Post # 1
I want/need to move out in January, FI won’t be coming with for work reasons.
I’m a full time student with a part time job. I can afford the apartment on my own with my student loan, but becuase I don’t have a full time job, I know I wouldn’t be approved for anything.
Because I’m not married yet, and I’m a full time student, I think I can have my Dad co-sgn with me so I can get approved; I did some research with the places I’m interested in and that seemed to be the consensus.
FI probabaly won’t be moving in untill May, and then he will be living there full time. We already share a bank account, so right now he would be paying utilities and other things, just not living there.
I wasn’t sure how it was going to work out. I’ve never moved out before, so this is all confusing. Would I be able to move out, have my Dad co-sign with me and then have FI move in later?
I know you might be asking why even use my Dad at all and just sign a lease together or wait untill May when we can both move out at the same time.
Great Question! lol… It’s because my parent’s are moving to another state and I need a place to live ASAP. FI isnt starting his new job untill Febuary(ish) and I think he needs a few months of stable work and steady paychecks (he just graduated college).
I’m going to our top pick apartment in a few days to talk to them, but I wanted to feel a little more knowledgable about this before I went in. Does anyone have experience with
A. Co Signer on an apartment; are they on the lease for the full lease term or can you take them off once you can afford it alone?
B. Student loans and apartment rent; your experience and did you have any problems renting using loans vs. having a full time job to supplement.
C. Adding a room mate to the lease after you’ve moved in; is it difficult? do you have the landlord approve the extra renter?
I would greatly appreciate any and all responses. I’ve tried to explain it as best as possible, but if it’s too confusing or if you need additional info, I’d be happy to try an answer it 🙂 I know that you might only be able to give general answers because every apartment is different. I’ll be able to get specific info in a few days.
Post # 3
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
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
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
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
@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
@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 # 9
Thanks guys! Everyone’s responses made complete sense. I’ll have Mr. Riot sign the lease with me and use my Dad if needed. My student loan for this next semester has already been dispersed to my school. I also had some help with Financial Aid, so I will have enough after my refund to cover 6 months rent, books, and extras. We definately have enough money in our bank to cover 3 month rent and then some. We share an account and I also have an account with my Dad. So between both of those, I should be able to prove we can pay rent every month lol.
I made sure that whatever loan I applied for covered housing on and off campus. I had to call my school a million times to talk to someone about it too lol. I knew these first couple months in 2014, I would need money to help with rent. I was hoping I’d have a better job by now, since that didn’t work out, I need to start looking at the future.
My family is moving a few hours away and FI house is not the ideal place to move into. His parents are very religious, we can’t even sleep in the same room there 🙁 lol. After 7 years you’d think they’d trust us more
Post # 10
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
- 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
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 # 13
@beachbride1216: Well, with the wedding coming up, I want to move into a place, move all of our things in, and be able to use that as our permanment address for invite, gifts, and stuff. We’ve already packed up the house and I don’t honestly think all of my things and the furniture my parents are gifting us will fit into one room, even a big room. Thanks for the suggestion, if things don’t work out with an apartment, I’ll have to suck it up and get a room and buy a storage unit.
@CakeyP: Our Number 1 apartment is actually cheaper per month than I thought! They are also having a special with one month rent free if we move in by Feb 1. I want to take advantage of that! lol. With the money we are saving at this place, I can actually pay utilities alone.
Post # 14
@ToTheRiot: Haha, your Feb. 1st lease start date will be our Feb. 1st lease end date!