Finance savvy folks - stick your nose in and advise me

[sunnylady303]

UPDATE POST #55

 

So one of the virtues of internet versus real life is that I can get some (relatively) anonymous advice about money issues.

 

I'm done. We've been drowning for nearly five years since DD2 got sick. We are getting back on our feet. I'm ready to be as worthy as I can be of all those who have helped us and ready to give back.

 

Here are some facts to know:

 

1. Only one of us can work. DD2 must have SSI insurance right now and we will lose it we both work. However the one who works can make more money than DH is currently making.

 

2. DH works at a farm. His salary changes seasonally. From $800-$1100 every two weeks. We are, of course, at the low end right now.

 

3. We both have M.Divs which are basically useless.

 

4. We live on 5 acres in a rural area about 45 minutes from the city where the hospital is (where we spend a lot of time), where we go to church, and where most of our friends live, where I will go to school. It's 30 minutes from where DH works. He really wants to farm it as some income while I am in nursing school.

 

5. I have applied to nursing school for my BSN. I should be able to take loans out for the cost and graduate in summer 2015.

 

6. We are not upside down on our house. Our housing payment is $1100/month. We have not paid October or November.

 

7. We are down to the bone on most things. There's not really any excess. I'm happy to answer questions about that.

 

8. We have a lot of medical debt, IRS debt, and student loan debt.

 

 

So my thinking in trying to go to nursing school, besides the fact that I would love it, is that one of us has to get a career and I can do it. We just have to make it until then. So does anyone have advice on getting our financial house in order? Should we try to sell the farm and rent cheaper in the city? The farm would be a source of income if DH were home. He is good at farming.

 

Please advise. Ask me questions. Be tough. Help us!

Edited November 8, 2012 by sunnylady303

[elegantlion]

What is your current plan to get the house payment caught up? It used to be once you got 3 months or more behind some companies would not accept partial payments, they want all 3+ months at once.

 

Having a house payment that is potentially 50% + of your incomes seems like a bad idea. You need to increase the income or sell the house. How much investment would dh have to make to make farming workable/profitable?

Edited November 6, 2012 by elegantlion

[Scarlett]

So one of the virtues of internet versus real life is that I can get some (relatively) anonymous advice about money issues.

 

I'm done. We've been drowning for nearly five years since DD2 got sick. We are getting back on our feet. I'm ready to be as worthy as I can be of all those who have helped us and ready to give back.

 

Here are some facts to know:

 

1. Only one of us can work. DD2 must have SSI insurance right now and we will lose it we both work. However the one who works can make more money than DH is currently making.

 

2. DH works at a farm. His salary changes seasonally. From $800-$1100 every two weeks. We are, of course, at the low end right now.

 

3. We both have M.Divs which are basically useless.

 

4. We live on 5 acres in a rural area about 45 minutes from the city where the hospital is (where we spend a lot of time), where we go to church, and where most of our friends live, where I will go to school. It's 30 minutes from where DH works. He really wants to farm it as some income while I am in nursing school.

 

5. I have applied to nursing school for my BSN. I should be able to take loans out for the cost and graduate in summer 2015.

 

6. We are not upside down on our house. Our housing payment is $1100/month. We have not paid October or November.

 

7. We are down to the bone on most things. There's not really any excess. I'm happy to answer questions about that.

 

8. We have a lot of medical debt, IRS debt, and student loan debt.

 

 

So my thinking in trying to go to nursing school, besides the fact that I would love it, is that one of us has to get a career and I can do it. We just have to make it until then. So does anyone have advice on getting our financial house in order? Should we try to sell the farm and rent cheaper in the city? The farm would be a source of income if DH were home. He is good at farming.

 

Please advise. Ask me questions. Be tough. Help us!

 

When you go to nursing school is it also in the city where your dd spends a lot of time at the hospital? 45 minutes away?

 

I have found, from much life experience, that when life gets complicated (school, sickness etc) that a lot of traveling is very hard on the pysche and the wallet.

[Impish]

Cpl of ?s

 

If you haven't paid the mortgage in a cpl of mths, how close are you to losing the farm? Would it be better to sell it, or even rent it to cover the mortgage and move some place cheaper where there wouldn't be the gas expenses?

 

My concern is that if you're not able to pay the mortgage, you're going to lose it and have nothing to show if the bank repo's it.

 

How are you going to manage child care while in school?

[sunnylady303]

What is your current plan to get the house payment caught up? It used to be once you got 3 months or more behind some companies would not accept partial payments, they want all 3+ months at once.

 

That's part of it. We have no plan. When DH's hours dropped it combined with a flat tire and we missed October. Of course we have no safety fund. My best hope is that we will get some living expense with school and be able to catch up.

