school loan

[Mrbobcat]

Hey guys, I was getting all set to start LPN clinicals in about 3 weeks. I decided I would have to cut back my work to part-time (about 20-25 hours) to make it thru. To do so, I would have to borrow an additional 10k or so to pay the bills. I already took out the max from stafford. I didn't think it would be a big deal. So I applied a couple places and they said I would need a co-signer. So I put my parents down even though I did'nt want to. They're going to send me the paperwork, now I have to ask my parents if they will do it. I hate to because my mom is under disabilty and can't work and my dad just got let go because the boss could'nt afford the insurance for him. They recently bought a new house too. What should I do? I don't think I can make it thru working full-time and I have no other options besides credit cards and I already have way too much on those. Maybe that and my other student loans is why I'm getting hasseled for a co-signer. I mean I have to do it because I can't afford to pay back my current loans where I'm working now. Any ideas?

[Mrbobcat]

Thanks anyways, after I tried about 3 places, I tried the place my sis used and they pre-approved me. I did ask for slightly less and immediate repayment though thinking it would improve my chances. So no worries for now...

[howardalex]

lol you're not being ignored I just don't think anyone knows the answer...I'm from the UK so I don't know how it'll work in ohio..sorry bud!

[Mrbobcat]

Man, I don't know what to do. I have the loan paperwork now, but I really hate to borrow any more. It will only cover about 7-8 months too and I need it to last 11 months. I went over my budget and theres very little I can cut out, maybe just cable, gym dues and long distance. But that won't make that big of a difference. I'm not really sure if I want to do the schooling. I just got books (9 of them for 2 classes). My sis and gf say you'll never make it if your not 100% sure. I heard only 14 out of 40 passed the first semester last year!
I feel like I have to do it though as I'm coming up way short now and when my loan payments start 6 months after school...The only other option I can think of besides bankruptcy is selling my house and moving in with my sister. But then I would have alot more driving back and forth from work. I really hate the factory too, but I do have ins. and vacation which I'll lose if I go to part-time. If I stay there it will take a good 4-5 years to make enough to pay the bills.

[kejg10]

I feel your pain with the loan stuff man i'm an undergrad at NYU and am a med school hopeful.. I guess the best thing to do is look at the types of loans you're paying back now, most of the gov't loans dont require you to start paying back immediately you have a grace period once you finish your education there and the payments are in installments.. other than that I guess the best thing is to contact the financial aid office and ask them if they have any kinds of financing options or know of loans you could apply for.. dont know how much this will help, you probably thought about it already.. anyway best of luck with whatever you decide to do

[Hitman]

hey man, apply for a student visa thru your credit union, all your student loans have very low interest, check to see if they are deffered, if so you dont have to make a payment on them just yet. stay away from high interest rate loans because youll never get tp the bottom of it. If been in your situation, just stay focused and you'll be alrite...good luck bro

[Hitman]

just read your previous post and saw that you are a homeowner, if you have any equity in your house apply for a equity line of credit, ditech or countrywide would be your best options, you can get a equity loan for 12-13 percent if you can pull some value from your house

[PhiSigPhi]

I got mine through Salliemae.com....Interest rates were ok for someone with no co-signer, but i got the money no problem...

-Zach

[Lookingthroughaglass]

For one I would contact the loan company and discuss your situation, they are always willing to help. There are many options that are avalible to you, you just have to ask. For example, you can get a deferment, a forbarance, a financial hardship, a unemployment forbance and some even have special payment plans where you only pay the interest right now. Which could be about $40 a month. I am up $50,000 in sudent loans and I pay a total of $400 for all, because I called them and worked out deals. So my advice to you is to just call the loan companies.

[kejg10]

Originally Posted by Lookingthroughaglass

For one I would contact the loan company and discuss your situation, they are always willing to help. There are many options that are avalible to you, you just have to ask. For example, you can get a deferment, a forbarance, a financial hardship, a unemployment forbance and some even have special payment plans where you only pay the interest right now. Which could be about $40 a month. I am up $50,000 in sudent loans and I pay a total of $400 for all, because I called them and worked out deals. So my advice to you is to just call the loan companies.

True.. consoldiation may be a way to go as well

[t_dot_porkchop]

maybe you need to sit back and re-evaluate WTF you NEED...not want.

you always post about money problems, so you must have some spending issues, either past or present. either way, you need to sort everything out before you dig a bigger hole. racking up debt (when you are already in debt) to get a job that "may" pay more seems to make no sense, to me anyway.

if the bank needs a co-signer, what they are saying to you is that they do not trust you to be able to make the payments on your own...maybe you should listen to what they are telling you before you get your parents in a big(ger) financial mess.

sorry if i offend...just my $0.02

[Mrbobcat]

Like I said, I decided not to go with the co-signer, but have 2 places that approved me without one. 1 of them is for slightly less money with immediate payback that should last me about 8 months, but the payments are only about 80/m. The other loan is for slightly more with deferred payback that would last about 10 months and the payment would be 110/m. Not sure which to choose. I need it to last about 11 months, but hate to pay the extra money for 20 years!
I'm gonna try to work the max you can under part-time at work to hopefully make it last.
I feel like I'm in a catch-22. I don't make enough to pay the bills now. With ot every week I could break-even, but its not always offered. It would take about 3-4 years where I'm at to make enough without ot to pay the bills, plus the work sucks. To continue with the school (which I already have 2 years invested), means borrowing more with no guarantee I'll pass, but I feel I have
to take the chance and have to believe I can do it...