I need some advice on my student loans

If I understood how debt really worked two years ago I would have never went to college, but alas, I was ignorant. For the past two years I've been racking up student loan debt, using the excesses to supplement my income.

At this point, I feel like I'm at a precipice. I don't want to go into further debt, and I also believe that getting a degree is not going to help me in the job market in the slightest, so I want to drop out to avoid piling on the debt even more.

Here's my question: with me making barely enough to get by, I really can't start repaying the government loans yet. However, I do see a promotion in my near future. Should I drop out now and try to get a deferment, or should I wait it out and go deeper into debt?

kicking the can is not a strategy with a great track record for the long term... choice is yours of course

Get a deferment. I can't recall exactly what you were/are majoring in, but I think you were questioning it. Take some time and really investigate what you want to do and when you figure it out, you may need some training or education, or you may be able to work with someone at a reduced wage in order to learn the skill. I'm thinking along the lines of plumbing/electrical, etc. Solid professions like that.

What is your major.

student loan debt is going to catch up to you eventually. It's not designed to make money for you. Keep that in mind. A degree is not going to help you in a currency collapse. What will help you is having enough sense to know when to get out of a bad situation before it literally kills you.

The government cannot collect it's debt if you cannot prove your income. That is all you need to know.

Shane, my understanding is that the student loans are deferred until you complete your degree or drop out of school. It is only when you are no longer a full time student that the loans go active, correct?

I suggest you cut down to one class per semester/quarter. Choose something thats vo-tech and try, and take it one day a week in the evening. Then work like hell the rest of the week to bail yourself out and build up a grubstake.

XNN

Don't quite, I think you should keep this continue....

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Originally Posted by Kluge

Get a deferment. I can't recall exactly what you were/are majoring in, but I think you were questioning it. Take some time and really investigate what you want to do and when you figure it out, you may need some training or education, or you may be able to work with someone at a reduced wage in order to learn the skill. I'm thinking along the lines of plumbing/electrical, etc. Solid professions like that.

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It's a nice thought, but with housing still in the toilet, you have to be careful which vocation you pursue. I have an uncle who's a union master carpenter and a cousin who's a union electrician, and they've both had trouble getting work for years now. So if you go the vocational route, you should consider one that isn't so reliant on construction. Perhaps a stationary engineer, or a mechanic.

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Originally Posted by Inkblots

It's a nice thought, but with housing still in the toilet, you have to be careful which vocation you pursue. I have an uncle who's a union master carpenter and a cousin who's a union electrician, and they've both had trouble getting work for years now. So if you go the vocational route, you should consider one that isn't so reliant on construction. Perhaps a stationary engineer, or a mechanic.

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Plumber.

Recession-proof work. Remodeling can be postponed, as can the rewiring of that pesky electrical box that keeps throwing circuit breakers. But when ya gotta go, ya gotta GO! People will always find the money to make sure the toilet works. :p

It all depends on your major, the job you have now, and what you want to do with your life. Some majors really are not worth much, and if you have one of those, I could consider dropping out. If you have a good major, it really doesn't make sense dropping out and wasting all that money.

He said he's been in school for two years. If he has a crappy major like poli sci, history, French or art, then he should consider switching majors to engineering or something useful. Heck, even hospitality would be better than the social sciences because you could get a gig as an assistant manager at a Marriott or Hilton property, and in a few years land a GM position.

What major are you OP? What college?

Major - Applied Behavioral Science

School - Ashford University

As far as what my major is all about, I assume it has something to do with psychology. I honestly have no idea. My adviser literally stuck me in it when I said I wanted a "science" major.

Oilfield's hiring roughnecks!

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Originally Posted by ShaneEnochs

Major - Applied Behavioral Science

School - Ashford University

As far as what my major is all about, I assume it has something to do with psychology. I honestly have no idea. My adviser literally stuck me in it when I said I wanted a "science" major.

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That whole field is worthless in my opinion. I would switch to something that definitely has jobs available for graduates, and something that might make a difference in the world.

I would tell your adviser you want a major that has jobs.

Also, my guess is that many of the science majors requires more than a 4 year degree to be worth anything. So you should ask how much education is necessary for your major.

Just switch majors. Your gen eds and science courses should allow you to switch to a major that actually teaches something that might earn you a paycheck, like chemistry or computer science. Find a part time job so you don't have to borrow so much. I know, it's not perfect but its like in MacBeth where they told him that he's so far stepped in blood that it is no easier going back than it is going through with it.

Problem is there ARE no science majors at Ashford. My adviser, I believe, is more of a telemarketer.

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Originally Posted by pcgame

Ashford doesn't really have a good reputation. I would either accept that I wasted my time, drop out, and go back later OR

Many colleges that do not have science majors, do have science classes. Check and see if these science classes will transfer to another superior university that does have a science major. If you can get biology, chemistry, math, english, organic chem, so on. You can get the first couple years of a degree done.

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But before you do anything, make sure you figure out what you want to do with your life. Don't transfer to a science school then change your mind and want to do business or something. Figure out what you want to do first.

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Originally Posted by ShaneEnochs

If I understood how debt really worked two years ago I would have never went to college, but alas, I was ignorant. For the past two years I've been racking up student loan debt, using the excesses to supplement my income.

