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speednub1 t1_jegaz4a wrote

save the money up first then buy stuff. the loan isn't free, it'll have interest. also you don't have a job yet. how are you going to pay off a loan without your job?

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StorageGloomy9719 t1_jegcu6k wrote

If I wait my credit will get messed up/I won’t be able to go anywhere because my credit card is almost maxed out and I wont be able to get an internship this year. I am looking for a job and paying for my loan will be my first task with my money. It’s subsidized so interest isn’t charged until after I graduate and I’m paying it off before I graduate. I don’t graduate until 2025. I just started school. It’s only a two year program so I don’t have a lot of time to build my resume.

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speednub1 t1_jegfw2n wrote

so your solution to pay your debt is to take another loan for more debt. what you need to do right now is pay the minimum on your credit card, get a job, and use all of the money towards paying the credit card off. no ipad until you pay off everything.

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StorageGloomy9719 t1_jegjbly wrote

I use my credit card to get places. I have a $500 credit limit that is almost maxed out. If I don't pay my credit card bill I wont be able to get to work is what I am saying.

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speednub1 t1_jeglu88 wrote

not sure where you live but there are options besides uber that are much cheaper. you're definitely in a tough place, but my thoughts are whatever got you into this mess will likely get you into a bigger mess with the loan.

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StorageGloomy9719 t1_jegmdd0 wrote

It’s Ubers. I’ve found jobs and they fall through or the managers aren’t honest with me. Public transportation scares me tbh. I’m willing to wait to buy an iPad so that would reduce the loan to $750. That’s not a terrible amount of debt I feel. But I definitely do see your viewpoint.

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itskeke t1_jeggvx1 wrote

Taking on debt to cover other debts can be a slippery slope if the stars don't align ESPECIALLY if you don't have a reliable source of income.

Would your sister (another family member or friend?) float you some cash until you secure employment?

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StorageGloomy9719 t1_jegjlyz wrote

No, I can't depend on anyone financially so this is really my only option. If I don't pay off my card I can't get to work and if I can't get to work I can't pay off my debt. I can wait for the iPad. I can't wait for my credit card bill.

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clearwaterrev t1_jegf3el wrote

I would just wait until you have the cash. You don't need an iPad right now, and if you can save up the cash in a few months, waiting shouldn't be a problem.

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StorageGloomy9719 t1_jegfrtj wrote

True with that but my credit card bill is really the big issue. I have a $500 max and my card is almost maxed out because I am using it as buffer. If I don’t pay it off I won’t be able to get to a job. So, I need to pay it off. I have had jobs fall through or weird things happen so I wasn’t anticipating on maxing my card out. But, I need a way to pay off the bill.

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clearwaterrev t1_jeggjjw wrote

Ah, in that case I don't think it's a bad idea to take out a small student loan. I would pay off your CC, keep $500 or $1k in the bank for emergencies, and pay back the money after you get a job. I just wouldn't prioritize buying an iPad while you're unemployed.

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bussamove t1_jegci0n wrote

Just remember to take out public loans NOT private loans. The interest rates are better and the gov’t won’t garnish as much of your wages if you file for Income Based Repayment. Be wary of variable interest rates, too. You want a loan with a fixed interest rate so you can financially plan.

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