“Hi Steve –
I’m currently in my second year of law school and am really thinking about getting out. I’m worried about the roughly $100k in student loans I’ll have to start paying back though, not to mention living expenses and almost $9k in credit card debt I accrued as an undergrad.
If I do drop out, I’ve considered going to school for something computer-related (web design or computer science) as I would actually enjoy learning that.
I have two questions for you:
(1) Can I “rollover” my current loan money that I would have left for this unfinished semester to another institution?
(2) If I do drop out and have to work at WalMart, what advice do you have that would help me manage all that debt?
Thank you very much for your site.
Brad”
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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Call your loan company and ask them about the rollover. They are the best ones to answer that question. You also want to double check on if you will still have the 6 month deferrment once you drop out of school. I think you will but you need to know that. Websites like Sallie Mae have a loan payment calculator available and can help you figure out what your payments will look like. (we just started paying back my husbands student loans of 35K) You may also want to call your credit card company and see if you can get a reduced interest rate. If you do get a lower paying job you will have to seriously look at your expenses. Can you reduce your rent by getting a roommate? Do you really need that nice car with the big payment? Could you only go out with friends 1x/wk as opposed to 3 or 4? Every dollar adds up faster than you think! Keep track of every dime you spend for 2 weeks then ask yourself was that expense a want or a need. If it’s not a need it should be reevaluated. 🙂