View Full Version : 2013 Thu-Hike with College Loans
Dodds1990
09-27-2012, 13:25
So this past season I set out to do a thru-Hike but I wasn't able to defer my college loan so I had to get off the trail in Glasgow, VA. Before I left for the trail is was told by my loan provider that I had to wait until 45 days before my grace period was up to defer my loan but it wouldn't be a problem when the time came. Well apparently it was a problem and I couldn't defer it. My loan payment is $650 per month. The thought of not being able to finish has been eating away at me every day.
With that being said, I want to get back out there this year. I know I can save the money to cover the trip expenses but I won't have enough to cover the loans as well. I want to try and fund raise to cover the loan payments. Does anyone have any suggestions about how to go about something like this? I feel like it could work if done the right way but how? Please help me out. Thanks everyone
The best way to "fund raise" that I have found is getting a job. I'm not trying to be a jerk but I'm not sure what other answer you are looking for.
Feral Bill
09-27-2012, 14:12
You owe money. You have to work to pay it back. Welcome to the adult world.
Fasten your seatbelt...it's gonna get rough! +1 Get a job! Maddog:D
http://www.baconsrebellion.com/wp-content/uploads/2012/05/plane_crash_b.jpg
Yeah, I gotta agree that your priority should be finding a job, paying off the loan then get out there and finish your hike with a clear debt-free conscience.
Go hike, don't worry about your student loan the government will forgive your loan.
Student Loan Forgiveness Act:
http://www.opencongress.org/bill/112-h4170/text
Is this a great country or what?
coach lou
09-27-2012, 14:32
There is this place in South Carolina, Parris Island. They will help you pay your loans AND allow you to hike with all your gear on your back.
Since you've said "save enough money," I'm going to assume you're already working a job or have some type of income. You already did some of the trail, so for the purposes of juggling numbers, let's say you'll be taking 5 months to finish the rest of it. You need 5 months of student loan payments at $650, correct? A total of $3250. And presuming you'll be paying taxes on that income, call it 30%, you'd need to come up with roughly $4700 to stay on top of your loans.
You have 6 months to raise $4700--call it $200 a week.
You can get a second job. The holidays are coming, so there will probably be retail opportunities. If you can get a part-time waiter job, there will be tips. Dishwashing might be easier to get. You can go door to door and try to mow lawns, shovel snow. You can wash cars. You can pet sit or dog-walk. You can look for babysitting work, if you have relatives or friends with kids.
You can try for a paper route. You can sell things. Is there anything you do well? Woodshop stuff, metal work, any other type of craft stuff? You might be able to sell things on Etsy.
You can trash pick. Go find furniture, vases, lamps, luggage, whatever, clean it up, fix it, sell it on Craig's list. (My brother does some of that and makes a few bucks here and there.)
Go through your room, your garage, look for stuff nobody wants, and sell it. Have a yard sale.
You can also try to get sponsors for your hike, but that's iffy because you don't have the cash ahead of time so you might not make your goal. You can put out the virtual hat by starting a 'chip-in' or a 'kickstarter' site -- but people probably aren't going to hand you cash. Then again, they might hand you a little cash, and everything goes in your tip jar, right?
Anyway, whatever you decide to do, you're clearly devoted to the Trail, and I wish you a lot of luck as you try to meet your responsibilities. And congratulations on your graduation. Well done.
Dodds1990
09-27-2012, 14:39
Since you've said "save enough money," I'm going to assume you're already working a job or have some type of income. You already did some of the trail, so for the purposes of juggling numbers, let's say you'll be taking 5 months to finish the rest of it. You need 5 months of student loan payments at $650, correct? A total of $3250. And presuming you'll be paying taxes on that income, call it 30%, you'd need to come up with roughly $4700 to stay on top of your loans.
You have 6 months to raise $4700--call it $200 a week.
You can get a second job. The holidays are coming, so there will probably be retail opportunities. If you can get a part-time waiter job, there will be tips. Dishwashing might be easier to get. You can go door to door and try to mow lawns, shovel snow. You can wash cars. You can pet sit or dog-walk. You can look for babysitting work, if you have relatives or friends with kids.
You can try for a paper route. You can sell things. Is there anything you do well? Woodshop stuff, metal work, any other type of craft stuff? You might be able to sell things on Etsy.
