My son is moving into an apartment and rent will be paid from an education trust. How does this work?

29 Dec 2009

29 Dec, 2009 Moving

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

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3 Responses

So What
2009 Dec 29 1

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 :
Oldmansea
2009 Dec 29 2

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 :
jlf
2009 Dec 29 3

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 :

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