[Stef82]

Thanks for the welcomes! I am in the Adult and Women's Health track. Can't wait to meet everyone and get started!

[fnp4me]

Congrats Stef82!!

[PurpleBee]

Hi!
I started looking for private student loans this week and I applied to only 2 thus far. I applied with a co-signer and this is what I received:

1) Sally Mae -- Interest Rate: 4.50 (this varies and is based on a simple calculation: Prime Rate - 0.75 . The prime rate is what changes frequently, and at this very moment the prime rate is 5.25. The 0.75 was calculated based on the credit check and who knows what)
2) Citi Bank -- Interest Rate: Prime Rate - 0.5% (when I called, they told me that the primary is 6% and so my interest rate would be 6-.5 = 5.5%)

Both lenders gave me the entire amount I asked for, their interest rates are variable, they charge no penalties for paying the loan sooner, and they both offer a grace period of 6 months after graduation (or dropping up to part time student or leaving school).

http://www.bankrate.com/brm/ratewatch/wsjprimerate.asp This is a nice website to track down the Prime Rate. As you can see, this month PR is 5.25 and a year ago was 8.25

I haven't yet decided on the loan, although it's pretty obvious Sally Mae is more convenient. Could you share your Interest Rate and from whom you obtain it from? Should I keep hunting? I had a lot of stress and frustration over this matter. Good luck!

[fnp4me]

For private loan purposes, are we considered undergraduates or graduate students??

[PurpleBee]

Undergrad, because we are getting our BS. If you remember when filling out FAFSA, Oscar told us to say that we are 5th year undergrads.
When taking private loans, you get better deals for undergraduate studies.

[fnp4me]

Did everyone get their welcome card and gift from the alumni association? I have a feeling we'll be using it a lot - lol

[PurpleBee]

Yes, I got mine too. I think we paid a lot of money for that gift. I look forward for more surprises.

[PurpleBee]

My dears,
Please be aware that even though Oscar sent us the federal Stafford loan letter and informed us of how much money we qualify for, we need to apply separately for the Federal Loan. (this was news to me, so I thought it would be helpful for you to know as well)
There are different lenders with different deals. Just for your information, Sally Mae's Trust lender drops .65% of the federal interest rate if you allow them to take the money directly from a checking account each month, or they give you back 4% of the first 12 payments made on time. I did not search other lenders, since I thought what they offer was ok and plus they are "friends" with Columbia Univ SON. I am not advertising Sally Mae, I am only sharing the info.

[Alexandria8]

It's finally starting to feel real...I can't believe that we'll be starting three weeks from now! I'm definitely feeling a bit more anxious as the date approaches, but I guess that's to be expected. Do we need to order our book package from the bookstore before we get there to get the discounted price or will they be available during orientation? Is everyone else as excited as I am?! See you all in NY, whoo.

[columbiaetp04]

I am a columbia etp graduate. I cannot stress enough how economically stupid it is to go to an Ivy League School for nursing. At a maximum when you finish you can earn a salary of $65,000 to $70,000 a year. In the meantime you have racked up over $115,000 in debt to earn a master's degree. This is equivalent to a $1000 monthly student loan payment. What's important to note is that friends of mine who graduated from SUNY Downstate have less than $25,000 is debt, yet they earn the same salary as me.

Remember, nursing school is not medical school or dental school. Virtually anyone who wants to get into any nursing school can get into any nursing school they want. (Except CRNA programs.) Going to state nursing school will offer the same benefits as going to Columbia.

Going to Penn, Columbia or Yale nursing schools will ruin you financially.