Expensive Student Living

Grid System

The Facts:

• I just finished my second year of law school (in Canada)
• I have a full-time summer job and a part-time job during the school year
• I live on my own in a small bachelor apartment
• I am looking to move into a bigger place with my girlfriend
• She currently lives with her parents
• She will be entering her third year of undergrad Arts in September
• She works at a used book store (almost full-time over the summer, part time during school)
• Neither one of us earns a whole lot of money right now
• I do not have to pay tuition, but I do have to cover most of my living expenses
• She has to pay her own tuition (but will hopefully get a decent amount of scholarship money)
• Currently, I have enough earnings in the summer to cover my own costs and put some money away
• I also have enough savings to cover my own (current) costs through the school year
• I will probably cover most of the costs wherever we go, and my girlfriend will contribute what she can
• We are looking at an apartment that might be just beyond our combined means while we're in school
• The apartment has a lot of the things we're looking for (near perfect location, A/C, high balcony, etc.) and some other perks (indoor pool, gym)
• Neither of us carries any student debt at the moment

The Question:

Assuming the apartment is the sort of place we might stay at for a number of years--moving is a hassle; I don't like doing it--would it be totally stupid for one of us (probably me) to take on a light student debt load so we can live there?

Pooshlmer

Why is it more expensive to live together? Usually it's cheaper. She lives on her own somehow, right?

Sipex

Look into what assistance programs you can get, I'm canadian too and I can speak from experience, our system has a lot of niche assistance programs so there might be one made for you.

Explain your situation to your college/university office and see if you qualify for anything.

Grid System

Pooshlmer wrote: »

Why is it more expensive to live together? Usually it's cheaper. She lives on her own somehow, right?

She lives with her parents at the moment. I will add that to the list of facts.

Protein Shakes

Why don't you wait until one or both of you start making enough to afford the place?

I mean, getting into debt just to be able to afford a bigger place seems dubious at best, even if it's "harmless" student debt.

GungHo

I'd try to qualify for assitance or a grant before taking on debt. Also, how well have you researched the apartment? Is there another option just down the street that maybe has one less amenity (e.g. no pool) that you can live without?

Grid System

Shakes - That's a fair question. We're committed to moving this summer. Her house is starting to feel small, and so is my apartment. We could keep looking for a cheaper place and hope that something this good opens up next year but that would entail moving again (which sucks) and there's no guarantee that a place this nice will be available.

GungHo - We've been searching pretty zealously. We'll definitely see what kinds of free money we can qualify for as well.

Sipex

Another question, when are you moving? June 1st? July 1st?

Robman

You're in law school - if you've got the contacts to land you a decent position with a reasonable firm right out of graduation, then a debt load wouldn't be the worst thing in the world. But you're in law school, so if you don't have those contacts you need to be prepared to live it pretty rough for a few years after graduating based on the current legal hiring situation.

Deebaser

Its a bad idea to put yourself into debt to carry your girlfriend. I would either wait until she can carry the difference between your studio and the one bed room apartment of your dreams or until you get your post-grad jobby job.

LadyM

Most of the things you listed (A/C, balcony, pool) are pretty common in most cities. Keep looking. Especially keep an eye out right after the non-resident students from other provinces/states leave for the summer.

Protein Shakes

Deebaser wrote: »

Its a bad idea to put yourself into debt to carry your girlfriend. I would either wait until she can carry the difference between your studio and the one bed room apartment of your dreams or until you get your post-grad jobby job.

Yeah.

I mean, I don't know the specifics, but your place "starting to feel small" doesn't strike me as a good enough reason to get into debt and carry your girlfriend with it. It just seems like you two want to move onto the "next stage" in the relationship or whatever, and you decided that moving in together is the way to do it because that's what society tells you.

The reasonable thing to do is wait a little more. In my eyes, debt is a horrible idea unless it's a last-resort deal.

Kyougu

Robman wrote: »

You're in law school - if you've got the contacts to land you a decent position with a reasonable firm right out of graduation, then a debt load wouldn't be the worst thing in the world. But you're in law school, so if you don't have those contacts you need to be prepared to live it pretty rough for a few years after graduating based on the current legal hiring situation.

From all the threads about law school here, and from what I read, the prospect for many law students (least in the U.S) is not the greatest at the moment.

Though if Canada is like the U.S, you could get a low interest loan from the government. That would be the sanest choice if you do this.

Robman

You can also get professional student lines of credit from the banks on more favourable interests rates. Like, 0.0% APR rates. Banks like doctors and lawyers, a lot.

Grid System

Thanks for offering a sober second thought guys. It was a valiant effort, but the view from the apartment's balcony was too gorgeous to pass up.

Also, I looked at the figures again, and between the two of us we can swing it, if we make some sacrifices (no Starbucks, less eating out generally, that sort of thing).

dispatch.o

Grid System wrote: »

Thanks for offering a sober second thought guys. It was a valiant effort, but the view from the apartment's balcony was too gorgeous to pass up.

Also, I looked at the figures again, and between the two of us we can swing it, if we make some sacrifices (no Starbucks, less eating out generally, that sort of thing).

I hope you signed a short lease. I've never lived somewhere that I actually spent any time on the balcony, at all. I've lived on the ocean front and honestly "the view" was interesting for 2-3 minutes a week at most after the "oooh ocean on a small balcony that I can't do anything on" feeling wore off.

Good for you for trying, though. Maybe you'll really enjoy it and if it's just a bonus for being in the right location, super find.

TexiKen

Are you planning on both being on the lease or just you? Unless she is the one, dealing with the apartment after a break up when you guys are just breaking even might open up for some problems.

Grid System

It's a sublease that starts in July and comes up for renewal in November.