College and Loan

The Space Pope

Hi everybody.
I'm currently a student at a ITT-tech in mass and would like to change to another college. I'm studying A.S. Electronics and I have 1 more year until I can graduate but the problem is that just now I found out that ITT credits are pretty much worthless "It is unlikely that any credits earned at an ITT Technical Institute will be transferable to or accepted by any institution other than an ITT Technical Institute." Website FAQ and if I want to continue my education and get a B.S . then I would have to study there or go to another college and start from zero.

I feel that I have missed my opportunity and if I go to another college and I would graduate at 27-28 years old(I'm 23. 24 in june) I was in a community college when I got to the U.S. and I was studying supposedly Network engineering. The school then told me that I was not in the network program but in general studies and that the network program was on hold and soon to be terminated. I took a few classes of electronics and later, went to ITT mostly because I wasn't thinking right. The classes there are not what I expected(very watered down) and expensive. I'm already around 17,000-19,000 in debt. I'm poor and my family members are no help. I don't know if private loans allow the money they give to pay for dorm, food, etc. and if they don't, I'm pretty much fucked.

Any advice is welcome and thanks.

Thanatos

What is that debt? Student loans? Credit cards?

The Space Pope

student loans with sallie mae to be paid after 6 months if im not in classes.

Thanatos

Are they subsidized or unsubsidized?

The Space Pope

It is unsubsidized at 15.25% and federal at 6.8%. it is that high because I had no co-signer. I just checked my account and the debt is really 26,700 dollars with interest included.

Thanatos

Wow. Well, at this point, you've dug yourself a pretty deep hole, but if you get out now, you're pretty much screwed, anyhow. How much is finishing up your degree at ITT Tech going to cost you? And what's the job placement rate for graduates of your program like? And what do the jobs generally pay?

The Space Pope

10,000-15,000 to finish. I don't know the rate and jobs pay around 25,000 to 30,000 a year.

PorkChopSandwiches

The Space Pope wrote: »

10,000-15,000 to finish. I don't know the rate and jobs pay around 25,000 to 30,000 a year.

I'd say finish, take the job. I'm assuming the 25-30,000 figure is a starting salary. Average starting salary for someone with just a high school diploma is somewhere around 22,000, so you'll be ahead there. Get your degree, get a job, and pay off your student loans as much as you can while you're still single.

Thanatos

PorkChopSandwiches wrote: »

The Space Pope wrote: »

10,000-15,000 to finish. I don't know the rate and jobs pay around 25,000 to 30,000 a year.

I'd say finish, take the job. I'm assuming the 25-30,000 figure is a starting salary. Average starting salary for someone with just a high school diploma is somewhere around 22,000, so you'll be ahead there. Get your degree, get a job, and pay off your student loans as much as you can while you're still single.

Yeah, pretty much. I think you're going to get a better return off of finishing than you would off of not finishing.

I assume you've filled out a FAFSA?

Anyone know offhand if you can wipe Sallie Mae student loans with a bankruptcy?

PorkChopSandwiches

Thanatos wrote: »

PorkChopSandwiches wrote: »

The Space Pope wrote: »

10,000-15,000 to finish. I don't know the rate and jobs pay around 25,000 to 30,000 a year.

I'd say finish, take the job. I'm assuming the 25-30,000 figure is a starting salary. Average starting salary for someone with just a high school diploma is somewhere around 22,000, so you'll be ahead there. Get your degree, get a job, and pay off your student loans as much as you can while you're still single.

Yeah, pretty much. I think you're going to get a better return off of finishing than you would off of not finishing.

I assume you've filled out a FAFSA?

Anyone know offhand if you can wipe Sallie Mae student loans with a bankruptcy?

Yes, you can wipe federal student loans in a bankruptcy. In the past, when you declared bankruptcy that included federal student loans, you had to resume that debt if you took new loans, but that is no longer the case, assuming that the loans are not in default.

Thanatos

So, if you graduate, and can't get a job, there's always that option.

The Space Pope

Well, thanks for the advice guys. Yes I do fill my Fafsa but they don't help much and I dont get the Pell grant because ITT is a private institution(I think). I hope this is for the best.

Crashtard

PorkChopSandwiches wrote: »

Thanatos wrote: »

PorkChopSandwiches wrote: »

The Space Pope wrote: »

10,000-15,000 to finish. I don't know the rate and jobs pay around 25,000 to 30,000 a year.

I'd say finish, take the job. I'm assuming the 25-30,000 figure is a starting salary. Average starting salary for someone with just a high school diploma is somewhere around 22,000, so you'll be ahead there. Get your degree, get a job, and pay off your student loans as much as you can while you're still single.

Yeah, pretty much. I think you're going to get a better return off of finishing than you would off of not finishing.

I assume you've filled out a FAFSA?

