Hello!
I have some questions about if this would be possible. I want to go to Florida State University when I graduate college, because that school provides the best options for my career choices. However, I live in Indiana, which creates quite the fee in order to attend that school. In-state tuition is only about $7,000, but out of state tuition is closer to $40,000. This creates a large problem, as although I have quite a large college fund, I surely do not have enough to cover over $160,000 worth of fees.
I would like to end my college career with minimum to no debt. I know that debt is impractible to evade, but I would like to have some kind of financial security when I graduate college.
My college fund consists of roughly $35,000, and because it is actually inheritance money from my great grandmother, it is in my name, and I have complete access to it once I turn 18.
I would like to buy a house, very young. Although I am young, my credit score is better than most my age. I have never missed a payment, and I do not intend too. I haver researched houses in Tallahasse, and unless the economy plummets in a few years, there is no reason I would not be able to find a small house for $100,000-$120,000. I have done extensive research, and found very reasonable sized houses for that price. One of which was a 3 bedroom, 2 and a half bathroom, for only $98,000. It is most likely some sort of fixer upper, but none the less, I know I could find something relatively small and reasonable.
I have worked for over four years now, and althought it might be difficult to get a buyer to accept my payment, or a bank to give me a loan, I know it is possible. Because the money I would buy the house with is in my name, I would obviously have to do my own taxes, and I am willing to do that. I would get roommates, depending on the size of the house, most likely 2. They would pay around $400 a month, and I would get a part time job to keep up with the rest of the money, including mortgage, utilities, etc.
Along with the inheritance money, I have also saved up around $11,000 over the years, which is in my bank account that I have reserved for college. I would pay my mortgage in biweely intervals, saving me thousands of dollars in interest fees. And, because I will have put upwards of 20% down on the house, I will have about $15,000 left from the inheritance money(depending on the final cost of the house) This will enable me to keep up with my mortgage payments, in case one day something goes ary with my work situation. Although this money will be a backup plan, I will most definitely work at least part time to keep up with all payments.
If I provide sufficient evidence that the house was bought with my own money, and I am financially supporting myself, and not my parents, am I eligible for in-state tuition?
Please do not tell me that I will struggle paying off my mortgage. I have planned this out in detail, including how much I should set to the side of every pay check just in case. I just want to know if this plan of action will make me eligible for in-state tuition my freshmen year of college, without living in the house for a year, or will I have to begin planning for out of state tuition my freshmen year. These are two very different aspects, if somebody could answer these questions for me, that would be great.
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