Talking about money problems?

Knottie45279310

My fiancée stays stressed out at work due to our situation, and his overtime has been what's saving our butts, sadly, they are cutting over time off soon and the baby is due in October.

We need to have another room added on before that. I've taken out $5,000 extra dollars in loans from college, but it could be early to mid October before they are available to me.

I'd like to take out a loan in his name (his credit sucks cause he files bankruptcy during his previous marriage) and money is super tight cause I'm not working (I have an odd job, but here lately it's not providing as much).

I want to ask him and talk to him about my mother co-signing a loan for the estimate we get on the room addition, and letting me and my mother make the payments until the school loan money gets in, but I don't want to bother him about it or seem naggy or pushy. Any ideas?

Knottie78653700

I work for a college and I have seen so many people get themselves in trouble with student loans. Make sure you understand the guidelines of what you're taking out. From what you said it sounds like you'd be taking out Fall semester loans but you also said you're due in the Fall. Do you plan on taking time off once the baby is here? If so, you may not be eligible for loans this semester and if you take a break, your grace period during which you don't have to pay them back can start ticking. Those loans are supposed to be for school related expenses only so if you ever got audited you could potentially get in trouble for using them for a house addition. I'm sure the new room would be nice but is it really really vital? I see so many college students dig themselves into huge financial holes because their loan money is just so accessible and then they are stuck. Or they take the max every semester and then hit the undergraduate loan max before finishing a degree and then can't finish school. Also, the interest rate isn't great. Please give it a lot of thought before using those funds. If you can't afford to make loan payments now (without paying it with another loan) then it might not be the best time to take one out. I know that's not what you want to hear and I'm sure the house is tight but if you can wait until your family income is a little higher you'll be in such a better spot long term. Best of luck to you.

leek71983

Definitely talk to him. You're in this together.

snowduey

Knottie78653700 said:

I work for a college and I have seen so many people get themselves in trouble with student loans. Make sure you understand the guidelines of what you're taking out. From what you said it sounds like you'd be taking out Fall semester loans but you also said you're due in the Fall. Do you plan on taking time off once the baby is here? If so, you may not be eligible for loans this semester and if you take a break, your grace period during which you don't have to pay them back can start ticking. Those loans are supposed to be for school related expenses only so if you ever got audited you could potentially get in trouble for using them for a house addition. I'm sure the new room would be nice but is it really really vital? I see so many college students dig themselves into huge financial holes because their loan money is just so accessible and then they are stuck. Or they take the max every semester and then hit the undergraduate loan max before finishing a degree and then can't finish school. Also, the interest rate isn't great. Please give it a lot of thought before using those funds. If you can't afford to make loan payments now (without paying it with another loan) then it might not be the best time to take one out. I know that's not what you want to hear and I'm sure the house is tight but if you can wait until your family income is a little higher you'll be in such a better spot long term. Best of luck to you.

This.
And some suggestions.
You could just add somethings like crib and a cabinet to the room you have rather than going through all this trouble for a room. Specially since the baby won't care if he/she had an amazing nursery or not.

Talk to your fiancé about both the options.

Knottie1442268460

Get rich slowly is a good financial web Site. The simple dollar too. You can't afford an addition. Please don't get your mom involved. Too stressful to your relationship with SO.