Anyone know offhand if you can wipe Sallie Mae student loans with a bankruptcy?

Yes, you can wipe federal student loans in a bankruptcy. In the past, when you declared bankruptcy that included federal student loans, you had to resume that debt if you took new loans, but that is no longer the case, assuming that the loans are not in default.

I don't know whether this applies, but this seems to say otherwise (unless I'm reading it wrong, which is possible):

http://www.ed.gov/offices/OSFAP/DCS/loan.cancellation.discharge.html

Bankruptcy

Effective October 8, 1998, your obligation to repay Title IV, HEA student loan and grant liabilities can no longer be canceled (discharged) due to bankruptcy, unless you can successfully prove that repayment of the debt would cause "undue hardship" as defined by case law in your jurisdiction. Previously, student loan and grant liabilities could only be canceled (discharged) due to bankruptcy under certain conditions which, in general, depended on the amount of time between the date on which a loan or grant liability has been due or the date that the bankruptcy was filed, as well as undue hardship.

PorkChopSandwiches

Crashtard wrote: »

PorkChopSandwiches wrote: »

Thanatos wrote: »

PorkChopSandwiches wrote: »

The Space Pope wrote: »

10,000-15,000 to finish. I don't know the rate and jobs pay around 25,000 to 30,000 a year.

I'd say finish, take the job. I'm assuming the 25-30,000 figure is a starting salary. Average starting salary for someone with just a high school diploma is somewhere around 22,000, so you'll be ahead there. Get your degree, get a job, and pay off your student loans as much as you can while you're still single.

Yeah, pretty much. I think you're going to get a better return off of finishing than you would off of not finishing.

I assume you've filled out a FAFSA?

Anyone know offhand if you can wipe Sallie Mae student loans with a bankruptcy?

Yes, you can wipe federal student loans in a bankruptcy. In the past, when you declared bankruptcy that included federal student loans, you had to resume that debt if you took new loans, but that is no longer the case, assuming that the loans are not in default.

I don't know whether this applies, but this seems to say otherwise (unless I'm reading it wrong, which is possible):

http://www.ed.gov/offices/OSFAP/DCS/loan.cancellation.discharge.html

Bankruptcy

Effective October 8, 1998, your obligation to repay Title IV, HEA student loan and grant liabilities can no longer be canceled (discharged) due to bankruptcy, unless you can successfully prove that repayment of the debt would cause "undue hardship" as defined by case law in your jurisdiction. Previously, student loan and grant liabilities could only be canceled (discharged) due to bankruptcy under certain conditions which, in general, depended on the amount of time between the date on which a loan or grant liability has been due or the date that the bankruptcy was filed, as well as undue hardship.

The page you quoted was for defaulted loans, which, as I said before, do not get cancelled in bankruptcy.

Crashtard

PorkChopSandwiches wrote: »

Crashtard wrote: »

PorkChopSandwiches wrote: »

Thanatos wrote: »

PorkChopSandwiches wrote: »

The Space Pope wrote: »

10,000-15,000 to finish. I don't know the rate and jobs pay around 25,000 to 30,000 a year.

I'd say finish, take the job. I'm assuming the 25-30,000 figure is a starting salary. Average starting salary for someone with just a high school diploma is somewhere around 22,000, so you'll be ahead there. Get your degree, get a job, and pay off your student loans as much as you can while you're still single.

Yeah, pretty much. I think you're going to get a better return off of finishing than you would off of not finishing.

I assume you've filled out a FAFSA?

Anyone know offhand if you can wipe Sallie Mae student loans with a bankruptcy?

Yes, you can wipe federal student loans in a bankruptcy. In the past, when you declared bankruptcy that included federal student loans, you had to resume that debt if you took new loans, but that is no longer the case, assuming that the loans are not in default.

I don't know whether this applies, but this seems to say otherwise (unless I'm reading it wrong, which is possible):

http://www.ed.gov/offices/OSFAP/DCS/loan.cancellation.discharge.html

Bankruptcy

Effective October 8, 1998, your obligation to repay Title IV, HEA student loan and grant liabilities can no longer be canceled (discharged) due to bankruptcy, unless you can successfully prove that repayment of the debt would cause "undue hardship" as defined by case law in your jurisdiction. Previously, student loan and grant liabilities could only be canceled (discharged) due to bankruptcy under certain conditions which, in general, depended on the amount of time between the date on which a loan or grant liability has been due or the date that the bankruptcy was filed, as well as undue hardship.

The page you quoted was for defaulted loans, which, as I said before, do not get cancelled in bankruptcy.

Ahh. Interesting.

PorkChopSandwiches

However, it does surprise me that you don't hear of people racking up ridiculous college expenses and then declaring bankruptcy immediately after college.... besides that whole credit ruining thing.