a little help with life..

[MBTN]

You can get a Debit MasterCard(I have one with my bank, Chase). You can use it just like a credit card, obviously. It doesn't build credit though. But it will not ruin your credit either, just your checking account As for paying for school, good! When you are out of school and you got loans out the ying yang is when you can really make or break yourself. Pay those loans on time! You can break them into managable chunks depending on your budget. So what if it takes you 10 years to pay them back, it only helps to build credit in the long run. I was able to move into a great new apartment because I have outstaning credit, all from paying my loans.

As for the cell phone, be careful...

You'll probably have to go with a cheapo month to month plan. If you want to get something like cingular their minimum plan is like 40 bux a month, plus you are signing a contract for at least 1 year I believe. Also, they will run a credit check on you! Since you probably have no credit they are going to hit you with a nice fat payment (I would expect over 200 easily) PLUS you have to buy the phone, which would be another 100 or so. Cell phones aren't cheap!

Good luck and remember to keep your head up.

[Damien]

^shit, i got tmobile on my own and i had no credit. I was approvedfor two free phones with a purchase of one of their plans.

More than likely, you won't get better than 16% APR. If you get lower, take, but read the fine print. I got one that I got like 10% or less, but it was for only 3 months then went up. Mine's 12% which is great for a newbie teen. Um, if you get one, control is a must and for me, I use it for gas. I know it'll total to under $200 a month and I can def pay it off. Screw a cell phone but if you do, go boost or something. Prepay is a little more in the long run, but with the situation, it's youre best bet so you dont have to add another monthly payment in your life.

I'm doing all this seperation thing too so i know where you are. Um, college loans, idk. I'm with Navy Fed so I got the best. Apply for any and ever scholarship. I have. Heck, some it's just money that you can do whatever with. ANY AND ALL i really cant stress that enough.

Any more questions, feel free to ask. I just started makin car/insurance payments and so i pay around $500 a month total, one paycheck, depending on whats on teh card. Thus, why i'm getting another job.

[quteasabutton]

i already have a cell so i don't have to worry about buying a new one. a prepaid phone would rape me in the worst way. i got my newest phone on march 15 and on may 8 i have already talked for 124 hours, 28 minutes and 56 seconds. and that doesn't include texting hours...i am very dependent on my phone and a plan is a must for me.

TMobile would work out the best for me but their coverage where i live is virtually nonexistant so that's a no-go. i like cingular cuz my RAZR is a cingular one so i wouldn't have to get a new phone, plus they have a lot of the features i like, such as rollover and no roaming or long distance.

thanks so much for all your support tonight guys, it really means a lot to me

[Igovert500]

Ok, so I didn't have the time to read everybody's responses, so if I repeat anything I'm sorry. But i went the same things, so I figure I can answer some of the questions rather well.

A) cell phone, I'm 23 and have never had one. Yes it is inconvient at times, but I've survived. I lived for a year in a house without any cell or landline. I used AIM to communicate and it worked out fine. So you could really save yourself some money if you are willing to do that.

B) As far as the entire mess with FAFSA. Here you are in a tough spot. I tried to declare myself independent at 18. The problem is, generally school tuition offices will not allow you to do that until you meet quite a few criteria. I had already moved out from my mom's house in PA. Established an address up in NY, gotten an NY drivers license, insurance, plates/registration, registered voter, paid NY taxes, and it was still a PITA. You have to bring in tax returns of yours to show that you make enough money to support yourself, and that you have lived apart for over a year. So check with your financial aid office/registrar's office to find out the requirements for this.

Another BIG thing, is your parents cannot claim you as a dependent on THIER returns, and chances are, they will, especially if they have a CPA do them. This screwed me for 2 years.

And if that weren't enough. FAFSA, will not consider you independent until you are either married, in the military, 25 years old, or possibly a grad student. Even if you consider yourself completely independent, they wont. And with the $ your parents pull down in salaries, I think you will be hard pressed to get much int he way of grants. Your best bet is to file asap each year, and hope for the best, but don't hope too much.



C) Student loans. Go to your financial aid office and talk with an advisor. Find out about the different types (unsubsidized vs. subsidized). Many schools will only let you take out money (in your own name) based on what year you are in. This sucks, because if they limit you to 2-3k a year as a freshman, that is not enough to live off of if you have to pay bills.

