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Why would you not just take out a personal loan….?
No credit history or current stable income does not qualify me for one
First of all, I’m so sorry you’re in this spot. This must be so difficult. That said, it’s time to kick it into high gear, which I know you’re capable of.
First priority is getting as much low interest liquidity as fast as possible. Binge apply for 0% introductory interest rate credit cards with as high of a balance as you can get (https://www.bankrate.com/finance/credit-cards/zero-interest/). Some of these are for 12-15-18 months, which should be enough time to get your feet under you. You WILL be subject to minimum payments during this time, but that’s a lot easier than paying the whole bullet upfront.
Other priorities include running your Rolodex for small amounts of money that your friends and colleagues can give you. Friend, former boss, old flames, ex-girlfriends, whatever you’ve got. $50-100 bucks from these guys add up. Get Venmos from people and promise to pay them back. Tell them you’re busting your butt to get a good job but hard times have come around in the short term. You can repay these guys with interest as icing on the top once you’re on a better track. Relentlessly track these Rolodex funds in a spreadsheet and stay in touch with people month to month if needed.
Mass apply to jobs and get interviews as you can. It’s not the end of the world to do a PWM job for a little bit to get your feet under you before you parlay into the big one.
Avoid the slots, sports, roulette wheels, craps, and horses. Enough said.
Go get ‘em tiger. I believe in you
Can't you just put $7K on the credit card?
He needs to get some 0% introductories like I said above.
Oh yeah - good idea.
So I’m going to go against the grain here and recommend you check out with your financial aid department and see if you’ve maxed out your student loans. They can always amend your federal funding and your cost of attendance includes living expenses so you may qualify for more aid than you think. The credit cards with no real way to pay them off is not a good idea and poor credit will hurt your career options. I ran into serious family trouble when I was in college- like lose my house trouble- so I borrowed extra at the last minute and told my financial aid department I needed more money and they helped me to know my options. At least with student loan debt you don’t usually start paying it back until at least 6 months post graduation.
Dun dun. You may approach Mr. A2D.
Student loan debt isn't nearly as big a detriment in employment as they want you to think. It's like medical debt now thanks to all the attorneys, and ironically doctors, that made it that way. If you have otherwise decent credit and then a real issue like needing help like this? You should be fine. Not that I condone getting into debt or anything, just overall. When they background check you and issue you a laptop with superglued USB ports...then we can talk.
And I take umbrage kellycriterion that PWM is beneath you. It's where I got my start and where certain WSO monkeys still are. Crushing it.
Better to have credit card debt that’s bearing no interest and dischargeable than student loans that are bearing and nondischargeable, so I like my solution better.
The PWM comment was related to the “buyside” role that OP mentioned and was my way of saying “be flexible.” I don’t look down on PWM. I know people at RIAs who earn far more than most IB MDs. It’s a perfectly fine path. Cheers
PMed you.
you sound like you're about to start selling ass on craigslist
Onlyfans, start showing some cheeks
my school offers interest free loans via the financial aid office, might be worth seeing if your school offers the same.
Unfortunately seems they don’t offer that. But this was a great suggestion. Thanks.
Do you have a car? Ride share or grocery delivery if you can make any decent $ near your campus. You'll need to pay more in insurance though.
What about on campus jobs? Referee rec basketball games, work in the admissions office or something. Money will likely suck though.
Are there local bars or restaurants? Wash dishes or bar back.
Babysit or pet sit? You could get lucky with a family that wants a college kid.
Buy booze for undergrads? Charge them something insane.
Just spit balling.
Serious question: You're a college student, do you really have to be the one to front $7,000 for a family emergency? Do they really not have the ability to take on a personal loan themselves? Is your family guilt tripping/pressuring you or something?
For real. Hopefully not someone else's poor decision making.
I can already hear the conversation right now"
Parent: I GAVE YOU LIFE YOU OWE ME EVERYTHING
Child: ok :(
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