Horrible credit, undergrad debt, stop while I'm ahead? Forum

[pleasetryagain]

Have you ever considered getting a job? I mean, undergrad is not that hard. I know a lot of people on this site worked and went to undergrad. I did. You can use whatever you earn to pay off the medical debt and to buy insurance so it doesn't happen again.

And why the rush to get braces?

You sound all around irresponsible. You should consider getting out into the real world to gain some maturity before you pursue a JD.

* Also- all hospitals have charity programs. All you need to do is apply. If you qualify, they will knock a substantial amount off that debt.

ITT: privileged fucks say, "let them eat cake!"

lol

[gossipgirl]

Have you ever considered getting a job? I mean, undergrad is not that hard. I know a lot of people on this site worked and went to undergrad. I did. You can use whatever you earn to pay off the medical debt and to buy insurance so it doesn't happen again.

And why the rush to get braces?

You sound all around irresponsible. You should consider getting out into the real world to gain some maturity before you pursue a JD.

* Also- all hospitals have charity programs. All you need to do is apply. If you qualify, they will knock a substantial amount off that debt.

ITT: privileged fucks say, "let them eat cake!"

ITT: People overlook the fact that OP chose to be a signor on two cars instead of paying $128 per month for health insurance...

Regardless, OP just needs to do a cost-benefit calculation. If you're taking debt on to finance a T10 law education, your horrible credit shouldn't hurt you in the long run.

[HBK]

Have you ever considered getting a job? I mean, undergrad is not that hard. I know a lot of people on this site worked and went to undergrad. I did. You can use whatever you earn to pay off the medical debt and to buy insurance so it doesn't happen again.

And why the rush to get braces?

You sound all around irresponsible. You should consider getting out into the real world to gain some maturity before you pursue a JD.

* Also- all hospitals have charity programs. All you need to do is apply. If you qualify, they will knock a substantial amount off that debt.

ITT: privileged fucks say, "let them eat cake!"

No, I'm just tired of the entitlement complex a lot of people on this site seem to have. I, like the OP, grew up poor. I worked 20-30 hours a week during undergrad to pay my own bills (which included health insurance and tuition). I, unlike the OP, studied a practical major that made it easy to get a job after graduation. My approach to college was this: I'm sick and tired of being poor and I want to hurry up, graduate, and get a job. I knew I couldn't afford law school and I didn't want to go to college just to "hang out" or "learn cool things" because I was footing the bill. I went to college to get a piece of paper that allowed me to not be poor anymore.

During undergrad, I accumulated $8,000 in student loans. I worked and made sure all my bills (including health insurance) were paid. I've been out of college, paid down the loans, saved money, and am planning on going to law school in the fall.

I am not a unique case. There are many people on this site who have struggled through worse. There are plenty of people who have finished undergrad with kids. If you can't manage your own finances and if you are still making poor decisions (not having health insurance), then maybe you ought to take a step back and grow up before you commit to a $100K+ investment.

[pleasetryagain]

ITT: People overlook the fact that OP chose to be a signor on two cars instead of paying $128 per month for health insurance...

Regardless, OP just needs to do a cost-benefit calculation. If you're taking debt on to finance a T10 law education, your horrible credit shouldn't hurt you in the long run.

yeah.. cars are so over-rated.. so his helping your mom.. shame on you OP.. havent you ever heard of not needing to get to work/take your kids to soccer practice/etc, etc. So stupid you are to need a car.. bicycles do the trick just fine..

[gossipgirl]

ITT: People overlook the fact that OP chose to be a signor on two cars instead of paying $128 per month for health insurance...

Regardless, OP just needs to do a cost-benefit calculation. If you're taking debt on to finance a T10 law education, your horrible credit shouldn't hurt you in the long run.

yeah.. cars are so over-rated.. so his helping your mom.. shame on you OP.. havent you ever heard of not needing to get to work/take your kids to soccer practice/etc, etc. So stupid you are to need a car.. bicycles do the trick just fine..

Please try again.

[pleasetryagain]

ITT: People overlook the fact that OP chose to be a signor on two cars instead of paying $128 per month for health insurance...

Regardless, OP just needs to do a cost-benefit calculation. If you're taking debt on to finance a T10 law education, your horrible credit shouldn't hurt you in the long run.

yeah.. cars are so over-rated.. so his helping your mom.. shame on you OP.. havent you ever heard of not needing to get to work/take your kids to soccer practice/etc, etc. So stupid you are to need a car.. bicycles do the trick just fine..

Please try again.

nicely done.

[T14_Scholly]

--ImageRemoved--

[AtticusFinch]

I've been reading through this part of the forum and it's getting me sort of worried. I'm moving into my Junior year in UG, but I'll be graduating with about 30k in federal loans.

