[neurogeek]

Please help! I am applying to the CRNA program for class of '08. Have any of you found great difficulty getting loans for cost of living with not so great credit? I am really worried about this.

[jackson74]

Neurogeek,
I don't have great credit...made a poor decision several years ago on an investment. Anyway, I just listed my wife as a cosigner (with her permission of course) and was able to get all the money I needed. I wouldn't have gotten the private loans without a cosigner.

[mvanz9999]

What if you've both got really bad credit?

[nursekern]

Hello everyone! I'm currently on the search for the dollars. I have accepted the Stafford loans and the PLUS loan that school's going to "allow" me, totalling about $40000. I have read through this thread so many times, it's so great!

My question is should I wait for the federal ones to go through before I apply for the private ones? That seems to be the general consensus, but if I can do it sooner, I really want to. Please, if anyone has experience in this area, help me out

Nurse Kern

[HillaryC]

I too am going through the search for money. I am also under the impression that you should take advantage of federal money first, then use other loans for the rest. My school is being really S-L-O-W awarding financial aid; I still don't know what I'm receiving. I am a little confused about the Grad PLUS loan; does it only cover expenses deemed reasonable by your school? I'm looking into doing a home equity line of credit but first have to figure out how much I'm going to need to live and how much I'll even qualify for.

Anyone else have recommendations? Thanks.

Originally Posted by nursekern

Hello everyone! I'm currently on the search for the dollars. I have accepted the Stafford loans and the PLUS loan that school's going to "allow" me, totalling about $40000. I have read through this thread so many times, it's so great!

My question is should I wait for the federal ones to go through before I apply for the private ones? That seems to be the general consensus, but if I can do it sooner, I really want to. Please, if anyone has experience in this area, help me out

Nurse Kern

[smillerj]

So where do I find out about this residency loan. How is it different?

[smillerj]

I am scared to death about taking on so much debt, but everyone has been so helpful. My questions is, does anyone know anything about a residency loan that could provide an additional 12,500? I saw it mentioned in one of the postings. Also can anyone shine any light on the subject of additional FASFA funds since CRNA students attend summer semester????

[HillaryC]

Hi Jackson74 (and others),
I'm starting in August too I was wondering if/why you decided against the federal PLUS loan. I am trying to decide whether to accept the PLUS loan instead of doing a home equity line of credit (HELOC). I am pretty sure I'll take the max amount of Stafford loans available to me. My concern is that there appear to be severe restrictions on how much student loan interest is tax deductible. It looks like single people with a modified adjusted gross income (MAGI) of >$65K can't deduct any student loan interest, and the max deduction for singles with a MAGI of <$50K is $2500/year. Here's the info from the IRS website:

http://www.irs.gov/faqs/faq-kw187.html

Has anyone else compared some of these loans to taking money out of your home? I'm really a bit torn here, as the interest rate on a HELOC is variable and payments are not deferred, but at least all the interest is tax deductible.

Does anyone know of any sites that offer unbiased info about student loans? I'm finding it very difficult deciding which way to go with this. Thanks!

Originally Posted by jackson74

I'm starting Aug. 07. Here's what I did regarding private loans: $30000 Sallie Mae tuition answer loan and $23,800 Bank of America education maximizer loan. Add that to the $13,500 stipend from my school and the $46,500 I'll get in stafford loans throughout the program...I should be pretty well set. I would suggest to anyone who has yet to go through this process to borrow before quitting work.

[cheat25]

I will be starting school in August. I have seen here that it is reccomended to get private loans before quitting work, but how do I do that if I don't actually start school until August? I have looked at Wachovia and Bank of America, but I am under the impression that you have to provide proof of enrollment like a transcript. The only thing I have is an acceptance letter. Will someone who secured private loans before their school started tell me what proof of enrollment they used? Thanks! - Carollynn

[jackson74]

Hillary,
I was turned down for the GradPlus loan as a result of poor credit and they do not permit cosigners.

Cheat25,
For Sally Mae and Bank of America, they requested a copy of my acceptance letter, check stub from both me and wife (cosigner), and a copy of the classes I'm registered for this fall. Pretty simple really.

Good luck to both of you!