40K+ in cc debt, looking to return to school full time
I know it is hard to be in a job that you don't like. Been ther
I know it is hard to be in a job that you don't like. Been there, done that but I don't know if I would quit and take on more loans until I had that debt paid off. And then it sounds like you will have to take on considerable more debt to go to school.
In my opinion, I would try to pay that loan off as soon as possible, maybe look for another job in the mean time. Then, once the loan is paid, I would consider going back to school. You say it would take 7 years but maybe you could do it sooner if you cut back on some things and paid more.
Just my thoughts.
What is your annual income? Is there anyway to get a higher pay
What is your annual income? Is there anyway to get a higher paying job without getting your masters degree? Are you single or married with children? Do you rent or own? Do you have a car payment and how much?
45K is a lot of credit card debt. To say you live simply and frugally and then say you have a bunch of CC debt is a bit of a contradiction unless you picked up the debt because of medical emergencies or something. I think if you can answer the questions above then someone could analyze your situation better and help you figure out a solid plan to accomplish your goals. You will get different solutions depending on your answers.
The best thing to do would be to call the financial aid counselo
The best thing to do would be to call the financial aid counselor at your local inst. and talk with them about your hypothetical situation--BK, credit score, etc. Whether you go with BK or debt settlement, your credit score will suffer, but as far as whether your ability to take on student loans, it will depend on whether the loan is private or govt. based. Depending on the cost of your program and your FAFSA determined EFT (expected family contribution) you may or may not have to go outside the fed stafford ln program to pay your tuition.
This is from the website staffordloan dot com:
Can I receive a Stafford Loan if I have bad credit/declared bankruptcy/have late payments on credit cards?
The Stafford Loan is not a credit-based loan - it is a need-based loan and your eligibility for it is governed by your FAFSA submission, not your credit report.
Note: If you are currently delinquent or have previously defaulted on any federal student loans, including Stafford Subsidized, Unsubsidized, Perkins or Parent PLUS Loans, you may not be eligible to receive any form of federal financial aid. Contact the U.S. Department of Education for more information on rehabilitating your delinquent or defaulted education loans.
I am rather new to this whole process, but am in a similar situation to you and I would be happy to provide you with whatever insight I can as to my own experiences. I am recently divorced, out of a job, and now studying for the LSAT to begin law school next fall. The loss of my job was a blessing in disguise, as it forced me to come to terms with my never-ending debt and change the path of my life for what I hope is a better one. I chose debt settlement in order to get my life back on track--since there is no way I would have been able pay back 56K in cc debt with no job, no house, etc. I am just embarking on the debt settlement process and hoping that it works out in the end (I was recently burned by Sifxpert, who stole thousands from me and many others) and am now trying to settle my accounts on my own.
I hope this has helped somewhat.