I need advice or help or a doctor or whatever....

Basically I messed up alot of the past with education and it's caught up to me.

Im 35 and living at home working part time as a Security Guard, have 30k in loans from a private school that I graduated 11 years ago. Having a A+ and a A.S degree in Networking.

The biggest problem is that I have bills, probably a little more than I should but I cannot get rid of them, I have a car payment of 200 bucks and I can't sell it since it's worth exactly what I owe on it.

However because of my bills, I had to take jobs to keep the money going. As a result I wasn't in school enough and I'm not eligible for financial aid anymore and I have to pay cash. That's where the problem comes in since I don't have the money.

So I don't know what to do, it's a very bad, depressing situation and I'm kinda stuck in it.

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Hyper-Me

This is IT related?

Sorry to hear you've fallen on hard times.

You might talk to the student loan company and see about options. In certain cases, federally backed student loans can be forgiven. I'm betting its a difficult process to get that done, but it might be worth a shot.

If you are simply drowning, the only other option may be filing for bankruptcy. Although, i'm pretty sure you can't file bankrupcty on federally backed student loans.

someuser23

Yeah, it's I.T related... I have a two year in Networking with a A+.

The college I was attending is saying I'm not eligible for financial aid due to poor academic standards since I wasn't in class enough since I had bills to pay.

So I have to pay outta pocket and I don't have the money.

But yes a little job will help, maybe some serious alcohol will help as well.

I'm on not eligible for financial aid at one school, can I go to another and get financial aid? I'll consider Devry right now....

veritas_libertas

Scott LaRock wrote: »

Yeah, it's I.T related... I have a two year in Networking with a A+.

The college I was attending is saying I'm not eligible for financial aid due to poor academic standards since I wasn't in class enough since I had bills to pay.

So I have to pay outta pocket and I don't have the money.

But yes a little job will help, maybe some serious alcohol will help as well.

I'm on not eligible for financial aid at one school, can I go to another and get financial aid? I'll consider Devry right now....

Bad academic performance may affect you getting your loan extended, I would double check on that. If your concerned about costs I would recommend Western Governors University because of its very reasonable cost.

someuser23

veritas_libertas wrote: »

Bad academic performance may affect you getting your loan extended, I would double check on that. If your concerned about costs I would recommend Western Governors University because of its very reasonable cost.

I wanted to do Biomedical Engineering Technology at my local College. I figured at 35 and with such a outdated I.T degree it's just not a good long term move to continue down that path so this program is what I was signed up for until they canceled my financial aid.

http://www.broward.edu/images/ProgramSheets/A006.pdf

But if I call them and I can't get any more loans Western is the best bet I guess. I don't have the money for the classes outright.

chmorin

I second veritas.

Also,you are in an inconvenient position of being way late in your education. Do you have any experience at all in the IT field? Do you even want to be in IT? You might be better off working your way up in security.

Plantwiz

Scott,

Sorry to hear of the troubles, but said to say you are not the only one who has even done this sort of thing...and won't be the last.

What you have dug yourself into...it is completely reversable, but it will take a bit of work and a game plan.

One should never take a loan out to go to school...but then again I've chosen a differnt path with my life and thanks to folks like Dave Ramsey who markets something I learned long ago....others don't do this either.

You need to decided for yourself if you can get over the fact you made a mistake with money and also get over the fact that 35 doesn't mean you've become a washout.

If you sit down today and write out a 5 year game plan to:
1 - pay off your debts
2 - take all the jobs (PT and FT) you can manage to work in a week
3 - while working plan for "what I want to be when I grow up" and set goals to achieve it! Much can be done with online classes and a library card. Depending on your goal though...you may need to work with a CC or such where the costs are significantly less then a State school or attending out-of-State (guessing you are in the US).

You may need to rest your thoughts from school for 6-12months while you work to pay off debt...once the stress of debt is gone...it is unbelieveable how clear life can become. I've counseled many couples/singles though this locally and HOPE enters back into their lives.

