Maxed out student loans??

Nurses General Nursing

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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 certainly not paid off), and now that I've been accepted to my first choice accelerated BSN-MSN program, I need to borrow $50,000 despite receiving a 50% tuition scholarship. Although I gasped when I first saw that number in my financial aid package, I came to the decision that since I would be able to work as an RN within a year, and receive tuition reimbursement either through my employer or the government, it was worth it. But when I applied for the signature loan, I was rejected. They haven't yet told me why, but I saw something about aggregate loan limits on the Sallie Mae website and figure I probably maxed out my borrowing amounts. But I have never been able to make a payment on my prior loans because in the jobs I've held, I never make enough and qualify for debt-income ratio forbearance! However, if I was able to begin working as a nurse in a year, I would finally be able to pay back some loan money! But I can't begin working as a nurse in a year because I owe too much money to go to school! Going to a traditional program would take much longer, I would only be able to afford going part time, there are waitlists, etc. So I would be missing out on a decent salary during those years. I know I got myself into this mess by taking out so many loans in the past, now I'm just at a loss. I'm ready to throw in the towel... :crying2:

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.

Specializes in Pediatrics, Geriatrics, Call Center 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.

I'm confused...if you don't already have your ADN, how can you get into a bsn-msn acceleration program. You have no nursing experience, but you will be able to be an RN in just one year. That sounds really fishy, and I think you might be missing some fine print. You need to have a bachelors in nursing in order to get into a bsn-msn program I thought. Am I the only one who thinks its weird?

I'm confused...if you don't already have your ADN, how can you get into a bsn-msn acceleration program. You have no nursing experience, but you will be able to be an RN in just one year. That sounds really fishy, and I think you might be missing some fine print. You need to have a bachelors in nursing in order to get into a bsn-msn program I thought. Am I the only one who thinks its weird?

There are programs that allow this if you have a degree in another field. I am guessing the idea is so that you are not back peddeling in acedemic waters.

It apears to me the idea is if you have a BA or BS getting an AS after that is a step backward.

So say you have a BS in psyc then the feeing is you meet the genera requirements already for a BS.

There are programs that allow this if you have a degree in another field. I am guessing the idea is so that you are not back peddeling in acedemic waters.

It apears to me the idea is if you have a BA or BS getting an AS after that is a step backward.

So say you have a BS in psyc then the feeing is you meet the genera requirements already for a BS.

Yes I know it is possible to progress from a bachelors degree to a masters in nursing, but I didn't know it was possible in just a year if you don't have the basic nursing classes down first.

Take it from a nurse who was a banker for 20 years before becoming an RN, you need to get your house in order. I'm not trying to be mean and try not to be offended but student loans and credit cards have been too easy to come by in recent years and there are many many in your shoes, that's why there is FEDERAL legislation being considered against easy credit terms for college students. Your recent late payments will follow you for at least two years in terms of your credit score and hurt your credit for 7 years to come. Don't be late on any more bills, and that means you may even have to cut back on groceries, whatever, but pay your bills on time, even if you only make minimum payments right now.

Unless you have a deep burning desire to be a nurse (which I didn't really see here, may have missed it) you need to seek credit counselling NOW, not be looking to borrow more money. If you need to move from NYC, then do it, network with whoever you need to network with to find full time employment. Once you get that you can renegotiate and reorganize your bills. Even if you file bankruptcy, you will NOT discharge your student loans, and you will be years recuperating from this. This can even affect you getting health, life, car, and home insurance. Insurance companies score you too using your credit for part of their determination about the risk in insuring you. They either won't insure you because of bad credit or charge you an arm and a leg for coverage.

Go to a non-profit counselling agency, don't go to just any finanical counsellor or you'll end up owing even more money because they don't do it for free.

I have only heard of bridge programs that take about 3 years to get your MSN. I don't think there are any that take only one year.

Also, doesn't getting non-profit consumer credit counseling give you a ding on your credit report? Seems like I have heard several times on the Dave Ramsey Show, which I mentioned in an earlier post.

Tennyson, if you will read it, I will mail to you his first book, Financial Peace. It gives you common sense ways to get back on track financially and would do more for you that consumer debt counseling would. My husband and I don't need it anymore. If you want me to mail it to you, pm me with your address.

Specializes in CVICU.
I have only heard of bridge programs that take about 3 years to get your MSN. I don't think there are any that take only one year...

University of Michigan used to have a 3 year BSN-MSN program. You had to have a bachelors degree already in another field. Your first year was full time and after completing it you get your BSN. The next two years, you work on the MSN. There are other programs like this out there.

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