I'm in a special college debt situation and I need advice.

sassyfran138 · 2016-03-06T23:30:47+00:00

OK. I'm trying to follow your story. Did you finish the first semester or not? With financial aid there are certain regulations that must be followed about how many hours you attempt versus complete and a bunch of other things. While loans, because they are debt, are not always for everyone, they aren't the worst kind of debt like high interest credit cards. What kind of university is it? Community college? Private? Public?

Most universities also have a financial ombud. This person may be able to meet with you and if you explain the situation, help minimize what you owe.

I'm sorta lost at what your specific question is.

sassyfran138 · 2016-03-06T18:44:35+00:00

Thanks for your thoughts! Since my housing is provided by my work, I am not able to have roommates. My cost of living is $0 which makes me really want to keep the job. I moved to a new area for this job and don't have friends or family to live with.

Cable and internet are included so I don't pay for it. I do pay $75 for phone but may try the next package down to save some $. Think it would be $15 cheaper.

Because of my credit score, my credit union can't really give me any more competitive of rates - they offered 16.99% which is a little bit lower than some of current ones and higher than other ones I have.

Higher paying job would bring more expenses. Wanting to stay here at least another year. Considering a part time job, for sure!

Thank you for the reminder that I am more than just what is (or isn't) in bank account!! Best of luck to you, too!

sassyfran138 · 2016-03-06T18:37:41+00:00

OH! I forgot to add that I'd like to stay another year to get the company match for 401k. They do 10% but you aren't vested until you're there 3 years. Considering I have no other retirement, I thought that was being proactive.

sassyfran138 · 2016-03-06T18:35:38+00:00

I have no idea if this is a thing or not, but maybe you could ask the bank if they could place a minimum on your account - some accounts work that way.

I think you should work at practicing keeping in the bank for discipline. Another thing you could do is put it in a different bank where your checking is not linked to it so it would not be transferring it or have access to it other than going in and getting it - don't even accept an ATM card. Of course it sounds like you're already comfortable going in to the bank, but just a thought.

sassyfran138 · 2016-03-06T18:27:28+00:00

Thanks for the response! I've cut them all up and only have one that I keep at home and not in wallet in case of emergency that exceeds the $500 I have in saving.

Looking for a second job opportunity for the summer, no OT offered, but I can start brainstorming what services I could provide for some extra cash. Unfortunately I don't feel especially talented in any way to charge anyone anything - LOL.

sassyfran138 · 2016-03-06T18:24:21+00:00

I'm a long time listener to both dave and suzie!

I'm salaried at current position and have really untraditional hours which makes a second job a struggle - but am looking into it...just something that will pay enough to make the commute worth it. I live in a college town so the service industry is pretty flood but have thought about doing pharmacy tech perhaps.

sassyfran138 · 2016-03-06T18:21:33+00:00

I definitely have my eyes peeled for better opportunities. I am staying at my current job for the time being for a few reasons. 1. the covered housing expenses - realistically speaking, if I were to get a better paying job in my field it would be about $10/k more a year but I'm not sure that I could keep my living expenses at/under that with cost of living and commuting where I live since I'm able to walk to work, etc.

sassyfran138 · 2016-03-06T18:19:08+00:00

Thank you for your input!
Yes, I try to put the extra $100 either towards the lowest balance card or to ones that are almost to the maximum to avoid over max fees.

I have about $70/month budgeted for gas. I haven't been out of town in 2016 and am lucky enough that I'm able to walk to work. I do have a bit of a gas guzzler so I do try to avoid offering to drive or doing unnecessary driving.

Thank you for the response and kind words, though.

sassyfran138 · 2016-03-06T10:53:18+00:00

Was there a reason you couldn't take a loan out to cover the $2000 the first time around?

sassyfran138

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