I also don't have health insurance, and it's absolutely ruined my credit. I have about 10k, at least, in ER bills from a few unfortunate instances. Like the ER prescribing me antibiotics that gave me an almost deadly allergic reaction, landing me back in the ER to get that under control, then the gross left-overs of the reactions sending me there 3 MORE times for wound packing, yum. Ugh. Anyway, my credit sucks. All of my other credit accounts are paid on time, including two cars (one isn't mine, I'm just a co-signer for my mom), cell phone, apartment, etc. etc. There is no chance I'll be able to put any kind of dent in this debt by the time I start applying for financial aid. I'm currently looking at $7,000 in dental costs for braces and such so I'll have no free money for at least a year. And I can't put it off any longer. A lot of the debt has been sent to collections, so I can't tell from my credit report if it even specifies that it's medical debt. I definitely don't see it listed obviously, there's just lots of collection agencies and a lot of big numbers.

So, I have two concerns. I'm worried I'll never even be able to get loans for law school. I have no one to co-sign for me, and can guarantee that I never will. Everyone in my family has horrendous credit and miniscule incomes, if they have jobs at all. Assuming I can get through that hurdle, I'm also worried about eventual character assessment for the Bar. I'm not purposefully evading anyone, although I have given up on answering phone calls just to get yelled at. The debts were all sent to different places (separate accounts for each visit, blood test, etc.) and none will accept offers of the little bit of money I can afford. Not to throw a whole sob story at anyone, but the whole "you can do whatever you want if you work hard" bit is starting to sound like a load of bull and I'm considering throwing in the towel, changing my major to something that will get me a job right out of undergrad, and settling for mediocrity. Argh. Anyone been through/going through the same thing? Is my hole just way too deep?

For the record, I'm plenty capable of getting into high-ranked schools. Probably from NYU down if I raise my first LSAT diagnostic 8 or so points. So even with huge debt, I think it would be a worthwhile investment, if the healthcare system hadn't screwed me

Thanks so much for any input.

The healthcare system didn't screw you, your parents did and I will tell you how since they obviously didn't give you this advice.

1. NEVER cosign a loan for ANYONE. (what parent has a child cosign for them)
2. Go to the dentist EVERY six months (what parent lets a child's teeth rot out at 12 years old)
3. Pay your debts they do not go away, they actually will grow with collection fees. Hospitals will work with you.
4. NEVER go without health insurance.

Please do not respond with how great your parents are, we both know they are not.

[ughOSU]

ITT: People overlook the fact that OP chose to be a signor on two cars instead of paying $128 per month for health insurance...

Regardless, OP just needs to do a cost-benefit calculation. If you're taking debt on to finance a T10 law education, your horrible credit shouldn't hurt you in the long run.

yeah.. cars are so over-rated.. so his helping your mom.. shame on you OP.. havent you ever heard of not needing to get to work/take your kids to soccer practice/etc, etc. So stupid you are to need a car.. bicycles do the trick just fine..

Please try again.

nicely done.

never gets old.

[tasteofred]

Have you ever considered getting a job? I mean, undergrad is not that hard. I know a lot of people on this site worked and went to undergrad. I did. You can use whatever you earn to pay off the medical debt and to buy insurance so it doesn't happen again.

And why the rush to get braces?

You sound all around irresponsible. You should consider getting out into the real world to gain some maturity before you pursue a JD.

* Also- all hospitals have charity programs. All you need to do is apply. If you qualify, they will knock a substantial amount off that debt.

ITT: privileged fucks say, "let them eat cake!"

No, I'm just tired of the entitlement complex a lot of people on this site seem to have. I, like the OP, grew up poor. I worked 20-30 hours a week during undergrad to pay my own bills (which included health insurance and tuition). I, unlike the OP, studied a practical major that made it easy to get a job after graduation. My approach to college was this: I'm sick and tired of being poor and I want to hurry up, graduate, and get a job. I knew I couldn't afford law school and I didn't want to go to college just to "hang out" or "learn cool things" because I was footing the bill. I went to college to get a piece of paper that allowed me to not be poor anymore.

During undergrad, I accumulated $8,000 in student loans. I worked and made sure all my bills (including health insurance) were paid. I've been out of college, paid down the loans, saved money, and am planning on going to law school in the fall.

I am not a unique case. There are many people on this site who have struggled through worse. There are plenty of people who have finished undergrad with kids. If you can't manage your own finances and if you are still making poor decisions (not having health insurance), then maybe you ought to take a step back and grow up before you commit to a $100K+ investment.

