Submitted by Sunksunksunkppppppp t3_10qaf8v in personalfinance

Yesterday I tried to post about how I have 17k in debt and I need help getting it cleared, but I only received two comments about options that don't work.

I went to a private university last year thinking that the military would cover the cost, but it ended up falling through and landing me with 39k debt to pay off.

We filed for Sallie Mae to cover the loan, but due to the fact this was last year, only part of the debt got covered since the other part is over a year old.

I now owe 17k and I don't know if I can get another student loan since it's over a year, I keep getting turned down from personal loans.

On a side note, it's actually pretty wild how easy it is to get in THIS much debt at 20 years old. Like I'm working a part time job and I can't even drink yet, but I can be 40k in debt no problem.

The other time is spent at school, I am a music major so I have to practice multiple instruments frequently. I still work about 36 hours a week though, trying to get a better paying job atm.

The military fell through because my parents are on disability and the was supposedly going to pay for school since my dad is 100% disabled

The university office has passed the loan to a debt collector and they told me that anything that is over a year old will not be covered by a student loan

I don't know what you mean by the last question, but the payments for the student loan start on 2/2.

I mainly need the 17k since I can't apply for any transfer until I have my transcripts from the private university.

Can I pay some of it out of pocket and get a smaller loan? I don't know if that's an option or not

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BouncyEgg t1_j6oto6a wrote

Your post provides no new data. You are likely to receive no new guidance.

It's not clear what your current situation is. Still a student? Working part time, okay, so what are you doing with the "other" time?

Why did the military "fall through?"

What did your university's financial aid office say?

Why does it feel like making payments on the loan not an option?

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CQME t1_j6oujko wrote

> Why did the military "fall through?"

Curious about this too. I would have found another school had this happened to me.

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Liquidretro t1_j6ow8p8 wrote

This, it's also unclear who OP owes the money to, it sounds like the school directly. Not sure what the expectation was about the military covering thing proactively.

Nor do we really understand why this is a priority all a sudden. If the time constraint is that the old school needs paid before they will release a transcript so they can start at the new school this will need to be figured out first. This isn't an uncommon problem.

OP Needs to explain the situation in detail because we don't know the situation or the poster enough to infer the details.

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Sunksunksunkppppppp OP t1_j6p2v6i wrote

I made another comment that explains it in a little more detail. I shouldn't have been so vague

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Sunksunksunkppppppp OP t1_j6p2cwy wrote

The other time is spent at school, I am a music major so I have to practice multiple instruments frequently.

The military fell through because my parents are on disability and the was supposedly going to pay for school since my dad is 100% disabled

The university office has passed the loan to a debt collector and they told me that anything that is over a year old will not be covered by a student loan

I don't know what you mean by the last question, but the payments for the student loan start on 2/2.

I mainly need the 17k since I can't apply for any transfer until I have my transcripts from the private university.

Can I pay some of it out of pocket and get a smaller loan? I don't know if that's an option or not

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stoplightarrival t1_j6p5f0y wrote

>On a side note, it's actually pretty wild how easy it is to get in THIS much debt at 20 years old. Like I'm working a part time job and I can't even drink yet, but I can be 40k in debt no problem.

Totally agree. But, that's the way our system is set up, unfortunately.

There is no great answer here, though - you'll have to pay that off before you can get your transcript to transfer or, I assume, register for classes again. Sometimes a school will make an arrangement with you like "If you'll take out $5k extra loans for next semester to pay off $5k from last semester, then we'll let you register", but I can't imagine you'll get $17k extra, so I don't think that will help you.

I think your only option is to work till you've earned enough to pay it off, and then probably to find a cheaper school to continue at.

Sucks, I know, but that's all I know to do. (Used to work in a college, so am familiar with most options...and don't think you have any other choices.)

Maybe the reason you're not getting many replies is simply there's not many good answers. Sometimes, there is no solution, outside of the obvious one (spend a year or two or whatever it takes working to pay it off).

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Sunksunksunkppppppp OP t1_j6p9vwz wrote

This is probably the best solution to the money problems. I don't know why, but the thought of taking a gap year to make my money back never even crossed my mind. I mean if I got a full-time job and a part time even for only a year, I could probably knock a sizeable chunk out. I still need an actual loan though, because I still keep getting rejected by loan companies

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CircaSixty8 t1_j6p5rks wrote

Stop trying to get a loan. Even if you did did get approved, you'd still have what two more years of college after that. Where are you going to get the the remaining 34,000 you'll need?

You could try asking the school if they can give you some kind of financial waiver, and they might do that for a semester, but in the long run you're still going to have to come up with a lot of money.

Your best bet is to put your matriculation at the University hold and enroll in the nearest junior or community college. You'll get the same level of education for far less financial strain.

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Sunksunksunkppppppp OP t1_j6p7q4w wrote

I'm actually already at community college, the main reason I want to get a loan is because the debt is over a year old and hasn't been paid for, whether it be a loan or not. The university passed it to a debt collector and I was told my credit would be affected if I waited too long. I want to go to a 4 year, but next year will likely be community college too

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