Right now OP has to pay off the loan to enroll to finish their degree, even if they got a job with tuition reimbursement they still can’t enroll for those 6 credits until the $10K is paid off. If they can’t get a loan via family or the organizations that @publisher provided, then they have to get a second job, or a primary job that pays more than $15.75/hour (OP’s current job pay).
It seems OP’s expenses are already pretty low (has a roommate, living fairly frugally but has a car payment and the payment on the $10K college debt), so the fastest way (in absence of a loan) to pay off the debt is to increase income.
While I hear blossom that getting a psych adjacent job will help when looking for the next job, the reality is that there aren’t many psych adjacent jobs that will pay $15.75/hour without a degree, nor fit into the evening/weekend window for a second job. We don’t know where OP lives but several local to me major universities do hire temp and/or part-time staff in various roles (research assistant, etc.) that could provide some worthwhile experience…that pay is typically $15-$20/hour.
Also in my metro area many wait staff make $20/hour (as do bartenders and nannies)…which are conducive to earning quick cash in the evenings and/or weekends. Again, more cash is what OP needs right now.
Lastly, OP does need to get a handle on their earned credits and when, even if, they really do expire.
This thread helps me appreciate the value offered by an associate’s degree awarded after just 2 years of college credits. In OP’s case, he would at least have a post high school degree.
Very upsetting that a collection agency can assess an immediate 25% penalty to a newly acqiured account.
OP: Some states have a consumer protection advocate for individuals. These advocates can be effective in a quick & efficient manner.
P.S. This may be a situation in which an online “for profit” college or university may be useful & helpful. OP: Contact the University of Phoenix to determine whether or not they will recognize your college credits earned regardless of how long ago. Although not a complete answer, it may solve a substantial part of your problem & give you the comfort of additional time.
My community has a free loan society (it’s over 100 years old). You’d need a referral from either a social worker or a religious leader- but we lend with a handshake, minimal paperwork, no credit check and it’s an interest-free loan. It’s been used by people who are unemployed to get seed capital to start a small business, buy a computer, things like that. You pay it back, in either big chunks or tiny amounts, when you get things turned around.
Worth checking to see if there’s one near you? Ours is called “Hebrew Free Loan society” but it’s non-sectarian, you don’t need to be Jewish to get a loan. At the end of the 19th century, these were very common organizations in cities with big immigrant populations where people were coming to the US with a dollar in their pocket speaking no English but with skills (tailor, metal worker, artisans in various media).
In my community, the default rate is below any financial institution (yay) although the payback period can be very, very lengthy as you can imagine.
An idea for a second job that could work for you is check out the openings at a local hospital. They’re open 24/7 and need plenty of lower skilled workers all hours. You’d be much closer to your chosen field than bartending or other jobs. I did patient registration while in school and know plenty of people who do patient transport, floor/ED tech, equipment techs, housekeeping, kitchen staff, an operator or a dispatcher, etc.
How much do you owe right now? What terms do you have with that collection agency ? At the rate you are repaying the loan, when are you expected to have it paid ? How much can you afford pay each month in your current situation? What arrangement can you make with the collection agency to get the outstanding balance paid off in, say two years?
The only way I see out of this, unless you do find a lender, is to pay off the balance. Start looking at the hard numbers. Go on an austerity regiment and get a second job. Start looking at the numbers and see what you can do.
I got it now. Thanks! Do you know if it would be better to call each of these loan companies directly, fill out an online application, or would it not really make much of a difference? I usually tend to caution toward trying to speak to people directly, as I’ve learned that it’s generally more efficient and/or beneficial, but there are exceptions.
Still not quite sure of that yet… I was thinking of doing some tinkering around a bit with a few jobs in different areas, but primarily, I’d probably like to work in/around a public school or university, perhaps as a guidance counselor, and do some one-on-one counseling as well as couples counseling. Not exactly the most specific goal, I know, but you have to understand that I’m still discovering who I am & what I really want and it has been several years since I’ve been in school so I haven’t been in that state of mind in a while. It feels like it’s been ages, and I miss it.
Fair suggestion. That’s something else I can look into, even though it would seem like those types of jobs would be harder to get into without a degree and/or experience. I also would be a bit uneasy about some government shutdown again.
So I’ve heard this sentiment for YEARS on years, but, while I understand it’s not usually a great-paying job in comparison to other fields by any stretch, I don’t think it’s as bad as people make it out to be if you look at the statistics across the entire spectrum. Another thing you have to consider is that I don’t only have to get a job in psychology. Psychology is a pretty versatile subject, & that degree could help me get other jobs in different fields that overlap with psych. (which is a lot).