Parent loans however, can usually be taken out for substantially more. I'm talking like 8-10k a year, maybe more. All of these loans are great because they usually are only for a measly 4% interest. Although, if you take out parent loans, your parents will have to consent, and htey will be in their names, so the burden to pay them back is technically on them. However, if you are a good kid, you shouldn't make them pay a dime.

Anyway, almost all of these loans can be defered until you graduate, and even afterwards, you have plenty of payment options to fit your post-college income.

Anyway, talk to your financial advisor, and see what the options are. Always keep in mind interest rates, and what's great about student loans, is they are usually LOW and don't accumulate interest while you are still in school.

D) credit cards. These are the killer. They are so easy to get as college students, and so hard to keep on top of. With teh high interest rates, and such low minimum payments, they can cost you SOOOO much money. I seriously seriously recommend being the most cautious about these.

If you do get one, my advice is to never pay the minimums. Always try to pay it completely off every month. If you cannot do that, at least pay more than the minimum.

Now if you absolutely must get one, be picky. You want a fixed rate, not variable, and you want as low as you can go. If you can land one at under 10% for your first card, awesome. Also don't apply for a bunch. Just 1.
Keep in mind, if you miss a payment, or overdraw, your rates will ROCKET up. Be prepared for $35 fines and your doubled interest rates overnight.


I think thats a good start. Honestly, first things first, sit down with your parents and figure out if you are technically 'independent' from them or not. Honestly, both have their advantages and you need to figure out which will be the most beneficial. If you are indepenent sit down with every financial aid person you can at your school and go from there. For me, despite trying so hard to make myself independent, I got screwed by my mom's CPA, and she ended up claiming me as a dependent. So when I got rejected for instate tuition, I had a talk with her and got her to co-sign on the parent loans. I took out 20k in her name, and another 13k in mine, and have been making all the payments myself.
So yeah, the point, if they still are claiming you on taxes, make sure you don't burn your bridges with them, so that you can get them to co-sign or do parent loans, if need be.

PM me if you have any questions, because I literally just went through all of this in the past 5 years.


Couple more things.
If you are going to go through a bank for any loan. Try to find a local indepedent bank if possible. They generally have lower interest rates then the larger chain banks that have a national sports arena named after them.
Also for checking accounts/debit cards, pretty much a must have for students, ask about student accounts. Many checking accounts have minimum balances, or a monthly fee, or junk like that. If you ask about it, or talk to bank managers, many times you can lock in an awesome deal as a student. I have ABSOLUTELY free everything checking, as does my brother.


Lastly, no offense, but your dad sounds like a dick.

[Igovert500]

Originally Posted by skibum1111

Also, consolidate them as soon as you can, that will lower the payment.

Many times, when you consolidate student loans, while you do lock in the lower rates, you forfit your deferment period, and have to start paying them back within 6 months of consolidating them. This sucks if you are still in school and all of a sudden have more crap to pay each month. Consolidate as soon as you graduate IMO.

[Toksin]

Reading this makes me happy the student loan system in NZ is so simple (even though in many ways it's one big fuck up)

You apply for a loan to pay for your courses, bang, it pays for all your courses. You get up to $150 a week for living expenses (but it's a loan so you have to pay back). Alternatively you can get the student allowance if you meet the (fucking stupid) criteria, in which you can get up to 150 a week that you don't have to pay back.

But yeah, that's NZ.

My parents aren't supporting me at all, because they just can't afford to. Plus, I think I fucked them around enough last year so I'm glad I'm not getting money off them this year.

Your parents sound like they can't wait to get rid of you, sounds like a shitty situation, and from the sounds of it you haven't really done anything to deserve it.

Kia Kaha.

[fredjacksonsan]

I don't think anyone has addressed the residency question.

For most states, in order to get in-state tuition, you have to have lived and worked there for a year before applying to school. Although it seems like a long time, this would get you in a position of having a job and getting used to being out on your own before you added on the task of college.

Credit cards? While it may be important to build your credit (so you can buy a house down the road) it's more important not to get into massive debt. I've been down that road, and getting out is not pretty, and generally takes quite awhile. With the new laws in the US about declaring bankruptcy, that simple option has probably been taken away from you.

