Well, they denied my loan...

[BTM]

Bit of background: I'm stuck in a minimum wage job despite having a degree in Information Technology.  The job market here is rather s**tty, and has been for a long time (for about twenty years I think, long before the current situations with the banks and housing markets.)

Anyway, I figured the best way to improve my chances since it's been nearly two years since I graduated was to go back to school.  Looked up information from the community college I went to and it turns they have an A+ Certification prep course for installing networks.  Now, why they didn't have a course like this at the UNIVERSITY I went to is beyond me, but that's beside the point.  I figured I'd take that and another course in Graphic Design (another subject I'm interested in, the first course they only offer in the fall.)

Well, since I already had a degree, I was automatically disqualified from getting a loan with the college, so I had to file an appeal.  I told them how I couldn't find a job despite my degree, how I was barely hanging on financially with the current job I had, and how I felt that taking some more classes could really help me out.

As you can guess from the title of the article, they rejected my appeal.  

From what I understand, "they" basically felt it would make no sense for them to give me a loan to go to a community college since I already have a degree.

While classes at the community college are pretty cheap as far as college goes, it's still out of my budget right now.  The one class I'm currently enrolled in (the other class I'm on the waiting list for) is around $430 or so dollars.  That's about almost a two week's paycheck for me (after taxes.)

So, looks like I'm not going to college this fall.

I suppose I could try the University, it'd be more expensive, but I'd probably have a higher chance of succeeding.  (Course, dunno off-hand if they have any courses I'd want/need to take.)

I was REALLY looking forward to going to college this fall, not just for the classes, but I figured it'd be a good way to branch out socially, meet some new people.  This is really upsetting to me.

I guess I'm back to square one... start over with checking all the classifieds, going back to all the online job sites, resubmitting my resumes, checking out the placement office, the temp groups, and so on.

(sigh)

Once again, I really wish I could go back in time and change the degree I took.  This degree isn't what I thought it would be and I don't think the university classes gave me enough knowledge to even get my foot in the damn door.

 

[RCMerchant]

Sorry to hear. The job market in Michigan is nil as well. If you ain't working in a factory,or on a farm-you end up in a diner. And the pay is bad. I been at the same job for 22 years...and I'm dirt poor. Do you live in the city or the country?

[Doggett]

The job market is rubbish here too.   
 

You have my sympathies.

[akiratubo]

That sucks, man.

[3mnkids]

Im sorry. I hope you find something great soon. 

[BTM]

Sorry to hear. The job market in Michigan is nil as well. If you ain't working in a factory,or on a farm-you end up in a diner. And the pay is bad. I been at the same job for 22 years...and I'm dirt poor. Do you live in the city or the country?

The city, but not a particularly big one.  If I had the money, I think I'd move to either St Louis or Chicago and take my chances there.

[Mofo Rising]

Are you disqualified for all the FAFSA stuff? You're a prime candidate for financial hardship. Of course, already having a degree will hurt you, but you should be able to find something.

Were you only looking for a loan through the college? It may not be fun, but if you look hard enough you could probably find a third-party willing to lend you the money. Granted, student loans are not fun, but the idea is that once you get a new degree you will be in a better position to pay them off.

Also, there are many charitable organizations willing to give money to prospective students. Finding them is a job in and of itself, but they are there. But you need to actively seek them out, and be willing to write an essay or three.

Lastly, and this still may not work for you, but many schools have an installment plan, where you pay a part of the tuition throughout the semester.

Hopefully you can find some way to make this work for you.

[RCMerchant]

Sorry to hear. The job market in Michigan is nil as well. If you ain't working in a factory,or on a farm-you end up in a diner. And the pay is bad. I been at the same job for 22 years...and I'm dirt poor. Do you live in the city or the country?

The city, but not a particularly big one.  If I had the movie, I think I'd move to either St Louis or Chicago and take my chances there.

I live in BF Egypt. But as far as jobs,even in the cities in Michigan -this is a dead state.  Your a graphic artist? Me too. A hard field to break into. You need connections.Try the local newspaper-it's a good way to get started, I worked for our local for about 10 years -before it changed hands and very conservative people took over. I drew ads for local buisnesses and a weekly comic strip (which caused a little controversy for it's content)-but it's a good foot hold into bigger things. If I wasn't such a drunk and loser I may have made it.
Try the local papers.Even if you only start as a copy boy-it's a good start.

[Rev. Powell]

I'm with Mofo.  You should qualify for a Federal student loan.  If for some reason you don't, you could just get a bank loan or other third party loan--you're not looking for that much money.  I'd keep investigating if I were you.

[BTM]

I live in BF Egypt. But as far as jobs,even in the cities in Michigan -this is a dead state.  Your a graphic artist?

Actually, no, I'm INTERESTED in Graphic Arts, but I majored in Information Technology.  I wish I had chosen a degree in something related to mass media, as I've always enjoyed doing stuff with photography, video and stuff like that.  Problem was, I wasn't really thinking four year plan when started college for the second time, and I was misinformed/had too little info concerning what IT was about.

