Hi,
I'm new to Personal Finance so sorry if I'm formatting this poorly or if i'm leaving out information just let me know!
Lately I've been feeling like my mental state has been terrible after realizing how much debt I am in. All in all, I wish I made some different decisions on where I went to college but regardless I am about 39,000 in debt (32,000 of unsubsidized + subsidized and 7,000 in a private student loan from Discover) and just started my 5th year. I'm majoring in Business Management of Information Systems so hopefully I can find a job to pay it off smoothly. Anyways, this year I took out a private loan of 7,000 since my cap has been met on federal loans. I ended up taking out too much, and left myself with 3,200 additional dollars after everything (paying for dorms and tuition). It's been sitting in my account for now, but I really feel like I need to quit my part time job to ensure that I survive my last year of upper division courses which have been getting tough and time consuming. While I've been doing really well in school maintaining a 3.5 GPA the last 2 years, I have this constant fear that failure of even one class will cause my debt to skyrocket even higher. I am no longer scared of how long school will take me to finish but rather how much money I am going to owe at the end of it. I've been advised by a friend that if I quit I should try and budget very hard to use as little of my loan money as possible to survive the semester which ends December 23rd. In total, my balance including my own money and the leftover loan money is about 4,500 dollars.
My expenses really are only my iPhone payment ($41.66 per month) and my food expense which I'm unsure what I'd look to aim for. I'm guessing between 200-300 dollars per month?
Is it a dumb idea to quit my job for my mental sanity and focus on school by using some of my loan money to survive until December 23rd?
Submitted September 17, 2018 at 01:56AM by PianIan https://ift.tt/2D1363q
