Maxed out student loans?? - page 2

Hi all, Is anyone else out there lucky enough to be a part of the "I capped out the student loan limits" club? I took out loans for my undergraduate and gradutate non nursing degrees (which have... Read More

  1. by   tennyson
    It's really not the degrees I care about. All I am desperate for right now is the RN, partly because I have been unable to find a job that pays well enough. If I could get the ADN I would. But how to get the ADN without waiting 1-2 years to get into the program, then spend 2 more years completing it?

    Quote from Agnus
    get a job. get ADN go to work as RN. You will make as much as a new ADN grad as you would as a new nurse with any other degree.

    Then you will be able to work on your other degrees.
  2. by   BrandyBSN
    Definately dont put any part of college on credit cards, high rates will kill you.

    Some universities have "hardship loans" to take out for short-term use, or workstudy... have you looked in to these options?

    Also, if you have any equity in your home, you could considering taking out a line of credit against property... just make sure you can handle the payments. Normally HELOC (home equity lines of credit) have decent interest rates if only used short-term.

    I wish you the best of luck. Lack of finances are one of the most stressful situations in life. Take that from a 2002-grad-an-broke RN
  3. by   Agnus
    Quote from tennyson
    It's really not the degrees I care about. All I am desperate for right now is the RN, partly because I have been unable to find a job that pays well enough. If I could get the ADN I would. But how to get the ADN without waiting 1-2 years to get into the program, then spend 2 more years completing it?
    I repeat get a job. Not just 20 hrs per week. There are actually easier ways to earn a living than RN. Use that 1-2 yr waite to get your finances under control.

    You are already having trouble making ends meet and you usse that as a reason to get in even deeper???!!

    Going further in debt is not going to help. It is NOT the schools fault that you have $$ problems and cannot manage your debt. The money yyou get for school is for school not for your other debts.

    Also get some financial and consumer counseling. You are in deeper than you understand.
    Last edit by Agnus on Mar 14, '04
  4. by   tonchitoRN
    getting the rn is not going to solve your problems. in fact, if you are going into it for the money then you are doing it for the wrong reasons. get a book on frugal living and start paying down your debt. it can be done. the more debt you are in the harder it is to get out. don't dig your hole any deeper than it needs to be. good luck.
  5. by   nurse2be in ny
    Is moving an option for you? Not all the way to California, but maybe somewhere closer by where the cost of living isn't as high as NYC and where you might have an easier time finding a job. Upstate NY (where I live) isn't *inexpensive*, but is a heck of a lot more affordable than NYC, and there are plenty of nursing programs around. You may have to go with an alternate route, so you won't be snowed under with debt at the end of it all, and it might take you longer, but that's what I would do (and in fact am doing; I'm in a very similar situation). Tough choices, I know!
  6. by   275Main
    If you are a NY resident than stonybrook and SUNY downstate all have accelerated BSN programs which would be cheaper than a private school. Also search the NYSNA (new york state nurses association) website and look for possible hospital scholarships. I believe that national nursing scholarship program has very strict requirements. I would call someone to find out exactly what the requirements are. I do not think that the associates degree is the way to go since the waiting lists are so long. Keep looking for a job, maybe move to brooklyn or queens (if you live in manhattan) and try to get a job in one of the hospitals there as a PCT or a tech. Or just look for a job in a non health care area, work for a year and then go back to school once you have staightened out some of your financial problems. But the idea to call a financial counselor is a good idea.
  7. by   Gennaver
    Hi there,
    Whew, you are going through a lot of anxious issues. Holey cow! Okay, well, I've been in somewhat similar situations more than once and they are tough. Sometimes you forget to look at the most simplist answer.
    You worry that you can't get back to CA to get rehired at your old job.

    Those are people who know you and care for you, contact them! ASAP I'm not kidding, don't be humble, be practical and when you are able return the favor. Contact an old coworker or even employee services and let them know you aren't doing well, that you want to work and pursue your degree but, are on your own and it is a slippery slope of a loosing situation.

    Ask them to post a note to find a hosting roomate or even a local church with a social services agency which places renters with older homowners looking for extra rent money.

