how did you pay the bills during school? Hubby freaking out!

[marcieg]

I am going to start my actual nursing classes in September 2006, and my husband is freaking out (to put it mildly). He knew this was coming, and now that I have been able to find out what semester for sure, he is in a panic about money.

We have been working hard to pay things off before then, because we are anticipating that I am either not going to be able to work or only work reduced hours, but we will still have car payments, mortgage, etc. and not all our other debt will be paid off.

Were any of you able to creatively finance the gap in pay while in school? I am willing to go to school part time and work full time if needed or vice versa, but we both agree the sooner I can get done and bring more income in the better. I plan on getting a Stafford Loan and any other aid the school can offer, but we are afraid that it still won't be enough to keep us afloat.

He already works 2 jobs, while I work full time and also attend classes. We also have a 13 year old that someone needs to be keeping an eye on.

There is not much more we can cut down on, the only luxury items we have are basic cable and DSL for the internet (mostly because I need that for school). Everything else goes to pay down debt. Any ideas?

Thanks for any advice!

[SnowymtnRN]

IMHO, being available for my kids (vs working - and I know others feel the same way ) is worth the cost of the student loans. They can always be prepaid w/out penalty.

SJ

WELL SAID!

[sugabuga]

Amen sistah! You're going to be in some kind of debt the rest of your life (unless your a trust fund baby) so it might as well be for a good reason. I'm not taking out student loans because I'm lazy or because I don't know how to manage my money. I'm doing it because I live in a small town with very few jobs and the ones they do have don't pay enough to pay bills alone much less pay for school as well. I'm happy for those who are able to do this without incurring any debt, I really am. But don't tell her not to take the advice of broke people. God forbid we do everything we can to better ourselves.

[Jo Dirt]

I don't know if you mean that we, those who posted advice, are broke (because we took loans) or just are saying that in general.

In the event of the former, I would like to say that I am not broke, have significant investments but do not want to touch the principle. Also, I would like to take part in the loan forgivenss program, but in order to do that, I need to have loans.

We have a lovely home, but live modestly, drive older cars w/ no payments and rarely use credit cards. If we do, they are paid off at the end of the month.

I agree credit can be a slippery slope, but it is there for a reason, too. If used responsibly, it can make an college education available where someone may not be able to otherwise have one.

IMHO, being available for my kids (vs working - and I know others feel the same way ) is worth the cost of the student loans. They can always be prepaid w/out penalty.

SJ

I thought some might have taken that remark I made like I was suggesting everyone who takes student loans is broke so I have to eat crow in this one, as that is not what I was trying to say. I just have known people in debt up to their eyeballs (like that guy on the LendingTree commercial) who feel like they are in a position to give financial advice.

I remember someone suggested I didn't think the advice I was giving was good because of how I worded it, but this isn't true. If I didn't feel like it was worthy or good advice and I hadn't done it myself I wouldn't have suggested it. Maybe I am Poindexter the nerd with a pocket protector but I've been living this for awhile and I was able to pay off a $157,000 piece of property (a modest house with 40 acres) while being an LPN with three children (though I was able to make a $24,000 down payment which cut the cost down some and I sold a piece of equipment for $16,000 to pay on the place also) and I'm not a spring chicken but fairly young (30 yrs. old)

I admit, I pour over my finances daily and it's almost an obsession, which is why I get so excited when I see someone post about it and I can't help but spread the gospel. Some people don't mind the debt but it drives me looney.

Well, anyway, I get a feeling the OP's finances are somewhat strained or she would not have posted. In that case I would have to think that cable (basic or loaded) is not a necessity, and unless you are under contract with a cell phone company a cell phone is not a necessity.

I understand what she means about the car deal but it sounds like the pay probably isn't worth driving such a distance to work if they can't get to work in a cheap car. Being new is no indication of how reliable a car will be. I have had new cars and it is always something with them.

My point is if there is a will there is a way and no one has to live paycheck to paycheck. There are people who make a lot less than we do who can manage to save their money.

