I am scared to death right now.
Some of you know that I had taken a pay cut to be in a better work environment a couple of months ago. I transferred to a different department in the same store, unknowing of the paycut. Basically I told them I needed a raise or I would have to quit. Months later I finally get the raise, but during that time, it was a struggle to pay our bills on time. Our car was almost repossessed, we were almost kicked out of our apartment 2 months in a row. We ended up having to pay things super late, if at all. My credit rating dropped from almost 800 to around 500 in that time. This was right before I had to apply for financial aid to cover the cost of my last semester at school. In the past I had done a loan called TFC which was one that didn't require me to have a cosigner and it didn't require a credit check.
The reason I'm so scared is because they told me they changed the TFC loan to where it has to be paid back by the time I graduate. So I have to get a loan to pay back the balance I already have for my previous semesters plus the unpaid balance for this current semester.
So basically I just found out that I have to get a loan to pay back $10,000 to TFC plus $3,600 for my last semster. If I can't then I have to refinance my TFC loan to cover the cost of my last semester, but if I do that the entire $13,600 has to be paid back by the time I graduate in February.
I don't know what's going to happen. Why are there people in my classes who don't have jobs, don't give a shit about even showing up to class half the time who have their expenses covered but someone like me who works full time, goes to school full time and has maintained a 4.0 GPA can't get a scholarship? This system is so fucked up.
I hate money so much right now.
Some of you know that I had taken a pay cut to be in a better work environment a couple of months ago. I transferred to a different department in the same store, unknowing of the paycut. Basically I told them I needed a raise or I would have to quit. Months later I finally get the raise, but during that time, it was a struggle to pay our bills on time. Our car was almost repossessed, we were almost kicked out of our apartment 2 months in a row. We ended up having to pay things super late, if at all. My credit rating dropped from almost 800 to around 500 in that time. This was right before I had to apply for financial aid to cover the cost of my last semester at school. In the past I had done a loan called TFC which was one that didn't require me to have a cosigner and it didn't require a credit check.
The reason I'm so scared is because they told me they changed the TFC loan to where it has to be paid back by the time I graduate. So I have to get a loan to pay back the balance I already have for my previous semesters plus the unpaid balance for this current semester.
So basically I just found out that I have to get a loan to pay back $10,000 to TFC plus $3,600 for my last semster. If I can't then I have to refinance my TFC loan to cover the cost of my last semester, but if I do that the entire $13,600 has to be paid back by the time I graduate in February.
I don't know what's going to happen. Why are there people in my classes who don't have jobs, don't give a shit about even showing up to class half the time who have their expenses covered but someone like me who works full time, goes to school full time and has maintained a 4.0 GPA can't get a scholarship? This system is so fucked up.
I hate money so much right now.
VIEW 3 of 3 COMMENTS
Can you try negotiating with your loan providers? The big question is are they private or federal loans? There are some big differences and the recent legislation might help you out.