Please HELP! Should I take out loan or work!

Parent Cafe
1

<p>I could really use any advice anyone has.
P.S. I’m new so I’m sorry if I’m posting on the wrong forum. :slight_smile:
So basically,
for the past 2 years I was going to a 2 year college away from home. I basically got stuck in a rut my last year at college though, because I got really depressed because of certain personal events that were going on around me. I ended up failing a few of my classes during the year. I went home for the summer, and started going to a counselor. I have been really depressed the whole summer and I’ve been trying to work out my problems. </p>

<p>I feel better now (even though I’m still depressed) and so last minute I signed up for the fall semester at a university that is near my house. I have no money though, because I didn’t work the whole summer, and my parents basically can’t afford to help me with tuition, but they’re letting me live at their house and they are offering to help pay for some of my books.
All in all I have to get a loan for about $5,000 for the whole year because I don’t qualify for any fasfa or scholarships except the loans. I’ve really been struggling with this. I’ve never had a loan because my first to years at college my parents and scholarships helped me pay for it. At first I thought I could do it as long as I got a job, but most jobs are too stressful and I don’t qualify for a work study job. Also school has only been going for a week, and even though I’m excited that I’m finally taking classes that go towards my major, I’m already feeling my symptoms of depression start up because of the pressure of finding a job and working, while taking classes, and working out my depression. </p>

<p>I know the smart thing to do is take a semester or two off to make money, and get more control over my depression, but I’m 20 years old and I’m just afraid that if I take a year off I won’t go back to school for some reason and I really want to get my Bachelors degree. My parents are also pressuring me to work at any old job. I can’t do that though because some jobs are too stressful for me. I had a job at a fast food place last summer and it drove me absolutely crazy. I hated it. I know that mentally I don’t think I can handle it, but if I drop out of college my parents will probably try to force me to work at any old place again.
I’m also afraid that I’ll get more depressed if I take a year off because I just will feel like I’m getting nowhere and basically doing nothing.</p>

<p>I’m sorry that was long, but I really need help and I don’t have a lot of time to make a final decision because I need to get the loan soon. Please help me!</p>

2

<p>Who is co-signing that loan with you? The only loans that you can get on your own are the ones you qualify for with FAFSA. Or would this be a Federal/Stafford loan?</p>

<p>And no, you don’t want a private student loan that someone co-signs. The conditions on those are much less favorable than the Federal/Stafford loans.</p>

<p>You are correct that you should be taking the whole year off to get your mental health issues sorted out. You are not “getting nowhere” when you are taking care of yourself. Your parents are pressuring you to take whatever kind of job you can find because, well, you do need a job of some kind, and unfortunately there aren’t a lot of jobs out there. Since some jobs aren’t good work-places for you with your mental situation, set up a meeting with your counselor where you and your parents can discuss this issue together and your counselor can mediate.</p>

3

<p>How will you pay back the loan if jobs are too stressful? </p>

<p>I understand wanting to go to school to get a degree, but you don’t seem to be able to afford to do that right now. While 5K isn’t too high of a loan for a working person, you will need to start paying the loan back when you finish. What is your intended major? What do you plan to do when you finish college with a degree?
At some point, you’ll need to find some kind of work that you are able to handle. I think I’d suggest figuring out what that might be and trying it out, even on a part-time or volunteer basis. Then when you return to school, you’ll have a plan for how to pay back your loans and you’ll be confident that you will be able to handle the work in order to do so.</p>

4

<p>Taking time off for self-care and to earn money is definitely NOT “going nowhere and doing nothing.”</p>