My son is moving into an apartment and rent will be paid from an education trust. How does this work?
My son is moving into an apartment that costs $575 + $25 water and sewer per month. The rent will be paid out of an education trust fund that has approximately $19k in it that covers schooling and rent. What information will the apartment complex need and will this be possible considering he will have no income? Should I be a co-applicant on the application? Any advice would be much appreciated. Thank you.
I would talk to the trust,at a guess you will need the apartments complex details to have the money transferd monthly.and speak to the complex and explain who will be paying.
I dont think there will be a problem out of a trust account,they dont care who pays as long as someone does.
But you may have to go guarantor
I would talk to the trust,at a guess you will need the apartments complex details to have the money transferd monthly.and speak to the complex and explain who will be paying.
I dont think there will be a problem out of a trust account,they dont care who pays as long as someone does.
But you may have to go guarantor
References :
All money needed to rent the apartment comes from the trust which your son pays back when he graduates. The trust is part of a loan for school. the loan will be divided up for 30 years after he graduates and can not be taken to bankruptcy court to stop payment.
References :
Who is the trustee? Start with that party. It is likely the landlord will require a cosigner/guarantor for the lease because the landlord has no way to evaluate the creditworthiness of a private trust.
References :