I don't know you.
I don't know your exact situation.
Reading the tiny description you posted...all I can say is from that info your not at a complete loss. You will have some work ahead, but if you are living at home...how much better could that be when trying to repair debt? Should be on track in less then 2 years. So by 40 you should be well on your way (and possibly into) the career you WANT. Work is needed. Hang in there!

someuser23

chmorin wrote: »

I second veritas.

Also,you are in an inconvenient position of being way late in your education. Do you have any experience at all in the IT field? Do you even want to be in IT? You might be better off working your way up in security.

I have about 6 months experience but with the Supervisor of Elections office with isn't exactly I.T... pretty different but here is the description.

A 4 month contract with the Supervisor of Elections to do IT works for the Primary and General Elections.
 Programmed, updated hardware and software also ran the EViD’s (Electronic Voter Identification)
 Maintained Runbeck Ballot on demand printers, by replacing consumables and changing belt drives etcetera.

Kinda hard to describe....

someuser23

Plantwiz wrote: »

Scott,

Sorry to hear of the troubles, but said to say you are not the only one who has even done this sort of thing...and won't be the last.

What you have dug yourself into...it is completely reversable, but it will take a bit of work and a game plan.

One should never take a loan out to go to school...but then again I've chosen a differnt path with my life and thanks to folks like Dave Ramsey who markets something I learned long ago....others don't do this either.

You need to decided for yourself if you can get over the fact you made a mistake with money and also get over the fact that 35 doesn't mean you've become a washout.

If you sit down today and write out a 5 year game plan to:
1 - pay off your debts
2 - take all the jobs (PT and FT) you can manage to work in a week
3 - while working plan for "what I want to be when I grow up" and set goals to achieve it! Much can be done with online classes and a library card. Depending on your goal though...you may need to work with a CC or such where the costs are significantly less then a State school or attending out-of-State (guessing you are in the US).

You may need to rest your thoughts from school for 6-12months while you work to pay off debt...once the stress of debt is gone...it is unbelieveable how clear life can become. I've counseled many couples/singles though this locally and HOPE enters back into their lives.

I don't know you.
I don't know your exact situation.
Reading the tiny description you posted...all I can say is from that info your not at a complete loss. You will have some work ahead, but if you are living at home...how much better could that be when trying to repair debt? Should be on track in less then 2 years. So by 40 you should be well on your way (and possibly into) the career you WANT. Work is needed. Hang in there!

OKay, I've deferred my student loans since 1999 and I've paid $50 dollars total since they started. I've worked mostly security guard and jobs that pay between 9 to 10 per hour since I graduated. Entry level is help desk and help desk is speaking and I kinda have a speech impediment. I applied for SSI but they say deal with it and toughen up so they don't consider me disabled at all so I have to deal with it.

It's really a long story to stay the least, my school loans kick back in on 6/30/2010 and I don't know if I can defer it again, it's really a long story to get into.

ColbyG

Put school on hold for now and find a position in IT. Work your way up a bit then go back to school.

Degrees aren't mandatory for all (or most) IT positions.

chmorin

ColbyG wrote: »

Put school on hold for now and find a position in IT. Work your way up a bit then go back to school.

Degrees aren't mandatory for all (or most) IT positions.

Experience is. He said he can't be a help desk support tech because of his speaking issue. So he needs to find an entry level position somewhere. That may be hard to get without a degree, certification, or related experience.

The most valuable thing someone has said so far is coming up with a plan. Tell me, what is it you want to do?

apena7

I agree with Plantwiz, you're not too deep and can still climb out of the hole.

You really should sit down and come up with a plan for your life. We don't know your entire situation, but from your brief description, you've had about 132 months to work off that $30,000 student loan while living at home. Many people on this forum have had success dealing with student debt while balancing their spouse, children, and a mortage, so it's clearly not impossible for your situation.

Before going back to school and racking up even more debt, start on the good foot and pay off that $30K beast. Once you're free of that millstone around your neck, you can concentrate on continuing your education without any 11-year-old ghosts haunting you.

Plan a budget, eliminiate any wasteful expenses, and slay that loan!

ColbyG

chmorin wrote: »

Experience is. He said he can't be a help desk support tech because of his speaking issue. So he needs to find an entry level position somewhere. That may be hard to get without a degree, certification, or related experience.

