Personal Finance 30-Day Challenge #5: Reduce your future health (and current habit) expenses! (May, 2019) |
- 30-Day Challenge #5: Reduce your future health (and current habit) expenses! (May, 2019)
- Had Surgery Apr 5th. Surgical Assistant was "medically necessary" but apparently "out of network". $13,700 bill not covered by insurance.
- Sending payments on time every month, but vendor is cashing them weeks/months late and reporting as late or missed, which is destroying my credit.
- American Express scam
- I feel like I'm in one of those rare situations where buying a mobile home is not a terrible idea. Thoughts?
- Update: got my refund from United!
- Landlord still demands checks sent by mail even though several have been "late" according to him and he wants me to send several checks post dated for six months rent so they are not late. How do I handle this?
- Wife got hurt skiing, lost our only job/income and health insurance. [Questions]
- How do you interview for jobs where salary isn’t listed without wasting your time?
- The Cost of Food.
- I have a plan, but need affirmation to implement. Feedback welcomed.
- Mortgage question - 50% every two weeks or 100% every month? ELI5
- My side job is paying me cold hard cash. How do I store this money??
- What the hell is the use of the PNC Reserve Account in Virtual Wallet?
- New person is making the same as I am.
- Just graduated, employer implies I have to prove it before getting title/salary increase?
- I was scammed from a PayPal “merchant”. Disputing through Chase. Advice?
- I have 40k in cash sitting in a high yield bank.
- Rent increase before my contract is up?
- Mother lost 40% of her salary. Mortgage still need to be paid. [Canada]
- How can I prepare for student/parent school loans if my Father (who pays them) passes?
- Keep helping parents or let them free to live my own life?
- Student looking to setup a savings account
- Does the student himself need to have an income to qualify for private student loans?
| 30-Day Challenge #5: Reduce your future health (and current habit) expenses! (May, 2019) Posted: 01 May 2019 06:07 AM PDT 30-day challengesWe are pleased to continue our 30-day challenge series. Past challenges can be found here. This month's 30-day challenge is to Reduce your future health (and current habit) expenses! Why is this important?Healthcare costs past retirement age are expensive! In addition to this, unhealthy lifestyles can have a negative effect on your current financial situation. There is already a lot of overlap between personal finance and lifestyle choices, so let's take a look at some immediate improvements you can make for your future. Reducing your Risk of Heart Disease (Cost $3,000 - $38,501)Leading a healthy lifestyle is the biggest way to reduct your risk of heart disease. Among these lifestyle choices:
Some of the above also have a side effect of immediate financial impact:
Reducing your Risk of Cancer (Cost $19,901 - $60,885 per annum)The lifestyle choices below have been shown to reduce the risk of cancer:
Note that a few of these are carried over from the first section on heart disease! There are some immediate financial impacts of reducing your alcohol intake: You can save about $750 USD per year by going dry. Reducing chronic lower respiratory diseases (Cost $6,000 more in medical care than those without)The lifestyle choices below have been shown to reduce the risk of COPD:
Related Subreddits:
Challenge success criteriaYou've successfully completed this challenge once you've done 2 or more of the following things:
[link] [comments]  |
| Posted: 01 May 2019 06:03 AM PDT I recently had surgery which apparently required a surgical assistant. Throughout the whole surgical process, x-rays, MRI, pre op appointments, the hospital confirmed each procedure was covered by my insurance (Aetna PPO) before allowing me to schedule an appointment. The surgery was no different. The hospital, surgeon, and anesthesiologist are all in network and covered. A claim from the surgical assistant was submitted to Aetna - $13,700, to which Aetna agreed to pay $118 because the surgical assistant was out of network. I have two issues with this. First, I was under the impression that surgical assistants performing work in an in netowrk facility under the direction of an in network doctor would be covered as in network. Second, I had no choice in who the surgical assistant was, didn't even know I needed one until the surgery. Since I had no choice in the matter I couldn't tell them to make sure the guy was in network. What are my options to get this bill covered as in network? I contacted Aetna and they said a surgical assistant is covered under their plan, but said they would need to investigate whether or not this specific specialty was on their approved list. Has anyone else had experience with this issue? Thank you. EDIT: I have gone through the responses and provided some additional clarification to some of the comments. I appreciate the help and insight people have provided. I will post and update in 3-5 days based on what Aetna says about resubmitting the claim. Ultimately, this is a frustrating time and it seems like no matter how much prep you do, there is always something that will slip through. I just wish there was more transparency. I could have been more questioning about who was going to be involved, but honestly when I was wheeled into surgery and saw 12 people in there I was surprised. EDIT 2: Thank you to the people suggesting I go to my company HR representative. She informed me that this exact situation happened with another employee just a few months ago with the same hospital. She was able to get that one resolved and fully covered so she will attempt to do the same with mine. [link] [comments]  |
