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i just got accepted to dental school but school is very expensive so i would be needing graduate plus loans but i know for sure i wont be approved because i have 2 credit card account which are charged off from 2013 sitting in my credit report. The accounts were closed. I am still in school fulltime and i dont work many hours, so i am not in position to pay that off in full. However, i was able to reach settlement on one card, its still in process though. The settlement is not full amount but they say that once i made payment my account will be closed forever from debt collection.
For second account, i have been getting calls from collector but haven't picked up yet as i know i wont be able to make payment. Most likely they want full amount but i will try to talk them to see if they can do any settlements. I know i need to act quick. My program starts in summer and i need to apply for grad plus..
Besides those two, most of my current bills are paid in full and on time. Heck i was just approved for macy's card lol. Other credit card companies are also sending me pre approved offers. I have great rental history and my phone bills, electric bills, insurance bills are also paid on time ..
Although i haven't applied yet its already giving nightmares about not able to attend school.. Has anyone been in same situation???? Last resort would be to ask my parents to cosign for me but i don't want that too happen as they don't know about charged off accounts..Sorry for long post..
I think you need to make school part time for a year or two and make work full time.
Catch up on your bills, live cheap... then save up some for the future schooling rather than continuing to dig a deeper debt hole.
Many people put themselves thru school that way.
Two charge offs from 2013 and wanting to keep "charging" school with loans isn't a good plan.
Sorry for the less than rosy view but most of us adults on here are trying to get ahead, pay off our debts and not get behind ever again.
Dude,
First try to read and understand what i am saying in my post. There is NO part time dental school.. And you don't always get chance to attend dental school.. Once i am out practicing as dentist in future, I am sure i will easily be able to pay off all this debt.. Its just matter of few years..You are right in your advise just doesn't apply to my case, thanks.
Tell your parents of your mistakes, both so you can get a co-signer, and so you'll be able to get past your mistake. Not to mention the earlier you finish your education, the earlier you can start making an income.
Sorry that I don't have any insight into how bad spots on credit affect loans.
Look... you've proved you have no budgeting common sense. 2 charge offs in the last 3-5 years.... so that makes you how old? If you knew you wanted to go this far you should have been working more and taken less class time so you could have had the funds built up and no charge offs.
It's NOT that hard to go to admissions and ask if you can be put onto the next enrollment with you acceptance letter. You don't even know IF you can get financing for this semester. They will often do this but the longer you wait the less likely it is either to happen or to hold you a spot. They want to know NOW or they will fill your spot with another warm body.
Honestly you haven't approached your parents since you have a strong feeling about the answer anyway. Especially if they know of the charge offs. And I bet they do.... the bill collectors called them years ago looking for you.
Put yourself in their shoes for just a moment. Their "child" is going to school, has little income, has owed debt already that thru youth or stupidity was not taken care off. Now he wants a co signer for what will be significant debt that if he fails to pay just like the CCs but now THEY will be responsible for paying if you cant.
Their is NO guarantee of a good paying job position after graduation.... don't listen to their statistics. Most practices are established and not needing extra help. Establishing your own takes even more $$$ and time to build clientele.
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Now to those who challenged me. Would YOU as a parent cosign if you where being asked, knowing you would be responsible? Or tell your child it was time to be an adult and pay for their mistakes and learn now before getting into MASSIVE financial crisis?
My 20 year old son STILL does NOT have a CC just so he can avoid the trap.... because I taught him the pitfalls of the debt trap.... my 17 year old has no interest in one either. They BOTH save CASH to get what they want/need. Neither HAVE EVER asked for $$$$. They have both been doing odd jobs since 12ish years old to save for their first cars and insurance. Now if they were in true financial tight spot I'd help out and they know it.
Why do the adults here think this one is special and should bypass growing up and doing what needs to be done to further him/herself without pulling someone else down?
-----------------------------------------------------------------------
Something else to ponder.
With all of the "education loan" defaults recently and the massive push for more loan forgiveness that the lenders will want a cosigner either way. They are losing too much $$$$$. Or will want excellent credit or payments WHILE IN SCHOOL.
First try to read and understand what i am saying in my post. There is NO part time dental school.. And you don't always get chance to attend dental school.. Once i am out practicing as dentist in future, I am sure i will easily be able to pay off all this debt.. Its just matter of few years..You are right in your advise just doesn't apply to my case, thanks.
