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Hello BFC, tl,dr; do I pay off my school loans and get new ones, or keep the old ones and use my new money to start new school. Long: I have 11k in loans for school. I have 11k in Segel Ed awards that could either kill this debt, or go towards new school. I went to college fresh from HS, like lots of kids. Dropped after 3 semesters because of sadbrains. I've been slowly paying the debt down from that, and am currently left with 11k. I have also done two full AmeriCorps terms, and as such, now have 11k available to me to pay off old debts or to return to school. I have applied to Oregon State (waiting to see if I have been accepted) and recently submitted a FAFSA (as an independent, yay being 24). My question is, do I kill my old debt and start fresh? I'm more savvy now than I was when I first started college, and as such, am looking more into aid that doesn't need to be paid back (scholarships for non-trad students [suggestions welcomed], grants, etc). I'd ideally love to do this with no (new) debt and that doesn't seem impossible. Other relevant info: Age: 24 State: OR Rent an apartment, have a bunch of roommates. Rent is $400 (that includes utilities including internet, no cable). Income is $900 (my AmeriCorps term ends this month, I'm applying all over for jobs so I can continue to not be homeless). I get SSI ~$600/month. I have ~$50k in medical debt (kidney failure mostly). (?is medical bankruptcy a thing/worth it before I have to have a transplant?) Other than medical debt and school loans, I have no debt. No credit cards, no car loans, no anything. Assets: I have a truck. Bought it off craigslist, owe nothing on it. That's it. I think that's everything. Please help, BFC.
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Jan 8, 2015 07:23
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What type are your existing student loans (federal / private)? What is the interest rate on them? What new loans do you qualify for and what will be the interest rates on them?
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Jan 8, 2015 07:51
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My old loans are federal, with an interest rate like 9.6%. New loans that it seems like I qualify for (FAFSA isn't approved or anything yet, I just submitted yesterday) are a Pell Grant for $5730 and a direct Stafford loan for $9500 (interest rate unclear because of unapproved FAFSA). E: also since cost of college may be relevant. I'm seeking in-state tuition from OSU (have lived here for a year without attending school and primary purpose for move was work, so it should be granted). I'm old enough to not need to live in a dorm (thank gently caress). So tuition and fees in $9123. Then there's obviously books and all that jazz and other random fees but no room and board, which cuts costs down significantly. E2: while I'm in AmeriCorps, my loans are on deferment. So starting next month or March, they're back on again. Starter Wiggin fucked around with this message at 18:42 on Jan 8, 2015 |
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Jan 8, 2015 18:35
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Which school year will you be attending? 2014-15 rates are published: Direct Subsidized and Unsubsidized Loans (Undergraduates) - 4.66% Direct Unsubsidized Loans (Graduate or Professional Students) - 6.21% I would say pay for school and the refinance with the rest of the loan money. Besides paying the existing loan off, that's your best bet. The existing loan should go into deferment again when you start class too.
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Jan 9, 2015 08:14
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What are you planning on going to school for?
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Jan 9, 2015 20:27
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CuddleChunks: zoology. Hopefully to continue on in school doing research, but as a fallback it's pre-vet. Double fallback: getting a teaching cert. :/
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Jan 10, 2015 00:11
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From a financial standpoint, unless you're joining the military I can't recommend getting a zoology degree so whatever stops you from doing that is the right answer. Or becoming a veterinarian, or a teacher.
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Jan 10, 2015 00:40
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I have a background in disaster management, and that combined with zoology would make me a decent candidate for the Peace Corps, which could translate to government work fairly "smoothly", which is a financially sound career end goal. I hope.