| Posted: 01 May 2019 05:05 AM PDT I have a repayment plan with the Social Security Administration to pay $100/month for an overpayment from when I was on disability. When setting this up, the agent said I should call the payment in every month, explaining that the checks that come in by mail do not get cashed sometimes for months. Ok... So I called in every month to read my card to them for a payment. Each month I would have to call several times and wait on hold for up to an hour to make this single payment. I would have to schedule my breaks and work schedule around these calls. In June 2016, I couldn't reach anyone. I called several times a day for several days. I was spending my whole lunch hour and after work on my early days just trying to connect. So I missed a payment for the first time. When this happened again in July, I set up an autopay from my bank to pay them like I pay all of my bills. It seemed the right thing to do. The first mailed check went out on August 18 as scheduled. Another check went on 9/18 and 10/18 and so on... Not one was cashed until late November. They hit my credit score hard, causing a drop of almost 100 points. (I otherwise have excellent credit.) Checks are getting cashed anywhere from 6 weeks to 4 months late, but they mostly now cash approximately one per month (not from the recent month). Still, every few months they will not cash any and then two the next month, each time sending a late notice and hitting my credit again. At this moment, not a single check has been cashed for 2019. (Jan, Feb, Mar and Apr just sitting in a pile somewhere..,) And today I received a letter that they kept my federal tax refund because of the "late" and "missed" payments. I have phone records for 2016 showing the attempts and lengths of calls trying to pay them. I also have bank records showing that a payment has been sent on time every month since August 2016. I am tracking when each check clears. This has continued for over two years. I spoke with a rep at social security when I received a letter telling me to call and discuss my missed payments. He said it happens all the time and urged me to call my state rep., suggesting it was my only course of action.
EDIT 20190430 1031: I should clarify that, of course, if I were able I would pay the total sum and walk away. It is simply not possible. I am not looking for advice on how to do that. (I will say, for those that may raise an eyebrow at this, that I reported all changes to income to my local office. I was told that my school fellowship did not apply. After three years, the central office said I have to pay it all back. So I'm trying to do that.) EDIT 20190430 1052: I would pay online if I could. They only have the two options - phone in and mail in. Tl;dr - social security is apparently so understaffed that they can't cash my checks on time so they are reporting payments as late or missing and destroying my credit. [link] [comments]  |
| Posted: 01 May 2019 06:41 AM PDT Tl;dr at the bottom Yesterday I was a victim of a scam that I wanted to share with you all so people are aware. I kept getting repeated calls from a 1800 number that I eventually blocked. That number then called my father who in turn called me to inform me it was American Express to let me know of fraud charges. I looked the number up and it was their customer service number (1)-800-528-4800 . I dial the number and as I dial it they call me. They alert me of their name and that charges occurred in a state I am not living in. We go through the verification process including text messages from American Express on time passwords to verify my account. As charges keep occurring the 'representative' keeps assuring me they are seeing them and disputing them as they come in. This was my first time getting fraud charges so I thought what they were saying made sense. They had to dispute all charges prior to cancelling the card to ensure the charges don't end up on my account statement. I receive text messages to verify I made these charges in which the representative says to press 1 so they can verify I didn't make these charges in the system. After about 40 minutes and being informed a new card will be send the next day while they verify my address, all charges within past 48 hours, and my information. I think it's all settled, I have notifications on my phone In case any charges come to that card. About two hours later i see a charge on the card at 7-11 for $3.88 immediately call American Express to see why the card is active and they inform me they never called me today but in fact I called them to alert them of a big purchase going to be made within 24 hours ($2,300 at staples, weird). It is at this point I go through the entire story with them and now the actual fraud department. The representative informs me to always call the number on the back of the card and this isn't the first call they got of this scam. All charges should be dropped from my account and a new card is on its way with email verification. I hope none of you have to go through this. Tl;dr a person using American Express's number acted as a representative using their script and my account information to get American Express to approve all fraud charges and gain access to my account. They messed up when they couldn't resist the slurpee from 7-11. Always call the number on the back of your credit cards [link] [comments]  |
