Paying for Grad School Tuition
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,001.00 | Status: | Loan created |
| Grade: | D | DTI: | 12% |
| Lender Rate: | 17% | Borrower: | nashuaboy |
| Finished | State: | NH | |
| Funded: | 100% | Group: | Voyagers Financial |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-09-06 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Sep 04, 2006 | Current |
| Oct 17, 2007 | Payoff in progress |
| Oct 20, 2007 | Paid |
|
Why do I need a loan? I am currently doing my Masters (MSc) in Information Systems at a large private university in the Boston area and am looking to borrow $4,000 to finance my tuition expenses for my last semester at school. The minimum loan amount for New Hampshire (my state of residence) is $10,001, so I will immediately pay back $6,001 if funded. I owe my University $5,915 for the Fall semester. This is comprised of $4,000 in tuition for the one class I have left to take to graduate, and $1,915 for mandatory health insurance. I could pay off the tuition without taking out a loan, but I do not want to make a big dent on my savings, or use my credit cards, which would attract higher interest rates. If funded, I plan on repaying the $4000 within a year. Here is a summary of my financial position: Debt The total credit limit I have on my credit cards is $14,300. The total current balance of all my credit cards is $338. Here is the breakdown: Amex Blue: $0 balance / $2,300 credit limit Visa Gold: $0 balance / $2,000 credit limit Visa Platinum: $338 balance / $7,000 credit limit Citi Mastercard: $0 balance / $2,500 credit limit Capital One Mastercard: $0 balance / $500 credit limit I have never been late on any of my payments. I also have an auto loan, and have been making monthly payments of $180. I recently got my auto loan refinanced from 10.95% to 5.99%. My Experian Plus Credit Score is 728. I?m not sure why Prosper has my credit rated at a D but my best guess is that it?s due to my relatively short credit history. Monthly Expenses Rent and Utilities: $700 Food: $500 Gas: $300 Auto Loan: $180 Auto Insurance: $110 Gym Membership: $30 Cell Phone: $40 Total: $1,860 Monthly Income and Savings I am currently working with a large Financial Services company as a Software Developer, and my monthly net income (after tax) is $3,850.32. I plan to continue my current position part-time (20 hrs/week) during the upcoming school year. I have $2,500 saved up in a brokerage account, and an additional $1,100 in my checking account. My Future Plans My short-term plan is to continue working in the Financial Services industry after graduating in December. The average salary for a Software Engineer with a Masters degree at my company is about $70,000. In the medium-term I plan on working for 4 or 5 years, saving up a bit of money, and then leaving my company to do a full-time MBA, with a concentration in Entrepreneurship. In the long-term I plan to leverage my work-experience and academic experience to start my own business. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 31885 | Help out a student about to graduate! | D | $10,001 @ 23% | Aug 16, 2006 | Withdrawn |
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