I don't have any advice but I want to wish you Good luck! Just thought of something. Apply for as many scholarships as possible. Maybe you can get some free money.
@Nebulus wrote:I fully believe i know the answer here, but i wanted to ask anyway.
I want to go back to school, and finish up. I have 3 years under my belt, i would need 4 semesters worth of classes to finish my bachelor's, which i cannot pay for out of pocket due to my debt. Years ago, i was living with my then-girlfriend, racked up my cards because at the time i would be able to make major payments and pay them back in a reasonable amount of time, BUT as implied, we broke up and that didn't happen, so i'm still dealing with my poor choice and loads of debt. This obviously requires me to work to pay on them. I've never once missed a payment, so my credit is in good standing, all three bureaus are 680-690, but my util is 90%.
Is there any way i could go back to school before paying them down/off? Any way to "defer" them or get a smaller minimum? Would i even be able to apply for a loan?
Am i SOL or am i SOL? Please save the "i told you so's," i've been kicking myself in the butt for a long time over this!
You will definitely be able to apply for a student loan. Federal Direct Stafford Loans do not depend on credit history, i.e. no credit checks and it doesn't matter what your utilization is. They are guaranteed loans, meaning if you have enough financial need (based on the FAFSA), are in good academic standing, and are enrolled in 6 units or more, you can get one. There are two types: subsidized, where the Dept of Ed will subsidize the interest while you are in school (meaning no interest will accrue during while you're enrolled in 6 units or more), and unsubsidized, which will start accruing interest when you take out the loan. You can get both types and, for an undergrad, the combined limit is $10,500 or $11,500 per academic year, depending on whether it's your first or second loan, and whether FAFSA considers you dependent or independent. Once you are done with your degree or stop attending 6 units or more, you will have a 6 month grace period, after which the Dept of Ed or your loan servicer will contact you to set up repayment arrangements, and there are four different plans to choose from some being income sensitive in that they are graduated. You start off paying a little, then as time goes on it will increase. Interest rates right now, if I'm not mistaken, are about 6.9% give or take. All of this info pertains to Direct Stafford Loans, not private educational loans. I don't know much about those.
@tacpoly wrote:
@Nebulus wrote:
The nice thing there is that i will be going back for Material Science and Engineering or Chemistry, only needing approx. $20k in loans, and my starting salary should be triple that. Thank you for the help, i will absolutely check those out. I've always considered myself good at budgeting, but you never know what more you can learn.
Your major is good and has the potential to get you a high starting salary, but it's not all about the major. You need to get good grades from a good school so you can get co-ops or internships during the summers. Having this kind of experience will help you pay tuition and get a job straight out of college. Even way back during my undergrad years (decades ago) pretty much everyone had co-ops and/or relevant summer jobs; it's probably a requirement now. I hope you were doing something substantial when you weren't in school.
To tag onto this line of thought, what do you intend to do long-term? I wouldn't think an undergraduate degree in chemistry would typically garner a high-paying job, nor would you be likely to find yourself doing something very interesting. Materials Science and Engineering looks a lot better for entry-level positions.
FWIW, if you do complete your undergraduate degree and decide to look into graduate school, many schools will pay for grad school with stipends for TA's and RA's if you go chemistry. Other disciplines are quite different (not sure the same type of thing would be available for engineering) , but just a little quick searching found stipends in the range of $25k+ for larger schools. Keep in mind that if you have subsidized federal student loans the loans would not accrue interest in grad school either.
Just some things to consider, and good luck with returning to school! It is well worth it, as long as you keep your eye on the ball. Bottom line, you want to do something you will enjoy, but you need to be gainfully employed doing it. Sounds like you have that all covered.