| Posted: 01 May 2019 05:45 PM PDT Edit: I like getting downvoted within seconds of making a post. You couldn't have even read this. Thanks! ---- I'm self-employed and don't have a good tax record to show lenders for a normal home--I've tried to qualify and can't. I did however qualify for a loan at a nearby mobile park for $120k, based on my pay stubs as my business is finally taking off as of last year. I want to stop paying out the arse in rent for my house (I have no interest in living in an apartment, I won't do it again, for a lot of reasons). I currently pay $1900 a month to RENT a mobile home, and while I like my house and actually enjoy living in a mobile home, if I bought one, including land rent it would be $1300 per month (if I maxed out my loan). Regular home sales start at 195k here for homes in kind of shitty areas. The housing market is really intense here. Homes are sold practically as soon as they go up, a lot of people want to live here. It's been that way for about 15-20 years. The park I'm looking at is really nice. It's a very tight-knit community that background checks everyone, doesn't allow anyone to rent out their units, etc. It's set up like a normal neighborhood, it's quite large, doesn't look like a trailer park. Very well-maintained and landscaped. VERY safe area, zero crime, etc. Comparably sized homes in this particular area are 250k+ I looked at one mobile home in this park from 1996 that sold for 50k despite having a gutted bathroom, a ceiling leak and needing a new roof. I know how much it sold for because I offered 20k for the hell of it (it needed a lot of work). It had three offers on it and was originally priced at 70k. Another one in this park for 65k from 1991 went up for sale, in great shape. I offered 60k, but nope, someone else offered more. Sold. The property manager (who's a resident, they hired her when management changed) said it would be almost impossible to find a newer home for under 75k, and that if it's under 75k it needs work. The one I'm looking at right now is brand-new, never-been-used, for 105k. It already has multiple offers on it and I'm considering offering but don't know if I'm making a stupid decision because all I hear is to "NEVER, EVER buy a mobile home because you'll never be able to sell it." But a comparable one in this park that's 10 years old was on Zillow for all of a week at 90k and is already "pending." Another that's 25 years old and only 100 sq. ft. larger just sold for 125k. AGH. I don't know what to do! [link] [comments]  |
| Update: got my refund from United! Posted: 01 May 2019 03:16 PM PDT Link to OP here: https://www.reddit.com/r/personalfinance/comments/bgexzj/united_airlines_not_honoring_their_agreement_for/ Thanks to everyone for input. It was actually my mistake - i applied for the refund using the ticket numbers for my rebooked flight, not the segment that was canceled by United. When I reapplied for a refund for difference in fare, using the original ticket numbers, they processed and accepted the refund. Thanks to everyone for their info and input!! You guys were (mostly) super helpful. Next time I'll definitely use a VOIP and call them, and hopefully avoid this whole fiasco. To the redditor who thought it was "fishy" that I have so many posts about getting money back from airlines... yeah?? I fly a lot and have experienced an incredible amount of delays/cancellations... of course I try to get my due recompense. That's not shady or dishonest - that's just good business. I would hope you (and everyone in the PF subreddit) do the same. And to the redditor who called me a liar and accused me of making the whole thing up for karma... good call bro. You saw right through me. 🤦🏼♂️ TL;DR. Used original ticket numbers for canceled flight, applied for refund for difference in fare, refund was approved. Took some work but got my money back. Thanks to all for their input! [link] [comments]  |
| Posted: 01 May 2019 08:10 AM PDT First time posting here so I apologize if I did this wrong or this isn't the correct sub. I am also on mobile. Current Situation: My landlord every few months tells me that the rent check has not arrived so I need to send him another one. The first time it happened I sent out a check and told him the other one was canceled. (Which cost me $30) Then magically the original check I sent arrived and he asked if I wanted him to shred it or keep it for next month rent. When I told him I'd already said if it arrived to shred it his reply was that he was just checking to see if I wanted him to keep it or not. This happened about three times. The most recent time he again somehow got the other check within days of me sending another check. Once again asking if he can keep the check. When I told him sending checks in the mail was not working out for either of us because of the delays and we should look for another route, his response was well I've always given you the option to send a few months checks at a time just post-dated. I do not personally believe that is smart move on my part, but I don't have anything to back that up other than I don't trust him not to try to cash multiple checks at once or lose my information. I am hoping you can help me find a solution to paying my rent and advice on what my landlord is asking from me. Thank you for reading all of this and thank you to everyone for any advice given. [link] [comments]  |
