I want to go back to school but I can’t get my transcript…What do I do?
You’re ready to go back to college but you can’t get your transcript from your old school.
They say you owe them a few thousand dollars and they won’t release your transcript until you pay that debt.
You asked for a payment plan. They won’t do it. They want all their money before they release the transcript.
So what do you do?
As I see it, you have three options:
- Borrow the money from family or friends or a payday loan lender
- Pay the school with a credit card or
- File bankruptcy
Let’s talk about which one is the best for you.
Borrow the money
Who do you know that has a a few thousand dollars lying around they can lend you?
In my experience, the only time my family has that type of money is during tax season. And who trying to give you their refund to help you get your transcript.
And sure, you may be able to get a pay day loan. But you’re going to need more than one. Many pay day lenders in Missouri don’t allow you to borrow more than $500.
Plus, the interest on those loans are crazy.
You don’t want to go into more debt for a transcript do you?
Use a credit card
Paying your school debt with a credit card can work. You just need to have the available limit. Either on one card or on multiple cards.
Of course, interest on credit cards can be high as well. But maybe you can get a card that has 0% interest for the first 12 or 18 months.
If you have that type of card or can get that type of card, then paying with a credit card can be a good move.
But what if your credit sucks?
So here’s the thing with using this option:
…your credit score is going to take a hit.
Your credit score is going to be several points lower after you file bankruptcy.
But you know what? You can always rebuild your credit score. You’re not always going to have the time to go to school.
The time is now.
You can do that. Here’s how:
- When you file bankruptcy, you trigger the automatic stay.
- That stay stops all collection activities against you
- Withholding your transcript because you owe money is a collection activity
So when you file bankruptcy, you can get your transcript.
And here’s the best thing:
If you owed the school for unpaid tuition, early withdrawal from classes, or other miscellaneous fees, you likely can get rid of that school debt with your other debts.
We call that a win-win.
Ready to go back to school?