The most valuable thing someone has said so far is coming up with a plan. Tell me, what is it you want to do?

Degrees and certs won't help if he can't find something entry level. High level certs and degrees aren't going to get him a mid-high level position if he has no experience. If you can't start at a helpdesk see if you can find a consulting gig. You have to start somewhere, if you can't find anything entry level and start working your way up, you're not going to make it, no matter the degrees or certs you have.

Plantwiz

Scott LaRock wrote: »

...

It's really a long story to stay the least, my school loans kick back in on 6/30/2010 and I don't know if I can defer it again, it's really a long story to get into.

Why are you unable to obtain ANY job? At this point, it doesn't need to be IT related (though that would be a PLUS). To pay off debt, work with a check at the end of the week is all it takes. Could be easier said then done, but you stated you live at home...this is the easiest time to clean up a mess and move forward.

As far as a speech issue...I don't see that as being a disability. It may require some additional training, but again I DON"T KNOW YOUR situation. First priority is pay of ALL your outstanding debt (and type of job will suffice - cut grass, deliver pizza, work for UPS, waiter, retail, umpire or referee (baseball and soccer is full swing). This debt will not take you very long to get off your back.

HOWEVER, only YOU can do this. If you continue to muster up reasons why nothing has worked for you in the last 10 years, then you probably won't see much change moving forward. Frankly, at 35 you are too young to be this washed-up.

Even if you are paying a small fee for rent...it is nothing that a family and mortgage sucks out of pay...so pay everything on the debt and you will have a much clearer view of the future.

If you want someone to tell you not to pay your loans back....well if you have the means to work (and it doesn't matter the type of work...something that brings a check) you need to pay them back.

Get the debt cleaned up and don't take any additional loans. You can work with college payment folks and figure a game plan...BUT college is a business and their business is selling you school....so if you find you NEED a degree, then work a plan to save up and pay for it. Otherwise, there are plenty of opportunities to get into the door at companies or begin your own...it takes people skills though...

I still am not convenienced you cannot fix this. $30K is nothing compared to what I have SEEN folks clean up (and did so with children in tow).

blargoe

Whether or not you find something suitable for you in IT, the debt situation is the 800-pound gorilla in the room. Plantwiz and a couple others hit it right on the head. You will never, never, ever have any kind of flexibility or freedom with that boat anchor hanging around your neck. You CAN get out from under it. It just takes a change in your way of thinking.

One comment that stuck out in your original post:

I have a car payment of 200 bucks and I can't sell it since it's worth exactly what I owe on it.

Why is that a reason why you CAN'T sell your car? Sure you can sell your car. You can absolutely sell it, you won't be getting any equity out of it but you can always finance a cheaper car...

Little things you can do add up. Stop eating out - take your lunch every day. You're going from $5-6 per meal (if doing the chepo fast food route) or more, to maybe a couple dollars a meal. Cut back on stuff like cigarettes and alcohol, things that do not add anything and cost a fortune.

If you can negotiate a payback plan with some of your creditors, that may be an option.

Keep living at home as long as you can.

I second taking a look at Dave Ramsey's materials. His stuff isn't free but if you follow his guidelines you will be glad you spent the few bucks.

What other expenses do you have other than the college loans and car payment?

GWadejr34

Scott - I'm in a similar situation so I understand your problems. That being said, you have to understand that it comes down to you and what you want to do. You have to ask "yourself" the tough questions and be honest with your answers. You can't look at the past and believe that your future will be the same; you have to, and I mean HAVE to, have hope and faith in yourself and your abilities. A speech impediment is as much of a disability as "you" allow it to be.

People will look at you for who you really are not a "perceived" disability, this is where being honest with yourself comes into play. The first question you need to ask...Why did your grades stay low initially? If you try to get back into the college groove, can you make the necessary change to improve and make it? Yes, you can, but you need to understand what really got you there in the first place. Once you do, move forward and work for what you want; it's never too late and you're never too old.

Plantwiz gave you some of the best advice that I've seen in this post; but you have to listen. There are no easy paths, if you want to be sucessful you have to be willing to walk the road less traveled; who knows, you might even learn about strengths you didn't know you had.

