I attended a private university for three years with $180,000 in debt, but I haven’t graduated. I’m almost 22 and most of my peers graduated this past June. What do I do now, differently, to make sure I don’t run out of resources again?
Do you have resources now? Are you able to keep your loans out of default and are your bills paid at your previous university? (You won’t be able to get transcripts from your U without being paid up on bills, which means no transfering.)
You have three variables to consider here:
- The interest bill that is racking up on the loans you already have. (Just because you don't have to make a payment while in school does not mean that interest is not accruing.)
- The cost to finish where you started - how many classes did you have left?
- The cost to finish somewhere else. Since transfers usually need to stay at their school for two years to become eligible for a degree, it may be cheaper to finish where you started in a semester or two than to do two years somewhere else.
I’ll be honest, the high level of debt you are already carrying makes your options pretty limited.
What was your planned major and career path?
My planned major was math and I was pre-med.
I don’t think I could recommend starting medical school already that far in debt.
Student loan debt does not make you eligible for more financial aid. The only debt that colleges generally count towards giving you grants is involuntary debt, such as medical debt or bills that piled up during a period of unemployment of a parent.
You didn’t say what your current financial situation is or how close you are to graduation.
I am sorry for your situation. To get so close and have to stop must be terribly disappointing, but it does not have to be the whole story. You can still finish!
But unless you provide us with additional context and a complete picture of your situation, then our attempts to point you in the right direction may be irrelevant and/or invalid. Start by answering ALL of the questions from AH above.