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Need some advice on student loans and tuition

MarieDoverMarieDover Registered User Posts: 1 New Member
I need some advice. So I fooled around too much and some bad things happened along my college career. I've wasted a ton of time and and money. All I want to do is just finish school and be done. So I went to a 4 year college for a few years right out of HS. Some bad things happened and I ended up coming back home because of it. So I have been going to a community college not far from my house. I've been going to the CC for quite some time now. Recently I've stop going to school all together for reason I really won't go into detail. The major reason is lack of motivation and severe depression. It did happen and I'm taking full responsibility for my actions. I just stoped going and looking at all my bills/e-mails from school for a whole 2 semesters. Depression really kicked in. Giving up and running away from school i totally regret. I am now trying to get my life together. I am seeing a doctor for my depression and I am on medication for it. Anyways well I did end up going to class for a fee days during the beginning of each of those semesters. Prior to all this I always went to class and tried my best. To add to this story now I'm in a catch 22. I need some advice as to what I should do. Here is my situation... My student loans and all from the time I was at the 4 year college recently sent me a letter saying that I need to continue going to school or it will start charging me $200/month for my student loans. I don't have that type of money right now. I work retail part time. I hardly get any hours. Yes I'm actively looking online for a new job. Since I screwed around and did not go to class my CC wants me to pay back the financial aid I was given for those semesters. So I owe $730+. I don't have that type of money with bills and all I got going on. I have 2 credit cards that I need to pay down and a car I am leasing. I have a hold on my account because of all this. If I don't pay this bill off I won't be able to register for next semester of classes. If I'm not going to school the loans from the 4 year college will come after me. I am so stressed out and I don't know what to do. Any advice would be appreciated. I am so stressed out because of it. Thank you if you read all of this I know it's a lot.
Post edited by vonlost on

Replies to: Need some advice on student loans and tuition

  • thumper1thumper1 Registered User Posts: 65,022 Senior Member
    It sounds like college is not right for you now. Get a job. Yes, you will need to repay your college loans. Perhaps you can do income based repayment. Check with your loan servicer for the details.
  • mommdcmommdc Registered User Posts: 9,351 Senior Member
    Okay, first of all, don't hide from the problems. That will only make them worse.

    Stop at the community college office and show them your doctor's note and set up a payment plan with them for the money you owe. You can bring a recent paystub to show that you are not earning that much so hopefully they will work with you.

    The last thing you want is them sending your debt to collections, which will affect your credit rating, and increase what you owe.

    Also, contact your loan servicer for your student loan. And set up income based repayment. If you do nothing, after the 6 month grace period is over, which starts when you don't attend school at least half time anymore, the default repayment plan usually requires a higher payment. If you talk to them and tell them your income, then your payments could be much lower if you go with the income-based repayment plan.

    You need to do these things so that one day, once you feel better, you can go back to school and finish your degree.

    For now, focus on your health, and work some so that you can make your (lower) payments.
  • MassDaD68MassDaD68 Registered User Posts: 1,471 Senior Member
    I agree with @thumper1 . College might not be right for you at this time. Your financial obligations will have to be dealt with as you did borrow the money to see if college was right for you. Your best bet is to get a full time job and begin working. This will enable you to meet your obligations and give you time to work out your situation and then decide what path is best. College is not for everyone. You have a place in this world. You just need to find it. College is not the ONLY path. It is one path. You will find yours also.

  • mikerees137mikerees137 Registered User Posts: 32 Junior Member
    Your education is number one priority when you are in college. I understand the depression part but by running away from your problems, your depression probably got worst when the problem got worst.
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