Money for bills while going to school full time

[taseal]

I'm planning on going to the police academy full time in October... i was wondering what I can get to help me pay my bills while doing the academy fulltime... I figure gi bill kicker 250, part time work sat sun about 400 and drills 180. Roughly 800 bux or so... I need to give about 500 for rent and another 500ish for bills and whatnot... min 1000. Can I get anything from anywhere else to help me out? I can do part time academy at night but that's. 9 months compared to 5 and also about 8 months away... full time starts oct 18th... and I might have a job waiting if I can finish soon...

Any ideas guys?

I have no deployments so I doubt I can get bah from the gi bill?

Last thing ill consider is a student loan of some sort to help with bills, but its a last resort option...

[HR NCO]

I know you dont want to do the 9 month route, but if you have no other sufficient income, then you may have to **** it up and work during the day and go to school at night.

[Anton]

Or, go to school full time, and work nights… The sleep depravation will drive you crazy, but you’ll catch up on weekends ))
Oh… I remember my 4.5 years on that schedule… + family… No fun. (besides it ended with divorce, but that’s another story ))

[notyetdead]

If the academy is accredited, can't you get financial aid loans?

[taseal]

If the academy is accredited, can't you get financial aid loans?

Yeah, I'm gonna look at some loans that can maybe help me with bills or something...

know of any?

[Anton]

I don’t think you can get any “student” loan for the police academy, because the studies are free, right ? It’s like trying to get a student loan to go to the West Point )) So, you’ll be looking at “private” loans… That’s a mess right now, because of the economy, besides it’s going to cost you arm and leg on the long run. Avoid loans at any cost, ( lol some wording, heh ), and try looking for scholarships. Other than that – only hard work, patience, dedication and personal sacrifice can get you where you want.

P.S. Besides, you are looking only at 5-9 months, so there’s no need to borrow money form financial institutions, because they’ll rip you off; and as for a future police officer, your financial situation and responsibilities may challenge your professional credibility...

[notyetdead]

Yeah, I'm gonna look at some loans that can maybe help me with bills or something...

know of any?

You get academic credit for the academy, right? Probably offered through a state or community college program. Contact their financial aid office. You'll be eligible for assistance, unless you're privately well off.

[notyetdead]

I don’t think you can get any “student” loan for the police academy, because the studies are free, right ?

Police academies are sometimes institutions specifically set up by one organization (state police forces often have this), in which you're paid a wage (though small) and no tuition. Doesn't sound like that's the situation taseal is in.

Other times, police academies are offered by colleges. Some folks attend on spec, and hope to get a job with a department. Other folks are sponsored by a particular department to attend. In this situation, even if a department is sponsoring his tuition, he's still eligible to take out student loans to cover living expenses.

It’s like trying to get a student loan to go to the West Point ))

Only in the first scenario, in which he's paid a salary (like at West Point), which doesn't seem to be the case here.

So, you’ll be looking at “private” loans…

No, if he's attending something accredited, he should qualify for government sponsored loans.

besides it’s going to cost you arm and leg on the long run. Avoid loans at any cost, ( lol some wording, heh ), and try looking for scholarships.

Scholarships are hard to come by, but you're right, he should definitely look.

As for loans costing an arm and a leg: Loans for college/vocation are investments, and the investment usually pays off huge dividends. There's a thing called "opportunity cost." You can spend three years working and saving enough to pre-pay something like a police academy, but you've now lost three years in police officer earnings. The pay difference you lost costs a lot more than the interest you save on the loan.

only hard work, patience, dedication and personal sacrifice can get you where you want.

Nice sentiment, but that's more a bumper sticker than a plan. Working hard is great, but so is working smart. There's no shame in taking out a loan for job training. It sure beats pinching pennies for years and griping about the economy while you let opportunities pass you by.

Words to live by: "If you think education's expensive, try ignorance." Further vocational training or higher education usually pay off huge dividends.

P.S. Besides, you are looking only at 5-9 months, so there’s no need to borrow money form financial institutions, because they’ll rip you off;

Loans for college rip you off if you don't sit down with a piece of paper and figure out if the interest is something you can live with.

Don't know what he does for a living now, but if the salary he'd make as a police officer his first year on the job earned him $5,000 more than he's making now, even a relatively high interest private loan works out better in the long run than spending a couple of years saving up the money up front.

and as for a future police officer, your financial situation and responsibilities may challenge your professional credibility...

I have no idea what this actually means. Defaulting on loans will hurt you on interview. Having a small loan to help pay for the academy won't.

[Anton]

Although you have taken my comment on bone by bone, I still think that any unnecessary debt is bad and shall be avoided. In this Taseal case, any “loan” for a 9 months duration will be unnecessary debt.

[HR NCO]

I still think that any unnecessary debt is bad and shall be avoided. In this Taseal case, any “loan” for a 9 months duration will be unnecessary debt.

I couldnt agree more. Of course...I guess Im one of those crazy people who dont believe in having debt at all...what a crazy idea.

[Acuna]

When I was considering going to police academy, it was strongly recommended to all applicants that we apply for financial aid through the college. [In fact, we were specifically referred to the school's financial aid office.] It is a full-time program that doesn't leave a lot of time open to pick up extra work.

