I need credit/student loan help.?

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I am 22 years old and I have a horrible credit score. I have a mortgage, car loan and 2 credit cards on my credit. I really want to go back to school, but I can not afford it. Even though I am completely financially independent, I am still required to submit my parents info for financial aid. They make too much money anyway, and I don’t speak to my dad and he refuses to even fill out my FAFSA. I do not have anyone to co-sign for a student loan, and I am stuck. I desperately want to go to college, but I don’t see how I can.

Can someone please advise me? How can I get my credit score up? With this job I can barely afford to pay much more over the minimum of my credit card payments, but I do when I can.



  1. Reply
    May 4, 2011 at 1:57 am

    Get your credit cards paid off. This will then free up more of your money, and improve your credit score by lowering your debt-to-income ratio. Education is important, but don’t take on more debt with student loans yet, get control of your finances first. Get a second job (look for part-time work or a full-time job on an opposite shift). Look at ways that you can cut your expenses: cut down on hair cuts, don’t eat out, use coupons, cancel the cable and internet, change cell phone plans, etc. and put that money towards your debt.

    It is true that at 22 you will have to use your parents information for financial aid. Take this year to pay off your credit card debt and save up some money (perhaps you could get your car loan paid off as well). Then, go back to school using only your financial information. Look into a community college which is much cheaper, so that you’ll take out fewer loans. Just a heads’ up, once you’re an independent student, your income will matter a lot more. You may not qualify for grants at $ 20,000/year if it’s just you in the household. To get the maximum Pell grant, you have to be right around the federal poverty level, which for one person is $ 10,830/year (obviously, not really enough to be able to pay a mortgage and car loan – let alone other expenses). I don’t say this to discourage you, just to make you realize that going back to school will mean taking on more debt with student loans — so you need to prepare financially now and pay off your current debt so that you can afford to pay back your student loans when the time comes. Good luck to you.

  2. Reply
    May 4, 2011 at 2:08 am

    careers.scienceontheweb.net – it provides some tips about applying to US federal and state grants for college students.

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