As far as paying off the loan I agree that you need to get it payed off; however, it should not be the first thing to be paid off. When you look at your budget, eliminate all of the things that are not a necessity...One of the big things...your car. How much do you owe totally? Sell it or get it paid off and use the $200 month you've just gained back toward the loans. Whatever you do though, pay at least the minimum on the loans faithfully until the trivial items are eliminated giving you a better cash flow to knock the loan down. This works because the loans are low interest and are fixed. If ou have any higher interest loans or debt, pay it off and you'll see more money flowing...I know first hand that this works because I've done it myself.

You'll be fine...I'm in a similar situation, so know that you're not alone. But you can definitely get back on your feet; no doubt about it. As far as the IT jobs are concerned, I'm sorry...I'm working on going the IT field myself...Just not in it yet, so I can't tell you the best way to get in. But whatever you do; do not give up hope and feel as if nothing will work out. You'll be fine if you work at it...

colemic

Scott, if you truly want to change your thinking, I will send you my copy of Dave Ramsey's Total Money Makeover book, just shoot me a PM with your address and it's yours if you want it. It will total change your perception of bills and show you what you can do.

someuser23

colemic wrote: »

Scott, if you truly want to change your thinking, I will send you my copy of Dave Ramsey's Total Money Makeover book, just shoot me a PM with your address and it's yours if you want it. It will total change your perception of bills and show you what you can do.

My home address? I will pm you soon.

someuser23

blargoe wrote: »

Whether or not you find something suitable for you in IT, the debt situation is the 800-pound gorilla in the room. Plantwiz and a couple others hit it right on the head. You will never, never, ever have any kind of flexibility or freedom with that boat anchor hanging around your neck. You CAN get out from under it. It just takes a change in your way of thinking.

One comment that stuck out in your original post:

Why is that a reason why you CAN'T sell your car? Sure you can sell your car. You can absolutely sell it, you won't be getting any equity out of it but you can always finance a cheaper car...

Little things you can do add up. Stop eating out - take your lunch every day. You're going from $5-6 per meal (if doing the chepo fast food route) or more, to maybe a couple dollars a meal. Cut back on stuff like cigarettes and alcohol, things that do not add anything and cost a fortune.

If you can negotiate a payback plan with some of your creditors, that may be an option.

Keep living at home as long as you can.

I second taking a look at Dave Ramsey's materials. His stuff isn't free but if you follow his guidelines you will be glad you spent the few bucks.

What other expenses do you have other than the college loans and car payment?

My car is a Nissan Maxima and it has high mileage, I owe 3000 grand on it and I can probably sell it for 4000.

With that said, these are my monthly bills....

Debt Consolidation $140 a month, I messed up and gotten myself caught up on credit card spending and I ended up about $5000.00 in the hole, as of today I owe a total of 1800 left.

Dell, I bought a XPS M140 last year for $800 and currently owe $428 but when the interest kicks in since I have until June to pay it off without interest it will be back up to $500.00.

Car, $186.00
Car Insurance $130.00

Exxon Mobil Gas Card $270.00

That's really it, the other expense is my cell phone with Sprint and that's $77.00 each month so in total.

Anyways, since I want to get rid of debt I will be paying $300 a month on my car and trying to pay $200.00 a month on the debt consolidation bill or trying to get rid of the dell bill as well...

And yes I used to eat out alot and I stopped that as well as spend money on cigarette

colemic

Well, here's a very quick rundown on what the book will telll you (and show you) about your debt... You are making progress by identifying EXACTLY how much you owe. Write out all your bills and come to a specific dollar amount - that gives you a goal to shoot for.

BUT - before you start paying off your bills, you need an Emergency Fund. Dave recommends that you stash 1,000 where it is liquid, but you can't reach it for impulse purchases, to be there when you need it (for example, if your car breaks down.) The book gives an example of a lady putting 10 100 dollar bills in a picture frame with a note saying, in case of emaergency, break glass. Just needs to be where you can get it in an emergency. This will not take near as long as you think if you are disciplined and don't ****... cheating only hurts yourself!

