[bfrdncr41]

Originally Posted by salsaking

I've applied at Cal State Long Beach, Cal State LA, Cypress, Harbor, Long beach city, and El Camino....... got tired of all the rejections and waitlists.

Same here, I applied at Saddleback and Golden West. There is a minimum 3 yr wait. I've waited 2, I can't wait any longer. If I have some debt when I'm out so be it, I gotta move on with my life.

[salsaking]

Originally Posted by GizmosMom

From salsaking:

I wish the loan didn't begin accruing interest until after you graduate, how do they expect you to pay the interest on a 36,000 loan while attending school on a full time basis?

You've got to pay interest on the loan WHILE IN SCHOOL? I didn't know that

Didn't they strongly discourage working while attending school?

Yep. If you've gotta' pay interest WHILE IN SCHOOL, I don't know how I can do it either. I don't know how anyone can do it. Oh I know - You just tap your trust fund

Yeah it's really discouraging. I guess you can just let the interest balloon for a couple of years and end up paying 70K+ in the end.

[GizmosMom]

From tsala:

I will be going to Concorde, however, for their LPN program. It's not cheap, but I will get full Pell grant for both financial years and Stafford loans, so that should cover it.

That's good news I know how you feel about DSON, though - seems like a good school but trying to finance is a bear. I'm still looking at Concorde but the cost is scary there, too. However like you (even though I'm no youngun' ) I want a good job that's always been a dream for me in many ways and the thought of getting "just a job" somewhere is very depressing

What time are you starting the LPN at Concorde? I know there's a class starting this April 21 and then I think there's one three months later.

Just a thought, but if you can get Pell and Stafford for the LPN program at Concorde, did you look into using Pell/Stafford for their RN program which starts July 7???

Good things will happen for all of us - I have to believe that - because none of us trying so hard are giving up

[GizmosMom]

From salsaking:

Yeah it's really discouraging. I guess you can just let the interest balloon for a couple of years and end up paying 70K+ in the end.

Such a bummer - you're either faced with a very, very long wait that may not be possible to wait out or you've got a big bill at the end of it. The light at the end of the tunnel is that you would have a profession and not "just a job" that you take just to get by.

BTW: I lived in LA a long time ago and there's no way I could afford my old apartment there now.

[salsaking]

Originally Posted by bfrdncr41

Same here, I applied at Saddleback and Golden West. There is a minimum 3 yr wait. I've waited 2, I can't wait any longer. If I have some debt when I'm out so be it, I gotta move on with my life.

Yeah same here, I've waited a year and a half and it feels like such a waste of time. I just want to get school over with and get my career going already. Now my only question is, how much debt is too much debt?

[bfrdncr41]

Originally Posted by salsaking

Yeah it's really discouraging. I guess you can just let the interest balloon for a couple of years and end up paying 70K+ in the end.

I think the best thing to do is try to save up now and pay as much as you can with cash.
How do you figure Sallie Mae will double by the time we are out of school? The interest rate is about 5%

[GizmosMom]

I think just the fact that you're thinking about "how much debt is too much debt", salsaking, shows that you have a good head on your shoulders and are realistic for a young guy You're thinking long-term. I guess you have to say to yourself (and this is what I say to myself - a LOT), "What will I be doing in 2-3 years if I don't do this - and take on the debt that goes along with school?" If it's a profession such as nursing which has possibilities for employment, advancement and pays pretty well, it's probably worth the risk.

That being said I know how you and everyone else feels about more debt. It's darn scary. It's a big commitment. And I'm not going to see my 50th birthday again. Heck, I'm not going to see my 55th birthday again either. And I'm still thinking of re-careering myself. Unless you're born super rich, the days are gone when you can just hang it up and put your rocking chair to work.

Besides - I like learning and working and feel I've still got it in me. Now about finding the bucks for it and still eat and have a place to live . . .

[salsaking]

Originally Posted by bfrdncr41

I think the best thing to do is try to save up now and pay as much as you can with cash.
How do you figure Sallie Mae will double by the time we are out of school? The interest rate is about 5%

Did you already apply for the loan and get 5%? That's a pretty low rate for the SM loan, most people seem to be getting around 8% or so. Also you need to keep in mind that it is a variable rate and it can go up on you. Let's say you take out 40k at 8% and get on a 15 year payment plan. You would need to pay $353.59 a month for 15 years which will end up costing around 64k total. Now that's if you begin paying right away! If you only pay the interest or if you wait till you are finished with school to begin paying then you will be paying a lot more.

[bfrdncr41]

I applied just to see what it was going to be. I got $20k at 5% on my own. It will probably double if I get a co-signer. Honestly, I think it's worth it. We're young and have years to work. I think of people who have been in school for bachelor's degrees in subjects that do not have job prospects and they are in at least $80k debt. At least we know nursing jobs will be in demand and we will have steady salaries!

Originally Posted by salsaking

Did you already apply for the loan and get 5%? That's a pretty low rate for the SM loan, most people seem to be getting around 8% or so. Also you need to keep in mind that it is a variable rate and it can go up on you. Let's say you take out 40k at 8% and get on a 15 year payment plan. You would need to pay $353.59 a month for 15 years which will end up costing around 64k total. Now that's if you begin paying right away! If you only pay the interest or if you wait till you are finished with school to begin paying then you will be paying a lot more.

[tsalagicara]

Thanks. I'm looking forward to going to Concorde, and will be starting the LPN program on April 21st. I have looked into the RN program, actually scored plenty high on the N.E.T. to get in, but the cost for their RN as of right now is a little over $40,000. I would be able to get both full Pell and Stafford with the RN program too, but would still have to take on an additional private loan to make up the difference. So, I'll just go for the LPN for now, I have heard that the LPN program there is very good, and it's been around for a lot longer than the RN program.

I do agree with you that good things will happen for all of us. We just gotta keep on keepin' on! Good luck to all of you that are going to DSON and other places, hopefully we won't all be buried in debt when it's all said and done.

Originally Posted by GizmosMom

From tsala:

I will be going to Concorde, however, for their LPN program. It's not cheap, but I will get full Pell grant for both financial years and Stafford loans, so that should cover it.

That's good news I know how you feel about DSON, though - seems like a good school but trying to finance is a bear. I'm still looking at Concorde but the cost is scary there, too. However like you (even though I'm no youngun' ) I want a good job that's always been a dream for me in many ways and the thought of getting "just a job" somewhere is very depressing

What time are you starting the LPN at Concorde? I know there's a class starting this April 21 and then I think there's one three months later.

Just a thought, but if you can get Pell and Stafford for the LPN program at Concorde, did you look into using Pell/Stafford for their RN program which starts July 7???

Good things will happen for all of us - I have to believe that - because none of us trying so hard are giving up