Have hope but really struggling as a poor college student

Hi aripp859

I can feel your problem. You have not mentioned the total amount of your debt. If it is not a huge amount, you can pay it within a year or so. Take a consolidation program and combine all the credit card bills, doctors' bills, collection account and other unsecured debts in one single repayment. You will be required to pay a monthly payment to the consolidator and they will pay to all your creditors. Monthly statements will be sent to you so that you are aware of your account status.

This program will offer you lower monthly pay offs so that you can cover the basic living expenses and debt to your friends.

I will suggest you to take the advice of professionals, perhaps from this website and know about your repayment options. You will feel much relieved after the counseling.

Hi! I can really empathize with you for the phase of life you are passing through. You can take professional help who can guide you in a more organized way. But you should carefully select a debt consolidation company before enrolling for the program. They will consolidate your multiple loans into a single one and help to reduce the interest rates as well. You can also go through http://www.ed.gov/ and see whether it is of any help.

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I feel your pain Rip. I think I heard you so that you wanted to take out a loan. The best way to get this loan would to apply through your college or university. Simply stated the interest with a student loan is going to be way lower than a private loan. The loans are need based and you could possibly use some of the leftover money from the loan to clear credit card debt etc without having to consolidate. Since you say your debt is a small amount.

I already recieved all the financial aid I could get. Most of it went to credit cards. My bills (minus credit cards) really aren't that big but there are many-- two doctor's ($120, $60), bounced check @ collections ($70), & i owe one friend $640 and another $400 for borrowing (can't really do anything about that but a little here and a little there), and I pay $200-$300 for rent depending on utilities, and I'm over limit on one cc which jumps about $100 each month. My CC debt is around $4000ish. It's not detrimental, i know, but stressful because of the cost of food. I haven't gotten 20hrs a week for months so i know i can't get assistance. My job is good but unpredictable because I can go from working 5 or 6 days a week to 1 day a week. I just got it and they're doing renovations so it'll pick up here pretty soon. Basically, I just feel stressed because I owe here and owe there and compared to others' i feel like i'm whining, but less debt would really relieve a lot of stress. I have student loans to consolidate as well before July 1st but thank heavens I'm a junior now and only will have to pay inflated rates for one year of school. I think I will take advantage of the plan offered anyway, and hopefully it will help my credit rating so I can get a loan so that I can invest it and not have to worry about money in the far future. Ya' mean?

I am going to try to give you a little advice. Do not write it in stone just listen and if its sound good go for it. I am a student about to finish my master's and went through the same struggles. Prioritize, One you have to pay rent and utilities pay on time when to avoid spending for being late. Late fews on utilities are between 2-5 bucks. Man thats lunch money. If you live up north, get a safe space heater. I had a bill go from 100 bucks to 40 using a space in my room. Turn off all the lights when you leave do not give away money. You owe your friends however you will never pay them back unless you get the cc debt under control. Pay the minimum on the lower cards and pay as much as you can budget for the over the limit card because it will affect your credit the most if it goes to collection. Eating out is a luxury and you should not be eating out period. Don't pay someone to prepare your food. Your friends will understand your situation if your making an effort to conserve. If you can find some income that works with you schedule and can add more income use that extra income specifically for debt paying of the critical debt first while maintainin minimums.

Thank you for the advice. To be honest, I already do these things because I have to. But i did discover a new job where I will be making several hundred a week in addition to several hundred a month. I will consolidate all of the larger bills and make more than minimum payments after I pay my friends off. Luckily I live in a situation where I can be late on utilities and rent so it's not a huge deal, just a bit more stress because I try to be on time and borrow the money. Things will work out well now as long as I can manage getting plenty of sleep and stay active to keep a clear mind.

Better budgeting often solves the problem. Ripleffekt, set priorities to your debts and expenses as well. Try to save some money and put it towards your debt as much as you can. Don't let your life down for the debt problem. All these are part of life and take it as a challenge.

Quindrickf, people often forget some common things that can bring lot of savings in their way. Your post will definitely help others to save some bucks. Keep in touch.

Not everybody thinks of these things and it is very key to survival in a tight financial situation. It's amazing how much money can slip away if you're not paying attention to cost of everyday life. I used to spend frivolously (obviously how I got here) and now I know that it's necessary to do all of these little things that make a big difference. Plus someone like me that works roughly 12-30 hours a week can also get government assistance which I highly recommend, but there is a 20 hr/wk requirement for food stamps. Depending on your situation, this can really help because food really does cost a lot if you plan on eating two or three meals a day with a snack or two-- at least eating a well-balanced diet anyway, and I believe nutrition is of utmost importance for optimal performance. Anyways, in today's society and for people like us that are treading in the financial waters, we must seize every opportunity we can to conserve, to earn, and to give back for what we get for it all comes back to us in a cycle. Confidence and faith in our dreams/goals and our abilities to get there are the biggest keys to the biggest changes.

Hey man email me or IM me sometime Let me share some things about investing with you :)


Email deleted as per forum rules-Mike

It amazes me that I can't go anywhere without a sales pitch. Investing is something you should either learn from someone face to face or from a legitimate, established source such as TD Waterhouse, with which I have an (empty, right now) account-- tools to research & learn; no secrets, tricks, or systems to purchase. Maybe I'm quick to judge, but investing info is freely available MAN.

Just for those who are interested: The NY Times (& any other business section in the newspaper), official National Exchange websites (for any country--find them on a search); daily news; research of individual companies (reports); & direct observation (trends, current affairs, weather, etc.) are the best tools for watching the market (besides maybe a broker) and they are FREE. It's a full time job for those who play in a volatile market-- maybe mutual funds would be better for long term investment because they are overall, more stable. This advice is not set in stone, but it's something to think about.

Smart investment requires some research. I agree with Rippleffekt. Before investing it is always suggested to go through the market trends. Also check the company's status with BBB. Contact the Consumer Protection Agency of your state to know if the company is legit or not. Scams are everywhere; take every precaution to ensure that your money is in good hand.

If one feels confused to decide where to invest, I do not see anything wrong in consulting a financial advisor.