student loans (by Mitchell [NV]) Apr 9, 2008 7:39 PM|
student loans (by RR [WA]) Apr 9, 2008 11:40 PM
student loans (by Anderson [IN]) Apr 10, 2008 5:20 AM
student loans (by BillS [CO]) Apr 10, 2008 8:10 AM
student loans (by pete [PA]) Apr 10, 2008 11:58 AM
student loans (by Virden [OH]) Apr 14, 2008 6:49 PM
student loans (by Mitchell [NV]) Posted on: Apr 9, 2008 7:39 PM
State Specific Question About: NEVADA (NV)
I have a family who wants to consider students loans as part of their income. How do student loans work? Do they give you money for living expenses on top of books-tuition? I have a BS & MS, but didn't take out a loan. I also called the school, but they haven't returned my phone call 2 days now.
student loans (by RR [WA]) Posted on: Apr 9, 2008 11:40 PM
Maybe. There is no single answer. It depends on the specific loan terms and amount of money available. Your tenant should be able to provide documentation for this. --24.18.xx.xxx
student loans (by Anderson [IN]) Posted on: Apr 10, 2008 5:20 AM
I use Pell Grants and Stafford Loans as Income. I rent to TONS of College kids, it's not a big deal. Many times I get 6 months rent in advance twice a year.
With 94 Units, that can be a TON of working capital twice a year. --72.86.xxx.xxx
student loans (by BillS [CO]) Posted on: Apr 10, 2008 8:10 AM
Call it what you wish. Most loans do not have a stipulation as to what the money must be used for. BTW student loan money is becoming harder to get so unless you can find somethign to actually prove they are getting it I would be a bit leary of it.
student loans (by pete [PA]) Posted on: Apr 10, 2008 11:58 AM
as a lifetime payer of student loans (for which I never used my degree) I know of a few things that you cannot spend the money on, one of which is a vehicle. You can spend money on housing but I think that everything else has to be paid first. Books, tuition, etc.
ANything left( which there usually is) can be applied to housing. I like the idea of getting money up front. Students dont have much money coming in if any, and this can prevent them paying you. GET A JOB??? Hard to make a "Student" get a job and even harder to get a parent to pay. They are usually savvy people that say either "let them deal with it" or in the case that the parent has money and wants to protect their kids credit, says that its your problem, not mine!!!
Touchy, but 6 mos. or whatever the semester may be is a great way to ensure a good nights sleep. good luck --68.106.xx.xxx
student loans (by Virden [OH]) Posted on: Apr 14, 2008 6:49 PM
I cover for my aunt who rents to a lot of students, my own stepdaughter has grants but her money is going to the bookstore and she still works part-time with me once in awhile. If you can do these student properties for 8 or 9 months and amortize what you would like for 12 it works really well. Pros; we sometimes let the students store stuff in the building if they pay a season in advance, and let them arrive early to set-up shop, sometimes they come for a few weeks in the summer and we let them stay free if they help us with painting/claening the grounds, they often bring friends which means they need to barter more so we go clean up other properties also. Cons; getting them to wake up in a timely fashion, having to turn on the gas for hot water, they have to let us know when they are coming so we can do this in the barter arrangement, then I always have to clean the fridge out from the summertime beer spills. But it really works out pretty good cause we know they are coming back and 2 or 3 months is enough time to handle replacing water risers and even carving open drain stacks, close the walls and let them paint - even thier colors if they pay a year in advance - depending on my aunts mood when they ask. --99.160.xx.xx