So... Being poor means I can't afford to get out of debt lol

[Angeleyes7715]

I have about 31k in student loans rn since I finished a degree and had to go back for a certification to get good paying employment in my field since I have a premed degree literally the only thing I can do with it that is worth while in my state is medical technology which will take me from a Max of 19/hr as a pharm tech to 20-36/hr or more depending on where I work as a med tech

But yeah after the program I'll be 50k total in debt I'll have a certification and I already have my b.s. in biochem

Eh, i also have below 600 credit score

And owe like 5k in medical debt

And like 6k in debt to family+creditors

And have like 1000 a month in bills

And make only 14.80hr part time 12-20hrs a week with a slight possibilty to get more hours

I need car insurance and health insurance

And have had no success in getting any loans help or anything so ....

Is my best option to just keep struggling, hope I graduate this program in a year and get the good job, and then try a passive income strategy like invest or

See about taking time off to work multiple jobs to save money( student loan payments might kick in cause won't be in school)

I don't see how poor people are supposed to ever stop being poor lol. You need money to get advice on how to stop being poor, you need money to get help to pay for expensive medical services and medicine to stay alive, you need money to not break the law by not having insurance to drive, you need money to even afford going to work to make money, you need money to avoid being homeless which can keep you from getting a job lol!

Literally it you don't have money you are set to be poor forever it feels like.

All the financial advice I find is suited for people who a) have money saved b) have good credit c) have a 50k+ a year job d) already have insurance e) qualify for help e) don't live in a state where all of the free or financial assistance rescources are unavailable

 

[drjean]

I know it's tough. I've been poor, well off, poor, rich... and comfortable. Now I'm content.

If you have any credit cards ..and have a balance, call them for a lower interest rate... they will reduce it..keep asking.

The medical bills...call each one and ask for a reduction in the amount, tell them you will pay $5 a month or such...

If no one works with you, mention you might have to go bankrupt if they can't lower the bill and accept small payments.

If no one works with you, you go bankrupt...except for the student loan. Sorry but that is the worst scam in our Nation's history for students. I do hope this admin does something about it... so very wrong for government to have taken that over and make it worse (last admin.) just when you thought it couldn't get worse!

Credit scores are based upon credit to debt ratio.
You might be able to improve it by getting a credit card from your bank...but you need to have a little in savings (which you need to be doing anyway, even if scrimping $5 a week to put into it...really.) Once you have your bank's minimum they will give you a card with that limit. The trick is to charge something on it each month and PAY IT OFF totally each month. After 3 months of doing this, you credit score will rise a little....

Your credit score will improve once you go bankrupt because you cannot go bankrupt again for 7 years...but don't fall for their credit offers!

There are other ways out of this ...more things you can do... don't despair... so many are in the same boat, and many are coming out of it too... (((hugs)))

 

[Saucy]

Well, it makes no logical sense to acue all this student debt and not get anything out of it. The statistics are staggering regarding the number of people who think they'll skip a year and just never return.

But, once you're out, your extra hours won't matter as much because you'll have to start paying back your student loans. It's not after you graduate, as some people think. You'll have a little grace period, but once you drop below half-time, the payment clock turns on. Of course, you'll want to double check this, but here's a good article on it: https://www.discover.com/student-loans/repayment/student-loans-semester-off.html

You've put all this time and energy into this degree, then scrape by as long as you can until you finish it. Make the big bucks and start from there paying it all back. I guarantee you'll regret it if you don't.

Another thing to consider, when you're making a lot of money, you can refinance your student loans and pay a lot less later on, especially if you can find a way to up your credit score.

 

[SkyWriting]

I have about 31k in student loans rn since I finished a degree and had to go back for a certification to get good paying employment in my field since I have a premed degree literally the only thing I can do with it that is worth while in my state is medical technology which will take me from a Max of 19/hr as a pharm tech to 20-36/hr or more depending on where I work as a med tech

But yeah after the program I'll be 50k total in debt I'll have a certification and I already have my b.s. in biochem

Eh, i also have below 600 credit score

And owe like 5k in medical debt

And like 6k in debt to family+creditors

And have like 1000 a month in bills

And make only 14.80hr part time 12-20hrs a week with a slight possibilty to get more hours

I need car insurance and health insurance

And have had no success in getting any loans help or anything so ....

Is my best option to just keep struggling, hope I graduate this program in a year and get the good job, and then try a passive income strategy like invest or

See about taking time off to work multiple jobs to save money( student loan payments might kick in cause won't be in school)

I don't see how poor people are supposed to ever stop being poor lol. You need money to get advice on how to stop being poor, you need money to get help to pay for expensive medical services and medicine to stay alive, you need money to not break the law by not having insurance to drive, you need money to even afford going to work to make money, you need money to avoid being homeless which can keep you from getting a job lol!

