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How much debt is considered a disqualifier?

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  • How much debt is considered a disqualifier?

    My wife and I have six figures of Student loan debt. It is from her going to Dental School and I went back and finished my masters. I currently work as an engineer and my wife as a Dentist. We are paying the loan down and our credit scores are good. I have always found police work to be interesting and have been considering paying my way through the academy part-time. As I read this forum I see how hard it is for perfect candidates to land employment. Would my situation be a major drawback in finding part-time police work? Unfortunately there isn't any unpaid reserve positions which would be ideal for me. So I guess I will need to enter the ultra competitive ranks of paid law enforcement.

  • #2
    Obviously every agency is different, but in general the amount of your debt is secondary to the type of debt and payment status of your debt.

    What I mean by that is this:

    If Applicant A and Applicant B each have $10,000 in debt, but A has a student loan and B has maxed out Visa card, Applicant A will be alright, while B will have some explaining to do. If Applicant C has exactly the same amount, but in gambling debt, he’s done.

    Same goes for payment status. If Applicant A has high credit card debt, but a reasonable explanation and current with all payments, they will be better than the Applicant with delinquent student loans.

    It really boils down to financial responsibility.
    I make my living on Irish welfare.

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    • #3
      Originally posted by glockwork View Post
      My wife and I have six figures of Student loan debt. It is from her going to Dental School and I went back and finished my masters. I currently work as an engineer and my wife as a Dentist. We are paying the loan down and our credit scores are good. I have always found police work to be interesting and have been considering paying my way through the academy part-time. As I read this forum I see how hard it is for perfect candidates to land employment. Would my situation be a major drawback in finding part-time police work? Unfortunately there isn't any unpaid reserve positions which would be ideal for me. So I guess I will need to enter the ultra competitive ranks of paid law enforcement.

      Student loan debt is generally viewed as far more forgivable than let's say credit card debt or excessive car loans. The cost of higher education in this country is outrageous...and student loan debt is to be expected. As long as you are not defaulting on your payments you should be fine. FWIW, at least you didn't take out loans for some useless degree that would make it impossible for you to ever repay the money owed. A dentist and engineer with student loan debt? No biggie. An unemployed gender studies major with massive student loan debt? Not going to hire that fool.

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      • #4
        Credit card debt, charge offs, and negative credit entries are what will hurt you. You should be fine.

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        • #5
          That kind of debt should not be a negative mark on you. Though they may ask how you intend to repay it if you are hired.

          I would suggest that both of you look into getting or sign up for the loan forgiveness program. Certain job fields qualify (e.g. law enforcement, public school teachers and those in the medical field). Basicly you pay on it for 10 years and after that, what's left is forgiven.

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          • #6
            It's not just how much you owe. It depends on how your entire financial history balances out.

            Go here http://lib.post.ca.gov/Publications/bi.pdf and start reading at Page 5-17.

            While this is the California standard, the principles behind it are fairly universal.
            Going too far is half the pleasure of not getting anywhere

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            • Martial_Law
              Martial_Law commented
              Editing a comment
              Bingo! This is spot on,

          • #7
            Originally posted by L-1 View Post
            It's not just how much you owe. It depends on how your entire financial history balances out.

            Go here http://lib.post.ca.gov/Publications/bi.pdf and start reading at Page 5-17.

            While this is the California standard, the principles behind it are fairly universal.
            Read this again
            Since some people need to be told by notes in crayon .......Don't PM me with without prior permission. If you can't discuss the situation in the open forum ----it must not be that important

            My new word for the day is FOCUS, when someone irritates you tell them to FOCUS

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            • #8
              Thank you all.
              L-1 Thank you for providing me with that manual. I have none of those detractors. We are very diligent in paying our bills and have no delinquencies or other blemishes.

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