Now that you have the emergency fund fully funded, arrange them (the bills) in order from smallest to largest - the goal is to pay off the smaller ones first, to give a sense of accomplishment and so you can see the progress being made. (Looks like the Dell will be the first to be paid off, unless $270 is the total you owe on the gas bill.) Pay the minimums on every other bill except the one you are working to kill, and put every single dime you have available into chipping into it. Before you know it, that debt will be gone... and then put the $$ you were using to pay the old bill, into the next smallest one... it's called the debt snowball.

The only catch is that you have to COMMIT yourself to becoming debt free, and be willing to 'live like no one else, so later on, you can live like no one else.' (I believe that's the DR quote.) It will fail if you do not discipline yourself to get out of the debts you owe. It's gonna be crappy for a while, but it is worth it.

jeanathan

That's really it, the other expense is my cell phone with Sprint and that's $77.00 each month so in total.

Cut it. I have an ATT go phone. I use the 25cent/min standard plan. I spent $100usd on talking to people last year. Yes 400min/year is not alot of talking, but I skype with family and leave ATT to professional/business use.

One of the best ways to generate an income increase is to decrease spending. My 2cents.

colemic

jeanathan wrote: »

Cut it. I have an ATT go phone. I use the 25cent/min standard plan. I spent $100usd on talking to people last year. Yes 400min/year is not alot of talking, but I skype with family and leave ATT to professional/business use.

One of the best ways to generate an income increase is to decrease spending. My 2cents.

+1000, one of the steps I forgot: trim the fat out!

pinkydapimp

First, remember, Knowledge Reigns Supreme Over Nearly Everybody.

You dont have to go to school to get your knowledge up. It sounds like you are motivated and really want to turn things around. thats the hardest part. I got plenty of friends who say this and that, but never take that first step. So way to go on doing that.

Some good advice in here. I will just dd that you should get some books and study up on your own. as far as work, why not try putting an ad on craigslist to do local computer work. That could get you some experience and some extra cash at the same time.

As far as the speech impediment, the only way to get better is to practice. toast masters is a club that allows you to gain practice public speaking. i think it costs like $3 a month. That might be beneficial. Also, because it is a disability, you might look into Grants that might be available to people with similar disabilities. you would be surprised what free money exists out there.

Anyway good luck!

Reibe

chmorin wrote: »

Experience is. He said he can't be a help desk support tech because of his speaking issue. So he needs to find an entry level position somewhere. That may be hard to get without a degree, certification, or related experience. QUOTE]

As for additional work, if you wanted to try entry level IT, you could go for some more labor-intensive entry-level jobs. There are alot of summer jobs opening up; especially with school districts and universities - they need people to help move equipment and all during the summer upgrades.

It's not really desk work, but it is IT experience.

chmorin

+1 above me. That is good advice. Temporary/intern jobs are a good way to get up your experience, and maybe get an 'in' with the company!

Plantwiz

colemic wrote: »

Well, here's a very quick rundown on what the book will telll you (and show you) about your debt... You are making progress by identifying EXACTLY how much you owe. Write out all your bills and come to a specific dollar amount - that gives you a goal to shoot for.

BUT - before you start paying off your bills, you need an Emergency Fund. Dave recommends that you stash 1,000 where it is liquid, but you can't reach it for impulse purchases, to be there when you need it (for example, if your car breaks down.) .....

[/i]
And For the record..I make no money from Dave Ramsey...I believe he has mastered a way to market the basics of money that it is worth telling everyone I know about it because it is a simple process to remember...it does take work:[/i]

As colemic wrote:

Start off with:
1. - $1000 cash (saved for an Emergency) (unless one makes less then $20K a year then it would be $500)
2. - DEBT SNOWBALL - (very sorry you fell for the debt CONsolidation plan...very sorry).
- List debts smallest to largest.
- pay minimums on all debts, put all extra money on the smallest until it is gone. Close/cancel the account and never re-open.
(remember if debt were logical...people with great math skills wouldn't be in debt

).
3. - 3-6 month Savings. For the time kicks you sideways, you'll have 3-6 months of your expenses in a Money Market account...you can get to it, but not too easily...and you live on your budget for the rest.

