[momcrna]

Just finished training. Here's how I funded education with family of 5. Max on Stafford (interest rate on consolidation loan will be very low and over 30 year term so very low payment and no prepayment penalty). Two alternative loans that cannot be consolidated so will be first to be prepayed. I took the alternative loans early while maintaining per diem status employment at a hospital that allowed me to work one or two days per month. Thus showed positive employment and previous year's salary from time I was still working. Fixed equity loan on house to cover the remainder. It does take a lot of jockeying of funds to make it financially. I looked at training is an investment in myself for the future and the loans as a vehicle to achieve the goal. I looked at each loan option prioritized it for interest rate, fees, ability to defer and consolidation options. Then went down the list to make it to the end. Good luck to all beginning the process.

[michewa]

ok, so i feel like a bit of a moron in that i'm still a little confused about all this. from reading through the posts, i know there's money out there and available, but am confused about the cap the school has put on loans and whether i'm technically allowed to borrow anything over that. Even though i qualify for alternative loans the school's handbook states "Alternative loans cannot exceed the Cost of Attendance, minus Federal Stafford loan eligibility, minus any other sources of financial assistance the student may have received."

looking into the sallie mae loans, even though some don't require school certification and the check can be dispursed directly to me, it still said they were required to make the info available to the school.

...just don't want to plan on the money and get into trouble for it later.

[ECU_CRNA2B]

That is why alternative loans that do not require school certification are the ones you (and others in our boat) need. Your school will not 'certify' or approve you to recieve more money than it costs to go to school (i.e. tuition, books adn dorms etc.)--in their eyes this is all the money you need. School loans that do not require certification allow you to cover expenses that your (and 99% of other schools) do not realize we have. Your school will not know about the alternative loan unless YOU tell them (which would be not a very smart thing to do). YOu get what the school gives you--staffords, plus loans, grants, scholarships, etc to pay for your tuition, books, earpiece, labcoat, books, PDA all that fun stuff. You use your alternative loans to 'live' off of. And yes, any interest you pay on them during school (if you elect to do so--becuase you don't have to) is fully tax deductible, just like gov't loans and other financial aid.
hang in there!!!
K

[michewa]

k...

kinda figured that's how it all went down, but wasn't for sure so thank you so much for being patient and spelling it out for me

whew! can't even tell you how relieved i am right now!!!
what a weight off my shoulders--at least until i have to start paying it all back, but for the substantial payoff of a more enjoyable job and bigger paycheck it'll be worth it.

yay!

[denverlover]

thanks for a ll of the awesome help!!

[ArkyCCRN]

I just wanted to say how surprised I am that this thread has been used so much and Im glad that it's been helpful for a lot of people. This is one of the fun parts of going back to school and what was helpful for me was just seeing what everyone else chose to do.

Just finished my first semester and it's hard but when you're doing your labs and getting to kind of see what it's going to be like when you're done it's worth all the headache before school starts and during. So get ready!!!

[schway]

Firstly, thank you all for the information regarding finances for school. Just a quick question. Do I need to apply for my Stafford loans before the private loans?

thanks,
schway

[ArkyCCRN]

I dont THINK your federal loans have an affect on private loans. I applied for my federal loans first and then applied for my private loans later. The ONLY THING that was really stressed to me was to apply for my PRIVATE loans BEFORE i quit my job so it shows that I have a job and income. If you apply after you quit you'll more than likely have to get a co-signer and it could affect your APR and fees and all that.

[kcwolf200]

Can we make this thread a sticky? It has been very helpful to me and I am sure others. This would keep people from having to search to find it. Thanks.

[ArnieRNRRT]

Greetings everyone,

I am not starting my program until Jan 2007 but, I was wondering what the right time frame is for starting the application process for private loans?? I assume the financial institution will require some type of documentation to prove you are indeed enrolled....Is acceptance letter good enough? or will they want to see more detailed course registration forms?? I will not feel totally at ease until I have all the loans secured and can be sure tht my family can eat next year...LOL.
Thanks for any advice
Arnie