From a personal finance standpoint, what would you do in this situation regarding school and work?
You want to go to college.(Finish actually, you have some college. You had an injury so you're on sickness pay to cover daily expenses, you owe way more on your car than it's worth, and it doesn't drive on the freeway due to the transmission, you have bad credit-someone signed student loan docs in your name several years ago which are in default and therefore you can't get financial aid or student loans due to federal student loan default. The bank did offer to help with student loans, only they denied the loans due to the credit. What in this situation would you do to be able to: a.) Travel (have a car to go places such as school etc, possibly work) b.) Go to college c.) own a home, or some type of place. d.) Oneday start a buisiness(restaurant) e.) Work, w/out sickness pay stopping too abruptly Just curious to hear everyone's own opinion and what they would do in this "Real life chose your own adventure" that I have presented for you. I wonder where I got the idea for it? :( Thanks
Public Comments
- 1 b c and d jus work hard
- a) I would get the transmission fixed. How? Try going to a school and see if they will do the work for free to get experience. Find a friend that might be willing to help you fix it. Ask friends or relatives for the funds to fix it. The use it sparingly only for important purposes. b) Go to a community college. The fees are so cheap. You may not qualify for a loan, but your basic expenses are being met at the moment. c) You will need to get out from under your debt to have a chance for this in the future. go to a debt counselor. Get a job when you are better and live within a strict budget until you can pay the loans off. Get the loans consolidated so you only have to make one payment. If you go to school, the loans payments also will go into deferral until you are no longer enrolled. A good way to get out of default. d) Work in restaurants to get experience. Find partners to work with you. Improve your credit to qualify for a loan. Put together a business plan and give it a shot. e) well, you can always try and find an "under the table" job. that way it won't get reported. This could be dangerous though. If anyone finds out, you could lose the disability benefits. Good luck!