Alright, my apologies for not being financially savvy like you? I didn't grow up poor, I grew up in a relatively average, middle class neighborhood and went to some of the best public schools in the county. No one ever stressed the importance of health insurance, practical majors, or anything of the sort. And I never said my major wasn't practical, it's decent and it'll get me an okay job, but nothing I want to do forever. All I wanted to know is if the things that <b>I've already fucked up, by my own doing</b> were bad enough to ruin my chances at getting loans/passing C&F. I'm in debt, struggling, etc. etc. because I had no help. But I get that now and I will be paying it all back as soon as I can, but first I have to use the extra money I do have to get my current medical problems in control and get health insurance so it doesn't happen again. Make sense? My family isn't poor, they have bad credit, yes, but they're not poor. Their finances just have nothing to do with my own.

[tasteofred]

Have you ever considered getting a job? I mean, undergrad is not that hard. I know a lot of people on this site worked and went to undergrad. I did. You can use whatever you earn to pay off the medical debt and to buy insurance so it doesn't happen again.

And why the rush to get braces?

You sound all around irresponsible. You should consider getting out into the real world to gain some maturity before you pursue a JD.

* Also- all hospitals have charity programs. All you need to do is apply. If you qualify, they will knock a substantial amount off that debt.

ITT: privileged fucks say, "let them eat cake!"

ITT: People overlook the fact that OP chose to be a signor on two cars instead of paying $128 per month for health insurance...

Regardless, OP just needs to do a cost-benefit calculation. If you're taking debt on to finance a T10 law education, your horrible credit shouldn't hurt you in the long run.

I'm just a co-signer, on a car that's been paid for on time (from someone else's pocket) for two years, that's doing nothing but good for my credit... I pay for my own car, but it's cheap and kind of necessary in FL.

[tasteofred]

The healthcare system didn't screw you, your parents did and I will tell you how since they obviously didn't give you this advice.

1. NEVER cosign a loan for ANYONE. (what parent has a child cosign for them)
2. Go to the dentist EVERY six months (what parent lets a child's teeth rot out at 12 years old)
3. Pay your debts they do not go away, they actually will grow with collection fees. Hospitals will work with you.
4. NEVER go without health insurance.

Please do not respond with how great your parents are, we both know they are not.

The hospital refused to work with me for any less than $25 per account, per month. Which amounts to about $300/month. And I understand I need to pay my debts... all I wanted to know was if, after those debts had been paid but my credit hadn't regained strength, I'd be able to get loans without someone to sign with me. Otherwise, you're right. I never said otherwise, but I can't fix everything with the snap of a finger. I'm working on it.

[HBK]

Alright, my apologies for not being financially savvy like you? I didn't grow up poor, I grew up in a relatively average, middle class neighborhood and went to some of the best public schools in the county. No one ever stressed the importance of health insurance, practical majors, or anything of the sort. And I never said my major wasn't practical, it's decent and it'll get me an okay job, but nothing I want to do forever. All I wanted to know is if the things that <b>I've already fucked up, by my own doing</b> were bad enough to ruin my chances at getting loans/passing C&F. I'm in debt, struggling, etc. etc. because I had no help. But I get that now and I will be paying it all back as soon as I can, but first I have to use the extra money I do have to get my current medical problems in control and get health insurance so it doesn't happen again. Make sense? My family isn't poor, they have bad credit, yes, but they're not poor. Their finances just have nothing to do with my own.

Well, sorry to keep piling on you then. I wish you the best of luck.

[agentdedalus]

Back to the Issue At Hand, i.e. not Healthcare Irresponsibility:

1: There are sections on the Need Based form (which many top schools require) specifically asking about medical expenses. You *may* be able to get lower interest loans or even grants to cover these expenses and avoid future collection agencies/credit damage.

2: Your situation really does not seem that dire if you'll only be "graduating with about 30k in federal loans." There are people with full scholarships to UGs that graduate with this much debt, simply for living expenses.

3: If you get in to a top law school, you will most likely have loans available to you one way or another. Probably not at low interest rates, but there should be money available to you. Now, is this a good investment?

-At a top 10(ish) school: probably in the long run. (though this and those listed below depend on class rank, etc..)
-At a mid-Tier 1 school: probably with a massive scholarship, but no at sticker.
-Elsewhere: definitely no at sticker, but with a full scholarship? perhaps... there are ample threads on TLS in which people claim success/ other motives for attending T2 and below schools. happy reading.

[BetterCallSaul]

I don't get it. There are lots of justifications for the choices you've made so far, but debt has clearly not worked well for you or your family--and you want to sign up for more?! Stop focusing on how you can track down more loans in 2-3 years and start working on not being a financial train wreck right now.

I'm going to say it again--Dave Ramsey. You need to do what the man says. With a plan--and a BUDGET-- you can settle your debt quickly and cheaply and not get sued. A year out of UG you could be in a different world.