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Jan 10, 2015 02:48
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Starter Wiggin posted:I have a background in disaster management, and that combined with zoology would make me a decent candidate for the Peace Corps, which could translate to government work fairly "smoothly", which is a financially sound career end goal. My girlfriend did Peace Corps (public health education) in Nowhere, West Africa with an Art History degree. I was hanging out with her and a few of her PC alum friends and they were talking about how they've been dropping the standards considerably since they all finished up a few years ago. I talked myself out of applying back in 2010 because I thought I wouldn't have been qualified for small business development with my Psych/International Studies background, turned out I was almost certainly wrong. I have the same noncompetitive hiring status as returned PCV's and it is pretty loving useless unless you have great connections and/or are insanely qualified. In short, do Peace Corps if you really want to, but I wouldn't base my degree on it, nor would I count on the federal hiring benefits. Peace Corps service will also actually exclude you from a host of positions involving national security. edit: PC apparently only gives you one year of non-competitive hiring status, I would downplay that benefit even more than I already have. Pompous Rhombus fucked around with this message at 20:49 on Jan 10, 2015 |
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Jan 10, 2015 16:59
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I appreciate the input. I am qualified for the jobs in aiming at in the government, what's holding me back is not having a degree. Any science degree will satisfy them. I worked for the government for a year, and have some solid connections, certifications, and that sort of thing. And having done two years of AmeriCorps, I really do want to do Peace Corps. I've wanted to do PC since I was 8. If that's not possible (probable kidney transplant in the next 8 years), I'll be pretty pissed. But I still have a decent chance at a government job. We could probably argue the merits of whatever degree I pursue, and I am aware that it is not the most financially secure and sound degree to go for. If it helps, it will probably say Intergrative Biology on the degree itself. I would really just appreciate input on how to proceed with loans. If it helps you, imagine I'm going for whatever degree you think is wise.
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Jan 10, 2015 18:22
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Two things strike me as eye-bulgingly ponderous: - you have a $50k medical bill and seem disinterested in settling it - you want to spend a bunch more money to get a degree that is quite frankly worthless I have never had to deal with medical debt, but I have read the way to do it is to go in with a check for, let's say $5k, tell them that's all you have, and don't leave until they settle it for that much. I know you don't want to hear it, but if you are going to spend the time, energy, and money on getting an undergraduate degree at a state school, you need to either: A) pick a major that is going to get you a job, or B) do something different like get an associate's degree in IT or whatever. I would not put the Segal Ed money towards the $11k debt because the payments on that loan are probably, what, $100/mo? Presuming you get another job you should be able to afford that until you are in school and the loan goes on deferment again. So in other words, concentrate on settling that enormous medical debt and do something besides zoology. If you can use that Segal Ed money for whatever you want, try to use some of it to settle the medical debt would be my advice.
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Jan 10, 2015 19:47
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My Rhythmic Crotch posted:
I agree with this. OP, you really seem ambivalent about what degree you actually get because you just want "a degree" to qualify for government jobs. Why don't you find something that is a better compromise between what you are good at/can tolerate as a profession, and what kind of future career you can get? That way you can still pursue the peace corps and government work, but if something doesn't work out or you decide working for the government sucks, you have something more lucrative to fall back on. As far as the loans, you probably need to figure out how badly the medical debt will screw up your borrowing opportunities and whether you need to address the debt or not. Then you should probably learn all about the financial aid process, fill out a mock FAFSA and see where you stand and what kind of subsidized loans you will qualify for. Then you should make a spreadsheet that estimates what your current net worth and post-college net worth will look like. As an adult, you have a better opportunity than most to go into the whole deal with eyes wide open. You shouldn't be surprised when you graduate college at 31 years old with $75,000 in debt and qualifications that can barely land you a $35,000 salary.
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Jan 10, 2015 20:05
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I feel like the thread should just be "you're not going to want to hear this but...." I don't think this forum should be about harm reduction and which is the lesser of bad paths to take, but instead should be focusing on what is the best direction to take, and objectively what makes sense. I've also noticed that you have bad decision making skills to begin with and suffer from that and you're about to fall into the same trap. I would ask "what degree will help me be eligible the most to both be in the Peace Core and good governmental work" rather than I want this specific specialized degree that won't do much for me. I don't know why it has to be Zoology that degree is terrible. Also it's fairly insulting to think nobody can go to google and write "integrative biology university of oregon" and with 3 clicks find out you mean zoology. If your passion is the peace core why not have a backup plan with a good degree just in case it doesn't work out, when like, you have your kidney removed? Or if you can't get the governmental job. You're puting yourself in a position to be 130k in debt while making 40k a year.
