I am 21 years old and $10,000 in debit. I pay for college myself and last year i didnt get enough money from a financial aid & i only got approved for $3,000 from a private loan. so i had to charge $8,000 to pay for school on my credit card. Im in a horrible situation & now i have bad credit. I need to get a loan for school this year but i dont know how and have already maxed out gov. loans. I am currently working and trying to find another job. Nothing seems to help and i dont know what to do. I'm just getting more depressed and my parents cant help me. my dad lost his job and is struggling to provide for the rest of the family. Help me Please! If you have any suggestions about where i can get a loan please tell me!!!
2006-07-11 18:10:00 · 6 answers · asked by jenks1545 4 in Education & Reference ➔ Higher Education (University +)
Perhaps instead of borrowing money, and going deeper in debt, you should take a little time off from school. Maybe pay off some things, and possibly save a little money, too. Then you can go back to school when you have some stuff paid off, and then you can get more loans. Your education is important, but so is your credit. If you don't do something now, your credit could be in serious trouble, causing future interest rates to be high. You can always go back to school later, but if you wait until later to pay off your loans, the companies that run your credit report will see how long the loans have been overdue. That's not good! You're in a tough spot, and I feel for you. Good luck!
Also, I would not advise you to file bankruptcy. Lots of people think that is the answer to everything. It's not. You won't be able to get any loans at all if you file bankruptcy. Then what will you do about school? If you file bankruptcy, and you are able to actually get loans, it'll be because there's a high interest rate on your loan, causing high payments, and a never ending statement every month. You'll be right back where you started in no time.
2006-07-11 18:18:03 · answer #1 · answered by ? 3 · 1⤊ 0⤋
Hi, these articles might help:
Debt Consolidation - Get Out Of Debt
http://www.askaquery.com/Answers/qn1643.html
How to Hire a Debt Counselor?
http://www.askaquery.com/Answers/qn1584.html
What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html
Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581
Financing
http://www.askaquery.com/Answers/qn1642.html
Building Wealth by Reducing Debt
http://www.askaquery.com/Answers/qn1578.html
How to Manage Your Credit Card Debt?
http://www.askaquery.com/Answers/qn1579.html
2006-07-19 07:10:55 · answer #2 · answered by jenny r 2 · 0⤊ 0⤋
Talk to the office of financial aid, they may be able to provide alternatives for you. Another option you may want to consider is seeing how viable a leave of absence is. If you can take a leave of absence for a year, you might be able to find more work and pay off most of your debts...
2006-07-11 18:13:13 · answer #3 · answered by ronnieneilan1983 3 · 0⤊ 0⤋
Look up a Credit Counseling organization in your local phone book - they don't charge but if you are honest with them they will work with you to and set up a payment program where as you give them the amount of money set up and they deal with your creditors and can save you a ton of money and a lot of threatening phone calls as long as you hold up your end of the deal and take them the payments .
2006-07-11 18:27:07 · answer #4 · answered by bev d 1 · 0⤊ 0⤋
File bankruptcy!! Since your credit is already ruined it can't hurt. It's not that expensive and a good attorney can advise you which is the best route to go.
2006-07-11 18:15:37 · answer #5 · answered by Tamara 4 · 0⤊ 0⤋
File for bankruptcy or call an attorney for a free counseltation.
2006-07-11 18:15:50 · answer #6 · answered by Mom of One in Wisconsin 6 · 0⤊ 0⤋