Where to start?

[rory1]

I have a bit of a unique situation, so I'll just quickly drill through the facts first:

 

-Applying to business schools for entrance next fall

-26 years old

-Married, and my wife is applying to law schools to enter at the same time

-my dad has (generously!) offered to pay for my business school tuition

-my wife and i will need loans to cover her tuition, as well as all of our living expnses, housing, etc.

-our top choice schools are in NYC, which is an expensive place to live

-business school is 2 years, law school is 3 years, so I will be working (and earning money) during her third year

 

I plan to go into investment banking, which is a very lucrative profession ($150K+ per year), so I'm not too concerned about being able to pay off any loans we may get. However, I know almost nothing about the process, and have a few specific questions:

 

-Is it going to be difficult to get loans (for housing, etc.) since my tuition will be paid for? Would I be better off asking my dad to give me money for expenses and getting loans for tuition?

-Do my wife and I apply for loans jointly? Do our credit scores affect each other? etc.

-What should I read to learn more about the student loan process, what I can expect to get, what they cover, what they don't etc.? I'm looking for Student Loans 101, basically.

 

Thanks in advance for any help!

[aluminumfalcon]

I have a bit of a unique situation, so I'll just quickly drill through the facts first:

 

-Applying to business schools for entrance next fall

-26 years old

-Married, and my wife is applying to law schools to enter at the same time

-my dad has (generously!) offered to pay for my business school tuition

-my wife and i will need loans to cover her tuition, as well as all of our living expnses, housing, etc.

-our top choice schools are in NYC, which is an expensive place to live

-business school is 2 years, law school is 3 years, so I will be working (and earning money) during her third year

 

I plan to go into investment banking, which is a very lucrative profession ($150K+ per year), so I'm not too concerned about being able to pay off any loans we may get. However, I know almost nothing about the process, and have a few specific questions:

 

-Is it going to be difficult to get loans (for housing, etc.) since my tuition will be paid for? Would I be better off asking my dad to give me money for expenses and getting loans for tuition?

-Do my wife and I apply for loans jointly? Do our credit scores affect each other? etc.

-What should I read to learn more about the student loan process, what I can expect to get, what they cover, what they don't etc.? I'm looking for Student Loans 101, basically.

 

Thanks in advance for any help!

 

Loans for housing will most likely be private. I can't say enough, private loans are a last resort.

Make sure that you both are actively applying for every grant and scholarship out there as private loans for every expense over 2 years will quickly grow out of control.

 

You will not apply for loans jointly, although, you may co-sign any private loans once you begin working.

 

Your credit scores are not joint, they are based on your individual credit histories.

 

The DOE web site pretty much has all of the info you'll need. However, it may be best to just skim it and ask the tough questions through the financial aid office of the schools you'll attend.

 

Side note, if NYU is a goal for the wife, know that they are not generous with fin aid. Small grants and loans may make up the bulk of her package, so she may need the private loans for school rather than living expenses.

 

I wish you both good luck!

[LynnInMN]

Friends of my sisters just went thru this decision in picking out schools...both wanted to go to school in NYC but the costs involved were just too much. Housing costs alone were mind blowing without thinking about taking into account tuition and schooling expenses. She is happily attending the Carlson School of Business at the University of Minnesota and he got into the University of Minnesota Law School. They both will end up with student loan debt when they graduate but no private loan debt.

[Nasika]

What are the best credit option for students?

[aluminumfalcon]

What do you mean?

As in credit cards? Go for the student cards.

For student loans? Always max out state and fed funding before going private.

Also, try to pay back private loans, or at least the interest, while in school.

[Nemo128]

First, NYC = $$$$$$$^$$$$$$$

 

Plan on living across the river to save money.

 

Second, have 'rents pay for living expenses. Academic loans are much easier to get than private loans, the rates are better, and the grace period is just about always there.

 

Third, GO SOMEWHERE ELSE. A $150k career ain't worth much if you're paying back half of that to student loans and living expense loans. You can make whatever you want to make, just get the degrees from a school that won't cost you your first born to attend.

[Nemo128]

Friends of my sisters just went thru this decision in picking out schools...both wanted to go to school in NYC but the costs involved were just too much. Housing costs alone were mind blowing without thinking about taking into account tuition and schooling expenses. She is happily attending the Carlson School of Business at the University of Minnesota and he got into the University of Minnesota Law School. They both will end up with student loan debt when they graduate but no private loan debt.

 

UoMinn =

 

Plenty of schools in the non-coastal states are EXCELLENT options, and the cost of living will be much better.

 

Scr3w NYC!!!!! (I live here, I despise it.)