Hello,
I went got an A.A. degree from Florida State College at Jacksonville, and I got many credits at University of North Florida as well. I was completely out of college for an entire year and a half. However, things have changed and I find myself wanting to go back to college. However, there are some obstacles that I may be facing.
Having my Obama Care subsidy is VERY important to be, because it makes to where I can have health insurance. I need this health insurance because I have HORRIBLE anxiety and this enables me to go an see a psychiatrist so that I can get my klonopin pills prescribed to me every two months. If I don’t have those pills, I have awful panic attacks that make it almost impossible to work.
Anyway, the people at the Obama Care hotline are not very competent and it took an arm and a leg to finally negotiate with them and get my insurance at an affordable price. Here’s the problem, I never reported to them that I got another job earlier this year, and I never reported that I got a 50 cents raise earlier this year. I want to go back to school very badly.
I just lost my job last week, but now all I have is a part time job and my income has gone WAY down. So if I were to apply for an online University to finish my Psychology degree such as University of Phoenix, would it screw up my Obama Care and would I lose it?
Getting your ACA tax subsidies has nothing to do with going to college, reporting income, not reporting income. It has to do ONLY with how much you earn in the tax year, and you have to do a reconciliation at the end of the year, when you file your taxes.
Say you told them you were earning $30k per year. They estimate your tax benefit as if that’s the amount you are going to make at the end of the year and allow you to use the tax benefit during the year to pay that portion of the premium you’d get back in tax credit. If you actually earn more, you’ll have to pay some of that back. If you earn less, you might be entitled to more in tax credit. However, and this is a BIG however, you live in Florida and Florida is not a medicaid expansion state. Therefore, if you fall below the minimum for getting any tax benefit under ACA, you’ll get no tax benefit and you’ll owe back all you have received this year!
You need to call the hotline and recalculate your benefit.
If you can go to school and still earn the same amount, you will not lose your ACA credit. If you fall below the minimum amount (100% of the poverty level, usually around $16k for singles), you’ll get no tax credit and will most likely be required to buy the school’s insurance plan if you go to a brick and mortar school like U of North Florida.
Online University of Phoenix? How will you afford that school? Isn’t it one of those pricey ‘for-profit’ schools?
http://talk.collegeconfidential.com/financial-aid-scholarships/1678959-need-help-with-repayment-of-student-loans-immediately.html#latest
How much do you already have in student loans? How will you afford University of Phoenix if you say it is difficult for you to make the $28/month minimum loan payment on your existing loans?
Previously in a thread you said you were interested in a degree in programming that was taught online and with support if you don’t understand something, so that you could learn an employable skill. How will an online bachelor degree in psychology teach you a skill? What job do you want to get with that degree?
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but now all I have is a part time job and my income has gone WAY down. So if I were to apply for an online University to finish my Psychology degree such as University of Phoenix
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that is an expensive “for profit” school. WHAT would pay for that?
Someone with anxiety issues shouldn’t be racking up debt for an expensive school.
@twoinanddone
I REALLY REALLY don’t want to call the Obama Care hotline! Every single time I call the hotline there they give me a new answer, I swear to God! It’s like they hire a bunch of monkies at the Obama Care hotline. Earlier this year they went by my 2014 tax return, and my health insurance I got through coventry. Now bare in mind, last year (2014) I was going to school until up to March of 2014 and so they calculated my income based soley on that year. So my insurance was $40 per month and with a $0 deductible.
However, later that year I (tried to do the right thing) and told them that they weren’t calculating my income correctly and they made me send in all of these papers, yada, yada, yada, and my insurance doubled and went up to $83 per month with a $1500 deductible! Plus, they came really close to actually cutting my Obama care because I mailed in the correct forms to verify my income twice and they lost them both times! So finally, I got on the phone with someone smart, and like I said my insurance doubled in price, and the deductible went through the roof! That klonopin is the only thing keeping me sane right now. My life is EXTREMELY stressful! So you can see why I don’t want to mess up that insurance
@Madison85
Yes, I would very much love to have a degree in computer programming, this is true. However, my income is pretty much drastic at this point; before I had a full time job and I lost that. Also, my father was living with my brother and I before all of this happened. However, my father fell in love, married a woman for her money, and flew the coop on my brother and I. So therefore, I no longer have his income to rely on.
