I am fifty years old. I have a 10 year old son. My wife and I never had financial problems until recently. We got caught in a perfect storm. We were upside down on our home when I was laid off from a well paying IT Admin job. She is self employed and due to the economy her income plummeted. We could no longer afford the mortgage. The bank wouldn’t negotiate and ultimately we let them foreclose. We used our small savings and ran up about $30,000 of credit card debt trying to make ends meet. The house was sold at auction and we still owe whoever holds the note about $125,000. I believe they have 3 more years to try to collect. I have heard nothing from anyone.
All the IT jobs have moved off shore plus my skills are out of date. Also, my age is against me. So I went back to school to retrain as a registed nurse. Despite brutal competition I was accepted into a highly competitive Family Nurse Practitioner training program. I would be almost guaranteed a six figure income upon graduation. Plus the student loans would be paid off for me after graduation in return for service. I was due to start the program in January. My credit score is 690. But I just found out that because of the foreclosure on my record I am ineligible for any graduate student loans. Without the loans I will have to drop out of the program. I have applied to many banks and credit unions for private student loans and been denied. I can’t find any scholarships. I can delay enrolling for one year but my financial situation will only get worse. I have this golden opportunity for a meaningful new career that will also allow me to get back on my feet financially. But I can’t take advantage of. I’m heart broken and depressed and I don’t know what to do. Should I just give up and try to find any job to stay afloat? I’ve been out of the job market for a year taking science courses. How will I explain that to potential employers?
In order that I can best answer your question can you provide me with a bit more information? Please post your response in the comments section below.
These graduate student loans you are going after, are they government backed loans or private student loans?
Did you check with the financial aid office at the school and what did they have to say?
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.