 

When you go to nursing school is it also in the city where your dd spends a lot of time at the hospital? 45 minutes away?

 

I have found, from much life experience, that when life gets complicated (school, sickness etc) that a lot of traveling is very hard on the pysche and the wallet.

 

Yes, it's all in the same place.

[sunnylady303]

Cpl of ?s

 

If you haven't paid the mortgage in a cpl of mths, how close are you to losing the farm? Would it be better to sell it, or even rent it to cover the mortgage and move some place cheaper where there wouldn't be the gas expenses?

 

We have been on the verge of foreclosure several times as we have struggled over the last few years. So I would guess it will be a few months before they would take any action.

 

My concern is that if you're not able to pay the mortgage, you're going to lose it and have nothing to show if the bank repo's it.

 

How are you going to manage child care while in school?

DH will eventually have to quit or work opposite my work schedule.

 

:bigear:

[Kim in Appalachia]

You really need to focus on the debt you owe. I know the IRS won't wait, but you can't let yourself loose the farm. It would be better to sell it and move someplace closer to where you live and work.

 

I know you said your dh wants the farm, but he is working at another farm. Having your own farm may have to wait until you get all of your other ducks in a row, especially if you are planning on going to school.

 

Are you able to get loans for school when you have so much debt? I would think that would be hard (but I honestly don't know). Why do you want to go to school? Is this something you want? Or do you think it's the only option you have? (honest question. I've known people to go back to school because they thought they had too, but then were unhappy with school and the work.)

 

How are you going to handle school and taking care of dd? What happens when you finish school and work? Will you dh quit his job so that you can keep the SSI?

 

You need to decide what is most important. If it's the farm, then you need to find a job NOW (forget school) that pays more than your dh makes so he can quit and farm. If your schooling is what important, then you need to sell the farm and rent a small place in town until you are finished school. Cutting down the drive will also save you money.

[Kim in Appalachia]

That's part of it. We have no plan. When DH's hours dropped it combined with a flat tire and we missed October. Of course we have no safety fund. My best hope is that we will get some living expense with school and be able to catch up.

 

 

 

Yes, it's all in the same place.

 

Financially, that is not wise. You will most likely just find yourself in a bigger hole. Honestly, after reading what else you have posted, you need to sell the farm. You are trying to live 2 lives and it's breaking you.

[elegantlion]

That's part of it. We have no plan. When DH's hours dropped it combined with a flat tire and we missed October. Of course we have no safety fund. My best hope is that we will get some living expense with school and be able to catch up.

 

 

 

 

But will those costs come in time? Will any of the nursing financial aid be in before the next semester starts? I would not wait upon that to play catch up for living expenses.

 

Lack of stability, such a facing a foreclosure near the end of the year, holiday season, can be very emotionally draining.

 

What I would consider is a few things. One: Call your mortgage company now before the deadline for being two months behind has passed. See if you can defer a payment (the October one) and pay up this months.

 

Beyond that, I don't know. If you both can't work then can dh find a secondary job for the holiday season? You need more income now, for this month, or you need to cut your expenses.

 

What can you rent a house for in the city? Do you live where weather may affect your commute? I know when we are operating on a bare bones schedule travel/commute expenses are one of the first things we downsize.

 

:grouphug: I know none of these decisions are easy, I wish you clarity of thought as you look for solutions.

[A.Balaban]

So one of the virtues of internet versus real life is that I can get some (relatively) anonymous advice about money issues.

 

I'm done. We've been drowning for nearly five years since DD2 got sick. We are getting back on our feet. I'm ready to be as worthy as I can be of all those who have helped us and ready to give back.

 

Here are some facts to know:

 

1. Only one of us can work. DD2 must have SSI insurance right now and we will lose it we both work. However the one who works can make more money than DH is currently making.

 

2. DH works at a farm. His salary changes seasonally. From $800-$1100 every two weeks. We are, of course, at the low end right now.

 

3. We both have M.Divs which are basically useless.

 

4. We live on 5 acres in a rural area about 45 minutes from the city where the hospital is (where we spend a lot of time), where we go to church, and where most of our friends live, where I will go to school. It's 30 minutes from where DH works. He really wants to farm it as some income while I am in nursing school.

 

5. I have applied to nursing school for my BSN. I should be able to take loans out for the cost and graduate in summer 2015.

