Seeking grown-up advicePosted: June 12, 2011
This post is not related to crafting at all, except to the extent that 1. having a house will allow me to have a craft room and a garden (I count gardening as a category of crafting, one which I’m not good at!) and 2. being a student will give me more time to craft (I think).
I think I’ve mentioned before that I am desperate to buy a house in the suburbs. I know that I have NOT mentioned that I’ve recently been hit with the epiphany that I should be a law librarian. I’d like to share with you all my plan for dealing with the logistics of managing both of these, and then I’d like you to help me out by shooting down any parts of the plan that conflict with reality, and maybe offering other suggestions.
The barrier to buying a house until now is that as a condition of my job, I have to remain a resident off the city I live in. My boss is trying to negotiate with HR to get me out of the requirement, but I haven’t wanted to look at houses (I can only afford the suburbs) until that was worked out. I figure that if I quit my job to go to school (not a requirement, but an option), I might as well just buy the house now while I still have an income to satisfy lenders and quit/be fired if need be. I can supplement a non-income until I start school with temp work or selling things on Etsy (that, I realize, is not exactly going to blow me away with income). I’m not sure whether I would qualify for unemployment if I were to be fired for moving out of my city. I’m pretty sure I wouldn’t.
The options for paying tuition and living expenses while at school are: 1. a program that is (I assume very) selective where the school hires library students to work in university libraries (including the law library) full time in exchange for a stipend, benefits, and free part-time tuition. 2. Loans, going to school full-time. 3. Not getting fired from my job and going to school part-time. 4. My parents deciding that a good way to help my grandmother with estate planning is for her to pay my tuition. Now, I certainly don’t feel any type of entitlement to my grandmother’s money! Nevertheless, it would be the easiest for me. (My dad has power of attorney for my grandmother’s finances; hence why it would be my parents’ decision, not my grandma’s.)
My preference would be to go to school full-time, in order to 1. get through it faster, and 2. not be overwhelmed by full-time work and part-time school at the same time. But financially that may not work.
The crazy thing is that I am fairly certain that monthly housing expenses will be less if I own a house than I am currently paying for my apartment, but the down payment would mean that I wouldn’t have ready money to pay tuition. If I stayed in my apartment, I would have to use my savings for tuition, and then I would have to build up my savings again to afford a down payment. I am hoping, though I have no experience with this, that in applying for financial aid/loans, I wouldn’t be screwed by having a house and mortgage.
I would really love to hear your thoughts about all of this. I just spoke with my mom and all she told me was that she trusted that I would make a responsible decision. I don’t think I know enough to make a responsible decision, so any advice will be very helpful.