Money problems

pax · Aug 6, 2003

I'm running into a problem paying for my last year of school. Without getting into dirty details, I'm roughly a thousand bucks short to pay my tuition, which is due in less than a month. I can't ask my parents for the money because they're already footing the bill for some surgery I need (which is next week). I have almost all of the money in a savings account (and within a week could scrape together the rest of it), but I need to have some cash free because I am getting a car soon and at the *very least* need money for an inspection, registration, and an initial payment on insurance. I'm too late to apply for a Stafford or a Perkins loan (I think), and I'm in the hole about $1400 on credit cards.

The good news:
--I have good credit (I just checked my credit reports a few weeks ago)
--I'm still working, so I have *some* money coming in
--I'll be employed 25-30 hours a week once school starts again

So here's what I'm thinking are my options:

1.) Bite the bullet, pay school with cash, and be totally broke but totally in the clear.
2.) Split the payment somehow between cash and credit card.
3.) Take out a personal loan from my bank.

Any good financial people around here who can recommend a path of action?

nbcrusader · Aug 6, 2003

If you can't get a student loan (rates are good now), I would go forward on a cash basis to the best of your ability. Keep your debts to a minimum.

sulawesigirl4 · Aug 6, 2003

If you can hold off on getting the car even by just a week or so, I'd advise you to pay in cash. Or perhaps speak to your school accounting office and see if they would consider working with you in your situation. I know that my school was willing to let me pay off my bill in installments that were manageable when I couldn't afford the payments on time. They charged me some interest, but it was cheaper and less of a hassle than taking out a loan.