 

6. We are not upside down on our house. Our housing payment is $1100/month. We have not paid October or November.

 

7. We are down to the bone on most things. There's not really any excess. I'm happy to answer questions about that.

 

8. We have a lot of medical debt, IRS debt, and student loan debt.

 

 

So my thinking in trying to go to nursing school, besides the fact that I would love it, is that one of us has to get a career and I can do it. We just have to make it until then. So does anyone have advice on getting our financial house in order? Should we try to sell the farm and rent cheaper in the city? The farm would be a source of income if DH were home. He is good at farming.

 

Please advise. Ask me questions. Be tough. Help us!

 

The big thing that sticks out is that your DH's income is $800-$1100/biweekly and your housing payment is $1100.

 

I would say that you need to seriously consider whether you can afford to keep the farm for the next 3-4 years while you go through nursing school.

 

Farming your land may provide income, but there's cost involved with that as well. Has your husband sat down and figured out the cost? That is what will tell you if his plan is viable - you can't really plan on any income in the beginning, anyway.

 

From what it sounds like, the rest of your money, after the house payment, goes into car expenses. How often do you travel the 45 min into the city? Would it be more cost-effective in the long term to move closer to the city?

 

Can DH find a second job to help you get catch up and on your feet? Temp jobs can be easy to find during the holidays, and sometimes they go into regular positions. Or, alternatively, could you find a position on evenings/weekends (or whenever DH is home) to help catch up?

 

I also second Imp's question re: childcare.

[sunnylady303]

You really need to focus on the debt you owe. I know the IRS won't wait, but you can't let yourself loose the farm. It would be better to sell it and move someplace closer to where you live and work.

 

The IRS is actually waiting. We are in hardship deferment and are good candidates to make an offer in compromise. Selling it may be the option.

 

I know you said your dh wants the farm, but he is working at another farm. Having your own farm may have to wait until you get all of your other ducks in a row, especially if you are planning on going to school.

 

Are you able to get loans for school when you have so much debt? I can. I don't have that much student loan debt so they are helpfully willing to give me more. I would think that would be hard (but I honestly don't know). Why do you want to go to school? Is this something you want? Or do you think it's the only option you have? (honest question. I've known people to go back to school because they thought they had too, but then were unhappy with school and the work.) There are two reasons I want to go back. I would love the work. I want it so badly I can't stand it. But the better reason is that neither one of us can seem to find secure jobs with where we are now. Nurses here are in short supply and I would make enough to actually steady us and save and give and get out of debt! That's the best way I can see to do that.

 

How are you going to handle school and taking care of dd? What happens when you finish school and work? Will you dh quit his job so that you can keep the SSI? At some point DH will have to quit or change jobs.

 

You need to decide what is most important. If it's the farm, then you need to find a job NOW (forget school) that pays more than your dh makes so he can quit and farm. How does one do that? (I'm not being snarky; I really don't know.) We've looked and all the jobs we can find without degrees in those fields are basically retail.If your schooling is what important, then you need to sell the farm and rent a small place in town until you are finished school. Cutting down the drive will also save you money. That may be the best plan.

Thanks.

[Parrothead]

Financially, that is not wise. You will most likely just find yourself in a bigger hole. Honestly, after reading what else you have posted, you need to sell the farm. You are trying to live 2 lives and it's breaking you.

This is the heart of your financial woes.

 

You'll have to sell unless you can go to work somewhere temporarily (or dh gets a second job) to get those payments caught up and have a savings cushion. Forget taking on new debt to go to school. That is not a smart move at. all.

 

You should never have to chose between buying a new tire and paying the mortgage.

[sunnylady303]

Hmm. The two lives part is wise. And honestly we've not completely figured out the child care thing.

 

I would say commuting is, and will be even more, a lot of our expenses. We can't defer October...we've had too much trouble in the past. And DH is looking for a 2nd job right now - he has applied at Walmart. There are more opportunities in the city though which is something to think about.

[sunnylady303]

This is the heart of your financial woes.

 

You'll have to sell unless you can go to work somewhere temporarily (or dh gets a second job) to get those payments caught up and have a savings cushion. Forget taking on new debt to go to school. So you think going to school, even with the future stability that would come with it, is a mistake? Your advice would be to sell the farm to reduce expenses but continue the lower income job DH has? That is not a smart move at. all.

 

You should never have to chose between buying a new tire and paying the mortgage.

 

Thank you for your insights.

[JumpyTheFrog]

I really don't see how you can afford nursing school at this point. You already have several types of debt, including student loans, that you are struggling to pay. More of the same is not going to help, especially since it would be years before you'd be done.

 

Is there an income cap to keep the SSI? Or can one person earn as much as possible, as long as both people don't work?

 

Can you move closer to the hospital and rent for less than your mortgage, taxes, and insurance? Your family has an income problem, along with housing that is more than you can afford. I believe you said it's been a struggle for five years, so it's probably time to find something else.

