Accepted, now what's next financially, homelife

ICU, RN, BSN, B.S. · Sep 19, 2011

Congrats!!!! You made it through the hard part. The $$ thing is easy, you actually got into nurse anesthesia school. That's the hard part!!! That's awesome!

I_See_You_RN · Sep 22, 2011

How much do you owe on the loan in default? If It is just for one class i'll assume $4,000. instead of spending OT money for paying for new classes you need to get that monkey off of your back. You'll feel better and less stressed.

Step 1. If you're hiding,.. stop hiding!

Step 2: Call up who ever owns the account now, be civil, give a quick statement that you had hit hard times but now you would really like to work out a plan with them. You'd be surprised but some companies will take as little as $100/month and after a few months may take the "defaulted" label off of your credit report. If you're even thinking of quitting your job and you are taking grad classes then you cannot be as pennurious as to not be able to afford even small payments. Take that income tax money and make a large payment if possible. You might have had plans for that money but anything short of medical, food and mortgage, might have to be put on the backburner. Its a hard truth for most Americans (including some of my close family members ) but you have to start thinking that if you owe money to people and are not in good repayment standings, then the money that you earn isn't really yours and you don't have more of a right to it to do any extra fanciful things instead of paying them back. :chair: sorry if i'm being harsh. But if this is a private loan, the last thing you want them to do is put a lein on your house...and in hard times,.. they will.

Defaulted loans will always haunt you and as a father of three kids with a non-working wife what you need is security. and although not the best security option,.. moderate to good credit and the ability to borrow in times of emergency is parmount. Right now i'm also working to get my credit into good, if not perfect order by the time I apply for loans and start school.

Also, never depend on something that is not already there. Unless your wife has a guarenteed job waiting for her, don't factor that into your financial plan. I know many experienced, good nurses who haven't found another job after their hospital closed and you hear every day about professional white collar people losing their job, or unable to find a job and thus resorting to finding another profession.

From what I hear, there will be a lot less family time for these two years (no personal experience), and I'm sure she will have to shoulder some more of the child care responsibilities. But that is what a partnership is about :redbeathe:kiss, especially if this will help your family in the long run. If she likes the goa'ls end result (higher pay, happier husband) she will have to adjust to help her family reach that goal. And you didn't mention how long she was a stay at home mom, but i'll assume 2 years. If right... don't mean to be mean but then you two should be kinda even,.. because i haven't met any set of 3 kids who have been harder to take care of than 2 ICU patients. :rolleyes: Your love is for life and I'm sure she knows that you would do the same for her in a heart beat.

good luck!

I_See_You_RN · Sep 22, 2011

Check out creditKarma.com. It does not give you an official credit score but it gives you their credit rating and you can track you credit card balances monthly, your progress in paying off certain debt and your progress towards a better credit profile. Just don't get tempted and take one of those creditcard offers to the side. Other than that its free and you can update your score pretty much every month.

SiCubaby · Sep 23, 2011

Congratulations is definitely in order!! Where did you get accepted? When do you start? I am currently in my third semester of CRNA school, clinicals start in March. I agree with the prior post, definitely get your default in order to see if you can get on a payment plan, to possibly get the default off your credit score. My debt at the end of it all will be around 125k, but no prob it will be paid off in a couple years.

You see, I have come from the land where people have told me, no, you can't do that, you can't possibly do this. I make it my goal to prove them all wrong. Let me tell you, from what you are saying it is definitely doable. I have two kids, aged 2 and 6, and a stay at home mom. I still support them all still. Hopefully your wife going to work ends up working, but have several plans in place in regards to what you will do if you have financial situation A, B, C. Have plan A, B, C, and the oh **** plan. I work 2 nights a week on top of school, and do fine for now. As for clinicals I will stop working.

School will definitely be the hardest thing you will have ever done, I say that now without even have started clinicals, I am sure it will get worse. My wife and kids are very supportive.

The navy reserve idea is a great one- when you join if the company that you defaulted on wants to play hard ball, well guess what now they cannot come after you when you join the militiary- its the law. And in a worse case scenario- defaulting on a home loan might seem bad. I have owned 3 homes at once in a real estate venture with rental properties and sold them all prior to school luckily- and short sold one. I can tell you my credit went from 950 to the 600s real quick. And you know what? I got all the loans I needed- GradPlus is the first great option. You have to have filed bankruptcy I hear to get denied for that. Otherwise make sure you have a couple people that will cosign for you lined up- just in case you do get denied. Just make sure you have the things that cost the most per month in regards to a bill- paid off. That will be the most important when you are scratching the barrel for a dollar at the end of the month. If not- I will tell you that times are hard- that means a lot of people are defaulting on their home mortgages. From some good mortgage broker buds of mine- For your own personal home it takes three months for the mortgage company to file for initial proceedings. Then it takes up to an additional year these days if not more for your house to go up for sheriffs auction. Worse comes to worse- that buys you 15 months- a long time in school if **** hits the fan. Hopefully it would never come to that- I know of several people in that boat- and will make it. And really in the financial turmoil of the world nowadays, who really knows what will happen in the next couple of years.

