Sharon LoManaco, 65
Weed, Calif.

At age 61, I decided to go back to school to get my bachelor's degree. I am a professional quilt maker and artist, and I wanted to improve my opportunity for employment when our economy recovered. My hope was after earning a Bachelor's, I could teach art classes.

I chose a for-profit online art school because I live in a very remote area a long way away from any college.

Four years later, I am six classes away from graduating with my bachelor's degree and a 4.0 GPA. But in November, my federal financial aid was exhausted and the school kicked me to the curb. I have no degree, no job and $75,000 in student loan debt ... and that is before any interest.

No reputable college will accept my credits for transfer so at this time I have to basically start my degree all over again. I've already lost four years of possible earnings and now I must proceed with no funds.

I am currently enrolled in classes at my local community college simply to keep the student loan hounds at bay until I can figure out what to do. I may just have to keep going to school for the foreseeable future as Social Security is my only income, and I don't see how I could make loan payments out of that and I don't want to go into default.

By Annalyn Censky @CNNMoney - Last updated July 24 2012: 4:48 PM ET
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