I also know that some schools offer specific scholarships to individuals in the academy. [For this, you are going to have to ask the financial aid office to give you a list of all the scholarships the college is offering for the current semester and then apply for the relevant ones.] It really is an issue of you taking the initiative, as a student of the college — which you are, as a cadet in the academy — to research how accommodating your specific institution is to its law enforcement cadets. You'll be surprised, in many instances.

Also, if you live relatively close to other colleges, you should look into their law enforcement academy programs. I was surprised to learn that the college I eventually transferred to offered a part-time police academy — the benefit to that obviously being an opportunity to fit in some part-time work.

[notyetdead]

Although you have taken my comment on bone by bone, I still think that any unnecessary debt is bad and shall be avoided. In this Taseal case, any “loan” for a 9 months duration will be unnecessary debt.

Fair enough. Of course, this logic leads to people working most of their life with little to show for it. It leads to people flushing money down the toilet on rent their whole lives to avoid taking out a home loan. It leads to folks delaying their education and wasting money and time.

The fact is that an average college graduate earns $20K more than a high school graduate. Dragging a degree out 8 years instead of four to work full-time while doing it or pre-pay ends up costing you just under $80K in lost earnings and four years longer you need to work before retiring.

"Avoid bad debt" I would agree with. Avoid making any investments in the future? No.

Good tips, Acuna...

[SteveLord]

Fair enough. Of course, this logic leads to people working most of their life with little to show for it. It leads to people flushing money down the toilet on rent their whole lives to avoid taking out a home loan. It leads to folks delaying their education and wasting money and time.

The fact is that an average college graduate earns $20K more than a high school graduate. Dragging a degree out 8 years instead of four to work full-time while doing it or pre-pay ends up costing you just under $80K in lost earnings and four years longer you need to work before retiring.

"Avoid bad debt" I would agree with. Avoid making any investments in the future? No.

Good tips, Acuna...

Hmm...I've no degree and I beat out degree holders in my current and last job. And still get paid more than many entry-level IT positions that require degrees.

Not to discourage higher education of course. But instant higher pay is a little exaggerated, not to mentioned how long it could take you to pay it off.

[HR NCO]

Fair enough. Of course, this logic leads to people working most of their life with little to show for it. It leads to people flushing money down the toilet on rent their whole lives to avoid taking out a home loan. It leads to folks delaying their education and wasting money and time.

The fact is that an average college graduate earns $20K more than a high school graduate. Dragging a degree out 8 years instead of four to work full-time while doing it or pre-pay ends up costing you just under $80K in lost earnings and four years longer you need to work before retiring.

"Avoid bad debt" I would agree with. Avoid making any investments in the future? No.

Good tips, Acuna...

Spoken like a true american...borrow, borrow, borrow.

There is no need to drag a degree out 8 years. You can work full time and complete school. Will it be easy? No. But that doesnt mean you cant do it.

Before this goes on and spirals out of control, I can see that we are clearly going to have to agree to disagree.

[notyetdead]

Hmm...I've no degree and I beat out degree holders in my current and last job. And still get paid more than many entry-level IT positions that require degrees.

If you're in IT, you're going to hit a ceiling that you can only get past with either a degree (if you're programming or management) or training courses (if you're technician-type). If you can get work to sponsor it, that's great. OJT is the best, but limiting.

Best to not look at the job you have, but the job you want to one day be in. Odds are if you're not already there (and if you are, you're probably setting your sights too low), you need to train up to get it.

Not to discourage higher education of course. But instant higher pay is a little exaggerated, not to mentioned how long it could take you to pay it off.

Agreed. That's why instead of painting these broad strokes like Never Borrow, the smart person does the math. Taking a $10K loan to avoid a one year delay on a job that pays $20K more (which is quite possible in the poster's case of going to his police academy) more than pays for itself.

Taking out $40K to do a certificate in fine art photography is a completely different animal.

[notyetdead]

Spoken like a true american...borrow, borrow, borrow.

No, the true american is "instant gratification." Education's an investment, whereas cash in hand is NOW. So tempting...

There is no need to drag a degree out 8 years. You can work full time and complete school. Will it be easy? No. But that doesnt mean you cant do it.

Yep, you're agreeing with me. If you can do it, great. If you can't, and the poster here is asking the question on the assumption he can't, his choice is to delay the training that leads to higher pay, or take out a short term loan. 10 minutes and a piece of paper shows him which is the smarter option.

Before this goes on and spirals out of control, I can see that we are clearly going to have to agree to disagree.

No, no spiraling. We're probably in agreement. Work as you go to pay for training if you can. Take out loans if you can't.

The only disagreement I have is to avoid taking courses to improve your career because you want to avoid making investments at any cost. If folks want to jump on that sword, they can bleed themselves to a late retirement...

[SteveLord]

If you're in IT, you're going to hit a ceiling that you can only get past with either a degree (if you're programming or management) or training courses (if you're technician-type). If you can get work to sponsor it, that's great. OJT is the best, but limiting.

To avoid getting into an extended debate, I will disagree and leave it at that. And luckily...I'm not in need of a career counselor.

[ArmyRanger]

I will have to agree with Notdeadyet, any debt for education is an investment that can pay back more than any interest.