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family of 5 seeking financial advice, full time college students, repossessed cars, living with parents, cannot find jobs, currently in RN program and do not want to drop out
I am extremely scared; for the first time in my life, I'm afraid for my family. I just don't know what to do at this point financially. Here's my story.
My husband and I are in are late 20's. We have 3 children. We were always just able to scrape by with a $1,500/ month income. We both go to school full time. We take out student loans to help cover the cost of tuition and rent and such. In April of 2007, he lost his job; in August of 2008, I lost my job. We were living off of student loans, until they ran out. All of this time, we've been job hunting and borrowing money from friends and relatives just to put food on the table. In April of this year, they repoed one of our cars for non-payment, Then our electric, gas, phone, and water were turned off. We took only the clothes on our back,(cause we didn't have money for a moving van) a few of the kids toys and moved into my mom's 1,100 sq. ft home, where we sleep in the living room on air mattresses. I am behind on ALL of our bills, our other car is about to get repoed. I have zip, zero, zilch for income (unless, God-willing, we find jobs)until September, when I get another installment from student loans.
I have considered dropping out of school, however, because it is an RN program, I'd have to wait a year and a half to restart or enter a different college and start from scratch(RN credits are not transferrable). My husband is willing to drop out of school and find work in another state, while I finish my degree, but what about my kids? I can't afford daycare!
I just don't know where to go from here and I am hoping that you financial guru's will have some advice for me. I have about $90,000 in student loans to repay, so if I drop I have to start repaying immediately (per my contract). I feel as though I am thoroughly screwed.
How do I continue on? I greatly appreciate any advice you have to offer. Thank you in advance!
I don't know much about RN programs but could you downgrade temporarily to an LPN and get a license right away? That way, you could start looking for a job and put food on the table. Is your loan for the RN transferable to one for an LPN? What is your husband doing while he is not working? Is he doing part-time work?
My suggestion would be to have your husband put his name on every skilled trade apprenticeship list he can find. The Iron Workers, Carpenters, electricitians, Boilermakers, Steam Fitters, Operating engineer's, Laborers, Insulators, teamsters to name a few. He'll have to start out on a lower pay scale and he may have to travel if there's no work in your area.
That's really a tough one. How long is your RN program for? I'm hoping it's a two year AA degree. I know you can't change now, and should finish, but we have hospital based RN training here with complete scholarships where you have to promise to work for three years to repay your RN.
Have you looked into daycare for the kids which may be free because you have no income? Frankly at this point I'd check out welfare till you get out of school and can get on your feet. I'm very worried about the amount of your loans which apparently will be increasing in the future. How much will the monthly payments be? Can you make enough money to support your family and still pay those loans every month? I don't think you can discharge them in bankruptcy should it come to that.
How much longer is your husband's schooling and what is he taking? It seems to me that one of you need to drop out to work till the other is finished.
Keep going to school for the both of you... apply for welfare, medicaid, food stamps, etc etc. Welfare has limits of 5 years but you can still be on welfare and in school. You should of asked for help before all this happened...
I am extremely scared; for the first time in my life, I'm afraid for my family. I just don't know what to do at this point financially. Here's my story.
My husband and I are in are late 20's. We have 3 children. We were always just able to scrape by with a $1,500/ month income. We both go to school full time. We take out student loans to help cover the cost of tuition and rent and such. In April of 2007, he lost his job; in August of 2008, I lost my job. We were living off of student loans, until they ran out. All of this time, we've been job hunting and borrowing money from friends and relatives just to put food on the table. In April of this year, they repoed one of our cars for non-payment, Then our electric, gas, phone, and water were turned off. We took only the clothes on our back,(cause we didn't have money for a moving van) a few of the kids toys and moved into my mom's 1,100 sq. ft home, where we sleep in the living room on air mattresses. I am behind on ALL of our bills, our other car is about to get repoed. I have zip, zero, zilch for income (unless, God-willing, we find jobs)until September, when I get another installment from student loans.
I have considered dropping out of school, however, because it is an RN program, I'd have to wait a year and a half to restart or enter a different college and start from scratch(RN credits are not transferrable). My husband is willing to drop out of school and find work in another state, while I finish my degree, but what about my kids? I can't afford daycare!