I sure hope you’re right about that. I need to go down there & speak to them at some point on one of my days off soon.
I mean, I already live pretty bare-bones as it is. I would say the only superfluous expenses I have are WiFi & cable. I could probably cut cable, but WiFi I use almost all the time so I doubt I’d part ways with that.
But that doesn’t really help me situation anyway. Even though saving/cutting costs/budgeting is always advantageous, saving an extra $150 a month (at best) isn’t going to help pay off my debt as quick as I need to.
Exactly! I finally feel like my situation is understood fully & where I’m coming from when I’m posting on here asking for advice/suggestions. I NEED to figure out a way to pay this debt off ASAP so I can get past this huge rut I’ve been stuck in the last 3 years. Those student loan refinance companies you PMed me to check out is definitely a start. And getting another part-time job/gig for some extra income certainly won’t hurt either.
@blossom has a great idea
Look into the Hebrew Free loan. Didn’t know it was non secular. My wife took some out for college. There was like no time limit and she of course paid it all back. There might be other ways similar through churches, your community etc.
Not questioning why you didn’t get a much less used car but maybe there is a way to make that payment go away. Selling it and buying something less expensive?
Looks like a second /third job is the way to go,regardless of what the pay is. Cut cable. Get Hulu live. It should be much cheaper or the like. Your rent is extremely low (which is awesome), on $30,000/year not sure why the loan can’t be paid back sooner? Not sure what I am missing here. You got to start making larger payments to knock this loan out. Do whatever you need to do to make it happen. No excuses. I am actuality impressed with you and know you will make it happen. There is some good advice being given here.
Those were my exact worries/concerns. I could always still look, but I doubt I will find much. And if that’s the case, then what? That’s the real question here.
Just curious, where do you live? I live in Upstate SC, almost exactly halfway between Charlotte & Atlanta. Both are 2.5 hours away from me. It’s possible that the major universities around here could have open positions for stuff like that, but I wouldn’t get my hopes up for that because in my experience, SC is usually always so far behind everyone.
I was actually thinking about moving (and will move soon once I earn my degree), but I knew that I would have to wait several months before enrolling into a university in a different state so that I can apply as an “in-state” resident, which have MUCH cheaper tuition costs. And I just had a good friend of mine move in with me from Florida earlier this year, & he’s not ready to leave for at least another year so that will have to wait.
I’ve never waited tables before, nor babysat kids, nor has that ever sounded appealing to me. I’d probably try to explore other options first for high-paying side gigs, but if push comes to shove & that’s my only option, I might have to go to that as a last resort.
When I have some time off, I will drive down to my old school & meet with the registrar & the Dean of the Psych. Dept. in person to see about how long I have before those credits expire (if at all).
If you get another job, you will be too tired to watch much TV. Hulu and Netflix will be fine.
Does your friend help with rent and utilities?
I agree, throw as much as possible at the payment monthly, you could probably pay it off in about a year if you can pay $700-800 a month, plus your tax refund.
Specify with the lender that you want the extra payment applied to principal.
Can you work more hours at your current place of employment?
I’m in Chicago metro area, so lots of opportunity, greater relative pay and higher cost of living than where you are. Are you near Clemson? Maybe check there for jobs…either full-time or part-time.
In many states, you need a year of residency to qualify for in-state tuition. Have you considered online schools (I know it won’t work now, but maybe once you have paid off the debt)? Not for-profit schools, but schools like Western Governors, ASU, Southern New Hampshire, Liberty?
What high paying side gigs are you referring to? I expect you can get a wait staff job with no experience, but don’t really know the opportunity or potential pay given your location and restaurant options.
Is taking out more loans the best solution? You’ll start your career in even more debt. Look on Craig’s List under Gigs. Sometimes there are pretty lucrative short term jobs that can be a great way to earn a bit of money. Be a mystery shopper. Not lucrative, but money is money. If you live near any big shopping areas, it can work. Look at this list: https://www.entrepreneur.com/article/298348
Taking out more loans at a much lower interest rate in order to refinance higher interest rate loans is wise.
Taking out a small loan to complete the final 6 credits of one’s BA or BS degree is wise when under such a strict time limit to use prior earned college credits or lose them.
Check your cellphone plan to see if your phone can serve as a hot-spot. It was cheaper for Happykid to increase the hot-spot power on her phone plan than to pay for wi-fi service at her apartment. She uses it mostly to watch Netflix on her laptop.