[Parrothead]

Thank you for your insights.

I don't think it is a smart move to start school therefore adding debt to your already overloaded financial burden.

 

School will be there in 6 months when you have your debt under control and an emergency fund of some type.

[JumpyTheFrog]

There are more opportunities in the city though which is something to think about.

 

It sounds very likely that the best course would be to sell the farm and move to a place with more jobs, cheaper rent, and lower commuting costs. DH can channel his farming interests into some serious gardening, to reduce expenses without exceeding any income caps you may have.

[sunnylady303]

I really don't see how you can afford nursing school at this point. You already have several types of debt, including student loans, that you are struggling to pay. More of the same is not going to help, especially since it would be years before you'd be done.

 

Is there an income cap to keep the SSI? Or can one person earn as much as possible, as long as both people don't work?

 

One person cannot earn as much as they want but can earn far more than what DH is earning.

 

Can you move closer to the hospital and rent for less than your mortgage, taxes, and insurance? Yes. Maybe $300 less per month.Your family has an income problem, along with housing that is more than you can afford. I believe you said it's been a struggle for five years, so it's probably time to find something else. Yes. Since DD2 got sick we have had our legs kicked out from under us. We were in a good position, then her insurance dropped her and we faced $400,000 of medical bills. It has been a long journey of trying to get back on our feet since then while hanging out in hospitals every few weeks. She is not in as often now and we have to get a handle on the new life we have.

 

I appreciate all the responses.

[Scarlett]

I don't think it is a smart move to start school therefore adding debt to your already overloaded financial burden.

 

School will be there in 6 months when you have your debt under control and an emergency fund of some type.

 

:iagree:

 

As someone else said too many balls in the air. You have to pick one and go for it. Save the farm/go to school/move to the city/.....

 

I would simplify. Sell the farm, get an emergency fund and maybe even see about living in family house while yougo to nursing school.

[Soror]

As much as I love living in the country and really understand the appeal I agree with pps you cannot afford to stay on the farm. You cannot afford it and all opportunities for better employment, not to mention med facilities are in the city.

 

I would start job searching for one of you in the city and working on selling the farm. You need a cheaper place to live and moving will save a ton on gas and related transportation expenses, which means you can get by with a less than stellar job.

[Arcadia]

6. We are not upside down on our house. Our housing payment is $1100/month. We have not paid October or November.

 

You are not upside down on your mortgage, you are spending more than 30% of your income on the mortgage and you are behind in payments. Ask your home loan bank for a hardship refinance since you already satisfy three of the criteria.

 

8. We have a lot of medical debt, IRS debt, and student loan debt.

 

We paid off medical debt in instalments. We did not have any hardship but it is possible to get part of the debt waived for hardship. You have to apply to the finance department of whoever you owe the medical debt to before medical debt goes into collections

 

For your situation, I would honestly consider renting out or selling the farm and moving to the city (if rental is cheaper). Commute would cost a lot less in time and money.

[justasque]

Can you make the farm produce more income? Take in boarders, airbnb, take in horses, lease a field, host events, grow a corn maze for next year, run a small CSA, etc. etc.?

 

Can your dh produce more income? The Walmart job is a good idea.

 

Can you do anything to bring in a few more dollars? Tutoring comes to mind. Cleaning houses?

 

Can you lease the farm to someone and live in town for a few years until you're done with school?

 

Can you research scholarships (not loans) for the nursing school?

[Scarlett]

I would think with a disabled child (not sure of the extent of that?) and your income level--especially with your dh's income being varible...that you could qualify for grants and scholorships.

[sunnylady303]

If you sell, will you make a profit? If so, how much will go to SS?

 

We won't make a profit. We'll do well to come out even.

 

With income, isn't the limit a total limit for the family, not just income for one person?

 

My understanding is that one person is considered the primary caregiver and that person cannot earn income.

 

What is the max income you and your husband can make and still retain SSI eligibility?

 

I don't know because the one time I looked into it, it seemed so high.

 

What income would you and your husband need to make to replace SSI?

 

The income isn't the issue. It's the insurance for her medical bills that we can't lose. Another reason that I was really thinking of going to nursing was because the insurance was so good we could get off SSI.

 

 

 

Maybe it is best to wait on school. But I honestly can't see another way out and I am very open to options. If we sell the farm and move to the city we still aren't making enough to make headway on our debt or get off SSI. We have both looked for jobs for DH and all the ones he's found have either been retail or very part time (like after school day care type). Maybe we aren't looking in the right places?

