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 Go for it :)

Public Comments

1. stay with your parents and stay in school for as long as possible.
2. First of all you need to get those negative items off your credit report if they don't belong to you. The banks have to prove that they belong to you in order to keep them on your credit report. If you need advice on how to do this, the forums on myfico.com have some very helpful guides to follow, and lots of people who can give you good advice on getting results. From there you should be able to go to college, which I think you should definitely do, no matter what else is going on in your life.
3. first secure a place to live, then go to work and college for get about car for now, after college you might be able to buy many cars, be smart,
4. Can I just lay around and watch TV? What about spend the day searching for internet porn? That's what I call individual initiative.
5. i would get a job @ the college. higher-learning generally has a reduced-cost tuition program for employees. if not a free tuition opportunity. thats what i did. BONUS* if you work in housing and dining, you might not ever pay for another meal.
6. 1. I’m not sure what you’re asking. It’s not really ”what should I do”? It’s more a question for “what can I do?’ 2. Why haven’t you done something about this loan history problem, assuming you were in fact defrauded, and didn’t “unwisely” participate in some scam? This apparent bad credit will follow you for years, and years - as you’re hopefully starting to realize. I guess it wasn’t important when you were younger. My, those darn adults were *right* - should’a listened to the old farts. 3. Get your car fixed. You cannot afford a new one, and you certainly cannot afford taking on any debt. Even if you could get a car loan, the interest rate would be unconscionable, likely over 20%. 4. Forget travel. You can’t afford it, financially or spiritually. You need to fix things in your life, not be gawking at things and places that are distractions. 5. How can you own a home or “some type of place”? You have no job, no credit and you’re on disability. Be realistic. Can you move HOME? You need to cut expenses and fix the checkered past. Financially, you are stuck in the snow, and your wheels are spinning. You absolutely MUST fix your credit. I’ll tell you, even if you are just a little *late* with any payments, this is recorded on your credit history .When you go to apply for a home loan – even if you have GREAT credit – you will have to provide a statement to the bank about why you were *late* 5, 7, or 10 years ago. Brother – listen up. This hassle will NOT disappear by itself, and the longer you wait to address it, the longer it will affect you. 6. Start a business? With what? Expect that you’ll need a minimum of $25-50K to start, and even then about 75% of all new small businesses in the USA fail every year. Research www.SBA.GOV. 7. College? What are you studying? Is it something that will actually give you job training? You have not mentioned what your vocation is, but you do need to start having a goal, an occupation in mind. Truthfully, I wouldn’t recommend owning a restaurant as a goal. It’s been proven, time and time again, this consumes all your time, is very low profit, and basically becomes a life-style. Nevertheless, you do need to consider the disability. Is this temporary or permanent? What occupation may fit into this scenario? Will this happen again? It may be less easy when you are 35, 45…. Will your disability income be affected by attending school? You need to research this carefully. Conclusion: Be practical. Fix your car. You need to get educate to increase your employability, and you need to work on that credit rating. One step at a time.