2013 Thu-Hike with College Loans

[Dodds1990]

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

[Ktaadn]

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]

You owe money. You have to work to pay it back. Welcome to the adult world.

[Maddog]

Fasten your seatbelt...it's gonna get rough! +1 Get a job! Maddog

[Namaste]

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.

[Don H]

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]

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.

[Karma13]

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]

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]

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]

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.

[Maddog]

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

[Dodds1990]

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]

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.

[Don H]

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!

[Don H]

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!

[Wuff]

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]

income based repayment program - better than forbearance or deferment. $0 income = $0 payment.

[BCPete]

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]

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.