You can trash pick. Go find furniture, vases, lamps, luggage, whatever, clean it up, fix it, sell it on Craig's list. (My brother does some of that and makes a few bucks here and there.)
Go through your room, your garage, look for stuff nobody wants, and sell it. Have a yard sale.
You can also try to get sponsors for your hike, but that's iffy because you don't have the cash ahead of time so you might not make your goal. You can put out the virtual hat by starting a 'chip-in' or a 'kickstarter' site -- but people probably aren't going to hand you cash. Then again, they might hand you a little cash, and everything goes in your tip jar, right?
Anyway, whatever you decide to do, you're clearly devoted to the Trail, and I wish you a lot of luck as you try to meet your responsibilities. And congratulations on your graduation. Well done.
Thank you for your input. Yes I already have a job and it is full time, but unfortunately I am not making a whole lot of profit from it because of my loans. I work 60 hours a week so a second job will be tough. However, the other ideas about selling things that I have etc. could get me some extra cash. I hope I can get back out there this year, we shall see
turtle fast
09-27-2012, 14:46
Hopefully you got a degree that you can DO something with that makes you more marketable. At $650 a month to service the loan that is quite a chunk of change out of an entry level salary. You are stuck paying the loan because Education loans cannot be discharged in bankruptcy...ie it will follow you for the rest of your life...that is why lenders like to make those loans. Best buckle down, get a job, live UNDER your means (where you took in more cash than you spent) and either pay off the loan or have enough banked to service your payments as you hike. It will probable be much easier to section hike it with vacation time like many of the folks on Whiteblaze.
HikerMom58
09-27-2012, 14:56
Good advice so far from all the WB members.... Did you know that your monthly payments would be that much. I know they make these loans easily available but many grads are shocked when they realize just how much it is a month to start paying it all back. We wish you the best in working it all out. :)
There is this place in South Carolina, Parris Island. They will help you pay your loans AND allow you to hike with all your gear on your back.
That is freakin' awesome! Maddog:D
Dodds1990
09-27-2012, 15:16
Good advice so far from all the WB members.... Did you know that your monthly payments would be that much. I know they make these loans easily available but many grads are shocked when they realize just how much it is a month to start paying it all back. We wish you the best in working it all out. :)
No I did not know the payments would be that high. Most of my friends I graduated with are in the 300 to 400 dollar a month range. I tried to lower my payments but it didn't work out. Oh well
HikerMom58
09-27-2012, 15:27
I hear ya, Dodds1990. It's been a hard thing to deal with for many others like you, you aren't alone. Chin up! You came to the right place to express your desire to hike/love of the trail.... Maybe someone else on here will have been and ur same shoes & will be able to give u some advise.
There is this place in South Carolina, Parris Island. They will help you pay your loans AND allow you to hike with all your gear on your back.
But they don't do UL backpacking!
There is this place in South Carolina, Parris Island. They will help you pay your loans AND allow you to hike with all your gear on your back.
But they don't do UL backpacking!
I put my student loans in forbearance while I hiked. Forbearance is easier to get than deferment - and you have to keep in mind that they are adding interest every month you don't pay, so you'll end up with a slightly higher monthly payment. Only you know if that's worth it.
I mean, I'm pretty sure that you could also go hike for 5 months and just not make the payments. No one will arrest you, but you'll end up owing a lot more money, and frankly, I doubt you'd have a very good time while you're "in your head" out there on the trail.
1st paragraph above = not a terrible idea in theory (my payment when I returned was only about $10 more per month)
2nd paragraph above = probably a very bad idea in theory
yellowsirocco
09-27-2012, 18:01
income based repayment program - better than forbearance or deferment. $0 income = $0 payment.
I'm kind of curious how long your loan is for if you pay $650 per month.
If you only have 1-2 years to pay off at that monthly rate until you're free & clear ... well, then I'd say delay your AT plans until you are financially free. Sucking it up for two years in your current job isn't the worst thing in the world - you're pretty darn young after all (that's not meant to diss you, that's a really good thing!). I think you'd find that if you have your loans out of the way, and a few thousand extra bucks in your pocket ... quitting the job, and hiking the trail would be sooooo much more enjoyable.