Just think of how great it will be when you look back. Worrying now is natural. Just make sure you have several plans in place so if one doesn't work out you can go to the other, unfortunately less desirable one. Make sure your family fully understands all the things that may go down and are willing to take it to that level if need be. I think the only thing you need to worry about regarding your family and all that whole worrisome crap is this- How good they will have it when you are done and the smoke clears. Did you know that Donald Trump went bankrupt once? If smart people didn't make risks for success, well, that would be something wouldn't it?

SiCubaby · Sep 23, 2011

Oh yeah- and a credit score might look good to banks but truth be told- it is a false security. Good credit does not give your family security- shelter, food and a little love and happiness does. Defaulted loans- WILL NOT haunt you forever. Not even close. Do you even have kids eye see you? Don't EVER rely on borrowing in times of emergency, EVER. If you don't have the money in an emergency well you better have some other plans in place- that is what seperates the weak, from the strong.

I_See_You_RN · Sep 24, 2011

Oh yeah- and a credit score might look good to banks but truth be told- it is a false security. Good credit does not give your family security- shelter, food and a little love and happiness does. Defaulted loans- WILL NOT haunt you forever. Not even close. Do you even have kids eye see you? Don't EVER rely on borrowing in times of emergency, EVER. If you don't have the money in an emergency well you better have some other plans in place- that is what seperates the weak, from the strong.

Hi. I completely agree with you, and I don't think I said anything much different than you. My advise to him was to take care of his debt, and to get into good standings before he spends money otherwise... I suggested to get on a payment plan of small payments as long as he can still pay for "shelter, food," and other necessities. You said "shelter", I said mortgage. Unless you're suggesting the poor house or the soup kitchen I think "mortgage/rent/food" covers the whole roof over your head thing and stability. Little love will help too.

Defaulted loans will not haunt you forever,.. of course not,.. they can just take almost everything you own,.. depending on how much the loan was for,.. and then you'll be at peace. Or you'll just have to pay cash for everything. And i'll stop the sarcasm there,.. but I was afraid it would haunt him when its time for him to get a loan for school. Most applications i've seen ask if you have ever defaulted on a loan. Oh wait,... its already haunting him because the topic was that he can't get a loan and its stressing him out.

As for depending on credit cards/loans,.. just like you suggested a **** hits the fan plan,... that was mine. Again, it seems like we are agreeing. I'm just a little too timid (i know i know) to even think about my house foreclosing and calculating how much time that would buy me... and then how fast I can get a job.Yes, the bank is a business, but there is some worker out there that is effected when I refuse to pay my bills..take "I" and multiply that buy soo many Americans. (The CEO doesn't get laid off, the bankteller or the cleaning lady does.) To me,.. that seems weak,... a 10,000 credit limit on a credit card in good standings,.. not so weak. But again, that was a contingency plan... a little more respectable than purposefully having your house go to foreclosure. You're into risk,.. i'm into responsibility. No I don't have any kids but I wouldn't be risking my house (ie shelter) if i did.

Joining the navy,.. great... if you like the navy. Joining so that creditors can't come after you d/t some legal loophole. :confused:

BTW: He didn't tell us his entire financial profile, but I don't think he would be this nervous if he had three houses that he could liquidate for funds. If so,.. then thats a great idea. I agree with you.

- Donald Trump filed for corporate bankruptcy in the most recent times. Big difference than personal bankruptcy. The one time that he did file for personal bankruptcy he sold his yahts, hotels,stocks, and an airplane. After that he vowed not to endanger his personal well being (and his family's) for a chance at financial gain. Take risks, but calculated ones.

To OP: If you've really hit a rock,.. have you thought about downsizing your house and taking the equity from it?

Also to the OP,.. no negativity is being directed towards you,..all i'm trying to say is that tidying up the past first before you move on may be helpful and with an understanding family it will all work out. A planned downsizing might actually go over alot better with your wife since there will be less financial tension and the fact that you'll be graduating soon with higher pay may make it seem worth it.

I_See_You_RN · Sep 24, 2011

And another thought to the OP:

You didn't describe your savings and such so i'll just assume the worst case scenario. Lets say that you really are struggling and there is a chance you won't be able to pay for tuition/home/kids when clinicals start.

Since you are already in the program, is it possible to ask your counselor if its possible to restart next year where you left off but in the next graduating class. I know that this goes against the dogma that you should NEVER turn down an offer, but asking can't hurt. They already accepted you and the MSN classes you're taking is for anesthesia right? Just finding out your options for the worst case scenario will be helpful. Tell your counselor that they are making cut backs at your wife's job so you are just curious about the school's policy. They can't fail you out of school for asking.

good luck!

MatthewRN · Oct 1, 2011

I went through a divorce my second semester in school. We'd been having problems for a while though and my wife was not supporting at all after I started school. Thankfully we didn't have kids.

37icurn · Oct 4, 2011

Thank you all for the advice, sorry it took so long to respond, been kind of busy with school, family, and work. To Sicubaby, I got accepted to Frank J.Tornetta it's in Philadlephia, I am taking all of my msn courses, then start clinical aspect in 2014. I received good news from stafford loans, and my school offers a deferred tuition payment plan for tuition assistance. So everything seems to have worked out, so I will keep my fingers crossed that it continues. Good luck to all, and thanks.