 

My thinking is that it was better to deepen the hole slightly so that we could get a better shovel, IYKWIM. Yeah, we'll be going down more, but then we have tools to get out so much faster. A starting nurse salary here is three times what DH makes now. Three times! We could actually make headway on these things.

 

So if I shouldn't do that, what do I do? Where do I look?

[sunnylady303]

I would think with a disabled child (not sure of the extent of that?) and your income level--especially with your dh's income being varible...that you could qualify for grants and scholorships.

 

Yes. I think there will be some scholarships available. Most of the ones I've found are tied to local hospitals and require at least one or two semesters worth of grades if it's been more than 10 years since you were in college (13 for me) so my thought was to go ahead and take out loans for this first semester to do online classes while DH keeps working two jobs.

 

That was my thinking anyway.

[sunnylady303]

Can you make the farm produce more income? Take in boarders, airbnb, take in horses, lease a field, host events, grow a corn maze for next year, run a small CSA, etc. etc.?

 

We have run a small CSA and that's really what DH wants to do. If we stay then we need to maximize that. But it really seems best to sell.

 

Can your dh produce more income? The Walmart job is a good idea.

 

Yeah. It'd be rough on him. Working basically 7am-11pm most days. People do it though, and we do what we have to, right?

 

Can you do anything to bring in a few more dollars? Tutoring comes to mind. Cleaning houses?

 

Anything I do would have to be not reportable under my name due to SSI. So I could run a small CSA - farm income could be listed under DH.

 

Can you lease the farm to someone and live in town for a few years until you're done with school?

 

Hmmm. I hadn't thought about renting. But I don't think we could rent it for what we are paying in mortgage payments. There's a nicer farm down the road that is more acreage and I know it's $850/month.

 

Can you research scholarships (not loans) for the nursing school?

 

Yes, I have been and I think I can get some - especially after the first round of grades.

 

 

 

Again, thank you all for your responses.

[Scarlett]

Yes. I think there will be some scholarships available. Most of the ones I've found are tied to local hospitals and require at least one or two semesters worth of grades if it's been more than 10 years since you were in college (13 for me) so my thought was to go ahead and take out loans for this first semester to do online classes while DH keeps working two jobs.

 

That was my thinking anyway.

 

I am not sure if you are 'hearing' what we are saying. Your idea to go to nursing school is awesome. But you need to be patient and get in the best position to start that. Take this next almost year to get your ducks in a row. Sell or rent out the farm. Move to city. Get jobs making what your dh makes now. Settle in. Apply for all grants and scholorships and focus on getting ready for school. Figure out childcare (which will probably be MUCH easier if you are in the city and in a nursing program).

 

How much will rent cost you in the city? Can you eventually move into family housing while you go to school?

[thessa516]

I would not add any more student loan debt to the mix. Student loan debt will not be forgiven in a bankruptcy.

 

I think you need to sell or rent out the farm. Once you get a little emergency fund in place, you could start taking some classes - paying for it as you go along - no loans. Maybe a CNA certificate first so you can make a little money, then move towards the BSN degree.

 

Most of all, :grouphug:

[Parrothead]

I'd think with a graduate degree your dh ought to be sending out resumes all over the country. Send them to schools, churches, religious businesses, non religious businesses, everywhere that advertizes for someone with an advanced degree. Lots of places just want the 4-year degree. It doesn't have to relate to the business at all.

 

Check into USAJobs.com.

[G5052]

I'm not a nursing professor, but I teach a community college where that is the #1 major and I teach a pre-nursing class.

 

How sure are you that you'll get into nursing school? Usually they can give you a rough idea if you'll get in or not when you apply. I'd verify that. Also do they have a waiting list of approved applicants? I have a niece that was admitted, but had to wait a year for a slot.

 

Are there truly jobs for new graduates where you live now or where you might move to? What about a new graduate with no experience other than nursing school? Again, where I live new graduates have a tougher time and sometimes end up with a tough commute. The jobs are there, but they don't have a lot to choose from. Also those who come up working in a CNA job and then get their degree usually do better than those who just have a degree.

 

How will you manage childcare and life in nursing school, particularly during the clinical phase? My friends who have done this recently could not keep up with their household duties during this time. They had to have their teens or other relatives take over because during the week they were consumed with school from 5am until 10pm at night. You cannot homeschool during that period if you cannot delegate that to someone else. A friend of mine had teens who managed their own schooling with online classes, but it was iffy. Once she graduated she was able to chose shifts so that she was home at least part of the day, and that was much better.