Now if you have several years or more of working full-time to pay off that loan, then things get a little more complicated. Life is pretty casual & free before age 25 - if you don't get hitched to any permanent posts (marriage, mortgage, etc). The danger in waiting several years (working & paying down debt) is that you may find yourself still trying to finish your AT thru-hike when your 65! Once you get just a bit older (say 25-30), it starts to take some serious planning & committment to stay free of those life changes that can tie you down in a hurry (life changes that make thru-hiking the AT impossible until you're much older).
Drybones
09-27-2012, 18:34
There is this place in South Carolina, Parris Island. They will help you pay your loans AND allow you to hike with all your gear on your back.
Pretty good Lou! That's a real long distance hike.
There is this place in South Carolina, Parris Island. They will help you pay your loans AND allow you to hike with all your gear on your back.
The best post of the day award goes to coach Lou! Very funny! LOL
Seeing you already have a job I will suggest things not previously suggested.
1. Sell blood. If you have a rare blood type this can be lucrative. Years ago I had a friend who paid most of his rent this way. Unfortunately for me I have O+, the most common type so no money in it for me.
2. Cut expenses. No more Starbucks, eating out, etc. This might amount to only $20-30 per week, but its something.
3. Write. If you have some special knowledge and can contribute to a magazine, a few dollars can be raised. Not usually alot though.
4. Tutor. I paid much of my groceries this way while in graduate school. Speciality topics help (I tutored chemistry). If you have a second language this is good also.
5. If you don't have one already, get a roommate. Or move in with mom and dad (they'll love me for that).
That military option mentioned can actually work. I did my service prior to college and used VA money. Then got a teaching assistantship for grad school. I finished with no debt and not much in the bank either. I imagine serving after college can work too.
There are other government programs (usually for the medical field and teachers) that send you to a needed area in the US for a set amount of time with a small paycheck but also forgives debt.
Good luck.
Another Kevin
09-27-2012, 21:46
I'm kind of curious how long your loan is for if you pay $650 per month.
If you only have 1-2 years to pay off at that monthly rate until you're free & clear ... well, then I'd say delay your AT plans until you are financially free. Sucking it up for two years in your current job isn't the worst thing in the world - you're pretty darn young after all (that's not meant to diss you, that's a really good thing!). I think you'd find that if you have your loans out of the way, and a few thousand extra bucks in your pocket ... quitting the job, and hiking the trail would be sooooo much more enjoyable.
Now if you have several years or more of working full-time to pay off that loan, then things get a little more complicated.
I see that you're Canadian. You don't know how college loans work in the US in the 21st Century. You pay them off at that rate over most of your working life. And they cannot be discharged in bankruptcy. Maybe the guy will get to do his thru in retirement, assuming that he can save up enough to retire after servicing that debt.
Alligator
09-27-2012, 22:24
I put my student loans in forbearance while I hiked. Forbearance is easier to get than deferment - and you have to keep in mind that they are adding interest every month you don't pay, so you'll end up with a slightly higher monthly payment. Only you know if that's worth it.
I mean, I'm pretty sure that you could also go hike for 5 months and just not make the payments. No one will arrest you, but you'll end up owing a lot more money, and frankly, I doubt you'd have a very good time while you're "in your head" out there on the trail.
1st paragraph above = not a terrible idea in theory (my payment when I returned was only about $10 more per month)
2nd paragraph above = probably a very bad idea in theory2nd paragraph would also screw up his credit score, which would be bad news.
Creek Dancer
09-28-2012, 14:22
Why would someone enter into a loan arrangement and not find out ahead of time what the payments are going to be?? At $650 per month, he must have borrowed A LOT of money.
Sorry man, but you are probably going to have to work to pay this off, and then hike later.
Dodds1990
09-28-2012, 16:07
I did a lot of number crunching and budgeting last night and I can save enough money to thru-hike comfortably this year even with the loans. I took everything into consideration from post trail expenses, to extra gear while on the trail(shoes, broken trekking poles if any, etc) and I will have more than enough. For what ever reason I thought in my head I would need an unrealistic amount of money. I went to thru-hike this past season but was unable to finish. 2013 will be my year, so Springer Mtn here I come!
Nutbrown
09-28-2012, 16:34
Good luck to you Dodds. I have to wait for retirement. 15+ years paying college loans, now a family.... you get the picture. Work hard, save the extra for the 6 months and go for it!
