a excellent credit score and can cosign with me.
- LisaLv 77 years agoBest Answer
I can tell you this is a bad idea. I did something similar and I regret it. Your best bet? Look at getting a roommate or living at home till you can afford to move out. Bills start piling up and if you can't afford to live on your own with your own paycheck, you will get nowhere. At least pay 2.3rds of your apartment yourself.
Find a roommate to help cut down the cost of living. Also, don't go for one that looks especially nice unless you can afford it. Go for one that is affordable.
You're also certain your mom is willing to cosign? Most parents are thinking twice about cosigning for their children.