| Wife got hurt skiing, lost our only job/income and health insurance. [Questions] Posted: 01 May 2019 04:15 PM PDT Thank you for any help and advice. My question is about what benefits we, my wife (27f) and I (28m), could potential receive? (Workers Comp, Disability, Unemployment, COBRA, Welfare) My wife has been working as a traveling nurse in California, USA and was injured while on a ski trip. Now she needs surgery and has lost her contract with the hospital. With the loss of her contract and due to her not being able to take a new contract within 4 weeks (4 month recovery), we will lose our insurance (HDHP with HSA). I am able to work and have already stated applying for jobs. She just started Travel Nursing at the beginning of this year. I quit my job so that we could travel the United States. Unemployment states that she needs to lose the job through no fault of her own; this was her fault? Does that disqualify us for unemployment? Would that make her eligible for disability? Disability states that she needs to have a deathly injury or longer than one year; ACL repair is only 4 months rehab. Are we disqualified? Thank you for your help. [link] [comments]  |
| How do you interview for jobs where salary isn’t listed without wasting your time? Posted: 01 May 2019 03:02 PM PDT I know it's recommended that I not list what I currently make or what salary I'm looking for. I know I want them to say the first number. But how do I keep from interviewing at places that are not paying what I expect without at least throwing out a minimum salary I would need to switch jobs? [link] [comments]  |
| Posted: 01 May 2019 07:45 AM PDT Hi I want to have a discussion about this sub recommendations on food budgeting. Whenever anyone posts a budget, there are always comments about how their food budget is too much. not just on dining out but on groceries. There is top post about asking how to budget $1000 dollars for two people for two months and upvoted comments talking about how that amount is normal or above average. When in reality. that budget is about equal to the USDA low cost food plan. Yes it is possible to eat well for a couple on 80 dollars a week but that isn't average. This sub should not be telling people they are outrageously wasteful for spending 300 dollars a month on groceries for a single person. That is what a normal amount is outside of this sub. This sub isn't r/Frugal and we should remember that when giving advice. Source :https://fns-prod.azureedge.net/sites/default/files/resource-files/CostofFoodFeb2019.pdf [link] [comments]  |
| I have a plan, but need affirmation to implement. Feedback welcomed. Posted: 01 May 2019 06:25 PM PDT I used the prime directive to create this. This post is more to ask for reaffirmation if my plan make sense or if I have a glaring flaw in it. A bit background: $1k per month expenses, I am a student full time, not married, I get monthly stipends that cover my expenses. Will graduate in 1 year with significant other, if all good get tied down. These money I have I plan to not account in when creating the family, basically we graduate, get jobs and from that income use for family creation. Format will be: Account - Amount - Rationale - Where Checking - $1100 - 1 month expense - Allian 0.65% APR Savings - $6000 - 6 month Emergency Fund - CIT - 2.45% APR Short term money - vacation - $2000 - Get a better % - Vanguard account with ETF focused on return of 5% with less in stock more in bonds Long term money I won't touch, basically extra money i can't shove in my IRA - Everything else - Leave and forget - More risky ETFs (more stock %, about 90 or just use the target savings ETF they have) literally never touch even if market goes down. [link] [comments]  |
| Mortgage question - 50% every two weeks or 100% every month? ELI5 Posted: 01 May 2019 06:12 AM PDT I saw in another post (on a parenting sub) that paying 50% of your mortgage biweekly (every pay period) rather than 100% once a month will (roughly) knock off seven years of payment on a 30 year mortgage. Can some explain like I'm five why this is? I just made my first payment two days ago. [link] [comments]  |
| My side job is paying me cold hard cash. How do I store this money?? Posted: 01 May 2019 07:39 AM PDT I'm making about 5k/month cash from a referral business I've started. I basically find jobs for my contractors to do. These jobs consists of full home remodels, flooring jobs, roofing jobs, etc. They usually pay me 4.5% of the contract amount in cold hard cash. I'm certain they are not paying taxes on this. How should I proceed with this? [link] [comments]  |
| What the hell is the use of the PNC Reserve Account in Virtual Wallet? Posted: 01 May 2019 07:05 PM PDT I've tried to research this myself but couldn't seem to get anywhere: I've got the Virtual Wallet through PNC which includes the Spend (Checking), Reserve (Short-Term Savings), and Growth (Long-Term Savings) accounts. The Reserve account only yields 0.01% interest as compared to the 0.055% interest my Growth account accrues. I basically use the Reserve as a potential overdraft buffer by keeping $100.00 or so in there, but I feel like it's just sitting there gaining less interest than if I kept it in my Growth (which also serves as a back up in case of overdraft). So like... why bother with it? Thanks in advance and also thank you to this sub for helping me become more knowledgeable about my finances and budgeting! [link] [comments]  |