Step 4,5,6, and 7 do not happen until Step 1-3 are fulfilled. At any point during the seven phases should you stumble...simply go back to the step that addresses the issue, clear up the mess, and walk again.

And not to frighten you, but to make you feel 'normal'...when you make your first budget....it probably won't work

It takes a couple months, but promise to stay with it! You will see the reward for your efforts.

Nice adds by some others here too!

Scott,
Are you game to work this out?

petedude

veritas_libertas wrote: »

. . .I would recommend Western Governors University because of its very reasonable cost.

As much as I and others here like WGU, there are other options for tightly-funded college students. Charter Oak State College, Thomas Edison State College and Excelsior College all have very generous transfer policies, and you can complete much of your coursework through low-cost CLEP/DANTES exams. CLEP Forum - CLEP Study - CLEP Testing - Study Guide and Strategies is the place to look for info on these.

someuser23

petedude wrote: »

As much as I and others here like WGU, there are other options for tightly-funded college students. Charter Oak State College, Thomas Edison State College and Excelsior College all have very generous transfer policies, and you can complete much of your coursework through low-cost CLEP/DANTES exams. CLEP Forum - CLEP Study - CLEP Testing - Study Guide and Strategies is the place to look for info on these.

I was convinced on going back to community college and paying cash for each class but if I don't have the funds when school starts then getting a Bach from one of these online schools is a option I have to do.

As far as a couple other things...

1. My bills aren't really that bad I just need to get rid of the Exxon, Dell and the debt consolidation and that will save my about $200 a month.

2. As much as driving a paid off car right now is beneficial it's just not realistic. Even though I am at home I cannot expect for people to put up with me and wait until I finish school and have a stable income so I have to be realistic and realize that people want me outta here and get back on my feet.

3. I have a friend who is 40 and we just finished a temporary job together, he has a budget of $1600 home pay to pay his bills and maintain his life. He has a roomate, little car and so forth, that's a good plan for me as well and I think it's makes the most sense. I cannot assume to cut back on everything until I graduate and be cheap while saving alot, it's not a realistic goal.

My main goals right now are a full time job, getting rid of debt consolidation and the extra bills, my car payment, insurance and cell phone bill will stay but I can improve on the rest.

Mods can close this thread and thanks for all the advice to everyone.

someuser23

Would giving up and just becoming a Security Guard or taking what I can get be a better option at this point?

someuser23

Giving up, too far behind with this degree, it's basically worthless at this point.

Gonna just do security and try to go to Community College and do something else, plenty of people change careers at a late age.

Throwing the degree in the trash and talking to the student loan company about my options...

Doesn't make sense to continue try to get a job in I.T, too late... degree is wayy too outdated and no real experience at my age.

Done.

mikej412

Scott LaRock wrote: »

Would giving up and just becoming a Security Guard or taking what I can get be a better option at this point?

Does being a Security Guard pay better than entry level Help Desk?

Which offers better advancement opportunities -- if you bust your butt and do a good job? For Security Guard I'd guess that means staying awake -- and for IT it means continue to advance your knowledge and skills.

Scott LaRock wrote: »

Giving up, too far behind with this degree, it's basically worthless at this point.

Okay.

Scott LaRock wrote: »

Gonna just do security and try to go to Community College and do something else, plenty of people change careers at a late age.

Oh well -- at least that's a plan. What are you planning to change to?

Scott LaRock wrote: »

Throwing the degree in the trash and talking to the student loan company about my options...

I don't know about throwing the degree in the trash.... I'd actually suggest you toss your attitude in the trash before you write off that AAS in Networking.

But talking to the student loan company to find out your options is something you need to do. Best case you get some breathing room. Worst case you're exactly where you're already at.

Scott LaRock wrote: »

Doesn't make sense to continue try to get a job in I.T, too late... degree is wayy too outdated and no real experience at my age.

Any degree is better than no degree -- and it's never too late. But if that's how you feel, hopefully you'll still take some of the excellent advice that's been offered in this thread about digging your way out of debt. And hopefully a Security Guard Salary will let you do that.