r/personalfinance, you're the only people that can talk some sense into me. Please tell me what I need to do.
Here's the situation.
I live in the US and applied for a 4 year state university in the state I live in. I went for fall term, and applied for fafsa in the winter. Because I was young and didn't think about the consequences of my actions, I never finished the remaining paperwork. I continue on for the rest of the winter and spring term before deciding I needed to get a job to pay for school.
I started a minimum wage job and try to make a living, only to find myself barely scraping by. I move in with a roommate, and continue working for the next two years with an open balance at my university.
Due to my job, I have a variable income job paid by commissions. After two years, I hadn't paid a dollar back because we were barely squeaking by as it was. I have, however, paid my taxes on this revenue.
Today, I get the mail to find a letter from the State Revenue Service stating I owe the 10k balance, 1.5k in late fees, and 2.5k in interest.
At this point I'm freaking out because I have no idea how to pay for this. I had to use my credit card a lot these last few months, and between this hitting collections and my credit usage, my credit score has dipped into the low 600's.
What can I do to get out of this? I doubt I can get approved for a loan, and it sounds like I need to quit my current job and get two jobs to pay for all this. Hopefully, with this method, I could clear it out in 2.5 years.
What are your recommendations? I'm terrified, and I need help.
Edit: now that I've cleared my head, I've fixed a few things. I paid my taxes on the income I took in. My student loan paperwork was never completed, resulting in an open balance at the college, which they sent to the STATE revenue service, not Federal. Corrected that in my post.
Submitted July 19, 2017 at 06:54AM by 14kflippedhelp http://ift.tt/2uzgMxc