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Jan 11, 2015 03:23
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My Rhythmic Crotch posted:Two things strike me as eye-bulgingly ponderous: -I'm not disinterested in settling my medical debt. I am just aware that with my health, my medical debt is only going to increase. I am currently in kidney failure, and will require a transplant and probable dialysis over the next eight or so years. Going with the theme of the thread, I'm probably wrong, but it seems fruitless to settle it and then just go on to undoubtedly acquire more. Also, I wish I had a check for $5k to offer them. -What majors get jobs now is going to be different than what majors get jobs by the time I graduate. What magical thread-approved degree is 100% guaranteed to net me this three figure job it seems is the only useful way to go through school and life? -My loan payments were $350/month. -Segal ED awards can not be used for any debt. They can be used towards new schooling or old school loans. I guess they can be cashed out, but the cash value is around $1k, so a pretty stupid move. Droo posted:I agree with this. OP, you really seem ambivalent about what degree you actually get because you just want "a degree" to qualify for government jobs. Why don't you find something that is a better compromise between what you are good at/can tolerate as a profession, and what kind of future career you can get? That way you can still pursue the peace corps and government work, but if something doesn't work out or you decide working for the government sucks, you have something more lucrative to fall back on. -I did do a real FAFSA. I posted that earlier: Starter Wiggin posted:New loans that it seems like I qualify for (FAFSA isn't approved or anything yet, I just submitted yesterday) are a Pell Grant for $5730 and a direct Stafford loan for $9500 (interest rate unclear because of unapproved FAFSA). -I can work up a spreadsheet tomorrow if that's really necessary. I'm not worth much, financially, at the moment. -I'm wondering where you got this $75k in debt figure, unless maybe you're figuring the medical debt in that. Not counting medical debt, assuming no grants or scholarships (??), that's only maybe $40k. Also, I've been offered government jobs already. I really don't have the inclination to live in Kansas right now, even for $75k/year. I'm going back to school in an effort to qualify for government jobs that I find desirable, but in a life-or-death scenario, I can land a good one with my current qualifications. Veskit posted:I feel like the thread should just be "you're not going to want to hear this but...." -By what metric do I have bad decision making skills? I haven't gone to this school yet. I don't have this "worst degree ever, even worse than English or Art History, trust me, stranger". I haven't done anything wrt my awards or really anything. I'm aiming to get advice and opinions before I make any final moves. -Fine then. What degree would help me be most eligible for the Peace Corps and a government job? -Why is zoology such a terrible undergraduate degree, just for my own information. -(It's OSU, not UofO, not that that makes a difference since I'm throwing my life away either way by this thread's metrics.) -How do you figure 130K in debt? Even if you're counting my medical debt, that's 50k, leaving an imagined 80k in school debt, and that's ludicrous. I really do appreciate everyone who has weighed in here. No one in my family has ever gone to college, so trying to get information that's unbiased is not terribly accessible.
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Jan 12, 2015 07:45
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By the numbers, put the money towards the highest interest debt. For the medical debt, have you tried talking to your providers about financial assistance or income-based repayment? Engineer Lenk fucked around with this message at 09:29 on Jan 12, 2015 |
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Jan 12, 2015 09:25
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Starter Wiggin posted:-Why is zoology such a terrible undergraduate degree, just for my own information. There is an issue with science degrees not having any job prospects. Biology degrees are the worst of the bunch with many graduates and no jobs. A chemistry degree isn't of much value unless you use it to get a Ph.D for a chance at some post doctorate work. For earning potential and usefulness profession degrees like engineer, surveying, architecture or specialised medical degrees actually lead to careers. Doing a degree with little or no use is just fulfilling academic interests. That's fine if you don't mind burning a few years of your life and if you didn't clock up any debt. However if you end up with a lot of debt and a minimum wage job (if you find employment) is a poor financial position to be in. My opinion is that getting a degree for only Peace Corps is potentially inflexible and not planning beyond your time there. However what I do not understand is why you want to focus on zoology when the requirements to strengthen an application states the following degrees: agricultural economics, forestry, environment and foreign languages with specific requests for french and spanish. What they have provided is a list of what they want so why not focus on something that gives a high probably of being accepted while also completing some papers which may be more applicable outside of the Peace Corps? http://www.peacecorps.gov/volunteer/learn/howvol/addsteps/
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Jan 12, 2015 09:58
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Starter Wiggin posted:-I'm not disinterested in settling my medical debt. I am just aware that with my health, my medical debt is only going to increase. I am currently in kidney failure, and will require a transplant and probable dialysis over the next eight or so years. Going with the theme of the thread, I'm probably wrong, but it seems fruitless to settle it and then just go on to undoubtedly acquire more. Also, I wish I had a check for $5k to offer them. From what I understand, kidney problems generally can't be solved with low-infrastructure medical treatment.