| New person is making the same as I am. Posted: 01 May 2019 05:49 PM PDT I've been at this company for almost 2.5 years now. About a year ago, I was able to secure a $3/hr. raise and I was told that I was capped at that rate. A new person comes in and is making the same pay as me. The only thing I may have over this person is they never promised her vacation time and I have had vacation time in the past. It's a small company and they would be hurting if I left. I don't have a degree and there really aren't any benifits to working here other than it's very close to where I live. Should I bring it up or just find another job? [link] [comments]  |
| Just graduated, employer implies I have to prove it before getting title/salary increase? Posted: 01 May 2019 06:50 PM PDT I signed an offer letter in December which states "Upon graduation, your rank and title will be re-evaluated". Upon signing I was told as soon as you graduate come talk to us blah blah. Went and talked to HR manager today. Was told, "I need a copy of your diploma before this will happen to put in your personnel records as a record that you actually graduated". Great. I will receive my diploma in 6-10 weeks. Which means I will be missing out on roughly a 15% increase in pay in the meantime. What bothers me is that they just recently hired another college grad, post his graduation this last semester. He told me he did not have to furnish any sort of "proof", transcripts whatever of his completion of his degree. Is it fair to ask for retro pay in the difference of salary now, vs salary after the adjustment for graduation back to my graduation date (today) when this is revisited in 6-10 weeks? Is this normal for a company to do? PS [link] [comments]  |
| I was scammed from a PayPal “merchant”. Disputing through Chase. Advice? Posted: 01 May 2019 05:02 PM PDT Here's the brief story, please provide any advice on how to go forward with my claim. There is an IG business account that does promos for events with 100k+ followers. They often do giveaways and what not. During October of last year they said that they had an agreement with promoters for an event and they were selling discounted tickets. They required you to pay on the spot and receive you and you will receive tickets some time in April. I never got the tickets and the merchant will not reply to my emails or messages, but is active on social media. From social media, I was able to see that there were other victims that were scammed from this transaction. The "business" owner replied to a select few messages from others saying that the promoters fell through from their agreement and he is "working on getting the money back with his team and lawyers", which is complete BS. I saw users posting on their page about scamming people and the "business" account has blocked all of those users. PayPal has a feature where if you are not sending money to "friends or family" you are essentially purchasing a product or service from a merchant. I made the payment in October and since it has been pass 180 days, I cannot dispute the claim on PayPal. They said the only thing I can do is go through my bank, which is Chase. They gave me temporary credit to my checking account and require me to send a written statement of what happened. Is there anybody that has been in this similar situation, or know how fraud investigation works to provide what information I should send and what I shouldn't? What are the chances it will be in my favor? Thanks in advance. Tl;dr I was scammed from a merchant in October. Chase requires me to make a written claim. Need advice [link] [comments]  |
| I have 40k in cash sitting in a high yield bank. Posted: 01 May 2019 03:53 PM PDT Bank is giving me about 2.45% and I'm wondering if there is a better market I could put that amount of cash into safely and make a higher return [link] [comments]  |
| Rent increase before my contract is up? Posted: 01 May 2019 07:23 PM PDT I received an emailed statement of my bill for $924 including water. When I log in to pay my rent, it shows $1,079. My lease is not up until the end of May. Also, if I have to give a written 30 day notice to move out, that would mean that I could put notice in tomorrow and move out the 31st? [link] [comments]  |
| Mother lost 40% of her salary. Mortgage still need to be paid. [Canada] Posted: 01 May 2019 07:08 PM PDT Last year my mother has been diagnosed with leukemia and has had trouble working full time recently, she's always tired and has been hospitalized a few times. My mother has been working for the local school board for the last 4 years. The school board advised my mother to talk with a financial advisor so she did. The financial advisor told my mother to ask her doctor for a medical ordonnance to work 3 days per week instead of 5 days so that the disability insurance that she had with her job would pay for the other 2 days. She did that too. Everything seemed fine until today when the school board announced that she will be reduced to 3 day per week and will effectively loose 40% of her salary and, since you have to work full time to be covered by her job's insurance, that she would also loose her disability insurance that would have kept paying her salary if she was not able to keep working. Unfortunately, she still has to pay for her mortgage and her brand new car that she bought 2 years ago. I have a few thousand dollars in an account for this kind of situation but, even after cutting the cable, phone, restaurant, etc., at this rate the emergency fun will be depleted in a year. We probably will have to sell the house but it isn't really such a great solution since renting an apartment in my city is about the same price as the mortgage. I'm currently living with my mother and paying half the mortgage. Is there any option left for us? Thanks for the help! [link] [comments]  |
