sailorgirl8888
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Hi, I am in a sort of dire situation. I am about to go into my fourth year of college, but have no way to pay for it! My father cannot co-sign a loan for me, as he apparently does not have to income to cover me (and my brother, also in school with loans). My scholarships do not anywhere near cover the cost of school for me, and I have 10 days to do something or my debt to my college goes to collection. I am at a complete loss with such a short time limit, and I cannot co-sign for myself, and neither can anyone else in my family. What can I do? My mother says to get a credit card and charge the school debt onto it, but I am not sure if I can even get a credit card. Does anyone have any advice? I have scholarship forms filled out everywhere, but I need 14,000 by the 21 of may!
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Wed May 12, 2010 3:58 am |
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calbeach
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May 21st is fast approaching and the sum of money you need is a bit big. What your mother suggested will work if you are 18 years old and above. When you apply for a credit card, and transfer your school balance to it, make sure you know the interest rates. You can also look for a credit card that offers promotion like %0 interest for six months. Then make sure you pay the balance on time to avoid more financial problems.
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Wed May 12, 2010 5:14 am |
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littleroc02us
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My advice is that it would be the worst decision you could make to put your tuition on a credit card. What happens when you can't pay for the minimum payments when you get out of college or have to make payments while your in college. Find another way.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Wed May 12, 2010 1:39 pm |
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coaster
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I agree. The number of students who are in deep financial distress immediately after graduation is shocking.
Here's an article posted on a reputable website:
http://www.bankrate.com/brm/news/cc/19980605.asp
~Tim~
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Wed May 12, 2010 6:10 pm |
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sailorgirl8888
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Thank you so much everyone for answering, but does anyone have any ideas of what I could do? I need a loan, and I don't know how to get one! I have already accepted the fact that I will be in debt after college unfortunately, although I will do my best in my six month grace period after school to minimize it, but is there any way I could get a loan??
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Wed May 12, 2010 8:08 pm |
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coaster
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You have one thing on your side that you don't realize you have working for you: the threat of going to collections. No lender wants to sell a debt to collections because they receive just pennies on the dollar from the collection agency. So your best weapon is to go to the school/lender and tell them that unless you get help, the debt will go to collections, and that you have no money to pay, and that subsequently nobody will get anything. You don't have to go with an attitude, but you don't have to go hat in hand as a beggar either.
I know this advice isn't specific and I'm sorry for that, but it's been ages and ages since I knew anything about student loans. But I do know that you're not powerless. Don't they have work-for-tuition programs any more? When I was a student there was always a way to squeeze in one more in those types of assistance programs.
~Tim~
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Wed May 12, 2010 11:30 pm |
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oldguy
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Your major plays a part in your decision. If you are in a soft program - lib arts, pysch, art, english - you should avoid higher debt because the pay will be lower and jobs will be harder to find. So the choice might be to work for a year or work halftime and go to school halftime.
Conversely, if you are in an applied skills field - engineering, nursing, accounting, teaching - you can get a job immediately and at a pay scale at double a retail job. In that case, it makes sense to borrow whatever it takes so that you get on someone's payroll sooner. And your mother's suggestion could make a lot of sense.
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Thu May 13, 2010 1:09 am |
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coaster
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I came across this article while I was out cruising around the web; maybe there's an idea in there for you.
Student Aid You Never Heard Of
I can remember a time when even engineers had a tough time finding jobs out of school. You must stay in school and finish and a credit card could be your last-ditch resort. But realize the risk you take. You probably know better than anyone here what the post-graduation prospects are.
Best wishes and good luck.
~Tim~
Eye Candy : Why Whimsy
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Thu May 13, 2010 1:59 am |
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JasonR
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I would go to your financial aid office at your school and check to see if they can help you. There are usually counselors there during the day.
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Fri Jun 25, 2010 5:09 pm |
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pwscs
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quote:
Originally posted by JasonR
I would go to your financial aid office at your school and check to see if they can help you. There are usually counselors there during the day.
yes, financial aid office at your school, can help you
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Wed Jul 07, 2010 10:55 am |
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Stuartthomas
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dont trap your self into the crediting finance as it would take decades to pay your student loan...the best thing is to take a advice from the counselor at your school financial aid..
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Wed Jul 14, 2010 8:14 am |
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pwsolutions
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quote:
Originally posted by Stuartthomas
dont trap your self into the crediting finance as it would take decades to pay your student loan...the best thing is to take a advice from the counselor at your school financial aid..
exactly. thats why i always advise my friends and relatives to not involve themselves in crediting and financing things
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Sat Jul 17, 2010 9:57 pm |
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