Managing to live off My stipend

[texgirl5660]

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Ok so i am moving to North Dakota for grad school and was wondering the feasiblity of living off my stipend which is 13,000 for the 9 month school year. I realize that I will probably be fine, but was wondering if people ever do take out a smaller extra loan for living expenses (like 2-3000 per year)? I haven't received I guess what my fin aid packet is yet in terms of a Perkins loan or anything yet, but was wondering. I have it down a little at least-my apt is about 400/month for everything, i can live on beans and peanuts, car insurance, gas, food.....i am an excessively frugal person already, but was wondering if people did take out extra or not or y'alls experience with that. I am also single, 21 yrs old so don't have childcare expenses/spousal expenses. lol but i will have the expenses of getting an entirely new wardrobe and multiple heated body suits to withstand the -30 degree weather. 🙂 anyone's personal experience would be great....

 

[cara susanna]

I have the same stipend amount in the same area (haha) and I think we'll be okay. It's so cheap there!

 

[rmenoch]

I'm in the same situation, except I'll be in Montana with a similar stipend. I figured I might take out a grand or two just in case I have an unforseen emergency expense, like car troubles or something. It was a difficult decision though.

 

[psychanxiety]

If you're cutting it close on your stipend, there's no reason not to take 2 grand of government subsidized loans. There's no interest while you're in school, so if you don't need it you can just pay it back immediately when you graduate. Plus, like the prior poster said, emergencies can come up. Some of my financially savvy friends think I should take out the max, invest it, and then pay it back immediately upon graduation keeping the interest for myself. That seems a little risky and immoral for me though.

 

[irish80122]

I don't think that plan is immoral, though it is a bit risky with how the market has been for the last year! If you do it you will want to use safe investments. With CDs only paying about 1.5% right now, I don't know that it is worth it...unless $30 per year off of $2,000 is worth it.

 

[Wildcat06]

Hey texgirl, I just went through a financial aid session as part of a college prep class I helped facilitate and if I remember correctly, Perkins loans are only for undergraduates.

After being accepted to my program, I had to apply for a supplementary Subsidized Stafford Loan on my own (I had to search the grad program website for instructions on this, it was not provided for me). I need the loan so that I don't have to continue to make car payments off my small stipend.

If you want a federal loan, you have to fill out the FAFSA if you haven't already. Then look on your school's website for instructions on how to apply for Stafford loans (subsidized are preferable since the 8,500 max per year will suit your needs). At least at my program, I did not get a "financial aid package" like undergraduate. I think you have to seek out your own loans.

 

[texgirl5660]

ok good to know, i definitely won't need more than 8500 and i did fill out the fafsa....thanks!

 

[Wildcat06]

Ok Texgirl, I take it back. Turns out the gov't does give Perkins loans to grad students.