# School Loans



## Denise1952 (Apr 12, 2014)

I know I am opening myself up to the harsh criticism of some folks, but I can take it since I know there are also people here that won't rip me to shreds, or kick me when I'm down.  So I'm going for it in hopes of maybe talking with someone that has been in a similar situation, or just someone that has some good advice for me.

I searched the forum and couldn't find anything directly related to school loans, so now we'll have one on this forum.  I met about 5 other students at my community college that were my age (61) and 2 were several years older.  Unfortunately, I don't know where they are, and didn't get a phone number, etc. so I could stay in touch.  

I got the bright idea to go back to school without having enough income, or saved money to pay for it all, so I took out school loans to cover the rest.  I'll just say this, it is a heck of a chunk each month paying it back, and I am running low on money, and still haven't landed a job.  I've been reading about different things online, and I found out Senior Services has free, legal advice for us.  So I will be talking to them as well. What concerns me most, is "if" I don't find ongoing work (which I can't believe I won't but know it's possible) I will have below poverty level social security to live on.  

For anyone that encouraged me on the photo I did of my silly weeds, thank you, and I applied for 2 jobs yesterday, both places have openings so may get lucky.  I took classes in Administrative Assistant and threw in a Personal Finance class (that would be of great use if I actually had real money, not just Monopoly money:yeah.  So right now, I feel as if I threw away money because the jobs I apply for that would actually put those skills to use, are not hiring me.  I also have 20 or more years of experience as an office assistant, so much of this was brush-up.

Frankly, I feel like a fool (and I suppose it was stupid) but now I need to stop beating myself up, and get into some, sort of solution.  Oh, the part that worries me is that if I can't pay, they WILL take the money out of my SS which is already so low.  I totally believed I would come out of school, and be hired into a decent position.  I have excellent references, and also acquired many from my instructors at college.  Doesn't seem to matter.

Anyway, I will be glad to hear from anyone, thanks, Denise


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## SeaBreeze (Apr 12, 2014)

Wow, that sounds bad if they have to take money out of your social security Nwlady.   Hope senior services can offer some advice for you.  It's a shame to have worked all of our lives, and be headed to the poorhouse in our old age.  I can't believe there's not something out there in your area in the way of employment, don't give up, there must be something that will suit you and give you some much needed income.  If it's not too personal, how much do you have left to pay on the student loans...don't answer if you're not comfortable sharing that private info.  Can only wish you the best, something's gotta break for you soon, my friend.


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## That Guy (Apr 12, 2014)

First, stop kicking yourself!  That's no solution.  I know, in the recent past, schools had re-entry programs for women.  Anything like that available?  Or, the financial aid office?  Although, you haven't found the gainful employment expected I disagree that it has been money thrown away.  Education is always a good thing and not necessarily a means to an end.  Supposedly, the economy is picking up.  Surely, someone will need your experience and skill . . . !  There could be a job further away requiring relocation.  Keep at it.


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## Denise1952 (Apr 12, 2014)

SeaBreeze said:


> Wow, that sounds bad if they have to take money out of your social security Nwlady.   Hope senior services can offer some advice for you.  It's a shame to have worked all of our lives, and be headed to the poorhouse in our old age.  I can't believe there's not something out there in your area in the way of employment, don't give up, there must be something that will suit you and give you some much needed income.  If it's not too personal, how much do you have left to pay on the student loans...don't answer if you're not comfortable sharing that private info.  Can only wish you the best, something's gotta break for you soon, my friend.



yeah, I'd rather not say but thank you for your reply Seabreeze.  I worked except for a short time, a year, but I never made the big bucks, many jobs were short-lived too, some temp jobs, a real scattered work-history.  I can make it, it will just be a matter of managing with what I have.


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## Denise1952 (Apr 12, 2014)

That Guy said:


> First, stop kicking yourself!  That's no solution.  I know, in the recent past, schools had re-entry programs for women.  Anything like that available?  Or, the financial aid office?  Although, you haven't found the gainful employment expected I disagree that it has been money thrown away.  Education is always a good thing and not necessarily a means to an end.  Supposedly, the economy is picking up.  Surely, someone will need your experience and skill . . . !  There could be a job further away requiring relocation.  Keep at it.



Thanks TG, I am not kicking myself as much as worrying.  I know I need to stop that as it's useless as well.  I want to stay here in Douglas County.  Plus, ways and means to move somewhere is not available.  I think a job will come.  I will talk with Senior Services as I mentioned, they will have all the skinny on it.  I'm in touch with financial aid, they gave me the lowest payments they could.  Re-entry into the work-world TG?  Yes, I have all sorts of resources, I can't explain not being hired, yet.  Thanks again, denise


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## That Guy (Apr 12, 2014)

nwlady said:


> Thanks TG, I am not kicking myself as much as worrying.


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## SifuPhil (Apr 12, 2014)

Unfortunately, if the student loan is subsidized in any way by the Feds then they can garnish your Social Security income.

You might want to check out this article as well as this one for some possible ideas on keeping them from doing this.


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## Denise1952 (Apr 12, 2014)

Thanks Phil, I will do that now denise

Ok, good info on first, bookmarked it for later reference.  I'll ask about it when I go to Senior Services.  I'd like to get this cleared up before I draw my SS, so I don't have to struggle afterwards.  I think right now, I may apply for "excess hardship" as I have no income except what I still have in savings, which is laughable + getting scarier everyday.  Thanks again Phil, off to look at the next link you sent now

Oh man, LOL, yeah, I think I would qualify for this "Financial hardship is defined as a  situation in which withholding a particular amount from the individual’s  pay would deprive the individual of income necessary to meet ordinary  and necessary living expenses." not that I will, but I can try.  I will have way below poverty level SS as it is.  That's why I'm trying so hard to work, so I can supplement that.  The old saying "if I'd known I was going to live this long" LOL!


