Paying past due balance?

twoinanddone
Mon, 25 Mar 2024 05:18:40 +0000

Will the college work with you on a payment plan? If you can do that, and pay them $1000/mo, it will take you 17 months (if they also agree to no interest) to pay it off. That’s tough. It will mean scrimping and saving. You can defer your federal loans (and interest will run on those). But you need to put every dime into paying off the school.

I think you have to accept that you can’t pay this off by May and won’t be able to participate in graduation or get your diploma then.

You could look into an Americorps job. I did one tutoring math to 5th graders, and got paid a stipend (it was about $20/hr) but I also got a Segal award which is equal to a full Pell grant (so about $7000) and can be used to pay tuition or student loans. It is based on hours, so I think 1800 is the full award and I earned about half that working from Oct to May. It is full time, but honestly a lot of it was group meetings online (in school 8-4 M-Th, online Fridays), so you could easily work another job in retail or food service. It would be a hard year, but I think do-able. If you lived at home, you could put every dime toward tuition and then have a chuck to pay on the student loans that you have deferred from the Segal award.