[mellymel]

I think you need to consider whether you can re-build your credit BEFORE you graduate from law school. I know people who have gone to law school with bad credit expecting to be able to pay off bills, debts, etc with a good job out of school. However, it is incredibly difficult to find employment if your credit is bad. They are now saddled with their UG debts as well as the JD debts, with little to no prospect of paying them off due to their credit. If you can't bring your credit rating up to a respectable level in the three years that you will be in law school, you should probably put off law school until you can.

[evilxs]

I think you need to consider whether you can re-build your credit BEFORE you graduate from law school. I know people who have gone to law school with bad credit expecting to be able to pay off bills, debts, etc with a good job out of school. However, it is incredibly difficult to find employment if your credit is bad. They are now saddled with their UG debts as well as the JD debts, with little to no prospect of paying them off due to their credit. If you can't bring your credit rating up to a respectable level in the three years that you will be in law school, you should probably put off law school until you can.

If H.R. 3149 gets past committee and gets passed this won't be a concern anymore. Seriously though, I'm an accountant with 11 years of experience and we hired folks with personal credit problems at each and every company I've worked for. You are making far too generic of a statement out of a problem a lot of employers flat out don't care about.

[foxyeconomist]

tasteofred, have you looked into debt consolidation or credit counseling. sometimes those companies can negotiate with your creditors to decrease the amount owed.

i agree with the previous poster who suggested taking a year off and getting a job. struggling with your finances can be very oppressive and not allow you to devote your energy to what you're really interested in.

also, you need to stop enabling your parents. you say they are not indigent, just irresponsible (have bad credit). you are jeopardizing your future for their car. is that really worth it?

i can totally relate to massive dental/medical expenses as I let my COBRA insurance lapse (out of naivety) only to discover that I'm now uninsurable due to pre-existing conditions. it's pretty scary.

[A'nold]

How can you be in UG without health insurance? Virtually every school provides it at a reasonable price and you have to opt out of the plan if you have other insurance. If you've got educational loans you should be able to use them to pay for insurance too...get yourself covered now!

As for your old debt and bad credit--if it's already been sent to collections you can probably settle the debt for a fraction of what you owe. If you haven't paid on it in over a year you could try to settle for 3 or 4k--start saving up some cash so you can do that.

No braces. Your money needs to be so many other places right now.

You are not stuck. You can fix this pretty quickly and patch up your credit for law school and life within a few years--but you need a budget. Google "Dave Ramsey"--and Good Luck!

TITCR

I don't mean to speak about your situation as if I know it completely, because I obviously don't, but it bugs me when people don't use the coverage available to them and then don't have insurance. There is almost always a way to get health insurance, particularly if you're a student. If you do some homework and dig around, you should be able to find a way to get yourself covered.

And again, that was me just venting. Please don't take it personally. I hope you do get to law school and I can certainly feel you re: undergrad debt. Good luck and get yourself covered!

I have only gotten physically pissed off at a handful of posters in my > 1 year of posting on this site, but I actually want to strangle you through my computer screen right now.

[jsoell]

OP - I´m with the folks saying to postpone law school for a couple of years and pay down your debt. You´re not a failure at life - you just need to put the breaks on the law school decision until you can get your head above water.

Also, foxyeconomist - what did you do about the preexisting conditions? What my wife did, who was in a similar situation, was to buy really cheap insurance (horrible coverage) for a year and then switch. Since the clauses in a lot of the insurance plans have a one year no coverage for preexisting conditions, it worked for us. Of course, that only works if your preexistings are something you can manage for a year. Just a thought.

[BetterCallSaul]

tasteofred, have you looked into debt consolidation or credit counseling. sometimes those companies can negotiate with your creditors to decrease the amount owed.

i agree with the previous poster who suggested taking a year off and getting a job. struggling with your finances can be very oppressive and not allow you to devote your energy to what you're really interested in.

also, you need to stop enabling your parents. you say they are not indigent, just irresponsible (have bad credit). you are jeopardizing your future for their car. is that really worth it?

i can totally relate to massive dental/medical expenses as I let my COBRA insurance lapse (out of naivety) only to discover that I'm now uninsurable due to pre-existing conditions. it's pretty scary.

It's actually a better idea--and more affordable--to do this yourself. There are very few debt consolidation companies that are reputable--just take a look at the Better Business Bureau.
And as a future lawyer why not exercise your negotiation skills?
The only rules are:
(1) get any debt settlement agreement in writing
(2) pay only with a cashier's check by mail with some form of delivery confirmation (if you give them a credit card number or bank account there is a risk that they'll clean you out even if they said they would settle for less)
(3) save the agreement and your proof of payment forever.

Also--payment plans are a very bad idea once your debt has been sold by the original creditor--try to settle with a lump sum.