| How can I prepare for student/parent school loans if my Father (who pays them) passes? Posted: 01 May 2019 07:07 PM PDT Hi all, Throughout my undergraduate degree my father and I took out mefa student loans in which I was the primary and he was the secondary but was paying them. After I graduated we consolidated these loans with Sofi for around $100k, (do your homework and get scholarships kids), and he has been paying ~$1000 a month for a few years. I am not sure the exact amount left on the loan. The intent of these loans was always for my father to pay for my education, for which I'm extremely grateful. My father has been having heart issues lately and though it has not escalated I am of course worried about what will happen if my father were to pass prematurely. I am wondering what steps I should take to prepare for the worse. I am getting married in a few weeks and want to be sure I understand how to protect myself and my fiancé as right now I can't imagine having a new $1000 payment. I understand fully as the primary that debt is mine as well. Thank you for any and all financial advice! Some background: I also have federal loans from undergrad and graduate school, about 80k on income based repayment. Together my fiancé and I have about 9k in credit card debt. My father does not have enough life insurance to pay off the loan and protect my mom and brother's (11) livelihood. (This would include funeral and managing/reassessing current debts my parents have like house, car, credit card etc.) [link] [comments]  |
| Keep helping parents or let them free to live my own life? Posted: 01 May 2019 05:27 PM PDT I'm 2 years post grad with an amazing degree. Applying to jobs everyday all over the world but having 0 luck. Contracting and freelance have been my main source of incomes during these times. Living at home now bc parents need me. Pay almost half the bills but I have student debts now and it's drowning me atm. Mom can't work bc her injury which is 100% settled and paid out. (money almost gone irs, both sister's tuition, medical, and rent) Working would push my parents above poverty level on paper and loose all medical paying for needed medication for them and sisters so she's home all day. Dad has great talent but it's being wasted everyday delivering food bc they need that to makes ends meet now. They were very wealthy just 6 years ago and a life of needing for nothing has made them weak and believing things will just workout. Well things aren't working out at all. Every month is a step in the wrong financial direction and idk how to cope anymore. According to my personal debt at this rate I'll be 163 by the time I pay off student loans. Do I just get a career and leave or get a career and put everything towards my family's debts. They have 0 saving, 0 retirement plan. [link] [comments]  |
| Student looking to setup a savings account Posted: 01 May 2019 06:59 PM PDT So I've heard good things about CDs and flexible savings accounts but the interest earned is sometimes confusing. I try to calculate how much I get but a lot of sites like to hide their rates and it takes a while to go through them all. I don't mind not touching my money for a while but I want to be able to add money as I get paid, so $1000 now and 5-8 hundred a month. In short, I just want a non-shady bank with the best returns on a CD (12-18 months) or savings with continuing deposits. [link] [comments]  |
| Does the student himself need to have an income to qualify for private student loans? Posted: 01 May 2019 06:57 PM PDT Hi there, thanks for taking the time to read and possibly answer my question. I am needing to take a ~$140,000 private student loan by this coming fall semester. I would finish a degree with likely employment guarantees in summer of 2021. My credit score is good, at roughly 650/650, but I have read and been told that, as with all loans, income is a factor in qualification. I for one have limited income, I would at my best assumption be only able to work my current job once a week, at $13/hr for 8 hours. In that case, I believe a co-signer is necessary - and please correct me if I'm wrong - who has a demonstrable income that would be satisfactory to the lenders, to reduce their risk. However, here's the rub: the person who would be my co-signer, my father (the only other family member of mine), does not have an income currently. He has been out of work (living with a comfortable trust with about 700k remaining, it's a unique situation) for about 30 years but comes from finance, and is now completing a masters in financial planning with a likely job in ~2 years from this June. We just bought a condo for $275k as well and will be signed over too at the end of June. It leaves me with several critical questions: Will this disqualify me from a private student loan? Do I even need a co-signer? Will my limited income be enough while completing school? If a co-signer is necessary, can others co-sign as opposed to my father? My fiancé's father has a significant five figure income and would potentially help me out. What else in general should I be aware of and be prepared for as far as qualifying is concerned? Any answers and wisdom regarding these questions would be so greatly appreciated! Thank you all again for reading and offering any time and words you may have. Cheers! [link] [comments]  |
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