Shortcut Navigation:

Question for the Money Doctors

Question submitted on Mar 2, 2012.

Question

I took out a lot of college loans partly out of need and the other out of fear because my mom and I lost our jobs and we were in the middle of the recession, so we had no idea what was next.(about 18000 a year for 4 years) I don''t want to be paying til I am 100. I am currently 37, part time job about 6 months from finishing school I want my BA degree and at this point qualify for PELL, and I refuse to take out anymore loans. I am looking for another job right now so I can use the pay strictly to put on my interest on my loans and credit cards. Any advice would be great. I am scared and I know that this could destroy my future or I can be honest and get ahead of it now and be prepared.

Answer

First, pay off the credit card debt (extremely high interest rate).

Consider getting a job in your field where the company will pay for the rest of your degree. With only 6 months left your slary should be higher, and with the company paying cash flow should improve. At worst, get a job anyplace where the company pays!!!

Unfortunatey there''s not many options I can think of other than those i mentioned.


For additional information visit http://www.360financialliteracy.org/