Would you?

  • Thread starter Thread starter purelovemmc
  • Start date Start date
Status
Not open for further replies.
P

purelovemmc

Guest
Here’s the case:

You’re going to university.

You’re short in finances and cannot pay tuition fee and all other university expenses.

You’re money in the bank isn’t enough.

Parents cannot help.

Government loan isn’t enough.

Bank can help but gives a hard time (and all other things hidden in the fine print).

Boyfriend can help.

Which on would you prefer:

A. The bank that can give you a bigger line of credit but requires more process and again, the idea of being tied to an institution with interest rates.

B. The boyfriend who knows the exact money you need and therefore could be stricter than the bank, and the fact that we have to not let other people know, especially our parents.
 
Hello

I’m not sure what you’re studying, but do you have to go to university to do it? If not then perhaps there may be other ways to get into your chosen profession without major costs involved 🙂

I didn’t go to university but I do know about debt and the heavy heavy burden that it places upon you if you can’t pay it back. I’m a young person helping out my family with debt but I would advise anyone to think long and deeply before committing themselves willingly to a debt.

But out of your two choices I would probably go with the bank and ask an adviser to go through absolutely every little detail about the agreement.

Good luck whatever you decide! 🙂
 
purelovemmc said:
Which on would you prefer:

A. The bank that can give you a bigger line of credit but requires more process and again, the idea of being tied to an institution with interest rates.

B. The boyfriend who knows the exact money you need and therefore could be stricter than the bank, and the fact that we have to not let other people know, especially our parents.
Click to expand...
I prefer A, for 2 reasons:
  1. I am uncomfortable borrowing large sums of money from people.
  2. My credit score gets higher with each payment I make to the bank. (I’m in the United States, so I don’t know if this would apply to you, if you live elsewhere.)
 
What happens if this year’s boyfriend turns out to be next year’s ex?
 
Neither.

Get a job to make money to pay your expenses, transfer to a less expensive school, talk to your school about work programs, apply for scholarships.
 
I prefer A also. I see too mnay potential problems with the other scenario - staring with the loan would be “secret” and that’s very worrisome. Also, this is not a husband or a brother. It’s merely a boyfriend. Why complicate that?
 
choose A, and go to university. You can get a part time job, and that will help little by little. The government loan you’ll need, as that will help reduce the amount you need to pay to the bank

(although of course, you still need to pay back the student loan company, but everyone does that, so it doesn’t count :p).

Finance is a worry, but it isn’t the be all and end all. Yes, it can be tight, but you’re going to university! You’re going to get a degree! Do well, and you’ll reap the rewards.

I may be biased because I am a student as well.:o
 
You didn’t say if you are at the University already. Many find it cheaper to go to a community college for the first two years and the university for the last two. The basic subjects that you take at the two year college will be accepted toward the university degree and are much cheaper taken there.
 
purelovemmc said:
Here’s the case:

You’re going to university.

You’re short in finances and cannot pay tuition fee and all other university expenses.

You’re money in the bank isn’t enough.

Parents cannot help.

Government loan isn’t enough.

Bank can help but gives a hard time (and all other things hidden in the fine print).

Boyfriend can help.

Which on would you prefer:

A. The bank that can give you a bigger line of credit but requires more process and again, the idea of being tied to an institution with interest rates.

B. The boyfriend who knows the exact money you need and therefore could be stricter than the bank, and the fact that we have to not let other people know, especially our parents.
Click to expand...
Neither (well, close to A). Get a Stafford Loan. This helps build your credit and is specifically for students. There are so many resources for students! See your financial aid officer immediately. If that doesn’t work, go to a bank. It’s better personally and professionally in the end. If you’re at an age where you can get a loan from a bank, your parents aren’t notified, so part of option B is a moot point.
 
purelovemmc said:
Here’s the case:

You’re going to university.

You’re short in finances and cannot pay tuition fee and all other university expenses.

You’re money in the bank isn’t enough.

Parents cannot help.

Government loan isn’t enough.

Bank can help but gives a hard time (and all other things hidden in the fine print).

Boyfriend can help.

