Dropping out of Pharmacy School “Grad School”?
The question
I have been accepted to a Pharmacy school, my dream. This school doesn’t not quilfy for Financial Aid until 2012. So for the first two years of school i have to take out a 80,000 Salle Mae loan which has a interest rate of 10 percent. The problem I am having is that I will need to pay interest on the loan while i am in school. I can’t afford to pay $ 500+ a month for the interest while i am attending Pharmacy school for 4 years. I am to the point of just giving up and informing the school to drop me out of the accepted list. Before I do this….
Is there anyone that was in the same situation but found a way around it and went on and lived their dream?
Someone told me to enroll in a online Masters program take one class a semester and FAFSA will give you upto $ 20,000 dollar loan for your education in the Masters program. It just doesn’t make sense for the government to let me barrown $ 20,000 dollars just for one masters class.
Thanks
Best answers:
,000 in debt, barely any income to pay bills,no money. Will my plot work?
The question
Ok, my husband and I are in about $ 25,000 in debt, He lost his job so he gets unemployment which the amount doesn’t even cover all the bills, I don’t have an education (I do take classes to get my G.E.D.,they take up my entire day; literally. I will be finished with it on May. 31,2012),so I am currently unable to work. We don’t go out to eat at all(strict diets and we despise people to serve us).We don’t have any extra expenses because our families pay for mine and my husbands cell phone,house phone, cable, and my husbands car insurance bills. His check is gone as soon as we get it so we had to get food stamps and medicaid just to help keep food in the house for our son and ourselves. I can’t get a loan for school to go to college when I end, I have been told that if I file for bankruptcy then I won’t be able to get a grant,by a friend. I despise being in debt, having to rely on family to pay our bills , and not ever having any money,even though I am grateful to have a family who is willing to help us out when we need it. I
have done a lot of research on this matter and even went to 2 different financial planners who have both said to file for bankruptcy is our best option. We own an hideous ancient trailer(only worth $ 2500 and 1 automobile worth $ 3500, with a initial property value of $ 3100 so every thing we have is safe from the property insolvency process). Oh yeah did I mention we are expecting another child? So I have advised a plot:
Plot:( we usually receive $ 5000-$ 6000 in income taxes FED and $ 687 State, Husbands pay check $ 1000 monthly even)
1) File for bankruptcy after I get my income taxes.(Filing for bankruptcy can cost in between $ 500-$ 2000per person if filing separate or $ 700-$ 2500 if filed together and we have someone who owes us money who is going to pay for out credit counseling courses and test, still no where close to what he owe us).We are filing it together.We would be filing for Chapter 7 Bankruptcy.
2)My husband and I would then open up a secure loan at the amount of $ 1200 each that has a 6.9% interest rate and fees.
3)Now that all of the numbers have been ran, it is going to cost $ 1304.11 per person to pay off the secured loan ( I figure we just open up a savings account, each, with the loan and place in $ 104.11 per person to cover the cost) and make automatic payments from said savings account for 1 full year. As I am sure every one knows the longer the on time payment history is the better credit rating you will receive. ( I figure we will need to do this for 5 years)
4)Take my husbands pay check and open 2 secured credit cards per person for $ 250 each with an interest rate at 1.5% .(only so low because it is secured, We both have terrible credit)
5)Turn around and pay our monthly bills with the card( bills and monthly hygiene products equal up to $ 902 monthly without paying off debt,we won’t have any more.)
6)Turn around again and pay off the cards with his pay check (our parents each said that they will give us $ 500 to pay for our 1st months bills free and clear as long as I end school , so $ 1000 cash total.)
7)Do this for 5 years while putting the released funds from the secured loan in a separate saving account at the end of each year for a house down payment($ 6,000 plus interest)
8)Now 1 year after we set this up we will have 2 children, 1 will be 6 the other will be nearly a 1.I will be finished with my G.E.D. education, Already started college( I found out the you can still get grants if you file for bankruptcy, they even have grants for people and student who have filed for bankruptcy,so my friend was incorrect.)So now I can start saving for my children college,I chose the Gerber Life College Plot, I can pay $ 1206.12 annually from my income taxes so that they will have a honest amount to get them started(I am only getting $ 10,000 per child).