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Jan 12, 2015 19:12
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Starter Wiggin posted:-By what metric do I have bad decision making skills? I haven't gone to this school yet. I don't have this "worst degree ever, even worse than English or Art History, trust me, stranger". I haven't done anything wrt my awards or really anything. I'm aiming to get advice and opinions before I make any final moves. Well you're joining the peace corps while possibly having to go through dialysis, and having to have a kidney replaced without researching whether or not they'll even let you join with that going on. Plus uhh your forums history should be enough to show you make bad/impulsive decisions. What devian said for peace corps is excellent. Being bilingual will increase your earning potential while also give you a leg up for the corps There aren't jobs for zoology and you shouldn't go to college for your first degree in a field that won't increase your earning potential OSU/UofO whatever You're going to have way more medical debt it sounds like especially if nothing works out the way you want it to. I wouldn't be surprised if you end up with 100k debt in 8 years at the rate you're going.
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Jan 12, 2015 19:38
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Devian666 posted:Doing a degree with little or no use is just fulfilling academic interests. That's fine if you don't mind burning a few years of your life and if you didn't clock up any debt. However if you end up with a lot of debt and a minimum wage job (if you find employment) is a poor financial position to be in. This is straight-up wrong. People with degrees (the vast majority of whom aren't directly "using" their degrees in the sense you guys talk about) have substantially larger average lifetime earnings than people without them, because plenty of jobs require or prefer *a* degree without actually needing any one in particular. (there are confounding factors here, like the fact that people who get degrees tend to be people who would have had better opportunities anyway, but pretty much every plausible estimate of the degree premium has it a lot higher than the cost of going to college, even for the "useless" subjects goons like to sneer at) Which is not to say that it's a good idea to plan your life around a very specific degree -> peace corps -> government path.
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Jan 12, 2015 19:58
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Starter Wiggin posted:-What majors get jobs now is going to be different than what majors get jobs by the time I graduate. What magical thread-approved degree is 100% guaranteed to net me this three figure job it seems is the only useful way to go through school and life? Also HOLY poo poo who was that loan through, the mafia? What is the interest rate and loan term on that?
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Jan 12, 2015 20:41
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Jeb Bush 2012 posted:This is straight-up wrong. People with degrees (the vast majority of whom aren't directly "using" their degrees in the sense you guys talk about) have substantially larger average lifetime earnings than people without them, because plenty of jobs require or prefer *a* degree without actually needing any one in particular. (there are confounding factors here, like the fact that people who get degrees tend to be people who would have had better opportunities anyway, but pretty much every plausible estimate of the degree premium has it a lot higher than the cost of going to college, even for the "useless" subjects goons like to sneer at) Your statistic works if you accumulate little in the way of debt while studying. Ending up with large loans especially those the size of a mortgage negate the increased lifetime earnings. That is something that academic institutions don't tell students. Also the jobs that just need a degree have been in decline and the advice would be fine if this was the 80's.
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Jan 12, 2015 21:22
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Those degree numbers also lump in all the useful, in-demand degrees we are all recommending with everything else. In fact, since the OP stated that he is going to college and no one has actually recommended AGAINST going to college, I don't really see what relevance that particular data has.
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Jan 12, 2015 22:54
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Thanatosian posted:Maybe this is a stupid question, but... have you asked your doctor about going into the Peace Corps when your kidney problems have had four years to advance? The answer is very likely "no". http://www.peacecorpswiki.org/Medical_Restrictions OP, you seem like a nice enough lady, but specifically peace corps might be out of reach with both sad-brains and kidney failure. Would other volunteer organizations/groups fulfill the same desire to help without doing long stints that could put you at risk of dying with either bad kidneys OR transplant failure due to immunosuppressant drugs not making it out to your site on time? Like you may want to look at alternative methods than Peace Corps to do that. You really, really want to get a degree that has at least reasonable expectations of job growth/pay. If you can hack your way through one of the primary engineering (mechanical, chemical, electrical) and find personal satisfaction outside of work (and keep up with self-care, engineering can be a time sink in undergrad), I'd really go for that. Probably my best friend in undergrad was a fellow engineering dude, and he's doing alright with a bunch of school debt, because at 65k a year, he at least can keep up with his loans and have some money for other stuff, with his fun time being music and art. With him being a few years out, he's looking at his next job being 85-90k now. His sister did art history, and while teaching is an honorable profession, it sure doesn't pay as well, and "pay well" is going to be necessary to keep up with staying alive with kidney failure on the horizon. The Dipshit fucked around with this message at 13:09 on Jan 19, 2015 |
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Jan 19, 2015 13:07
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