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  1. #46
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Yea dont feel bad! Your not alone! everything your doing is and will always be worth it each and every time you realize, wow I'm a college graduate and I worked hard for it!! Trust me, its a GREAT feeling.



    FYI this topic reminds me that although we have or want luxury, we are all humble and we are all humane! great people!!! A good heart is by far the greatest luxury and its free, no interest :)
    Last edited by lambdalady2; August 6th, 2008 at 07:15 PM.
    Count down to...love
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  2. #47
    A little eccentric warhols__muse's Avatar
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    Default Re: Need some loan advice

    Quote Originally Posted by lambdalady2 View Post

    FYI this topic reminds me that although we have or want luxury, we are all humble and we are all humane! great people!!! A good heart is by far the greatest luxury and its free, no interest :)

    Like Coco Chanel said ... "the best things in life are free, the second best things are expensive."

  3. #48
    Official Bagista
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    Default Re: Need some loan advice

    bRs...

    When I was going to Physical Therapy the Physical Therapy Assistant was telling me that she made over $17 per hour at Best Buy ... she worked there for like five years. Granted, where I live there is really low unemployment, especially in jobs that don't require a degree (Memphis = high crime rate, high drug usage - therefore people have criminal records and fail drug tests left and right and therefore won't get hired) but I mean, it woudl be worth a shot to see what else is out there. I know some fast food restaurants have really great employee benefits if you go in as an assistant manager or something where you would get healthcare, flexible schedules, etc ... maybe not the greatest job but it could help you pull through.

    Are you good at typing? Maybe you could put an ad on craigslist or something and type people's research papers - some people still physically write them out especially if they have to be at the library looking at several different books. Some people even charge like $5 per page or so. What about proofreading? From your blogs it sounds like you write well so maybe you could proofread peoples papers for a fee or format them correctly using the right guidelines (like MLA etc)

    You will get through this - there will be some sacrifice I am sure but in the end, you will pull through. It could be a LOT worse...a lot of people in similar situations are in danger of losing their homes. At least that's not your main concern.

    Suze Orman - The Suze Shop : Books

    Above is a link to Suze Orman's book - you can access what she calls "Action Plans" on her website and it should help you figure out what it is you need to do to get yourself out of everything without having to file for bankruptcy (unless that is the only way).

    Good luck! and feel free to vent on here - you aren't the only one that worries about these things!

  4. #49
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Hehe... I have Dave Ramsey's book about money. A lot of good it did me.

    Nash - Thank for the suggestions. I have actually been looking around for a different job. It's hard though. Most places don't pay as much as I make. I remember applying at a bank and they only offered me $7.50 an hour. Sheesh! They do offer a work program at my school, but they only pay minimum wage (which I believe is something around $6.50). It's also hard because my schedule is constantly changing and I can only work like 20-25 hours a week when I'm in school. Most places that are that flexible just don't pay much. I could do telephone interviews, but I'm horrible at sounding "sincere" over the phone. Don't worry though, I'm still looking. You never know.

  5. #50
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Okay, tell me if this is a bad idea. I may be able to get some additional financial aid in the form of a loan (I talked to someone about it). What if I paid off the part of my loan that doesn't have the collateral connected to it? That would cut my total monthly payment by almost half. And the interest rate on this is way better than the one on the loan at the bank.
    Last edited by boysRsmelly; August 7th, 2008 at 06:32 AM.

  6. #51
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Oh wait... I just thought of something. It would get dispersed half and half... I wouldn't have the other half until next semester. That doesn't help me in the mean time.

  7. #52
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    Default Re: Need some loan advice

    Another thing: STUDENT LOANS CAN NEVER BE WIPED AWAY!!! Private student loans can raise their interest rates to whatever they want; you are limited in your subsidized loans; if you default they will take your tax refunds!! Also, if you had to file bankruptcy it wouldnt' do a bit of good because student loan debt cannot be discharged.

    DO NOT PAY OFF THE LOANS WITH OTHER LOANS - especially student loans.

    If the debt is low enough, could you put it on a 0% credit card? Then pay payments like you normally do, then either go back to teh CU if you still owe some before the end of the grace period?

  8. #53
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    Default Re: Need some loan advice

    Suze Orman isn't like David Ramsey. Her website is interactive - I haven't bought that book though because my husband is older so I don't think her suggestions will apply (he's 40 and I am 25 so our situation is different).

    I like Suze because she came from nothing; she was a little girl in Chicago with a speach impediment that lost her way and ended up living in a van in Berkely, CA during the 70s. She was a waitress at a restaurant and received a gift from one of the patrons, and she took it to a brokerage firm (Merrill Lynch) and the broker lost all the money, but she went to work for Merrill Lynch and then realized that what happened to her money was unethical and against the law, and so she sued Merrill Lynch while working for them, won, got her money back and paid it back to the patron that gave it to her. She became the highest producing broker at the firm, and eventually moved on.

    She's very down to earth and the advice she gives is very simple. Sometimes it's not what you want to hear, but she's straight up.

    I like Carmen Wong Ulrich too, but it's not the same as Suze because she's got a great degree from a great school (Psychology degree from Columbia I think...)...so her story isn't as inspirational.

    CNBC weeknights at 8 eastern (and Pacific) is On The Money; Saturday at the same time is Suze.

  9. #54
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    I don't plan on filing for bankruptcy.

  10. #55
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Anyways, I don't see how the interest rate could be raised since it's fixed. I don't qualify for private student loans. This is part of my financial aid package, they just weren't going to offer it to me unless I asked. As far as a credit card goes though, I don't think I could be approved for the amount I need. And besides, I would be tempted to use it.
    Can't government loans be forgiven depending on the job you get when you graduate?

  11. #56
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    Default Re: Need some loan advice

    I don't know...I only had about $5,000 in student loans, which I paid down to $2,500 immediately after graduation. I know in my field (business and finance) you probably won't qualify for a reduction or forgiveness. Although, if you are a school teacher sometimes I think they do that. I am not sure though because it's not something I looked in to because I figured I didn't qualify anyways.

    The government can do whatever they want - if you got a job with them after you graduate I wouldn't be suprised if they forgave or paid off your loan.

    I thought you were referring to a private student loan - and those interest rates aren't fixed.

    I know you don't plan on filing for bankruptcy, but if you ever had to for some reason or another (for instance if some huge medical expense came up or something and you just couldn't do it) it's good to know the debt you have will go away.

  12. #57
    A little eccentric warhols__muse's Avatar
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    Default Re: Need some loan advice

    Quote Originally Posted by boysRsmelly View Post
    Anyways, I don't see how the interest rate could be raised since it's fixed. I don't qualify for private student loans. This is part of my financial aid package, they just weren't going to offer it to me unless I asked. As far as a credit card goes though, I don't think I could be approved for the amount I need. And besides, I would be tempted to use it.
    Can't government loans be forgiven depending on the job you get when you graduate?

    Yeah, they can ... if you can prove hardships and whatnot.

  13. #58
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Well, I talked to my husband. He thinks it's a good idea and he's POed because my school didn't say anything about it before. I normally get a chunk of change back from my financial aid to use for expenses and such... but this year, it looked like I wasn't going to get as much. So I'm glad I asked. I understand your concern Nashville, but I'm thinking this will be a good solution for me. I'm still going to have way less debt when I graduate than the average college grad.

  14. #59
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Quote Originally Posted by boysRsmelly View Post
    I don't plan on filing for bankruptcy.
    good!!!
    Count down to...love
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  15. #60
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    Default Re: Need some loan advice

    Sounds like you got this one figured out! Just make sure to don't over extend yourself :. Especially with DH going back to school as well.

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