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So...I was being young, stupid and irresponsible and decided to go to some expensive liberal arts private college. Go figure. I was given a lot of government loans (more than I should have taken) and now....I'm out (I only have a semester left).
My credit isn't exactly good enough for private loans (I'm afraid to apply right now), does anyone have any tips? Right now I'm considering just stopping and navigating the work world (only problem is that I have to pay those loans back regardless). Any tips?
You need to finish. There are jobs you can get that don't care what the degree is, as long as you have it in hand.
1. Bribe yourself and apply for private loans. Be sure to explain that you are X credits away from graduating. Maybe one piece of chocolate per completed app?
2. When you have time, read Walden on Wheels by Ken Ilgunas. He was in a similar situation. ISBN 978-0-544-02883-8
3. Also check with financial aid at your school and ask about any special programs for students in your position.
4. Last ditch/Last resort (and may not work!) Check with an adviser and get in writing any course that can be transferred in from a cheaper college. For example, one student I knew put off her 100-level English and was able to transfer it from a community college. However, it's important to check ahead of time because your private college may not allow you to do that.
There is help out there, but you will need to swallow your pride and ask. Just give yourself an inexpensive/free treat for every rejection. We all make mistakes! You can get through this. Stop beating yourself up and get moving. That's the difference between those who can turn around a bad situation and those who remain beaten down for years.
Added: sell everything you can and chop your living expenses to the bone. See the book that I referenced above.
I honestly do not believe a Liberal Arts is going to help you be more marketable in obtaining a majority of jobs I at least see posted in my area. With that being said, if you could manage to take out a few more loans that I would consider doing it depending on how much you have to take out.
Keep in mind, if you take out say 12k in private student loans, and you are having trouble in this economy to help pay them back there is NO MERCY toward the student. You're interest rate will balloon sky high and that about could easily double or triple if you are not able to pay it down.
Taking out private student loans in this economy is a very risky proposition and there are many people now really feeling the effects of this financially crippled by debt.
I honestly do not believe a Liberal Arts is going to help you be more marketable in obtaining a majority of jobs I at least see posted in my area. With that being said, if you could manage to take out a few more loans that I would consider doing it depending on how much you have to take out.
Keep in mind, if you take out say 12k in private student loans, and you are having trouble in this economy to help pay them back there is NO MERCY toward the student. You're interest rate will balloon sky high and that about could easily double or triple if you are not able to pay it down.
Taking out private student loans in this economy is a very risky proposition and there are many people now really feeling the effects of this financially crippled by debt.
going to school is not working for you.
you dont need school you need a trade and a steady source of income. you need to stop doing what your friends do.
with a few months of trade school and an air ticket to dubai or saudi arabia-- you might be able to undo the damage you have done to your life.
you must start living and stop going to school to be somebody. you must be somebody now.
you must stop planning to prove yourself in 15 years you must prove yourself this morning.
live my friend.
leave the dream machine behind and join the real world.
Last edited by Huckleberry3911948; 07-17-2014 at 12:13 PM..
You might possibly try to simply hold off on finishing your last semester until you're more financially capable of doing so. You probably could just finish up the credits at a later time, possibly just doing a class here and there paying out of pocket if you could. It would take a lot longer, but in all honesty I don't think the college degree is going to help that much in getting a job. I guess it depends on what sect you are looking at.
I have a BS in Nutrition Science and an AS in business administration from Penn State University with pretty good grades. For the positions I'm applying to that are available in my area, the education is not a requirement. Just a HS diploma.. Experience has been a much better ally in helping me find jobs. Recruiters basically shrug off the education it seems. Interestingly for many jobs that are being marketing having a degree may actually make you overqualified..
Something to think about.
One thing is that payment for the government backed loans can be adjusted while they can't for private loans. Check out the Income Based Repayment program. You can set up a payment structure based on your tax statements.
The new norm it seems is for people that are going to college to get on this IBR program. The government guaranteed loans were the source of the increased cost of tuition, and now big brother is coming in to "help" people pay less on their loans to keep the student loan bubble blown up. Ultimately the government is the beneficiary of a generation of people that are massively indebted to them.. people of age to serve in the military mostly.. makes me think about the "civilian national security force"..
Proverbs 22:7
The rich rules over the poor, and the borrower is slave to the lender.
So...I was being young, stupid and irresponsible and decided to go to some expensive liberal arts private college. Go figure. I was given a lot of government loans (more than I should have taken) and now....I'm out (I only have a semester left).
My credit isn't exactly good enough for private loans (I'm afraid to apply right now), does anyone have any tips? Right now I'm considering just stopping and navigating the work world (only problem is that I have to pay those loans back regardless). Any tips?
First of all, finish school. Dropping out with one semester left before earning a bachelor's after already having taken out lots of loans to this point is foolish. Median weekly earnings with a bachelor's degree are $381 more than just having "some college" (Earnings and unemployment rates by educational attainment). There's also a 3% unemployment differential.
How did you run out? Did it take you more than four years? Are you saying you have reached the maximum federal borrowing limit of $31,000?
According to this chart (Applying for Federal Direct Loans), it looks like you would have access to additional loans if your parents apply for a PLUS loan and are turned down. Is that a possibility?
4th year limits in that situation are $12,500 rather than $7,500, but more importantly the aggregate limit is $57,500 compared to $31,000. That might be worth exploring. Checking with your school's financial aid office is probably the best way to proceed.
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