Paying for bills/college

<p>First off, I believe I have to give my background in order to really help everyone understand my situation, so here it goes...</p>

<p>I recently got out of the United States Navy on a medical discharge, meaning I did not do my full service from no fault of my own. During my time in the service, I received a good amount of income which at the time I believed to be very steady, as all government jobs are. I took on a lot of bills as far as a new car, various loans for personal items, and overall increased my debt to income ratio larger than a normal person my age would. I understood the consequences of these things, however if I finished my time in service as expected, I would have paid all of my debt off before I got out. When I was found with a certain medical condition, it was a shock to me, and it completely threw off my long term goals of paying all my bills off before I left the service and re-entered college life. When I got out, not only did I stop receiving the steady income that I originally had, but I also had to repay my sign-on bonus which I originally was promised. This apparently happens to every service member that is discharged early, and they make you pay it back based on time served not time left to serve. This equaled around 6 grand that I had to pay back, which was still substantially less than what I originally received. Basically, this involved me taking out another loan to pay it back, as they required a lump sum and did not offer any options for a payment plan.</p>

<p>So now, after everything is said and done, I have around maybe $800-900 a month in just bills that I pay a month. Working full-time has helped me pay for it, but overall it will lead me nowhere without a degree. I realize that, and wish I could find a way to go to college and also pay for my expenses at the same time. I cannot go to college full-time and also work full-time and honestly keep myself in good standing with both. Something will have to give. Going part-time to school is the last thing I want to do, because it just pushes my overall goals further and further away at this point.</p>

<p>I have a trust fund which I received from an aunt that past away while I was in the military, that equals to around $50,000 to use toward tuition, books, and living expenses. This helps, but overall does not help pay for my bills each month. The GI Bill is still up in the air if i will even receive it or not, and probably will take weeks for them to even decide it. My parents will not and can not help with any expenses, as they have too many of their own to deal with, and I do not want to stretch them further then they already are.</p>

<p>As far as financial aid is concerned, I might be able to pull out federal loans for the time being to help pay for my bills, as the trust fund can pay for my tuition and books. This sounds good to me, but doing this for the long-run really adds up to a large payment after everything is said and done. Also, I can and have claimed myself as independent due to veteran status, but I made too much last year to qualify for federal grants. My financial picture presently is completely the opposite however.</p>

<p>I'm just wondering if anyone has any good advice for a feasible solution to this dilemma I have. My main goal is to earn my degree as fast as possible, because I am 22 and not getting any younger. I did do a year's worth of college that I somehow managed to squeeze in during my time in the military, but most of the credits do not necessarily apply to the degree that I want. I originally wanted to major in economics, but as I was an electronics technician in the military, I am switching it to electrical engineering.</p>

<p>Thanks for the help everyone, and any advice is welcome.</p>

<p>I am no expert but just a few quick thoughts come to my mind.
First, I commend you for your service in the Navy. I am not in the military but my dad was in the Army and I have lived/worked/associated with our base my entire life. My level of respect for servicemen is great.</p>

<p>Well, it seems that you have a pretty good amount of money to pay for school between your aunt's trust fund and hopefully you can get the GI bill. $50,000 is about the average cost for a public in-state education for the entire college career. True, tuition increases every year, but I find that the average cost of attendance on most schools' websites are slightly calculated on the high-end. Basically, it doesn't cost quite as much as the website might say. My advice would be to try to apply for student loans where you can pay off all your debt/bills and then be making payments to the student loan provider. Often, student loans have lower rates and they allow the option to defer payments to after graduation.
Engineering provides a great career, yet it is a difficult curriculum. It might take you longer than the traditional four years, so keep that in mind.</p>