Literally it you don't have money you are set to be poor forever it feels like.

All the financial advice I find is suited for people who a) have money saved b) have good credit c) have a 50k+ a year job d) already have insurance e) qualify for help e) don't live in a state where all of the free or financial assistance rescources are unavailable

Focus on helping others is the key to success.
This will solve your issues.

 

[Angeldove97]

If you can't afford this major - because of all of the schooling and such - should you really be in that field? I have a buddy who worked very hard to get through his degree and is in a huge amount of debt because of it - he had to move in with his parents and is working crazy shifts now to try to pay it off. He's in his field at least and will eventually pay it off, but why kill yourself?

I picked a field that wasn't too expensive for what I would end up making (teaching) and after 10 years I'm finally college loan debt free. I technically don't have to get any other degrees to keep doing what I'm doing - although I probably will get my Masters eventually.

Now I just have to worry about saving up for a house, having kids, and pay off car loans...

Which brings me to another point: if we are going to live the busy life and rely on others, then we are always going to have bills, be in debt of some kind, and need money. Be at peace with it and focus more on how you can help others.

 

[Saucy]

If you can't afford this major - because of all of the schooling and such - should you really be in that field? I have a buddy who worked very hard to get through his degree and is in a huge amount of debt because of it - he had to move in with his parents and is working crazy shifts now to try to pay it off. He's in his field at least and will eventually pay it off, but why kill yourself?

I picked a field that wasn't too expensive for what I would end up making (teaching) and after 10 years I'm finally college loan debt free. I technically don't have to get any other degrees to keep doing what I'm doing - although I probably will get my Masters eventually.

Now I just have to worry about saving up for a house, having kids, and pay off car loans...

Which brings me to another point: if we are going to live the busy life and rely on others, then we are always going to have bills, be in debt of some kind, and need money. Be at peace with it and focus more on how you can help others.

You forgot to add "moving back to Michigan" to that list

 

[Angeleyes7715]

If you can't afford this major - because of all of the schooling and such - should you really be in that field? I have a buddy who worked very hard to get through his degree and is in a huge amount of debt because of it - he had to move in with his parents and is working crazy shifts now to try to pay it off. He's in his field at least and will eventually pay it off, but why kill yourself?

I picked a field that wasn't too expensive for what I would end up making (teaching) and after 10 years I'm finally college loan debt free. I technically don't have to get any other degrees to keep doing what I'm doing - although I probably will get my Masters eventually.

Now I just have to worry about saving up for a house, having kids, and pay off car loans...

Which brings me to another point: if we are going to live the busy life and rely on others, then we are always going to have bills, be in debt of some kind, and need money. Be at peace with it and focus more on how you can help others.

Well yeah I mean I never really thought about that. When you're a young black teen in a single parent households and your only parent doesn't even pay their own bills is mentally ill and literally no one in your family went to college the best advice I ever got was go to school and finish and you'll be fine.

I was not prepared. I liked science based on movies and classes I had with science pushed at forefront. I was told science was a good field cause scientist made a lot because math and science are hard subjects and people who go into those fields make money. It wasn't until I was already in college halfway through that I knew it was a bad idea but o couldn't afford to switch degrees so I finished it.

I thought I could go into any lab position with a science degree but yet again more bad information because this field is heavily regulated and you need certifications and specialized programs for literally every area and a general degree doesn't cut it.

I always knew I'd require more school eventually but never ever would I have thought a science degree would be just as bad as a humanities degree.

Medical technology is a good field because it makes good money and has good job security. It basically the only good option for my field without med school its like guaranteed a job (seriously) it's like pharmacy jobs everywhere and since it's really hard to get into programs it's got excellent job security. That's why I'm doing it now but I hate being broke waiting to finish to get a job : (.

The people in my classes are just like me student's with science degrees that can't go to med school and can't do anything else. It stinks.

 

[drjean]

Don't beat yourself up over past decisions. God forgive and can make things right.

Case in point: I have an acquaintance of 30 years... intelligent, was an officer in a bank... and SHE got a government student loan! What's worse is she never even talked to me about her plans! Ok...so she's now retired and straddled with that debt...

You did the best you could at the time. Now you have realized some things you'd do differently and you don't have to fear making those same decisions again like that!

You didn't get into financial straits quickly, and you won't get out quickly...but you can get out... you can. :)