I still wouldn't suggest loading up with debt to get through school.

[sugabuga]

Didn't mean to sound testy. I just get irritated because my parents think I'm ignorant for taking out student loans. My hubby is going to school too so it's more of a necessity. But...we're not quitting our jobs. We're taking out the maximum loans each year and sticking them in a savings account. We only use what we absolutely have to and the rest gains interest. What's left will be paid back immediately.

[Suninmyheart]

You could get an education one loan from bank one. You just have to show proof that you are enrolled in a school and they will lend money for education, even living expenses.

It's a private loan so you have more control over it without having to go through the school.

Also, don't forget that your financial situation is not permanent. It's not going to be this stressful forever. There is light at the end of the tunnel! :)

I am curious if you came across any bank student loans that do not have income guidelines or require a co-signer. I guess I am dreaming. My experience checking into this is that I do not make enough income. I need a school loan so I can work less but can't qualify for the loan because I don't work enough.

Yikes!

[mandrews]

I didn't qualify for any financial aid because of my husbands income and he had a job he hated. I went to a 26month diploma RN program. He paid my first semester from his savings account. I FOUND OUT MY SCHOOL HAD FOUNDATION GRANTS THAT ANYONE COULD APPLY FOR, AND MOST EVERYONE WHO APPLIED GOT SOMETHING. MY GRANTS ALWAYS PAID FOR A FULL SEMESTER AND I RECEIVED TWO GRANTS. One day I came home and he told me a storm had blown over timber on some land his parents bought him when he was a teenager. He put aside the timber money to pay my tuition and I told him when I graduated, found a job, and became eligible for insurance he could quit and find a lesser paying, less stressful job.

I now have a career and I have a much happier less paid husband!!

melissa

[LilRedRN1973]

We have a program here in the Western part of the US called WICHE. You agree to give 2 years to an underserved population (just about any hospital in this entire country is considered "underserved" with the nursing shortage) and they pay for your school, including books.

I was very lucky...my hubbie's GI Bill paid for my nursing school in its entirety. He received around $1400/month for attending school full time and after the first month or so, both of our semesters were paid for and we saved the next month or so of that $1400 in a savings account. He did this through the entire 2 years of nursing school, while working a full time 12-hour night shifts (he went to school on a full time basis to earn that $1400/month).

I also sought out an Apprentice Nurse position after my first semester of school. I was paid $12/hour and worked up to 3 shifts a week, my choosing. Then, after my 2nd semester of school, I took the position of Apprentice Nurse II. My scope of practice was extended to all patient care, charting, etc. and I was paid almost $17/hour. It helped tremendously with the bills. We still owe some money but it will be paid off after I get my first paycheck, which will be a whopping $2000!!!! I almost don't know what to do with all that money....teehee!!!!

I understand about financial difficulties. It's been hard getting through school with 2 small children that my hubbie receives a pittance of CS for ($200/month for both children) while their mother goes off and plays (she has no job, no school and spends her day shopping, getting nails done, etc). Husband and I are sitting there, trying to figure out where we are going to get enough money to buy the kiddos school clothes, etc. I'm SO relieved I'm bringing in a good amount of money now....we won't have to worry about how to pay for school clothes, we can now sign the kids up for soccer, etc.

If you can do it without loans, do it. I look back and am SO glad I don't owe a dime for my education. But if it's what you MUST do, then make sure you only borrow what you NEED. I watched a lot of my classmates borrow a lot more than they actually needed and then proceeded to waste a lot of that money, which they now owe back!

Melanie = )

[FNimuaeMae]

Well, I was still living at home with Mom during nursing school, but I still worked, both as a cashier in a supermarket then as a CNA at a NH. Worked every Friday, Saturday, Sunday and Monday 3-11, occasionally a double shift 3p-7a. Tried to work OT on school vacations. Paid the bills anyways, though the older you get the more bills you accumulate.

Missy