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She could get a couple of jobs (waitressing is a quick way to make a lot of money in a very short time) and put $10,000 in the bank before she leaves?
That way she could cover all of her student loans while she is gone, enjoy the Peace Corps, and have enough money for an emergency ticket home if need be.
While it is a truly altruistic thing to do, she may not be able to afford it.
Nothing worse than worrying about money in a third world country.
She could get a couple of jobs (waitressing is a quick way to make a lot of money in a very short time) and put $10,000 in the bank before she leaves?
That way she could cover all of her student loans while she is gone, enjoy the Peace Corps, and have enough money for an emergency ticket home if need be.
While it is a truly altruistic thing to do, she may not be able to afford it.
Nothing worse than worrying about money in a third world country.
Thank you for the suggestion but it is not really something that you can postpone (like a vacation). DD applied for a specific type of position in a specific country that corresponded to her level of education and experience.
If she declines for some reason she would have to start over from scratch to apply for a position that meets her education & experience, be selected as a top candidate to be interviewed, be a top candidate after interviews for that position, and then to pass medical clearance (both general clearance and then specific clearance for that country) and to pass legal clearance (both general clearance and then specific clearance for that country, plus many more things. It usually takes almost a year for the entire procedure. The Peace Corp is already taking applications for positions starting in September 2017.
We are really trying our best about the money situation. She has sold/is selling some of her fancier clothes and other things that she won't be using/won't need. We have been/are cutting spending in other ways, as well.
I think the main thing is her student loan situation. She had been told several times by Peace Corp representatives that all loans that you get directly through Universities are covered under their repayment plan. But, apparently, the specific type of loans that she has somehow do not qualify. She just found that out two weeks ago. Yes, needing to pay $200 a month in student loans, when your entire salary is $325 a month, does seem impossible. In reality, it actually means that I will need to make all of the payments for her while she is gone.
BTW, the Peace Corp will pay for round trip ticket home if there is a death in the immediate family. We have already discussed that, barring a death, she will not be able to return home.
Last edited by germaine2626; 08-20-2016 at 02:43 PM..
That's quite an accomplishment for your daughter Germaine, kudos to her, and her proud parents. My son's girlfriend went through the process, but was denied when something in her medical history was unearthed.
It takes a special person to put their comfort aside and do Peace Corp work. She has my respect.
Congratulations to your daughter, and to you for letting her go despite the inconvenience it may cause you. It will be an invaluable life changing experience for her.
I think the main thing is her student loan situation. She had been told several times by Peace Corp representatives that all loans that you get directly through Universities are covered under their repayment plan. But, apparently, the specific type of loans that she has somehow do not qualify..
Would you mind specifying the type of loans which do not qualify? It would be helpful for other families to know this, so that if they think they or their children might want to do as your daughter is doing they would be prepared.
I found websites that has several suggestions regarding her student loans, even if they are not federal:
I think the main thing is her student loan situation. She had been told several times by Peace Corp representatives that all loans that you get directly through Universities are covered under their repayment plan. But, apparently, the specific type of loans that she has somehow do not qualify. She just found that out two weeks ago.
Quote:
Originally Posted by SFBayBoomer
Would you mind specifying the type of loans which do not qualify? It would be helpful for other families to know this, so that if they think they or their children might want to do as your daughter is doing they would be prepared.
I found websites that has several suggestions regarding her student loans, even if they are not federal:
I hope you and your daughter will be able to have frequent contact as she goes forward with her adventure.
For some reason these loans, even though they were part of the loan package received directly though the University these loans are considered "Private Loans". My daughter spoke to supervisors at the student loan company several times in the past two weeks and they were emphatic that these loans could not be changed to income based, nor could they be deferred or put into forbearance nor would any part be paid off due to being in the Peace Corp (or through working at non-profit organizations). $200 per month, until they are paid off, no matter what your circumstances.
Now, I suppose that college graduates who are earning big bucks look at that figure and are scoffing and thinking, "Heck, $200 a month is absolutely nothing. I can easily double or triple up the payments and pay off the loan quicker." But, to other graduates, it simply was not possible to do that. And, some parents may be thinking, "Heck, what's an extra $200 month that I need to pay if my child is doing what she loves." But, an expected extra $200 a month expense can be pretty hard for other parents.
When she spoke with a Peace Corp representative last week they again said that all loans received directly from a University student loan package should be covered. It was only "private loans" that you took out privately (duh) through a bank would not be covered.
She will try contacting the University next week to see if she could get more answers.
Last edited by germaine2626; 08-20-2016 at 06:29 PM..
What paperwork on the loans is available? That is the question for the cosigner, your daughter, and the university. Never trust the company/dept. that wants the payments. They are more likely to tell you just what they did regardless of accuracy.
No matter what, your daughter needs more specific info on the student loans.
What paperwork on the loans is available? That is the question for the cosigner, your daughter, and the university. Never trust the company/dept. that wants the payments. They are more likely to tell you just what they did regardless of accuracy.
No matter what, your daughter needs more specific info on the student loans.
The bills that she pays every month state in huge letters "Private Loan" but that just does not make any sense at all. She did have one real private loan (for a small amount) that she took out from her bank, but that was paid off first because the interest was higher.
She is looking for the original paperwork and will call the University on Monday.
I understand that this is your daughter's dream, but it sounds dreadful. She's paid next to nothing, may have to live without electricity, can't even visit her family for over two years and is expected to travel on $25 a month. That's just ridiculous. The Peace Corps must not have adjusted their pay since 1970! How do they get anyone to agree to live like this?
germaine2626, have you considered a GoFundMe page for your daughter? I think it's wonderful that she's having the chance to live her dream and work with the Peace Corps, but I have to admit, if I were her, I'd be thinking twice about accepting it if it meant I wouldn't be able to meet my financial obligations and being out of touch with a family with severe health challenges for prolonged periods.
I agree. Could DD defer her dream for a few years?
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