What if I get a college bill and just don’t have any cash to pay it? What are my options?
BACKGROUND:
Due to layoffs, heavy debt to survive, no money in the bank, 16 yr. old son running off (for no good reason) to live with his mom 100% of the time (and her now taking full child support payments from me). I will have no money to put my son through college in spring 2012 as was agreed in a 2000 consent order. I have too many urgent obligations (child support, car, house repairs, mortgage, health insurance, etc.) to even save up money by then.
Due to the economy my financial situation has changed very negatively for 10 years since the consent order when I fully intended, and at the time seemed able to, help put my son through college. My son’s mother says she does not have college money either. I can’t take out a loan. She said she might take out loans (not a good idea at age 50).
I think do to changed financial circumstances the consent agreement should be changed for both our sakes. I could still pay health insurance and his cell phone. He could get scholarships, student loans, and work. He is a good student with a 4.3 average and a very bad attitude! He promised to get a job to pay for his car insurance, gas, pocket money, and save for college as soon as he got his car. Instead he ran away to his mom’s (just around the corner) and he will not even try to get a job.
Thank you in advance for your response.