[sunnylady303]

I am not sure if you are 'hearing' what we are saying. Your idea to go to nursing school is awesome. But you need to be patient and get in the best position to start that. Take this next almost year to get your ducks in a row. Sell or rent out the farm. Move to city. Get jobs making what your dh makes now. Settle in. Apply for all grants and scholorships and focus on getting ready for school. Figure out childcare (which will probably be MUCH easier if you are in the city and in a nursing program).

 

How much will rent cost you in the city? Can you eventually move into family housing while you go to school?

 

I think rent would be between $700-$800. With less gas usage, I would expect to save $500-$600 a month. Plus more lower income job opportunities for DH.

 

But family housing at the university is $1100. Which makes no sense to me, but is nevertheless the case.

 

And maybe waiting is best. It just feels like sinking further. Sigh. But maybe it is really stabilizing.

[Scarlett]

I think rent would be between $700-$800. With less gas usage, I would expect to save $500-$600 a month. Plus more lower income job opportunities for DH.

 

But family housing at the university is $1100. Which makes no sense to me, but is nevertheless the case.

 

And maybe waiting is best. It just feels like sinking further. Sigh. But maybe it is really stabilizing.

 

Not JUST waiting. You have a list of things to accomplish while you wait. Number one would be to see about selling that farm.

[sunnylady303]

Do either of you have a degree other than the M.Div.?

 

SSI isn't health insurance; your child can lose SSI and still qualify for Medicaid or SCHIP if you don't find a job with health insurance that will cover her. You'll need to do some research as it is particular to your state.

 

Those are our only degrees - well, we both have BA's in Religion too.

 

And SSI at least where we live, is what gives us insurance.

 

I'd think with a graduate degree your dh ought to be sending out resumes all over the country. Send them to schools, churches, religious businesses, non religious businesses, everywhere that advertizes for someone with an advanced degree. Lots of places just want the 4-year degree. It doesn't have to relate to the business at all.

 

Check into USAJobs.com.

 

I will have him do that. We have only focused on the immediate area. Maybe we need to be willing to move.

 

I'm not a nursing professor, but I teach a community college where that is the #1 major and I teach a pre-nursing class.

 

How sure are you that you'll get into nursing school? Usually they can give you a rough idea if you'll get in or not when you apply. I'd verify that. Also do they have a waiting list of approved applicants? I have a niece that was admitted, but had to wait a year for a slot.

 

Are there truly jobs for new graduates where you live now or where you might move to? What about a new graduate with no experience other than nursing school? Again, where I live new graduates have a tougher time and sometimes end up with a tough commute. The jobs are there, but they don't have a lot to choose from. Also those who come up working in a CNA job and then get their degree usually do better than those who just have a degree.

 

How will you manage childcare and life in nursing school, particularly during the clinical phase? My friends who have done this recently could not keep up with their household duties during this time. They had to have their teens or other relatives take over because during the week they were consumed with school from 5am until 10pm at night. You cannot homeschool during that period if you cannot delegate that to someone else. A friend of mine had teens who managed their own schooling with online classes, but it was iffy. Once she graduated she was able to chose shifts so that she was home at least part of the day, and that was much better.

 

Yes, I've been accepted into an accelerated 2nd degree program. There are truly a lot of jobs and demand here. Yeah, childcare is iffy once I would get to the second phase.

[Elizabeth in MN]

Re the M Divs - can either of you do supply work? It takes some networking but it is what pays for the "extras" around here. My Mom has her M Div and is working with anyone her church is in communion with.

[Joanne]

Hey!

 

Here's one vote for "go for nursing school". ;)

 

I spent a lot of time "waiting" for a better time, and working crap survival jobs looking for that time.

 

I'd still be waiting. My person circumstances are uber unique. Nonetheless, I don't regret for a second my decison to take student loans, using some of it as income, and to acquire a degree that will allow access to better jobs. The pay still rots, but the drain on my psyche is less.

 

I'm not categorically against student loan debt, and I'm not a fan of perpetual suggestions that Mama "wait".

 

I'm afraid that I might be in support of "sell the farm", though. :grouphug::grouphug:

 

And one more :grouphug: because years of living on the financial edge is life changing in many evil ways.

[Riverland]

I think nursing school is a great idea because of the job availability and decent pay. I'm not *certain* that you should start right now, but it could work out well for you... if, and only if, you sell the farm right now and move closer to school/jobs/community. That needs to be done ASAP to make your life easier and cheaper.

[Ottakee]

The idea of renting out the farm might be a good one. I have seen "wanted" ads on Craig's list in our area for people wanting to rent a small farm.

 

Does your dd qualify for Children's Special Health Care services? In our area they pay mileage to medical appointments/hospital/lab, etc. and that can help with expenses.

 

Do you have a church family that might be able to help you out some? Our church has a fund set aside to help people in need.

