How can I pay off a past due school tuition with other bills and debts to pay off?

Question

I went to school for one semester and paid for almost $1000 of it and my dad was supposed to cover the rest. He never covered it and now I have to pay back the school the entire amount of the tuition, plus a few past due bills from over-expensive doctors visits, and a recent purchase of a car. I dont' make much money but I absolutely have to cover $300 a month for the car, plus try to take care fo my other bills. What should I do?

Answer 1

You need to make certain sacrifices. Give up school or give up the car. Or you can try to get a student loan and pay it off after you graduate.

To find ways to save money, I suggest budgeting yourself and cutting back on spending.

Answer 2

First, talk to your dad about the payment plan and see if he can pay what he promised. If not, re-evaluate your budget. Why exactly do you "have to" pay the car payments? Is a car absolutely necessary for you to live? I certainly managed to finish university and get a job without ever owning a car! Your ideas about "need" and "want" might be a bit mixed-up.

If you're still a student, look into getting a student loan. If you're not, schedule an appointment with someone at your bank and find out what they think is your best option. Maybe you need a line of credit, or maybe you could consolidate your debts onto a low-interest credit card (and then stop using that card until it's all paid off). In the meantime, you need to increase your income. Look for more work, or better-paying work. Find ways to make money in your off-hours by doing odd jobs, babysitting, tutoring... whatever. Just get the cash coming in.

Answer 3

Here are some options:
See if you can refinance your school loan with a Student Loan Finance company such as Nelnet.

If you were thinking about Bankruptcy, don't unless you have a ton of credit card debts. That's because Student Loans are only discharged in Bankruptcy in extreme hardship cases, and car loans are only discharged if you return the are to the finance company.

Here are some easy ways to save money:
1. Raise your deductible on your car insurance, and DRIVE CAREFULLY.
2. Get a roommate or (better yet) move in with a relative
3. Sell some items you don't use (Clothing, toys, etc) on Ebay.
4. Call some temporary agencies and see if you can do some temp work on days you have off.

Answer 4

Use the Debt Elimination System offered by the Financial Freedom Society. It is one of the many benefits of membership in the Society.

Visit http://your.ffsi.com/59173 and get the free report called, "The Financial Freedom Formula".

Answer 5

Get a good job