Hello all, I am in need of some grown-up advice. I’ll be a 1L starting Fall. I graduate from college this May. I have a ML Account with stocks valued at 68k and Cash valued around 14k. End of summer, I’ll likely have 5k in my regular checking account.
Rented a studio walking distance from the school for 15k. Utilities included.
Tuition is 16k including my scholarship. I can take up to $20,500 of unsubsidized federal loans.
Year 1
As of now, I’ll pull $16,000 loans for tuition. Total RENT: $15,000. I’ll use 14k from cash account, and $1,000 from 5,000 checking account. Use the remaining $4,000 to live. Keep the $68,000 stock alone.
Year 2
Things get tricky. I don’t have a damn clue. Would I pull out the 68k stock account? Essentially pulling no more loans for the rest of law school.
Orrr pull a small amount of stock for rent. LOANS for tuition. Repeat during Year 3.
Tuition: $16,000
Loan: $16,000
Rent: $15,000
Cash: 15
Living money: 4,000
I like this plan for my first year. I really just need advice for the remaining years. I am completely lost. I don’t know if my stocks will go past the interest rate(max is 9.5%). Pull loans or pull Stock?
If you this far, my rent will also be cut drastically after I make friends during my first year to live with. Any expenses not mentioned are paid during law school. Thanks for reading. Thanks for the advice. Expert advice.