Renting in Manhattan as a law student w/student loans (New York: subletting, apartment)

[snazia89]

Hi,
I may be starting law school at Fordham, NYU, or Columbia in the fall. My living expenses will be funded almost entirely via student loans, paid in two lump-sum payments. What is the best way to qualify for renting an apartment in Manhattan?

I'm concerned that student loan funds may not be technically be considered "income" for a landlord, even though these funds are more certain than a salary (i.e. I can't "lose my job"). Would it be possible to convince a landlord to consider these funds "income"? Since I'm paid in two lump-sum payments, do you think a landlord would be open to two 6-month rent prepayments? Any other ideas (besides subletting)?

Thank you!

[bluedog2]

Originally Posted by snazia89

Hi,
.....
I'm concerned that student loan funds may not be technically be considered "income" for a landlord, even though these funds are more certain than a salary (i.e. I can't "lose my job")....

Thank you!

No,but you could flunk out(or flake out),right ?
What's the difference ?
Most will probably require a co-signer under the circumstances but I'm sure you will be able to find something

[rsdplaya]

i'm sure the loan company/bank sent you a letter verifying the amounts you'll receive and when you'll receive them...try showing that to the landlord and convince him that it's just as good as a job. also, try to pick up a part time job to further entice the landlord.

[Sarah2k9]

I still don't understand why has to be in Manhattan? Why not consider Brooklyn or Queens with 30~45 mins commute? Millions of New Yorkers do that every day. It is better to cut down the debt load.

[snazia89]

Originally Posted by bluedog2

No,but you could flunk out(or flake out),right ?
What's the difference ?
Most will probably require a co-signer under the circumstances but I'm sure you will be able to find something

Big difference. By definition, you can't flunk out until grades come out at the end of the year. For that year, your living expenses are funded via a guaranteed federal loan.

[StinaTado]

My old roommate is graduating from NYU law this spring and he never had trouble getting an apartment using loans. He did have to provide a guarantor, but that wasn't a problem for him. Just don't expect to be living large.

[snazia89]

Originally Posted by rsdplaya

i'm sure the loan company/bank sent you a letter verifying the amounts you'll receive and when you'll receive them...try showing that to the landlord and convince him that it's just as good as a job. also, try to pick up a part time job to further entice the landlord.

Shouldn't be a problem. My dad is also willing to co-sign, but he doesn't make 80-100x rent (more like 40-50x). You think bank letter + part-time job + cosigner w/40-50x would be work?

[snazia89]

Originally Posted by Sarah2k9

I still don't understand why has to be in Manhattan? Why not consider Brooklyn or Queens with 30~45 mins commute? Millions of New Yorkers do that every day. It is better to cut down the debt load.

It's an option, but I'm trying to dedicate as much time as possible to studying so I can get the grades I need to find a job in this economy...

But would it be easier for me to qualify in Brooklyn/Queens?

[snazia89]

Originally Posted by StinaTado

My old roommate is graduating from NYU law this spring and he never had trouble getting an apartment using loans. He did have to provide a guarantor, but that wasn't a problem for him. Just don't expect to be living large.

Not a problem at all. I'm thinking small but close to the school. My problem is finding a guarantor with 80-100x rent...

[StinaTado]

Well, he had a tiny room up in West Harlem that cost him $500 a month, so finding a guarantor wasn't too hard ($40-50,000).

If you go to Columbia, you can get a cheap room two subway stops away up near City College. NYU- you'll be hard pressed to find anything particularly cheap near the campus. I don't know about Fordham.