I just don't know where to go from here and I am hoping that you financial guru's will have some advice for me. I have about $90,000 in student loans to repay, so if I drop I have to start repaying immediately (per my contract). I feel as though I am thoroughly screwed.
How do I continue on? I greatly appreciate any advice you have to offer. Thank you in advance!
This is going to sound rough, but, WOW. 3 kids and you are still going to school and making $1500 a month?
This is going to sound sh--ty but Adoption sounds like a good plan. Why can I say this? I have two young kids and my wife and I make about $60,000 a year in the midwest and still am not getting ahead. I can't even imagine facing a $90,000 debt.
As for that feeling of being thoroughly screwed? You are. Once again, this feels rough, but what the hell were you guys thinking? Screw school. Find jobs, get yourself settled so you can keep the the family together with as little friction as possible.
I don't want to sound rude, but from your post you guys didn't think a single thing through and now your paying for it.
As for the food stamps suggestion, man that pee's me off. Everyone has to pay for someone being unable to make a wise decision? Exactly why government handouts should be abolished. Does it really take a Rhode's Scholar to figure out that while you are in school and making $1500 a month not to have 3 kids?
Sorry but this is a sensitive subject for me. I know a person who has 5 kids and makes jack **** but owns a house and has it almost payed off. Why? Because she get's the WIC food for free, insurance for free, etc. etc.. It's very very frustrating.
I am extremely scared; for the first time in my life, I'm afraid for my family. I just don't know what to do at this point financially. Here's my story.
My husband and I are in are late 20's. We have 3 children. We were always just able to scrape by with a $1,500/ month income. We both go to school full time. We take out student loans to help cover the cost of tuition and rent and such. In April of 2007, he lost his job; in August of 2008, I lost my job. We were living off of student loans, until they ran out. All of this time, we've been job hunting and borrowing money from friends and relatives just to put food on the table. In April of this year, they repoed one of our cars for non-payment, Then our electric, gas, phone, and water were turned off. We took only the clothes on our back,(cause we didn't have money for a moving van) a few of the kids toys and moved into my mom's 1,100 sq. ft home, where we sleep in the living room on air mattresses. I am behind on ALL of our bills, our other car is about to get repoed. I have zip, zero, zilch for income (unless, God-willing, we find jobs)until September, when I get another installment from student loans.
I have considered dropping out of school, however, because it is an RN program, I'd have to wait a year and a half to restart or enter a different college and start from scratch(RN credits are not transferrable). My husband is willing to drop out of school and find work in another state, while I finish my degree, but what about my kids? I can't afford daycare!
I just don't know where to go from here and I am hoping that you financial guru's will have some advice for me. I have about $90,000 in student loans to repay, so if I drop I have to start repaying immediately (per my contract). I feel as though I am thoroughly screwed.
How do I continue on? I greatly appreciate any advice you have to offer. Thank you in advance!
Not to sound like a jerk, but your husband has been out of a job for over a year? That's a problem. You need to find a way to secure income. Clean houses or work fast food if you have to. Get in touch with the state employment agency. Texas has one so I'm sure Michigan has one as well. Get your husband involved in the job search as well. You've got to be able to feed your family first. You and your husband desperately need to find some ways to bring in income. Get involved in a church. See if there is anyone there that can give you a helping hand (whether it be through employment opportunities or a temporary loan). It's important to have a faith based community of people behind you in times like this. And if you don't mind me asking, how did you manage to take out $90,000 in student loans and not have a degree yet?
My thinking is to stay the course for you. An RN makes very good money and they are in high demand. Granted, you & your hubby have been foolish with your loans, but it is what it is. Your husband should give way for now and work until you have your RN and then he can get back to school.
As an old man who has been thru life's wars (including a spell of homelessness when I was your age), I can assure you that this will pass. DO NOT GIVE UP HOPE. Keep your head up, love your family and live day to day.
The fastest thing I know of for cash is waiting tables at a decent restaurant. black pants, white shirt and black shoes and you are good to go. It may not be glamouous but it can make $100-300/night.
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