9)Still 1 year after plot started, use the some of the money form my taxes to open up a life insurance policy for the family, I chose 1 for $ 100,000 and is $ 132.09 a year($ 25,000 per person).
10)Still 1 year after plot started, place the rest of our income taxes (about $ 3007.68) every year for 4 year in our saving account for the house down payment(a total of $ 12030.72 plus interest)
Ok so about 6 years into the plot we will have about $ 20,000 in savings for a home, a credit score of at least 700 FISO (each), a excellent size life insurance policy for the family, a college graduate, A working college fund for our children, and an eye out for a modest home.
So my question is, Will my plot work if we stick to it? Oh yeah take in affect my hubby isn’t going to be unemployed forever and neither will I.
Best answers:
Gerber Life College Plot is an endowment policy. How this works is that you select a coverage of up to $ 150,000 and you pay the agreed premiums. If you live through the term, the policy will pay you the coverage amount and you can use the money for whatever purpose. If you die during the term it will pay the coverage amount to your receiver. In endowment policies, the cash value grows very rapidly than a whole life policy and you will lose tax advantages. You will owe income taxes every year because the cash value will be greater than the face amount of the policy at age 95. Also death benefit will be taxable as well. Withdrawals of cash value before age 59 1/2 may result in income taxes and 10% penalty IF AND ONLY IF the cash value grows quicker than a 7-pay whole life policy. Bottom line: THIS PRODUCT IS GARBAGE! Why pay so much money and income taxes to build a college fund for your kids in a life insurance policy when your money can grow tax-deferred in 529 plans? If you want to start a college fund for your future kids, open a 529 plot.
I hope this info about Gerber life insurance helps you out. I am very passionate about exposing the truth behind life insurance policies because my parents got ripped off by buying the incorrect type of policy (they owned a variable universal life insurance, which is the largest ripoff product because the premiums goes up every year). The only life insurance people need is a term life insurance policy. Term life insurance is inexpensive. A 30 year ancient who buys a 30 year level term of $ 250,000 coverage pays only about $ 25/month for it.
I may be filing for bankruptcy myself. I am depressed about it because I went to college to make sure I could have financial security. Sadly, due to the recession I was laid off twice and both times it took two months before I could get my unemployment. It was not uncommon for me to do temp work to survive but between temp jobs I could be out of work for a few months at least. (Oh and I worked min wage jobs as well).
Try looking at bankruptcy as a fresh start. Once you file do not get any credit straight away and when you do make sure it is after you are able to have steady income.
I reckon you need to also get birth control. You sound like you can’t afford children and you should delay college because no offense it is much harder than a GED.
clicktotweet.com Click to tweet this Beyoncé parody! Please favorite, like and share on Twitter and Facebook! Lyrics: Loooooaaaaaaannnnsss….. Oh my credit is dropping and they still keep calling nothing else has changed I can’t pay you Oh you must be crazy, payments are monthly no can’t do this on my own sallie mae, I can’t pay off my student loans they’re calling me at 10 i’m strssing on the 9 I’ve barely even 8 i’m not so lucky 7 they ring again at 6 let me call you back in 5 what are they looking 4 i’m trying to pay all 3 called my mother 2 but i’m not the only 1 went off to school to get my education small did i know debt was part of the equation could of dropped out but that’s a terrible situation if you don’t pay up they’ll garnish your wages sallie mae and the government make bank if i default but i can’t find a job so that’s not my fault me and my boo yeah we wanna get married my debt is a load that we both gotta carry didn’t know my interest rate would be 12% payments just high as New York City rent Oh, should I stand out on wall street? would that even help me? Not sure what I should do. Barack are you listening? Oh, can I get a forebearance? No help from my parents I’m doing this on my own Sallie Mae I can’t pay off my student loans facebook.com twitter.com blog.franchesca.net Music video by Beyoncé performing Countdown Music video by Beyoncé performing Countdown Music video by Beyoncé performing Countdown
