I will be attending a state school this summer to purse my second degree in nursing. It's only a one year program that costs $18,000 (hoping 13,000 with financial aid).
It's out of town for me which would cause me to commute two hours by train. Seeing that I'm 24 and ready to move out of my moms apartment I'm going to bite the bullet on this one and consider living with a roommate closer to campus.
Here's a breakdown on my finances: $16,000 < savings, I'd like to keep untouchable for after I graduate.
$5,000 < current amount I have, apart from my savings in preparation for school (buy used car + insurance)
$3,000 < money I will have saved up from now until June 1st which would allow me to move and pay rent for the summer. (Rent + everything else to move for the summer alone)
I have calculated my living expenses for the year to be $18,300 and I pull a $15,000 loan. (Not just rent alone, but everything else down to food, transportation, utilities, and other).
$12,500 unsubsidized federal loan will come from school and cover my whole tuition (I may have to pay the remaining balance out of pocket).
$15,000 loan will come from Wells Fargo at an estimate 8.5% - 11.5% interest rate.
(I'm borrowing about $28,000 in loans, not including whatever the interest rate may be).
Let’s say I work for those twelve months while in school and work for $600 a month. Across twelve months, that will be approximately $7,000.
I can close the $3,000 gap between my loan and the amount my expected expenses to be. The remaining $4,000 I can either have as an emergency fund for school or pay my Wells Fargo loan off with it to reduce the amount of interest rate.
The thing is I really do not want to touch my savings. It’s my emergency fund, but I guess I have to wonder if right now is an emergency or not. I help my mom with rent significantly, and I’ve given her a four month notice on me moving out. She has been having trouble finding someone to rent my room to and I told her months ago that if she had trouble finding someone when I left, then I’d help her with the first month. But after breaking down my finances it’s something that I really can’t help doing. And now she wants me to convince my dad to help her with the month for June, but I know he’ll say no, and on top of that I need him to help me with other small expenses I have. Just not sure what's the right angle to do with all of this. I do have a substantial amount of money in my savings that there is room for error, so should I use it for school or keep it under the emergency fund?
Submitted April 21, 2018 at 09:38PM by amendagolazo https://ift.tt/2qMTtx4