The only money I will have now, is from one job that I just got today that only works me two consistent days per week. Plus, I have this little side job for a company that does security for the Jaguars and the Gators occasionally that is a security and they only work me like two days a month. Money is in dire straights right now.
Now let me answer your question: I am having to literally work every chance that I can get right now, and I don’t have time to pursue a information or computer science degree. That is a stem degree and (I kid you not) each class from that degree took me about 15 hours a week per class to work on because the classes were so complicated and hard to grasp. So full time I would be working about 50-60 hours per week on that degree, and part time, I would be working about 30-40 hours on the classes per week. With the amount I’ve having to work now, that’s just biting off more than I can chew.
My original dream was to be a psychologist so my original A.A. transfer major was psychology. Also, I came short of only two classes in completing a full minor in psychology. I have had several companies now that love my customer service, management, and sales experience. Many companies have offered to hire me, but they just said that I would have to have a bachelor’s to get the job. Also, it wouldn’t have to be a specific bachelor’s, but A bachelor’s degree PERIOD. So I know that psychology is an easy bachelor’s and isn’t that time consuming and that’s why I was considering doing that. Also, the extra loan money would give me more money to live on that I so desperately need.
@mom2coIIegekids
I was unaware that University of Phoenix was an expensive school. That probably takes that option out of the hat. Can someone please give me some ideas for some regionally accredited schools that offer accelerated learning programs (5-8 week classes) and you’re just taking one class at a time, that are inexpensive and would be cheap enough to leave some money over from my loans I am eligible for to actually live on?
If you’re 24, then the most you can borrow is about $11,500…that’s not enough to pay for school AND live on.
If you’re under 24, then you can only borrow $7500.
Your premium for your insurance is not changing because you call the hotline, it is changing because your income changed. Your premium/tax credit is based on your income. If it changes, the tax credit changes.
You don’t have to call if you don’t want to, but be prepared for an unpleasant surprise come tax time.
What’s your current loan balance?
What’s your region?
@mom2collegekids
Oh yes, I am well aware that it is not enough to pay for school AND live on. However, the goal here was to work about 40 hours a week, do an easy bachelor’s at a fairly inexpensive University, and then have some extra grant/loan money to live on. That way, I could make money going to school, and have a bachelor’s so that I can actually get a worthwhile job that pays at least $15 an hour. This is a VERY tough economy and I’m just trying to make it.
@twoinanddone
Yes, I am well aware why my premium is changing. Also, yes, I am well aware that I am going to be totally screwed by the end of the year. However, at least by that time, I can save up some money, and maybe find a slightly higher paying job. Right now, I am in my most desperate hour, and I don’t want to have it to where I can’t afford insurance now. I literally have PTSD and can’t function without those Klonopin pills. If I lose my insurance, I don’t know what I will do.
@Madison85
My current loan balance is about $25,000. My region is Jacksonville, Florida (northeast Florida).
In-state colleges are generally going to be least expensive. Have you checked the costs for all of these?
http://www.stateofflorida.com/colleges-in-florida.aspx
With $25K already borrowed I’m not sure you’ll be able to get much more.
The principal balance is $25k? I believe the limit is $31k. Your plan to get an easy and cheap online bachelor degree doesn’t sound very doable.
Wow, looks like I’m just going to have to work multiple jobs. Thanks for the info though.
Find out the location of the closest office for the state ACA navigators, and go see someone in person. Doing this stuff by telephone is absolutely maddening.
Your most affordable option for completing your degree is probably through the public university system in your state. Contact the people at U of North Florida, and find out what major you could graduate with there if you re-enroll. If you want online classes, then ask which degrees you can complete that way. If U of North Florida has nothing that could work for you, check out the programs offered by the other public Us in FL.
Another option may be to find a job with a tuition reimbursement program.