Good for you, Dodds1990. Hopefully I'll get to say hello on the trail, one Rocksylvanian to another. :)
Have a good hike!
Dodds1990
09-29-2012, 23:41
Thanks a lot everyone, I'm looking forward to starting my thru hike over. I hope the next 8 months fly by!
coach lou
09-30-2012, 20:45
How about being responsible to oneself, and starting your adult life honestly. It could actually lead to a productive future and not a dependent life looking for something for nothing. Maybe contributing to the betterment of our society.
Pedaling Fool
09-30-2012, 20:55
So this past season I set out to do a thru-Hike but I wasn't able to defer my college loan so I had to get off the trail in Glasgow, VA. Before I left for the trail is was told by my loan provider that I had to wait until 45 days before my grace period was up to defer my loan but it wouldn't be a problem when the time came. Well apparently it was a problem and I couldn't defer it. My loan payment is $650 per month. The thought of not being able to finish has been eating away at me every day.
With that being said, I want to get back out there this year. I know I can save the money to cover the trip expenses but I won't have enough to cover the loans as well. I want to try and fund raise to cover the loan payments. Does anyone have any suggestions about how to go about something like this? I feel like it could work if done the right way but how? Please help me out. Thanks everyone$650 per month for how long? What kind of degree did you get?
Dodds1990
10-01-2012, 19:27
And culinary degree from the culinary Institute of America. 40k. At least it's easy to find a job with my degree
check ISR plan... for the summer
Dodds1990
10-01-2012, 19:35
Haha this post went in a totally different direction than I imagined. I have no problem paying $650 a month and I definitely don't have any intentions of committing fraud to pay them off lol. I'm just going for a walk in the woods
Did someone co-sign for your loans? I had to for my daughter's loans so if she can't pay, I do.
HikerMom58
10-01-2012, 21:48
Haha this post went in a totally different direction than I imagined. I have no problem paying $650 a month and I definitely don't have any intentions of committing fraud to pay them off lol. I'm just going for a walk in the woods
Haha!! It is really funny how convo's can take off in a different direction... you ain't seen nothing yet ;) The sooner you get in the woods the better. :)
Pedaling Fool
10-02-2012, 10:40
And culinary degree from the culinary Institute of America. 40k. At least it's easy to find a job with my degree
Well, at least you're not one of them Dirt People (http://www.youtube.com/watch?v=j9FzvGPA6AY)
Creek Dancer
10-02-2012, 10:59
And, you will be very popular on the AT with those good culinary skills! Have a great time. :)
fredmugs
10-03-2012, 04:35
There is this place in South Carolina, Parris Island. They will help you pay your loans AND allow you to hike with all your gear on your back.
I went to their most scenic locale in San Diego. 4 year investment in myself led to a 4 year degree with no student loans. Now I get to subsidize people who don't understand how mortgages and college loans work.
turtle fast
10-03-2012, 12:53
Being a CIA chef gives you a lot of mobility and getting a job should be easy if you are willing to relocate. As long as you are a "good" chef. Eventually, you will find that many CIA chefs start their own businesses after being established for awhile and finding a niche in the market for a good concept. Kudos on not having a degree in underwater basket weaving.....but now you got to play with Henckles knives(?).
Dodds1990
10-04-2012, 17:56
Did someone co-sign for your loans? I had to for my daughter's loans so if she can't pay, I do.
Yes my mom did, but I don't want to ask her to pay while I'm away. I know I can cover the loans so it's no problem. If worst comes to worst, I have a low interest credit card that I will have on me if I start to run low on cash. It shouldn't come to that though.
evyck da fleet
10-04-2012, 18:23
Damn. If I had known that I might ahve hiked with you more often:) -pacecar
And culinary degree from the culinary Institute of America. 40k. At least it's easy to find a job with my degree
snowrider1120
10-09-2012, 12:17
I didn't get a chance to read through all of the posts, but has anyone mentioned loan consolidation? if you are paying multiple loans (as i am as well) you can consolidate them into a single, and often much lower, monthly payment. For my 2013 attempt, I have been setting aside about 200 a month into a separate account just to cover the loan expenses. That way, loan payments will not be coming out of my hike fund. I also sold just about everything I own! I refuse let something as little as owing several thousand dollars to the government for my near worthless degree keep me from living my dream =)