This poor economy has finally freaked me out

[mrs_p]

My husband (a wildlife biologist) has been out of work for over a year, but we have been able to live off of savings and school loans while I'm attending grad school in Colorado. My sister lives in our Seattle home and pays most of the mortgage. We try to stay within budget and have been scrapping by each month, though it has been getting harder and harder. Now, I just found out my sister will be getting laid off from Qwest (http://www.bizjournals.com/seattle/stories/2009/01/12/daily25.html?ana=from_rss) and if she can't help out with the mortgage and no one is willing to buy our house, I'm scared to death that we may have to go into foreclosure. Which, probably means no more school loans, and no more school. Hubby may have an opportunity to work as a biologist on a fishing boat up in Alaska, but not for a few months. I'm officially freaked out and not quite sure what to do next to make sure we don't lose everything.

[eridani]

1. How long left until your degree?

Can you take a leave of absence?

[mrs_p]

6. 5.5 years

it's a joint degree program, where i get both a dvm and a phd - supposedly, i should be able to find work afterwards...

[northernlights]

10. can you switch to a single degree program

and get your degree much faster? 5.5 years is a long haul to go in these times.

Maybe if you focus on 1 degree, get it, get back to work, you can do the 2nd degree later, after the economy improves.

[mrs_p]

11. unfortunately, no

i must complete both or leave the program completely. but, who knows, maybe i can work something out if the circumstances get bad enough.

[Delphinus]

2. {{hugs}} mrs_p.

I truly do feel for you.

It does seem you're in the right field currently, infectious diseases.

I hope all works out for the best of everyone.

[mrs_p]

7. thank you

i think it is may only be each other and loved ones who can help us through these times...

[fed_up_mother]

3. Take a deep breath.

I'm really sorry about your situation, and I hope something comes through for you.

You're just a step closer to the situation many of us are feeling right now.

Good luck.

[mrs_p]

8. thanks, maybe

we could have a forum for those of us barely making it - maybe exchange tips on how to live as meagerly as possible. best if wishes to you too.

[uppityperson]

4. They are closing a regional call center to focus on helping customers within their region?

wtf? That makes no sense.

“a company move launched this year to create a regional alignment for all customer call centers with the aim of allowing representatives to focus on helping customers in states within their region. Under this arrangement, consumer credit and collection functions for the West region will be handled at an existing call center in Boise.”

It is getting scary, wishing the best for you and all.

[JoDog]

5. Welcome to the freakout

It sounds like some of the worst has happened to you. A few ideas:

1. Try not to panic. Harder than it sounds, I know. Remember, you're not alone in all of this.

2. Unless your sister has another job already lined up, tell her to start the process of filing for unemployment immediately after she is officially laid off.

3. Consider talking to your mortage holder. You may be able to reach an arrangement with them to lower payments for a few months, especially if your husband has some work on the horizon.

4. Take a harsh look at your education/work goals. This sounds cold, I know, and I'm sorry for that. Is it realistic to think that getting the degree you are taking out loans to persue now will be economically worthwhile in the current climate? Is there hiring going on in the field? Will you be able to earn your degree soon enough to take full advantage of those trends? Is there any way you can speed up the process--take on more classes, more lab time, etc. Or would it be better to take a leave of abscence, try to find even a crappy job, and re-evaluate when the fall semester starts?

5. If some of your monthly bills are rotating consumer debt, get in touch with a reputable credit counseling agency. They may be able get the payments lowered for you. Or negotiate with the banks yourself.

6. Consider getting a consultation with an accountant or a bankruptcy attorney. They can give you an outsider's view of your finances and what your options are.

7. Decide what your priority is. Is it keeping the house? Getting the degree? Making money? Then use that to help guide your decisions.

I hope it works out somehow Mrs. P. Here's a hug from someone who's in the ditch herself :hug:

[mrs_p]

9. great thoughts and ideas

unfortunately, school is a 7 year program to get a phd and dvm... my mentor has just hired me hourly (even though i should have been getting paid for the last 5 months), so i think i will just jack up my research and take a hit on the vet school grades (as long as i stay above 70%, i pass). thanks for your suggestions!

[tech3149]

12. I hope you all can hold out

I quit working back in 2002 and swore not to go back to work until Jr was gone. That wasn't my primary reason, but it was a good reason for the day. To be honest, I'm just tired of being a wage slave. I managed to squeak by living on a subsistence budget. It won't last much longer and when I need to go back to work, I'll take anything that lets me serve the greater good. Fuck my career, that's been blown by the throw-away nature of our world today. I'll be happy to get a few bucks to see people be happy for how I can improve their lives.

It really hurts for you to be in debt or not have a nest-egg to live on. Don't worry about going into foreclosure or taking the kids out of school. Sometimes the more you own, the more it owns you. As far as the kids, they're pretty resilient and since you're are here, I expect you are smart enough to teach them yourself.

Take a deep breath and remember, you still have family and people you love and who love you. And remember that those are the best reasons and best help to get through the hard times. Beyond that, there are those of us out here that may not know you that well but still think of you as family.

Depending on what options seem good to the family, I'd bet that you could get at least 20 offers to help you get through these lean times. After all, we're all in this together.