Right...understood....perhaps you needed to check the financial side out FIRST? I mean, maybe you can defer. But to not expect ANY negative consequences from your past finances? Get real!
Oh - did you first apply to med school (given your overly ambitious screen name)? Even NXTDDS is a bit much.
Right...understood....perhaps you needed to check the financial side out FIRST? I mean, maybe you can defer. But to not expect ANY negative consequences from your past finances? Get real!
Oh - did you first apply to med school (given your overly ambitious screen name)? Even NXTDDS is a bit much.
Guess what,i was approved with no issues. I was freaking out for no reasons.. This happened may be because my total debt was under $3000 and i have already paid off big chunk of it. I called my creditor so many time, paid off with saving and sold some of my stuff to get money. I knew this had to happen before my app goes in for check and thank god it worked.
Yeah i have been real to myself all along. May be you dont know but people make stupid mistakes in their early 20's, thats what i did but what matters now is i took care of it. And guess what i lived my early20's and now i am going to be dentist, not many people get chance like that...
Oh - did you first apply to med school (given your overly ambitious screen name)? Even NXTDDS is a bit much ~ Jealous much??
Look... you've proved you have no budgeting common sense. 2 charge offs in the last 3-5 years.... so that makes you how old? If you knew you wanted to go this far you should have been working more and taken less class time so you could have had the funds built up and no charge offs.
It's NOT that hard to go to admissions and ask if you can be put onto the next enrollment with you acceptance letter. You don't even know IF you can get financing for this semester. They will often do this but the longer you wait the less likely it is either to happen or to hold you a spot. They want to know NOW or they will fill your spot with another warm body.
Honestly you haven't approached your parents since you have a strong feeling about the answer anyway. Especially if they know of the charge offs. And I bet they do.... the bill collectors called them years ago looking for you.
Put yourself in their shoes for just a moment. Their "child" is going to school, has little income, has owed debt already that thru youth or stupidity was not taken care off. Now he wants a co signer for what will be significant debt that if he fails to pay just like the CCs but now THEY will be responsible for paying if you cant.
Their is NO guarantee of a good paying job position after graduation.... don't listen to their statistics. Most practices are established and not needing extra help. Establishing your own takes even more $$$ and time to build clientele.
--------------------------------------------------------------------------
Now to those who challenged me. Would YOU as a parent cosign if you where being asked, knowing you would be responsible? Or tell your child it was time to be an adult and pay for their mistakes and learn now before getting into MASSIVE financial crisis?
My 20 year old son STILL does NOT have a CC just so he can avoid the trap.... because I taught him the pitfalls of the debt trap.... my 17 year old has no interest in one either. They BOTH save CASH to get what they want/need. Neither HAVE EVER asked for $$$$. They have both been doing odd jobs since 12ish years old to save for their first cars and insurance. Now if they were in true financial tight spot I'd help out and they know it.
Why do the adults here think this one is special and should bypass growing up and doing what needs to be done to further him/herself without pulling someone else down?
-----------------------------------------------------------------------
Something else to ponder.
With all of the "education loan" defaults recently and the massive push for more loan forgiveness that the lenders will want a cosigner either way. They are losing too much $$$$$. Or will want excellent credit or payments WHILE IN SCHOOL.
Oh lord, can't believe people got time to post this long.. but thank you for your time.
Guess what i was approved with no issue!! NO cosigner, no high interest rate, Nothing ..
May be because my total credit card debt was under $3000 and i already paid off large chunk of it
before my app went in for check. I knew what exactly i needed to do and luckily i had time for it.
I had some saved up money, and i sold some of things..WIth this i paid off one card completly, got into
installment plan for other card. I called my creditor and they promised me to remove that
from my credit report if i pay off and i did! And not to forget despite of all this,i still have really good
credit score..No my parents have never got contacted regarding that, this happend while i have already
moved out of home. I understand about how would my parents feel about it if they were to know this .
But dude i was 21 at that time, i just made some stupid mistake finacially. But what matters now is i
took care of my mistake without anyone's help.Most importantly, i learned to never make this mistake
again!!
Actually, my parents also taught me about debt trap but i fell for it anyways lol Not many people listen
to parents these days you know. What matters now is is that i got to live my early 20's to the fullest
despite of my this mistakes and i am now on my way to become dentist!!
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