I am a 24-year-old man attending university this semester on a combination of a 529 college fund set up by my grandparents and a $2,800 federal Pell grant. After I used up what was left of my 529 money, I still owed my school roughly $600 for the semester. At this point, the federal Pell grant kicked in and I got over $2,200 in a refund, which absolutely had to go to car repairs (brakes, new tires, etc.) and to pay my rent for the month.
I recently started a new job at a very high-end restaurant as a busser/food runner ($10/hour) in hopes of becoming a server to make good tips, but a few weeks after I started I was told by management that they need me to stay in the position I'm at now until "after the holidays." I don't have that kind of time, the rent is due and I just burned through the last of my savings to pay for that and groceries. I make roughly $1,100-1,200/month and it feels like I'm chocking to death over my finances.
My monthly expenses are as follows:
- Car payment - $200 (2010 Honda Accord, $6000 left to pay off and it burns oil)
- Car insurance - $250 (accident earlier this year, plus I live near university, which has many risky student drivers)
- Gas - $80 ($70 for gas, $10 for a quart of oil every month)
- Groceries - $150?
- Prepaid Tracfone - $20~/month to replenish data/minutes/texts
- Rent - $413
I do not have any credit card debt, and I've got a $2,600 subsidized federal loan to repay for health insurance for the school year, as it was mandatory to have. As far as I know, I've cut every expense to the bone and the only thing I can think to cut next is the car, but that isn't possible since I need it to get to work and I still owe money on it.
I'm strongly considering dropping out of my state university so I can find extra work. The bills are piling up and I'm stuck working a BS $10/hour job at 25-30 hours a week. I've been looking at reputable, online universities like Arizona State University or Penn State University to finish my degree while I work full time elsewhere to take care of myself. I feel like I can't keep going to a brick and mortar school anymore because it tears me away from being able to pay my bills.
What can I do? I feel really depressed and scared and I don't know what to do next. I absolutely CANNOT afford any extra bills right now, let alone another $5,400 in school-related bills ($2,800 pell grant + 2,600 federal subsidized loan).
Submitted September 30, 2017 at 10:41AM by Ilovechocolatecake7 http://ift.tt/2xJzyRM