If you get a credit card, use it once a month for a small purchase then pay it off. But IMO you're better off having a debit card that subtracts directly from your checking account, at least for now. I no longer have any credit cards, and have a savings account to use for emergencies. Yes, it was painful to save up, but I'm better off getting interest on that balance, than paying interest on that balance. It's a big swing.

One solution no one has suggested for the independence, is going to court to gain it. We've all seen the TV programs where Hollywood kids go to court and become emancipated from their parents. I'd think that court document would be enough to indicate to the grant/loan institutions that you were out on your own, and it's certainly worth taking a look at.

Good luck with it; I knew several people in college in a similar situation; sure they worked hard and didn't party as much as the rich kids (or at all) but they were quite satisfied, having done it on their own. You CAN do it!!

[-Davo]

Originally Posted by quteasabutten

so since most of you all here are older than me and i'm not getting any help at home, i figured you were the right people to ask.

my dad calls me an embarrassment to the whole family. he said he's never going to let me forget that's what i am to them. he turned off my cell phone permanently now so i need to get my own plan and i am putting myself through college and am paying for life completely myself from this point on.

i'm determined not to let them bring me down and tear me apart with their constant insults anymore. i never want to come back here again or for a very long time. since i'm rather inexperienced with financial things and life and i'm getting no help from them, would anyone be able to tell me how to get a credit card? what i need to know about them? where are the best ones? any special discounts or deals for college students?

secondly, is there anything i need to know about cell phone plans? hidden fees or deals? big question, do i need a credit score to sign up for my own plan, especially for cingular?

thirdly, what do i need to know about getting college loans? are there any banks or loans you would/could recommend? does moving out of state during the summer months disqualify me for in-state tuition for the next year? when can i submit a new FAFSA as an independent? my parents both make over $100,000+ a year, so let's just say the government help i got was rather meager and my parents are not contributing.

thanks so much for your help guys. and for those of you who are going to say tough shit or that i deserve this, please don't bother posting.

Come to Australia.

Not only can you easily get our crappy government to pay for your university but you NEVER HAVE TO PAY THEM BACK1!!11! MUAHAHAHAHAA!111!SHIFT1!!

Well... You do...

But you only start paying them back after you get a job that earns you over 35k a year or something, awesome huh.

Oh, and if you get a credit card you'll find your self in more trouble than ever before.

You can sleep on my couch.

[1986Z28]

hey your back, thought you were gone for good or something, BTW dont get a CC there evil

[MonsterBengt]

Sry if someone already asked in the thread, but, may I ask how you got into that situation with your parents?

[1986Z28]

there bitches, plain and simple

[clawhammer]

Work it out with the parents. It will be cheaper, and you won't be in debt up to your neck by the time you get out of college.

[quteasabutton]

Originally Posted by MonsterBengt

Sry if someone already asked in the thread, but, may I ask how you got into that situation with your parents?

this is the way they've treated me for the last 5 years or so. they used to be really awesome, when i was younger i LOVED my parents. they were fair, caring, fun, never rude or hurtful. i think it has something to do with them being unhappy in their personal lives and now i'm the victim of their abuse all the time. idk, w/e it is it's not fair and i don't like it.

i've done everything that they ask of me, followed all their rules and guidlines and stuff, and i've come to realize no matter how hard i try, no matter what i accomplish, i'll never be good enough in their eyes.

[quteasabutton]

Originally Posted by clawhammer

Work it out with the parents. It will be cheaper, and you won't be in debt up to your neck by the time you get out of college.

i've tried that, trust me. i've done everything i can think of to reconcile but nothing works. sitting down and talking doesn't do much cuz my mom is often immature about it and gets shouty or calls me names or will give me the silent treatment when i go and try and discuss and issue with her. like i just posted above, it's been 5 very long, difficult, self-esteem killing years. i just want to wash my hands of it and move on on my own.

[thrasher]

I would say hold off on the credit card...if you have it, you WILL use it sometimes when you shouldn't, and that can get you into trouble. Instead, just use a debit card, so that you HAVE to have the money before you spend it. I'm sure that you feel mature enough to regulate your spending closely, but trust me, it's very difficult to do in college.