Know the Process
How does Financial Aid cover Off-Campus Housing?
If you receive scholarships or loans at UNC Charlotte and there is more aid than your costs of education for the semester, you will be refunded the unused portion of your aid in a lump sum at the beginning of the semester. Our suggestion is to divide up your refund to cover expenses, such as rent, for the semester.
Credit Checks
Some off-campus living spaces may require you to be approved through a credit check. Landlords will either look at your credit score or do a hard inquiry on your credit. This means they will look at your full credit report issued by the three credit bureaus. Because of this, it is important to start building credit history and good usage early. If you do not have any credit score because you have never had a line of credit, a landlord might allow you to have a guarantor, which can be a family member or friend with a better credit score/history, to sign as the person to have their credit checked. This means if you fail to pay your rent, this person will be your backing.
Rent
Be aware of initial costs, such as fees for furniture, parking, application fees, trash/recycling, or security deposits. Some apartments may require you to pay a deposit equivalent to the first month’s rent upfront. This is intended to cover damage to the premises beyond normal wear and tear. If there is no damage when you move out, you get the deposit back. Application fees are often free to $100.
Always Pay Your Rent on Time
Many rental properties will require you to pay rent in the form of a check or online payments. The property will give you their resource for paying online. If you need to mail your check, make sure to do it at least one week in advance.
If you do have the money to pay out your rent in advance, consider doing it to avoid forgetting or spending rent money elsewhere.
If you do not pay on time, you will waste money on late fees, and could even be sent to collections, which could negatively impact your credit score.
Next Chapter: Keeping Your Financial Life Organized
Keeping Your Financial Life Organized
[Chapter 1]: Introduction to Off-Campus Housing
[Chapter 2]: Three Steps to Off-Campus Housing
[Chapter 3]: Know the Process
[Chapter 4]: Keeping Your Financial Life Organized
[Chapter 5]: Understanding Your Lease and Legal Rights
[Chapter 6]: Resources