Hyperventilating over debt
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  1. #1
    Registered User Mindi1987's Avatar
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    Question Hyperventilating over debt

    So I just joined this forum.

    I am looking at about 60,000 dollars in student debt. I will graduate in May finally. I am and have been job hunting like a mad woman, its hard to find a job to fit my schedule. Want to know the best part? That 60,000 is only for an associates degree and I am going back in August while working for my 4 year degree.

    My home is paid off. My cars are paid off. My only debt is this student loan, and yet I am having a freaking heart attack about it.

    Please tell me that paying all of this off is possible. Please tell me that with a disabled husband (who has decided instead of disability he wants to go to school) and with 4 kids I can do this. I am feeling discouraged, and honestly I havent even really started yet.

  2. #2
    Registered User josantoro's Avatar
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    I don't have any advice, just before you take on MORE debt, make sure the field you are going into is one where you can easily find a job when you are done. And make sure it will be lucrative enough to justify the debt.

    What are your husband's plans? Is he looking to get a job after he finishes school?

    And how old are your kids?

    PS - welcome to the forum!!

  3. #3
    Registered User pcaltman's Avatar
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    Welcome

    We only aloud one person to go to college at a time and paid cash or we didn't go. With 4 kids it's tough, but you can do it. I have 4 kids too and we both got our degrees. Hubby will be going to get his Master's starting in the spring (his job is paying) and now we are sending my son to college next week and paying cash. The budget is about as tight as you can imagine, but we are doing it and pay off debt. Take a breather it is always overwhelming when you put things down on paper and really see where you stand. Scary.

    These people are great here and I come often for inspiration. You will do it, I know Good luck
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    Registered User khaski's Avatar
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    Where did you go/what degree did you get for two years that cost $60k?!? I don't know your financial specifics, but might you hold off on 2 more years of school, and more debt, until this is all cleaned up? You sure CAN do it- you need a plan. Time for a written budget if you don't have one already. Going to school longer, taking on more debt is a BAD idea right now. Could you go to school part time, cash-flowing it as you go, a few courses at a time, while paying down your student loans?

    Going through 2 more years of school with $60k debt, 4 kids and a disabed husband sounds rather foolish to me. I applaud your drive to better yourself, but I think you might dig yourself a REALLY big hole if you proceed this way. Look into ways to do the rest playing cash while tackling the debt you already have. And don't forget- student loans are almost NEVER dischargable in backruptcy. Forgive me if I sound harsh, but your situation, as you describe it here, throws up a lot of RED FLAGS to me that you're headed for trouble if you take on more debt.


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    Registered User my4littlebuffaloes's Avatar
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    Slow down and take a deep breath. You can do this! I would not recommend continuing with school in August though unless you have some sort of scholarship. You need to come up with a plan to pay for the debt you already have AND a plan to pay cash for school in the future. Good luck!
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    Registered User Mindi1987's Avatar
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    I wont be taking out any more loans in August. I will be paying out of pocket for it. And my kids are 6, 5, almost 2, and 8 months.

    My husband will be getting a job after his second semester in school, he is going part time so that he can handle the class load, after two semesters we both feel he will be assimilated enough to be able to handle a job as well. His entire paycheck will be devoted to debt.

    Quote Originally Posted by josantoro View Post
    I don't have any advice, just before you take on MORE debt, make sure the field you are going into is one where you can easily find a job when you are done. And make sure it will be lucrative enough to justify the debt.

    What are your husband's plans? Is he looking to get a job after he finishes school?

    And how old are your kids?

    PS - welcome to the forum!!

  7. #7
    Registered User Mindi1987's Avatar
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    Thank you. I have thought about taking off of school after I get my associates, however crunching numbers, which I have been doing a lot of, working and going to school I can manage to pay off all my debt in 3 years from today, which will put me still in school. That would mean no interest being paid on the loans.

    Quote Originally Posted by pcaltman View Post
    Welcome

    We only aloud one person to go to college at a time and paid cash or we didn't go. With 4 kids it's tough, but you can do it. I have 4 kids too and we both got our degrees. Hubby will be going to get his Master's starting in the spring (his job is paying) and now we are sending my son to college next week and paying cash. The budget is about as tight as you can imagine, but we are doing it and pay off debt. Take a breather it is always overwhelming when you put things down on paper and really see where you stand. Scary.