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## CPA-Kim (Apr 12, 2014)

You can apply for either a financial hardship or you can pay back using income contingent plan.  I suggest calling the party servicing your student loan for options. 

If they do go after SS, the garnishment will be the lesser of 15% or the difference between your benefit and $750.

Best wishes in finding a job that will knock out that debt.  You aren't alone......there are many older students financing their education.


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## Denise1952 (Apr 12, 2014)

Thanks Kim, I have talked to Great Lakes Co. and they were willing to give me a 12 month extension to pay, but that would only increase my debt (interest).  There's nothing more I'd rather do then pay off the debt as I still have the dream of owning a home.  I guess time will tell.  Thanks so much for your input denise


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## Fern (Apr 12, 2014)

> I took classes in Administrative Assistant and threw in a Personal  Finance class (that would be of great use if I actually had real money,  not just Monopoly money:yeah.   So right now, I feel as if I threw away money because the jobs I apply  for that would actually put those skills to use, are not hiring me.  I  also have 20 or more years of experience as an office assistant, so much  of this was brush-up.


You may have to change direction and look for work in other fields,if that was successful, you may not have your 'chosen' job, but at least it would help to pay back the loan (in the meantime).


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## Denise1952 (Apr 12, 2014)

Fern said:


> You may have to change direction and look for work in other fields,if that was successful, you may not have your 'chosen' job, but at least it would help to pay back the loan (in the meantime).


  I have applied for any job I am able to do, including McDonalds, and now some florists shops.  There's no way I would "not" look for any job to pay the bills.


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## CPA-Kim (Apr 12, 2014)

Denise, You're doing everything you can.  Sending positive thoughts and prayers for you.


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## Denise1952 (Apr 12, 2014)

Thanks Kim, I know I'm not the perfect job-hunter, but I am trying, Denise

PS I would give anything to still be able to clean houses, or do motel work.  I hurt my hand in a warehouse job, and because I couldn't do that type of work any longer, that was another reason I went back to school.  I'd rather do an up-and-moving-around job any day that sit at a desk.  Something will come up


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## Happyflowerlady (Apr 13, 2014)

NorthwestLady, this is not a direct answer to your question, but it IS something that you can try, and it might turn your life around. 
My daughter has MS, and she struggles with the pain, frustration, and progression of this debilitating illness every day. She is determined to do everything that she can to help fight this disease. 
After watching the informational documentary called "The Secret" by Rhonda Byrne, she bought the book, and read that for a more in-depth understanding of the secret.

Yesterday, we had breakfast together, and were talking about my fears and hopes concerning the possible heart surgery my doctor has recommended for me.  
Robin told me to stop thinking the negative thoughts, and concentrate on just positive aspects of what I want for my health, and my life in general. Then, she gifted me the i-book about the secret. 

I checked out the webpage, then watched the movie on Netflix, and am now also reading the book; as well as listening to motivational/insspirational tapes on Youtube. 
This can't hurt anything, and may help put a person's life on the right track, so I wanted to share it with you, like my Robin shared it with me. 

The movie may be on your free movie program, too, since it is on Netflix. Here is the webpage, for more information:
http://thesecret.tv/behind.html


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## Denise1952 (Apr 13, 2014)

Thank you HFL  I will take a look.  I believe in looking at the positive, and solutions as well.  But I also tend to get depressed.  I work on my health too because I have a lot of "nerve" issues including the electrical part of my heart going nuts back in 97.  They put a pacemaker in, and I sometimes forget I even have it as I am able to do most things I used to.  There is nerve damage in my arms, legs and weirdly enough, just parts of my feet.  So there are jobs I cannot do.  I tried and that's how my hand got so bad.  

So I went back to school.  I got a 3.7 GPA, but the main problem for me is my attitude about myself, or maybe just, plain fear.  I don't care who knows it anymore.  I struggle, everyday, just to make ends meet.  I know there are others that do as well.  Your daughter sounds wonderful, she is not giving up when facing much worse then myself.  I'll think about her today, and it will help me be strong and positive

denise

PS and again, I will look at that link, and for the movie


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## Mirabilis (Apr 15, 2014)

Denise,  I have a school loan too and it is a Sallie Mae loan.  Initially they approved an extension and I know that you will see a huge interest amount added to the loan.  Right now I am working so I told them I wanted to start making monthly payments and they worked out a comfortable amount for me.  I do pay a lot more interest than principal.  I am talking 90% of the amount is interest!!!  but at the end of the year that interest paid can be used to reduce any taxable income.  Works out for me and I just take my tax refund and reduce a big chunk from the principal.


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## CPA-Kim (Apr 15, 2014)

Mirabilis said:


> Denise,  I have a school loan too and it is a Sallie Mae loan.  Initially they approved an extension and I know that you will see a huge interest amount added to the loan.  Right now I am working so I told them I wanted to start making monthly payments and they worked out a comfortable amount for me.  I do pay a lot more interest than principal.  I am talking 90% of the amount is interest!!!  but at the end of the year that interest paid can be used to reduce any taxable income.  Works out for me and I just take my tax refund and reduce a big chunk from the principal.



There is a limit of $2,500 that is a deduction for AGI.
http://www.irs.gov/publications/p970/ch04.html


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