[StephanieZ]

I think you are smart to go back to school for nursing. I think student debt to make that happen, so long as you are committed to working with the nursing degree and completing the schooling, is a good kind of debt.

 

I'd say that good options include:

 

+ dh getting a second job ASAP

+ you (or dh) working under the table cleaning houses, childcare, whatever that you can bring in some extra $$ w/o messing up your kids SSI (I am not a stickler for rule following on these kinds of crazy rules. I don't suggest tax evading for huge income for years on end . . . but, IMHO, earning a few $$ under the table in this circumstance is totally fine. That's just me, though. You follow your conscience.)

+ If your commuting costs to the city (and your TIME costs away from the family) are going to be large (which they would be if you are driving 45 min each way 5 days a week!), moving to the city gets a lot more essential. Unless there is a cheap/reliable public transport for you, moving closer to the city while you are in school (assuming it's more than a year), makes the most sense. Your job opportunities will likely be better there, too, as will jobs for dh.

+ borrow all you need. Just do it. Pay it back later. Meanwhile, live frugally, dh works a lot, etc. Student debt is OK for something like this. You're not going 100k in debt for an art history degree . . . You are going into modest debt for a very marketable degree. This is your ticket out. DO IT.

+ Keeping on doing what you're doing will get you all nowhere fast. Ignore the "you can't afford this" comments. You can't afford NOT to do this! You're not going to save up $50k (or whatever) with what you've got going for you now! Just do it.

+ Get on a payment plan/deferment/whatever with the IRS.

+ Don't get foreclosed on your house!!! Sell it sooner rather than later if you can't make the payments.

+ If you have major medical debt, consider bankruptcy. (It won't relieve you of student loans or IRS debt, though!) If you have significant equity in your home, you might want to do bankruptcy BEFORE selling, because you could likely shield your home equity from loss, but if you cash it out, and then end up in bankruptcy anyway, you'll lose your cash!! Be sure that a bankruptcy won't mess up your ability to get student loans before proceeding.

 

*MONEY IS BUSINESS!* Debt (unless to family/friends) is purely business. If you have to walk away, or have to not pay it, or whatever, that is not a moral failing. The costs you've paid (and we all pay) in fees and interest account for those losses. Life gets complicated, sometimes we fail to pay as planned. So what.

 

(And, no, I've never walked away from a debt. I have been blessed to have family to fall back on when in hard times and to help me avoid those hard times in the first place, and I know not everyone has been as lucky as I have been.)

[JumpyTheFrog]

How much new student debt are we talking? There's a big difference between $5,000 and $30,000 to become a nurse.

 

If you do end up going to nursing school, it would be much easier to live near your classes, which you said would save your family $500-600 per month. That right there is a good chunk of money towards tuition.

[Carol in Cal.]

Can you rent out plots in the farm, payable in advance, like a community garden, to bring in some extra cash right away?

 

The nursing school idea sounds good to me.

[God IS]

Hmmm a few ?s and comments:

 

 

What if DH loses his current job?

 

How secure is it? Any promotion possibilities?

 

Would dh keep his current job if you moved to the city? If not, Do you think dh could get a job in the city to support you all during nursing school?

 

Is there ANY possibility of living with family for a few years to get back on your feet(after selling the farm)?

It is so far from ideal...but you have sick dd, crazy debt, unpredictable schedule, dh who has not held steady employment etc etc.

 

If I were you...I would be considering going back to school too. I am voting for "JUST DO IT"

we don't get "do overs"

 

Kris

[ballardlm]

I vote for going to nursing school and moving to the city. I also think you should talk to a social worker about getting some assistance while you are in school. Food stamps, temporary relief, whatever you can get to help you stay afloat until you get your degree. You would probably also qualify for childcare assistance. Your school aged children will have to go to public school, at least until you get your degree. It can't be helped.

[RanchGirl]

I suggest you fill out the Offer in Compromise paperwork NOW. You are in a good position for one. They take a LONG time to be considered by the IRS. Do it now before you make any changes for the better. Mention that you are two months behind on the mortgage, the medical debt, the student loan debt, and especially the medical situation where your dd requires constant care. Have paperwork to prove all of your numbers. Consider seeing a CPA that is experienced in this area if you need help, but don't wait!

 

As for the rest, if your dh running the farm and watching the kids while you commute to a job would bring in enough to live on, then i would do that now and start part-time school later. I would look for something in a hospital or clinic where you can get a little exposure to medical work. Ask around at the hospital where your dd goes, I assume you have some connections there? Do they need a patient advocate, a chaplain, a receptionist?

 

Also what do CNAs make in your area? Isn't that a relatively short training process? Medical transcriptionist?

