Student Loans and Apartments

posted 3 years ago in The Lounge
Post # 3
Member
825 posts
Busy bee

A. You would sign the lease before moving in, so you and your dad would co-sign. It completely depends on the complex about whether or not they allow you to have a co-signer. Legally speaking, your FI should sign the lease then as well. I wouldn’t take your dad off, typically (though not always) they require $$ to take someone off a lease. 

B. Apartments don’t care as long as someone (ie. your Dad) makes enough money to cover the rent. But you need to make (as in, have someone to prove) that you have all that money. If you have a bank statement that shows you have all your student loan funds in your account, that may work for some places. 

C. See comment A

It all depends on the place you rent with. Bigger apartment complexes (versus someone renting a house/condo to you privately) have different rules about who is and isn’t on the lease. I think you’d find more concrete answers once you decide on a place. 

Post # 4
Member
1465 posts
Bumble bee
  • Wedding: January 2015

You have to make sure that the school will incorporate the cost of the apartment as part of the total cost of attendance for the student loan. I know my undergrad wouldn’t include off-campus apartments as part of the total cost, so I was totally on my own for apartment rent.

They only took the cost of the classes, the fees and health insurance, plus like $500 for books and $500 for travel as part of the total cost of attendance. Then that total amount was the highest I could get a student loan for.

Post # 5
Member
2885 posts
Sugar bee
  • Wedding: May 2014

My FI got an appartment when he was in school without a job.  I think it depends on the building.  A lot of appartments around campus’s or in towns that are very dependent on a school will likley allow you to get a place without a co-signer as they know the check will be cut from student loans, not income.  I would do some searching for a place before you get too far into the if A then B, if C then Z thoughts. 

Post # 6
Member
169 posts
Blushing bee
  • Wedding: September 2014

Hi! I’m actually an Apartment Manager so maybe I can help you with this 🙂

For our properties,  we have an income requirement to qualify. If you can meet that requirement with your student loans (documentation provided) then you can probably do it without a cosigner. We often do have “conditional approval” for people who are close to the line and that typically requires an additional deposit or cosigner. 

 

Since you plan to have your husband move in with you eventually and it sounds like he will be paying for some of the expenses anyway, I would probably just have him apply and sign the Lease with you to begin with. Most properties require that all adult occupants be on the Lease but they won’t really care if he isn’t living there initially. Then, when he does move in, you won’t have to do any additional paperwork!

 

Hope that helps!

 

In regard to adding a roommate after the fact, that is really simple too.  They would just apply and be added to the Lease. Since you would presumably already be approved to live there, as long as they meet the credit and criminal requirements (ie don’t owe a landlord money, eviction,  felony, etc) it’s no problem. 

Post # 7
Member
905 posts
Busy bee
  • Wedding: September 2015

@GoldfishPie:  I don’t know how it worked, but every semester I got a check for the “leftovers” from my grants/scholarships/student loans once my tuition was paid.  It wasn’t a huge amount, but I could use it for what I wanted.  A friend in medical school was able to increase his student loan amounts in order to cover his rent as well, since he couldn’t work while he was in school.  Seems like it depends on the school.

 

 

@ToTheRiot:  Why don’t you just apply for the apartment with your FI, since he’ll be moving it at some point anyway?  He’s just moving in a bit later than you are.  You could explain this to the rental company, just don’t make it sound like his income is also moving in later, right?  😛

Post # 8
Member
1465 posts
Bumble bee
  • Wedding: January 2015

@Phamnomenon:  This is correct, I got that check too 🙂 And yes, it all depends on the school.

@ToTheRiot:  Before you sign any loans, lease agreements, or anything, call the school’s financial aid office and see if you can get a definitive answer about student loans and cost of attendance including off-campus housing. My Fiance’s school was the same way; cost of attendance did not include off-campus housing, only on-campus, so if you wanted to move off campus you couldn’t get a student loan to cover the rent.

Post # 10
Member
720 posts
Busy bee
  • Wedding: May 2015

If I were you, I’d get both of your names on the lease NOW – it’ll make things easier when it comes time for him to move in. 

FI is on student loans like you and I work full-time. When we moved into our apartment, he had to get a co-signer and I didn’t since we’re not married. It wasn’t very complicated and where we live it’s really common because there are so many college/grad students.

As long as your dad makes enough to cover your share of the rent, you should be all set.

Post # 11
Member
9137 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

@ToTheRiot:  Why not just rent a room for the few months?  It’s usually cheaper and you would have the company of a roommate or two.

Post # 12
Member
2562 posts
Sugar bee
  • Wedding: March 2014

If the landlord is reasonable, and your credit checks out, you should be fine.

In your shoes, I’d look at less expensive apartments, just in case… you can always move to a better place after your lease is up!

Post # 14
Member
2562 posts
Sugar bee
  • Wedding: March 2014

@ToTheRiot:  Haha, your Feb. 1st lease start date will be our Feb. 1st lease end date!

Good luck!

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