Which on would you prefer:

A. The bank that can give you a bigger line of credit but requires more process and again, the idea of being tied to an institution with interest rates.

B. The boyfriend who knows the exact money you need and therefore could be stricter than the bank, and the fact that we have to not let other people know, especially our parents.
Click to expand...
Using only the choices that you have provided (Friend or Bank), I would chose the Bank. I refuse to borrow money from a friend. First, because I hate to owe and secondly because financial dealings with friends have a way of causing problems. Having said this, my solution would be to take a semister off from school and get a job or jobs. Then work my butt off and raise the money on my own. Then head back to class.
 
Definitely go with Option A, a bank loan. Look into a Stafford loan.
My DH and I both had loans to pay when we finished college (and this was with four children) and managed to pay them off in a very short time.
It is definitely worth it to finish school. With a B.A. degree I have made roughly $675,000 since I graduated (some of it parttime work). I could never have made that much with just a HS diploma, and that is just the way it is. I still have another 7 years to work, and I will retire at age 50.
Before anyone asks, yes, we do give a substantial portion to our parish and to other ministries. We are glad to do so.
Never borrow money from a friend, no matter how close they are. Best to keep the loan on professional standards.
 
With only these two choices, then A. Borrowing money from a boyfriend is too risky. What happens if you break-up?

Couldn’t you get a pt job to help support yourself? I think most students work at least pt while at college.
Are there any other kinds of loans you can get?

Gearoidin
 
Hey, are you my daughter?!

We were just kidding about finding a boyfriend to pay your expenses! Honest!
 
SunnyGem said:
Hello

I’m not sure what you’re studying, but do you have to go to university to do it? If not then perhaps there may be other ways to get into your chosen profession without major costs involved 🙂

I didn’t go to university but I do know about debt and the heavy heavy burden that it places upon you if you can’t pay it back. I’m a young person helping out my family with debt but I would advise anyone to think long and deeply before committing themselves willingly to a debt.

But out of your two choices I would probably go with the bank and ask an adviser to go through absolutely every little detail about the agreement.

Good luck whatever you decide! 🙂
Click to expand...
Hi,
I’m an incoming second year and I really want to stick with university.
Thanks for your help and God Bless.
 
Truly_Beloved said:
I prefer A, for 2 reasons:
  1. I am uncomfortable borrowing large sums of money from people.
  2. My credit score gets higher with each payment I make to the bank. (I’m in the United States, so I don’t know if this would apply to you, if you live elsewhere.)
Click to expand...
Hi,
That’s true here where I am too. Whenever I pay a credit, my credibility increases and gives me better chance to owe more in the future. LOL.
Thanks!
 
SuscipeMeDomine said:
What happens if this year’s boyfriend turns out to be next year’s ex?
Click to expand...
Hi,

We’ve been dating for almost three years now and want to get married if only we were stable financially. This will be the least of my concerns if I choose B.
Thanks anyway.
 
kage_ar said:
Neither.

Get a job to make money to pay your expenses, transfer to a less expensive school, talk to your school about work programs, apply for scholarships.
Click to expand...
Hi,

Oops,I forgot to include in the case that stopping school for a year or less is not an option.
But thanks for reminding me that I really have to get a job.
 
Archus said:
choose A, and go to university. You can get a part time job, and that will help little by little. The government loan you’ll need, as that will help reduce the amount you need to pay to the bank

(although of course, you still need to pay back the student loan company, but everyone does that, so it doesn’t count :p).

Finance is a worry, but it isn’t the be all and end all. Yes, it can be tight, but you’re going to university! You’re going to get a degree! Do well, and you’ll reap the rewards.

I may be biased because I am a student as well.:o
Click to expand...
Hi,

Sometimes it’s really comforting to know that some people goes through the same problems as I do. Not that I am rejoicing in your own dilemmas, LOL. Yeah, I know…I am just zooming in the future and hoping that with my degree I could get a great job and then pay off all these debt.

God Bless us in our studies.

Pray to St. Thomas Moore, Patron Saint of University Students.👍
 
Status
Not open for further replies.
Back
Top