At this point, I feel like I'm at a precipice. I don't want to go into further debt, and I also believe that getting a degree is not going to help me in the job market in the slightest, so I want to drop out to avoid piling on the debt even more.

Here's my question: with me making barely enough to get by, I really can't start repaying the government loans yet. However, I do see a promotion in my near future. Should I drop out now and try to get a deferment, or should I wait it out and go deeper into debt?

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What's your major?

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Originally Posted by ShaneEnochs

Major - Applied Behavioral Science

School - Ashford University

As far as what my major is all about, I assume it has something to do with psychology. I honestly have no idea. My adviser literally stuck me in it when I said I wanted a "science" major.

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Anyone who tells you to "just drop" or "just continue" your education is doing you a disservice. They really don't have enough information to make a decision like that, and more often than not, such suggestions come from ideology rather than practical application.


however, what you said is really not a good thing to hear. You barely even know what your major is about, let alone why you want a degree in it.

You really have to do something, and you have to do it now.

1. Figure out what your current major is about, and decide whether or nor you want to continue with it. If it turns out as though it actually is something that you want to do, then by all means, continue.

2. If you don't want to do whatever your major teaches you to do, then you should look at the other majors at your college. If you're early enough in your education, then you can probably switch majors without losing too many credits.

3. If your college does not offer a program that you want, then it's sometimes possible to transfer to a different university. Keep in mind that not all your credits are guaranteed to transfer if you do this. Results may vary.

4. If you want to drop out of college, you should probably have a plan of what you're going to do instead.

The most important thing, is that you DO NOT make this decision lightly. It is going to affect you for the next 20 or more years of your life, so if you do make a decision, make sure it's what you want to do.

^^^^ What Sam he am said above ^^^^


Is the education field an option you might consider?:

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Stafford Loan Forgiveness Program for Teachers

The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, individuals who teach full time for five consecutive, complete academic years in certain elementary and secondary schools that serve low-income families and meet other qualifications may be eligible for forgiveness of up to a combined total of $17,500 in principal and interest on their FFEL and/or Direct Loan program loans.

http://studentaid.ed.gov/PORTALSWebA...ancelstaff.jsp

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The degrees at Ashford that appear like they pay (unlike a business or liberal arts degree) are education (mandatory to have for most public schools), law enforcement (boooooooo! BOOOOOOOOOOOOOO!), and health care (e.g., administration).

Is there something you want to do that requires a degree?

Do you simply wish to join the ranks of college graduates?

Can you compromise and get an associates degree? This might be worth another semester or so if it "completes the story" on your resume.

And for Pete's sake, get another advisor!

If you quit school and defer the loans, you are still required to pay the interest on them. So if you don't pay any principle, you are only giving them the interest. Its pretty sickening the racket in student loan debt. It is meant to drain you unless you get a great job and can double your payments. Consolidating will sometimes help lower the overall interest rate, but even the consolidations aren't that low anymore. Student loan debt is just another way to grab more money since most of it is unsubsidized and accrues interest immediately when you take it rather than when you graduate, like unsubsidized loans. I'm not sure of the current loan situation and interest rates, but I graduated in '06. Still have $20,000 to pay back with ~$1,100-$1,500 interest each year. They make a lot back from the loans if people can't pay them back quickly. After college, you are pretty much trying to get out of the red forever.

Get a technical degree through taking 6 credits a semester when you can and pay with your own money. Loans suck when you go four years in a row accruing all that gov't. debt. I wish I knew then what I know now. Most people start from the bottom up even with a 4 year degree. Took me 3 years to actually get an engineering job after many technician positions. Now I feel like I have a handle on my debts. I can see how it would be scary as hell for new graduates. Job market is rough. Getting an in through a skilled trade helps. Learn and go from there.

I see that Ashford is a small for profit college. Man, those places are scams. Sorry. No wonder your adviser sucks. Is there a state university by you? I would try my hardest to transfer away from that school ASAP. University of Iowa is 1.5 hours from Ashford. Think you can drive there? If so, and depending on the credits lost, I'd try to transfer.

Like a previous post said, you can teach. If you like science and don't mind teaching public school kids, then you can get a BA in biology. After you get a BA join Teach for America or some other group that will give you a job teaching and help pay for a master's in education. Usually they make you work two years in a crappy inner-city school. By the way, if you think that you are going to want to be involved in higher education then I am just going to be blunt and tell you that you will probably be discriminated against for going to a for-profit paper mill. It's not a written rule, of course. But academics see Harvard/Yale/Columbia/etc as cool, state universities as OK, and for-profit paper mills as lame.

Just had another thought. Who are your loans through? Direct Loans (government)? Subsidized or unsubsidized? Or are they private loans? If they are private then read the fine print and don't screw around with them.

how much of your loan is in private student loans vs Stafford loans?

Ashford University is an online university? IMO-most online schools are useless. The majority of students attending these types of schools are on only looking for refund money. I am not saying you are like that, but that is how they roll.

I am a financial aid administrator and work with an online program. It's all about the refund money and I am sick to my stomach thinking about it.

As long as you are enrolled in taking at least 6 credit hours, you do not have to go into repayment. Or, claim poverty and defer your loans.

i've lost promotions to others that had degree's...although they weren't necessarily more qualified...but it goes both ways...I'd say get that degree, do something online if needed at a good school, not one of those univ of phoenix types... on the job experience is usuallly better imo, but most businesses in many fields really need that degree...