Darian Jalene asked:


i am a high school senior recently accepted into Spelman: my dream college. however, my joy has been greatly diminished b/c scholarship money is little to none, meaning after 4 years i’ll be up to $120,000 in debt (not including interest &the yearly rise in tuition). i’ve confided in my mother &teachers who have given me options such as: attending somewhere else altogether, undergrad at a less expensive university then Spelman for graduate, going for it b/c Spelman’s notoriety is worth it.. i’m trying to get as much insight &opinions as possible before the May 1st decision deadline. thoughts/comments ?

Consolidating Credit Card Debt

majenwen asked:


I graduated law school in May, took the July CA bar, and passed. I’m now working at a small firm as an associate. I know I make a low wage ($25/hour), but I am getting hands-on file responsibility. I hope to find a job at a mid-size firm next year, once I have some experience.

I owe about 55K in federal consolidated loans, interest rate is 4.5%. My mom paid off my private loans totaling $100K using her home equity line (it has a lower interest and she can deduct the interest), and I pay the home equity line for her. Recently, she also used 30K to pay off credit card debt my dad borrowed in my name (and I receive a check from him every month to reimburse me).

I have no savings or an investment or retirement account. My firm doesn’t offer benefits.

Should I concentrate on paying off these loans first? Should I pay just the minimum, slightly more, or aggressively pay as much as I can? Invest? Both? I get mixed answers, but I want advice from people who have actually gone through this.

Loan Credit Card Consolidation

joystar8 asked:


NCO Financial letter, regarding student loan, states “We are in the process of reviewing your financial background to determine if you have sufficient assets to pay…” I reside in North Carolina. Can they take money out of my bank account? There is no judgment that I am aware of. The only asset I have is a bank acct with less than $1,000 to cover my bills–except for an old car, worth nothing. Should I close my checking acct? or keep minimal balance? I’m hanging on by my fingernails financially as it is, self-employed, living hand to mouth. I don’t want to close my bank account, but should I? Thanks for any help from someone who knows the law in North Carolina on these matters. Appreciative of any information or advice from someone with knowledge and experience. thanks!

Consolidate Credit Card

Jennifer S asked:


I am a college student with $2000 of credit card debt. The 0% APR on the card will be ending soon. A friend suggested to open a new card with 0% APR for 6 months (or longer, if possible) and (pending approval), transfer my balance to the new card.

Because of my studies I cannot get a job to pay off the debt until summer, so this seems like a logical solution. However, I feel that the solution cannot be this simple.

Why can this not work? What are the pros and cons of opening a new card and transferring the balance?
Thanks for the quick responses.

I can currently afford to pay the minimum due, but not much more.

Also, I don’t really want to ask my parents to lend me the money unless it becomes absolutely and totally necessary…

Consolidate School Loans

Ricky asked:


I am 24 years old and have about 30 college credits from when I was 18 and 19 at community college. I was in the electrical union of Chicago but have decided that I would rather get my degree while Im some what still young. I like DeVry, its just seems thats a lot of money…however getting a degree is my life goal at this point so I believe there is no stopping me….just wanted some advice or some simalar stories! thanks

Business Debt Consolidation