Expert: David Disraeli - 7/10/2009

Question
My current situation, might be like a lot of people that are a lot older than myself.

I am going to be 21 very soon, and I currently live with my father.  I have all but 3 bills to pay a month, my car and it's insurance and a cell-phone bill.

Now, as of right now I pay for myself for everything, food, gas, and everything inbetween.  I'm finding that between my bills and that it costs me around $600 a month just to really get by with my familys current financial situation.

I should also mention, that I have torn my left ACL twice, but it somehow does not qualify me for any sort of social security benifits.

I really want to go back to school, but right now I'm working a full time job that nets me about $450 every other week after my health insurance and all that good stuff is taken out.  I get extremely sore by the end of my work week due to my weakened left knee.

I want to go back to school, I don't see myself getting out of this situation without doing so.  I've made up my mind, and I want to be an MRI tech, mostly due to the respect for the people I have who've done the 3 I've gotten.

My issue is, I currently don't feel it would even be remotly possible for me to go back to school.  My bills would inevitably increase with the added travel time, and basic expences for daily life would probably increase down in a city than it does in the town I live in.  I don't think with the current condition my leg is in, and will be in for probably the rest of my life I could bare doing the student AND full-time job thing.  I can't go part time, because my leg is not in the greatest condition, and going down to part time would increase my health insurance cost by roughly $250 a month.

What are my options?

Answer
Well Dan you don't ask easy questions do you!?

You've mentioned a number of issues.  You won't be considered "independent" until you get married or turn 25 (could be 24).  You didn't mention why surgery wouldn't fix the knee since you have insurance.  I can see whey that would undermine your efforts.

Also I don't know what the MRI tech schools can offer in the way of financial aid - but traditional financial aid is a possibility.  You must take nine yours/semester to get any aid.  You may be able to live on campus and work on campus.

But here is the problem, your income counts at 50 cents on the dollar against any aid package.  I know it seems unfair.  Here's my first suggestions.  Get a free subscription to www.collegedata.com.  There you can research schools and find out what you qualify for by filling out the questionnaires.  You can also research schools that have the program you want and offer aid.  Once you do that, get back to me with the results.  

I applaud you for wanting to improve your situation.  One final note, whether you live with you parents or not, you still have to count their income until you qualify as independent.  By the way, how many hours do you have now and what is your GPA?

I look forward to hearing how this goes.  You're right social security only pays for total disability and they mean TOTAL.

Here is the official definition of "independent student"

Be 24 years of age or older by December 31 of the award year; Be an orphan (both parents deceased), ward of the court, or was a ward of the court until the age of 18; Be a veteran of the Armed Forces of the United States; Be a graduate or professional student; Be a married individual; Have legal dependents other than a spouse; Be a student for whom a financial aid administrator makes a documented determination of independence by reason of other unusual circumstances.
Regards,

David Disraeli CFP
david@lifepln.com

Feel free to email me directly