The real problem, I suppose is I don't really have much of a network going (as far as, you know, knowing people in the business and stuff).  My internship was designing websites for several non-profit groups and, while it was a great job (the people actually APPRECIATED what I was doing,) it didn't really help me get in touch with anyone in the industry.  Plus, I didn't really get too know too many people in my college classes, so I can't really call on my "friends" for tips.  (Not anti-social, mind you, I just don't make close friends easily.)

I don't know, still got some "potentials" in the fire that might turn out something.  My job now isn't too bad, it's just that it's barely keeping my head above water, money wise.

[Cthulhu]

That sucks...I hope you will find a way to go to college.

[Frogger]

I live in BF Egypt. But as far as jobs,even in the cities in Michigan -this is a dead state.  Your a graphic artist?

Actually, no, I'm INTERESTED in Graphic Arts, but I majored in Information Technology.  I wish I had chosen a degree in something related to mass media, as I've always enjoyed doing stuff with photography, video and stuff like that.  Probably was, I wasn't really thinking four year plan when started college for the second time, and I was misinformed/had too little info concerning what IT was about.

The real problem, I suppose is I don't really have much of a network going (as far as, you know, knowing people in the business and stuff).  My internship was designing websites for several non-profit groups and, while it was a great job (the people actually APPRECIATED what I was doing,) it didn't really help me get in touch with anyone in the industry.  Plus, I didn't really get too know too many people in my college classes, so I can't really call on my "friends" for tips.  (Not anti-social, mind you, I just don't make close friends easily.)

I don't know, still got some "potentials" in the fire that might turn out something.  My job now isn't too bad, it's just that it's barely keeping my head above water, money wise.

Well it sucks that you are struggling.

Ok Well I would argue that the internship would have given you experience and unlikely to give you connections but it should have helped your employability. Rather than the degree route you could always find a way to use your IT job to edge you into graphic arts, such as website design. I would say to try and keep up with the interships for non profit groups.

It is an issue making a mistake on your degree, however having a degree should allow you to edge your way into a career path you want in graphic arts. Does your Uni offer any career advice to ex students? My uni gives career advice until 2 years after you have left.

I wish you all the best, retraining is always an option and worth taking if you can get a loan sorted. 

[AndyC]

What a coincidence. I've actually just been accepted into a government program where I get trained and mentored and monitored, along with a full year of unemployment insurance, while I start up my own business (screen printing, graphic design, websites, promotional stuff). And in spite of having excellent credit and sufficient household income, the Ontario government behind me, and ideas that have impressed every banker I've talked to, I've recently learned just how freaking insane and illogical banks can be.

I managed to bid successfully on a vacant church, a big, open, 1960s vintage building on a double lot on the main street. In the current market, and because of it's limited usefulness as it is, I got this thing for $130,000, conditional on zoning and financing. My plan was to turn the sanctuary into my shop, studio and office space, put a retail space out front in the narthex, and fix up the hall and kitchen downstairs in hopes of finding a paying tennant, possibly a daycare centre. I was ready to change the zoning to commercial, make improvements and actually turn the building into something worth a lot more than I would have paid.

What's more, the Canadian government will guarantee 75 percent of a new business loan of a lot more than I'd need, with just ten percent down (which I could have borrowed from family). That looks pretty darn sweet for the bank.

So, I've got a piece of real property for about $50,000 less than the asking price that will almost certainly increase in value, the provincial government helping me with my startup and the federal government ready to guarantee my startup loan. What's the problem?

None, if I needed a residential mortgage. That would have a term of 25 or 30 years and monthly payments lower than the rent on any other available space in town. But it has to be a commercial mortgage, and the bank won't do those for terms of more than ten years. I'd be paying two grand a month, not including the utilities and property tax. Why is this? Because the bank wants to ensure it gets its money back. Now, I would have thought a lower mortgage payment would accomplish that, by being easier to pay and less of a drain on the business. And they'd get more interest. Apparently I don't have enough collateral either, even though nearly all of the money would be going into a piece of real estate that is unquestionably worth more than I'd be paying for it. Again, if it was a house, I'd have no problem. What's the difference? I have no idea.

Actually, I'd probably have had no problem getting loaned the money, I'd just have a monthly payment that would give me ulcers. To me, the bank ends up making a lot more money in interest on a longer term loan, my business is more viable with the lower payment and I'm less likely to miss payments. At a ten-year amortization, they're really taking more risk. And since I'm not even going to try and get a mortgage under those terms, they're getting nothing at all. Sure, my business is not worth that much to them, but how many times does the same scenario play out?

After making all these rational arguments, and getting some agreement, it came down to policies made much higher up. I got a lot of sympathy and not much else. Freaking insane.

So, I'm looking at a vacant storefront for rent next week. I'm disappointed, but also relieved. I'll do more walk-in retail business there, and the money I need to borrow for furniture and equipment is an amount I can easily get.

[Doggett]

What a coincidence. I've actually just been accepted into a government program where I get trained and mentored and monitored, along with a full year of unemployment insurance, while I start up my own business (screen printing, graphic design, websites, promotional stuff).

There's no need to rub it in, Andy.

[AndyC]

What a coincidence. I've actually just been accepted into a government program where I get trained and mentored and monitored, along with a full year of unemployment insurance, while I start up my own business (screen printing, graphic design, websites, promotional stuff).

There's no need to rub it in, Andy.

Read down to the part where the bank f**ked up my plans.