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...