    Let the coworkers know in a calm but unmistakable manner how desperate you are.
    Have you let your school counselors know this? Why are you doing this solo, do you have any support network out there for you?
    Good luck! It sounds like you've done so much work already it would be a shame to watch you let yourself suffer for lack of a good situation.
    I feel for you and hope things work out.
    By the way, I know that slippery slope of not having a network you can lean on and of doing things solo and the hard way. I found out how very, incredibly easy it is to end up homeless, carless and a potential victim of people who will indeed prey on your desperation and need.
    Take action NOW don't wait to react. Then its too late.
    Jen
    Quote from tennyson
    It's really not the degrees I care about. All I am desperate for right now is the RN, partly because I have been unable to find a job that pays well enough. If I could get the ADN I would. But how to get the ADN without waiting 1-2 years to get into the program, then spend 2 more years completing it?
  8. by   tennyson
    Quote from tonchitoRN
    getting the rn is not going to solve your problems. in fact, if you are going into it for the money then you are doing it for the wrong reasons. get a book on frugal living and start paying down your debt. it can be done. the more debt you are in the harder it is to get out. don't dig your hole any deeper than it needs to be. good luck.
    I had a feeling that was going to come up...no, I am not only going into nursing for the money. Two words: social services. Now anybody understand why my current income options are so low I can't afford to pay down my debt?

    Never would I put tuition on credit cards...1st, my limits aren't nearly high enough, and 2nd, that's how I got into this mess in the first place...by using credit to pay schoolrelated expenses while waiting for my student aid to come in this year.
    Thanks for the suggestion on calling my CA employer..it's been a couple years, but they'll remember me.

    Is there anywhere nearby that's cheaper than NYC but doesn't require a car to get to & from work? Even here, the only job I could find (the one I have now) takes over an hour to commute via buses & trains. Each way. At midnight. For $10 an hour. With no benefits. Helping people.
  9. by   kellilou3
    Quote from tennyson
    Even here, the only job I could find (the one I have now) takes over an hour to commute via buses & trains. Each way. At midnight. For $10 an hour. With no benefits. Helping people.
    What are your degrees in?
  10. by   tennyson
    Quote from kellilou3
    What are your degrees in?
    Psychology
  11. by   kellilou3
    Quote from tennyson
    Psychology
    That's what I thought--my degree is in Psychology as well, and I wasn't able to find a good paying job with it. I got a job right out of college doing data entry making $10 an hour. Do administrative assistants make better money there than $10 an hour? They do here, for the most part, and while it may not be a dream job, it would be something to help pay the bills and get you in the right spot to start school.
  12. by   Agnus
    I wasn't being mean or judgemental when I said to get some consumer credit counseling.

    A lot of very smart people get into finanicial trouble where they are living paycheck to pay check. and off of credit cards unable to make ends meet unable to pay the credit debt and just getting in deeper.

    If you take out more loans now including student loans it will NOT get better after graduation with your RN.

    There are ways to solve this. But it takes a lot of finanicial savvy. Go to folkes who have that savvy. They are not nurses on an internet board.

    Find yourself a good financial advisor. I know NYC is full of them and you can find one quickly and easily.

    You probably will be told to get additional employment. If you want to work badly enough you will find work. If you restrict yourself to only looking for social service type job then maybe not. Sometimes we are in positiions where we cannot afford to be fussy about a job. You are there.

    It will be temporary. A good financial advisor or counselor will set you up on a plan to pay off your debt, and not have to worry about where the food and rent are comming from.

    If you default on any type of student loan you can hang up getting any degee, you can hang up getting any credit. These loans cannot be declaired in a bankruptcy.

    They cannot be discounted. So get some financial help. NURSES are not financial experts and that is what you need.
  13. by   LauraF, RN
    You know I don't think it would all be bad to take a semester off and get things in order. It sounds like you need to get a job and get some money ahead first before you do anything. What about a nursing assistant job so that you can find out if nursing is really what you want to do. It is frustrating not having the money to go to school. If you are in such poor financial shape you should be able to qualify for a grant. I got my LPN in 9 months. Then I have been working for awhile and currently going to bridge to an ADN program. I will only be in the RN program for 2 semesters. It is something to think about.

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