Renting an apartment with no income

[nm825]

How do I go about renting an apartment with no income? I am planning to use student loans to cover cost of living. I've been trying to fill out housing applications, and they all ask for paystubs or W2s and ask me what my job is. What paystubs should I give them? My crappy summer job? Should I provide my school's COA budget and documentation that I'm taking out full loans?

For job and employer, should I list "medical student" and my school? What should I put for income?

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[Kaustikos]

Usually just tell them you're a medical student when you see them. They understand, especially if other students have lived there. They'll go through all the hoops for you.

 

[TBV]

I told mine that I was a med student they had me show documentation of my loans and it was smooth sailing from there

 

[nm825]

Did you have to get a cosigner on the lease if paying with loans?

 

[TBV]

I didn't but I'm sure that varies

 

[Dr. America]

Having a cosigner doesn't hurt (unless you find him/her in an alley somewhere) but it shouldn't be needed. Especially if your complex is geared toward students

 

[nm825]

Having a cosigner doesn't hurt (unless you find him/her in an alley somewhere) but it shouldn't be needed. Especially if your complex is geared toward students

Unfortunately none of the places we're looking at do. I'm going to school in a major city and few students live near campus, so everyone is dispersed around.

 

[pd1112]

Unfortunately none of the places we're looking at do. I'm going to school in a major city and few students live near campus, so everyone is dispersed around.

Then just get a cosigner & you're fine - edit: unless you're trying for some high-end places.

 

[Kaustikos]

Unfortunately none of the places we're looking at do. I'm going to school in a major city and few students live near campus, so everyone is dispersed around.

Then talk to the owners of the complex. Ask what they should do. Some have leniency for professional students because they assume you can pay. Or ask your school for housing advice.

Then just get a cosigner & you're fine.

Not always easy

 

[jsquared91]

How do I go about renting an apartment with no income? I am planning to use student loans to cover cost of living. I've been trying to fill out housing applications, and they all ask for paystubs or W2s and ask me what my job is. What paystubs should I give them? My crappy summer job? Should I provide my school's COA budget and documentation that I'm taking out full loans?

For job and employer, should I list "medical student" and my school? What should I put for income?

As others have said, talk to a real person at the management company or the landlord. Mine just told me to leave that part blank and attach my financial aid/loan sheet from my school.

 

[ChrisMack390]

If the landlord is iffy you could offer to pay several months ahead, or even the entire lease in one lump sum. I am assuming you get your student loan check all at once and not in monthly installments right?

 

[Pacna]

One work-around that I don't think is strictly ethical but does get around this issue: If you have someone sign a "monthly gift letter" (look for templates online), that IS SUBSTITUTABLE for monthly income. The quasi-cosigner never has to actually give you any money. The people who are renting generally just need to check off that box on their form before they can approve your application. It doesn't matter that they know you can pay. You have to meet the requirements anyhow.

 

[MedWonk]

I just showed them my financial aid award letter. Usually no issues with renting close to school as many of them have rented to students before.