    These people are great here and I come often for inspiration. You will do it, I know Good luck

  8. #8
    Registered User Mindi1987's Avatar
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    The plan is to not take on anymore debt. I will be paying for school out of pocket and probably only attending part time so as to pay off as much as possible while in school. The positive part about that is I would have no interest to pay as long as I am in school. Crunching the numbers it should work out to be paid by 3 years from now if I continue to go to school and pay off the debt. I started school in certificate program, after that I decided I didnt want to do that, and went for another degree, halfway through that I changed my mind again and went for the degree I am about to graduate with. A lot of factors played into it, but its very personal and I would prefer not to get into specifics.

    Quote Originally Posted by khaski View Post
    Where did you go/what degree did you get for two years that cost $60k?!? I don't know your financial specifics, but might you hold off on 2 more years of school, and more debt, until this is all cleaned up? You sure CAN do it- you need a plan. Time for a written budget if you don't have one already. Going to school longer, taking on more debt is a BAD idea right now. Could you go to school part time, cash-flowing it as you go, a few courses at a time, while paying down your student loans?

    Going through 2 more years of school with $60k debt, 4 kids and a disabed husband sounds rather foolish to me. I applaud your drive to better yourself, but I think you might dig yourself a REALLY big hole if you proceed this way. Look into ways to do the rest playing cash while tackling the debt you already have. And don't forget- student loans are almost NEVER dischargable in backruptcy. Forgive me if I sound harsh, but your situation, as you describe it here, throws up a lot of RED FLAGS to me that you're headed for trouble if you take on more debt.

  9. #9
    Registered User Mindi1987's Avatar
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    Thank you. The place I am hoping and trying to get a job at once I graduate is a place most people do not like to work. Its a youth center for girls, and its almost always a stepping stone, however they offer tuition reimbursement! Its some place I really want to work for that alone!
    Quote Originally Posted by my4littlebuffaloes View Post
    Slow down and take a deep breath. You can do this! I would not recommend continuing with school in August though unless you have some sort of scholarship. You need to come up with a plan to pay for the debt you already have AND a plan to pay cash for school in the future. Good luck!

  10. #10
    Registered User khaski's Avatar
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    Sounds like you have a better handle on it than your original post let on.....if you're cash flowing your remaining schooling and able to pay off those loans within a few years time, it sounds like you will be ok. The only other thing I would suggest is to make sure you have a well funded emergency fund before you go back to school. You sound like a very busy woman!!!

    And btw, the neat things about these boards is no one wants you to share anything more than you're comfortable with- if my post made you feel like I was looking for info you don't wish to share, my apologies- that was not the intent.


    Kill the mortgage! Goal: 12/2023 Left to go: $141,279.52 Extra paid: 2012- $4408.03 2013-$5396.21+ $400 extra towards escrow
    2014-$2548.29

  11. #11
    Registered User Rosebudget1's Avatar
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    No advice but just wanted to wish you well!
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    Mindi believe you me I COMPLETELY understand about changing majors/programs. I started in school with the intent to become a plumber...but I did not like the idea of getting mud up to my elbows..so I switched to accounting...but I hated doing spreadsheets...so I switched to computers...no I did not stick with that. I finally ended up on (of all things) nursing. I have been nursing 28 years.
    You do what makes you happy!!! Life is WAAAYYY to short to do something you hate doing!!!
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    Oh by the way....YES YOU CAN DO IT!!!
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  14. #14
    Registered User Mindi1987's Avatar
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    In another DR group I am in I suggested that I was thinking of going out of order and doing step 3 before step two, and I was basically told that I was a traitor to the program. I just feel like if I dont have that cushion first and end up losing my job, my family is basically out on an island. My bills are about 1,000 a month so that should only take me 5 months to get my fully funded emergency fund.

    Quote Originally Posted by khaski View Post
    Sounds like you have a better handle on it than your original post let on.....if you're cash flowing your remaining schooling and able to pay off those loans within a few years time, it sounds like you will be ok. The only other thing I would suggest is to make sure you have a well funded emergency fund before you go back to school. You sound like a very busy woman!!!

    And btw, the neat things about these boards is no one wants you to share anything more than you're comfortable with- if my post made you feel like I was looking for info you don't wish to share, my apologies- that was not the intent.

  15. #15
    Registered User Mindi1987's Avatar
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    Quote Originally Posted by Rosebudget1 View Post
    No advice but just wanted to wish you well!
    Thank you!

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