I have not finished college, and I dont know If I will ever be able to go back unless I join the military. I ruined my credit rating because I was unable to pay off my debt and now I am working just to get by and pay off a tiny portion of it. I am considering going into the military to help me with my school debt, because this seems like its the only viable option. Debt consolidation might make sense, but I dont know what I would do if I were to lose my job and be unable to pay off the consolidation company. I'd ruin my credit even further...
I want to go back to college while I am young. Do I have any other options?
2007-03-20 18:16:39 · 3 answers · asked by shadow77 2 in Business & Finance ➔ Personal Finance
Honestly, this is going to sound terrible, but if your credit is in the toilet anyway, I would just go nuts and finish school. You can re-build your financial situation when you have a decent job.
OR
You can take a break from school and pay down debt, save money, and then go back.
OR
You can do what I did and go to school part time, working your way through. It took a long time, but I finished my degree without debt and with my credit rating intact.
2007-03-20 18:29:08 · answer #1 · answered by wsibwigu 2 · 0⤊ 0⤋
If you go back to school, you should be able to defer your original loan until after you graduate. You won't have to make payments on the loan. I'm not sure if the interest will continue to amount...
Then after you graduate, you can seek a consolidation of the loan.
To best explore these and maybe any other options, it would best to visit a counselor at the college you wish to go to.
I'm gung-ho for USA, but I think if you want to join the military, it should be because you want to.... Not because it's the only way you can get out of the mess you are in.
They are other options, including the one I mentioned above. But see a counselor at the school and you can get the info straight from the horse's mouth.
Good Luck!
2007-03-20 18:29:04 · answer #2 · answered by backpackwayne 5 · 1⤊ 0⤋
You should opt for debt consolidation. When you gets into a debt trap it becomes difficult to get out of it. Taking more loans to repay the debts leads to more stress and financial crisis. Finally, there is no option but to adopt debt consolidation, which leads to a new llease of life. Many people receive abusive calls from debt collectors and are stressed. Hence opting for debt consolidation is the number one solution and helps to overcome abusive calls and be free from mental stress.
2007-03-22 02:04:49 · answer #3 · answered by stone m 2 · 0⤊ 0⤋