Expenses: College Tuition and Transportation to college. The total cost of attendance is $17,674 for the academic year at the New Jersey Institute of Technology. the extra $2000 is for the monthly NJTransit train pass that I take, which amounts to $265 per month.
So in the past I have been financially irresponsible. I accrued a lot of credit card debt (over $4000) in one year. This was fall of 2017 to Spring 2018. I was using it on games and food and many other things outside of helping myself complete my education. I had my transportation to college covered by my parents who just bought the house we are living in now. This was the one and only time my parents covered any real college expenses out of pocket. After the fall of 2017, we moved to Burlington, NJ. So after the one semester that my transportation was covered, I realized my error and decided to work that summer in order to make enough money to pay down that credit card debt. Unfortunately, my parents, due to mortgage payments and property taxes, were no longer able to cover the most important expense I had. my expenses went up more than 200% (I wasn’t paying more than a 100$ a month on the credit card payments). This was a huge problem that I wasn’t prepared for and it hit me hard during the semesters of Fall 2018 and Spring 2019. I was barely paying for the train rides while completely putting off my credit payments. Fast forward to March 11th, 2019, my father has an acute stroke and is in the hospital for a week, then physical therapy for another three weeks, and finally returning home for the rest of his recovery. My father is recovering well and I am thankful for that because it could’ve been a lot worse, but he has been out of work for almost 5 months now and is on the fringe of choosing retirement because of the permanent damage caused by the incident. It is not a sure thing yet, but this means I definitely can’t get help from them in this unstable time.
So the core of the issue is this: I am in the process of paying off all of the credit cards. They were charged off and now I am paying debt collectors. So I already payed off one of them yesterday and will finish another in two weeks. However, the damage has already been done. Unfortunately, they have left negative marks on my credit history. Two days ago I was rejected for a private student loan because of this credit history. I have my parent as a cosigner, for whom nothing has really changed for the last 4 loans that I have received and the bank I applied to has a history of leniency. Still rejected. This likely means that I probably can’t get a private loan in most private institutions. This is a huge problem. I am two weeks from the beginning of school and I have a month to secure the money I need to attend. I filled out my FAFSA to see what kind of aid I can get from the fed, state, and school. I doubt it will cover nearly enough though because in the past, I only received very small federal loans. This is my last year of college and I don’t want it to end because I can’t pay. I’ve been through too much to have things end here. Thank you in advance for your consideration.