TESC Living Expense Loans

[cookderosa]

Jennifer, I truly appreciate your thoughts, however, I wish it was that easy. It's really not even a choice at this point in time.

My lease recently ran out and I have just moved back to my hometown. I was commuting 2 hours each way PLUS traffic to my job. Being in retail, there were several close to my hometown. They REFUSED to transfer me. I started applying to positions 4 months prior to my lease ending (roommates graduated and moved home, I couldn't pay for the apartment myself), and they just would not transfer me. With the cost of gas & tolls, I wasn't coming out on top.

The entire time, I was also applying to other jobs in my hometown. (The few that there are.) I was lucky to obtain a part time job 2 days/week @ $9.50/hr. Just over HALF of what I was making. It has upset me beyond anything else in the world. I've been going door to door to businesses trying to get anything to just get the bills paid. It hasn't worked out in my favor.

Not to think highly of myself, but I'm a great employee! No criminal record, always work hard and beyond the scope of my duty, and retail experience since I graduated HS in '08.

Two days a week, 8 hours a day at $9.50 an hour sadly won't cover my costs. I'm still searching but can't find anything. So, in a sense, I think this is a sign for me to finally begin my life, begin my path to a career.

Without a loan that large, I'll be screwed. I won't be able to pay for my phone, my health insurance, car insurance, car, utilities, and most importantly, my education.

Unfortunately, I was raised with old fashioned parents and at 21, this is what I'm looking to without a degree. I won't even qualify for financial aid.. my EFC is just under 40,000. So, as of right now I'm at risk to lose everything if I cannot find a living expense loan. With the deferred payments, it fits perfectly. I can pay all my monthly bills, tuition, books, etc. While working that 2 days a week, I can put that money towards the interest gained on the loan.

And after graduating TESC, I hope to get the Scholarship for Service through the Feds for Information Assurance/Security. The $12,000/year stipend would go to pay off the loan plus whatever part time job I have at the time.

Unfortunately I'm in a bad situation regardless.

Thanks again,

Derek

As someone who graduated high school 20 years before you, my comments are more of a person-to-person nature than CLEP/TESC type, and that's probably not entirely any of my business, but since you posted I hope you'll just allow me to share some of my thoughts anyway.

You need to start your life, I agree, but debt is a step back. You're not in a "bad" situation, millions of people are in situations just like yours and worse. You can deliver pizza, mow lawns, walk dogs, run a cash register at Walmart. I'm not being sarcastic, I'm being 100% serious. (and much of that is cash only) In addition, you can find resources local to you for emergency stuff like food or housing so you an focus on the business of making a living. Swallow all pride, get your head in the game and get moving. There are 24 hours in a day, take out 10 for eating/sleeping/hygiene and you're left with 14 hours that you can be working. You need to shift your mentality and get into combat mode! You can do this!! Work work work. No social life, not anything. As soon as your bills are paid each month, your social life can be spent studying for a CLEP. Keep a coin jar, every $80 go take a test.

I know you think I'm kidding, but unless you tell me that someone specifically has said to you "Derek, Ihave a job WAITING for you, just get that degree..." you'll likely end up in worse situation than you are now. The USA is full of unemployed degree holders. This economy is tanking, your TESC degree is not likely to change your life significantly. Right now you're just broke- you're looking at becoming someone whose broke AND in debt. Being broke is easier than being broke and in debt.

From a personal point of view, it took us 13 years to pay off debt from our youth, I promise you that getting into debt is a lot easier than getting out of it. I never was late on a payment, and for 13 years we scrimped and pulled through it- it was HARD. But, we have come out on the other side with excellent credit and dignity intact- everypenny I have owed to someone I've payed (on time). Why was I in debt? Because I was willing to borrow money. Simple. $25k plus lost wages for a year will take you 20 years to recover. Sometime between now and 20 years you'll likely want a family, a house, another car, etc and you'll be lugging this debt with you. Throw in the occasional disaster per decade and...well...

I know, I sound preachy. You don't know me, and I'm too overbearing. My hope for you is that you have someone you trust in real life you an discuss this with first.