[kroe1]

First, you have our prayers.

 

1. Keep the farm if that is your DH's dream. But until he's in a position to do something with it, you need to make it profitable. Lease it, lease land tracts, or allow grazing, or any of the other great ideas above. If your DH doesn't want the land as his dream, then sell it.

 

2. Whatever, option you choose for #1, in the meantime, you two move to the city. Let DH become your daughter's caregiver. You get a job and go to school. Since you will be the one away from home, then you also need to be the one working. Very few nursing students have the luxury of not working no matter how busy their home lives are.

 

3. Is the hospital your DD frequents near where you will go to school? If so, get a bike with a trailer for your DD. Bike everywhere and get rid of car and maintenance costs. This is an easy option for us since we live in south Florida. Everybody bikes here, even to the grocery store.

 

4. Obviously, pay higher interest rates back first.

 

5. Get a scholarship or grant for school. Also, think about selling your soul. Medical students do it all the time, but for some reason, nurses not so much. Find the one place in America where nurses are needed more than anywhere else. Cut them a deal to pay for your schooling if you will give them so many years of service. If you must get more loans, at least do some serious math. Because while you are in nursing school, you are giving up the income of working 16 hours a day of retail to help get out of debt. If you were out of debt, you might not have to work so hard while in school.

 

6. Really think about God's calling for your family. Do you have to stay in the U.S.?

 

:)

[MomtoCandJ]

You can also put your student loans in deferrment until you get your financial situation straightened out, when you go back to school they "should" automatically go into deferrment. Also sometimes your student loans can be forgiven, I'm not sure how it's done or anything but I have heard of people doing it.

[goldberry]

:grouphug: to you...I think the medical debt some people have to deal with is heartbreaking, it's adding insult to injury. It just shouldn't be happening.

 

I vote for selling the farm AND continuing with the school plan as soon as you can get in. Don't wait.

[kathkath]

I would sell/rent the farm then move to a cheaper place closer

To cut down on all of your car expenses. Apply to nursing school to get the ball rolling, but intending to defer enrollment until you are in a better position financially (6m to 1yr?) in the meantime look into what courses you would be taking that first year and start free open courseware online to get yourself started. That will do several things-- it will prep you for the courses when you actually take them so perhaps you could take a heavier load and move you more quickly through school. ( not sure if this is possible but can't hurt). Also is it possible that doing so could help you test out of prerequisites? I imagine you might have some prerequisites being you were not a science major as an undergrad, right? Be sure to look into this as it may impact your plan. Also doing courses for free online might help you have a better idea of how to fit school in your life

Edited November 7, 2012 by kathkath
Autocorrect fail

[SebastianCat]

A couple of things I haven't seen already mentioned....

 

1. Does the IRS have a lien on your home that would prevent its sale? If you're not sure, it's part of public record and should be searchable through your local Clerk of Courts.

 

2. How much could you sell the farm for? Would the net proceeds from the sale of the farm give you a $1000 emergency fund? How long would it take to sell?

 

3. Do you have anything else you could sell to cover the back payments on the mortgage? (I know you said you were already bare bones, but wanted to throw that out there.) Could you sell a 2nd car? Furniture?

 

 

I would not consider starting nursing school until (1) you have $1000 in an emergency fund; (2) you get caught up on the mortgage payments and/or sell the farm; (3) your DH is able to provide enough income to meet your montly obligations, even if that means working 3 jobs; (4) you figure out a firm plan for childcare while you are in school and your DH works.

 

Above all, I would pray. Pray for clear direction and allow the Lord to provide for your needs without adding any more debt. Right now it might seem that adding more debt is the only way to move forward, but I don't see the wisdom in adding debt when you don't have a clear plan for everything else. Nursing school may be a wonderful way to provide income for your family in the long term, but not until your immediate short term needs are settled.

 

:grouphug:

[TranquilMind]

Financially, that is not wise. You will most likely just find yourself in a bigger hole. Honestly, after reading what else you have posted, you need to sell the farm. You are trying to live 2 lives and it's breaking you.

 

You cannot borrow any money in your position. Extremely unwise.

[TranquilMind]

Can you make the farm produce more income? Take in boarders, airbnb, take in horses, lease a field, host events, grow a corn maze for next year, run a small CSA, etc. etc.?

 

Can your dh produce more income? The Walmart job is a good idea.

 

Can you do anything to bring in a few more dollars? Tutoring comes to mind. Cleaning houses?

 

Can you lease the farm to someone and live in town for a few years until you're done with school?

 

Can you research scholarships (not loans) for the nursing school?

 

These are all very good ideas.