Nervous About Paying for School - page 2
by wishfulnurse01 | 5,209 Views | 31 Comments
Hi Everyone!!! I'm sure some where on here there is a thread that could answer my question but I surely have not found it yet. I am currently getting my BS in Psychology and then I'm either doing the accelerated BSN program or... Read More
- 0Mar 18, '12 by wishfulnurse01I've never thought of that!! I have tried to find a full time office job in Jacksonville but I cannot find one. I do however, need to find a job that will allow me to study as well as work like you are saying! I find that working a full time job and going to school full time is a difficult task, however, it motivates me to stay focused and work twice as harder on my school work. I'm definitely going to be checking around and see if they are hiring at different police and fire stations! Thank you for the suggestion!!! And thanks for responding!!!
- 1Mar 18, '12 by calinurse11I got my private loans through wells fargo. They were able to give me the amount I was asking for (and it was alot) within 24 hours after I got approved. The only bad thing about this is the interest started building from day one, I didnt have to make any payments while I was in school, but I think the interest was somewhere around 2000 dollars by the time I finished school.
Dont feel bad about having to get loans, many of us had to and are doing just fine. I would just try to take out as little as possible so you dont have an enormous payment when your done with school.
I took out a little more then you did and my payments are 324 a month, just to give you a little insight on how much your bills might be when you graduate.
- 0Mar 19, '12 by PolaBar, BSN, RNI got student loans through a PNC loan for Medical and Health Professionals. I quit work to begin nursing school, so was unable to qualify for the loans after the first year (no cosigners could qualify). But, the year I was financed, I had an excellent interest rate (I believe FIXED, under 3%).
While a BSN is preferred to an ADN, you may want to call around at the locations you are interested in and ask if they hire ADNs (or ADNs with a psych working/educational background). While many hospitals seeking (or possessing) Magnet status will be much less likely to hire an ADN, other places may. You can also talk to the people at the nursing schools you are interested in (especially the ADN programs) and find out which locations regularly (and currently) hire their graduates (as well as information regarding how many of their graduates have nursing jobs withing x time frame). It may not be easy to get a straight answer, though.
- 1Mar 19, '12 by Mama_CashewIf you are living away from your parents, you are considered independant and the cap on federal loan limits is way higher than $31,000. I want to say it's closer to $57,000. The federal government sets the cap limit, not the state you live in. You won't be able to get any grants because you will have obtained a Bachelors degree already, but you should still be able to get federal student loans.
- 4Mar 19, '12 by emcadamsYour situation sounds exactly like mine. Single mom can't help pay for my college with bad credit either. Took out LOADS of loans. Got a BA in English in 2006. Went to law school for a year. Dropped out (passed all my classes, but hated every second of it...). Got a job working at Fidelity Investments in Jax. Worked there for several years. My loan balance was $79k. My monthly payments were almost $900 a month. Now, I find myself in Fort Myers with my husband. I worked for a bank for a while making less than at Fidelity. Got laid off last year. Loans in deferment while I take prereqs. Got accepted into the Associates program down here...waiting to hear from the BSN program I applied to. I am embarrassed about my loan balance. I feel like such a fool for taking out so many loans. Think long and hard before taking out more loans for another program. Go to the cheapest option for BSN or associates. I would advise against private schools as they are so much more expensive. Edison college will cost about $12k for the ENTIRE 2 year program. I can make that working a part time job. The Bachelor's program (Florida Gulf Coast) will cost about 15k for the whole program. That is including uniforms, books, tuition etc. Living down here is cheap. We live in a $500 apt. Check out Woodhollow apartments over by Hodges...I lived there for cheap for a while. I refuse to take out more loans...I worked so hard on my prereqs to make sure I could get into a public school.
SO to really answer your question. Its hard to pay back loans. Think about how much you will have to make per year to keep up with your monthly payments and not feel depressed about it. Nelnet has an AWESOME website. I like them way more than Sallie Mae. They let you make principle payments online whenever you want, whereas Sallie Mae makes that info hard to find (apparently you need to make at least double your monthly payment, so if you usually pay $200 a month, you would need to pay $401 for a $201 payment to go to principle. You can send a check, but good luck with them crediting it where it is supposed to go. NELNET 4tw.
Consider a worst case scenario...you graduate with a BSN but can only find a job making $50k a year. If you have $1000 a month in student loan payments, you could still live on that. But you will be making those payments for 20 years. Of course, all this depends on how much in loans you have now, how much you will have after your BSN program (I assume you are considering Jax U).
Sorry for the long post. This topic is close to my heart. Getting loans isn't the hard part. Its paying them back. That part really REALLY sucks. PM me if you have Q's.
- 0Mar 19, '12 by GitanoRN Guidei totally agree with all previous post. however, in my case during my nursing program i volunteered to work the baylor/shift, it allowed me to work fri,sat,and sun. and get paid for 40hrs. having said that, the baylor shift is still around in some facilities, and trust me if you go to your manager and tell her/him that you're willing to work the weekends he/she would love you for it, since it's the hardest shifts to cover. certainly, this will allow you to work or go to school and be able to pay your loans and personal spending. however, you must be ready to give up your social life, like i did for the duration of my nursing program, but it was worth it. besides if your friends are truly real friends, they will understand. wishing you the best always... aloha~
- 1Mar 19, '12 by emcadamsAlso, private loans (sallie mae, nelnet, wells fargo, pnc, etc.) are not covered by any of the new income-based repayment programs. These programs are for federal loans only (direct loans). With the IBR and pell grant, you could possibly work 10 years in a public nursing facility, and then get your loans forgiven (taxable income in the year they get forgiven, though!). But with private loans, you pay them back no matter what (unless your job offers some assistance). Also, student loans are rarely discharged in bankruptcy proceedings. Credit card debt...mortgages...very possible to get rid of those. Student loans? Sorry. I do not agree with "student loans are good debt". Not to mention many private loan programs have fees that can add $1000 or so onto your loan balance. So your $22,500 loan is now really $24,000. What?!
- 1Mar 19, '12 by Patti_RNI'll give a synopsis of a thread I contributed to, but I'd suggest reading the comments via this link: http://allnurses.com/general-nursing...nt-685282.html
Basically, a student should weigh the financial value of education to see if student loans, private schools, or less expensive state schools or community colleges make sense. It's all a very personal and individual decision.
My own philosophy is to avoid debt if at all possible. Unless you're planning to do research or teach it's unlikely your undergrad (or even grad) school matters as far as your earnings potential/ employment possibilities. Even if you do eventually want to teach or do research, you'll have to have experience as a nurse before you can apply to grad schools, so doing the less expensive schools makes sense, there, too. Then get an MSN and/ or DNP or PhD from a highly ranked, (expensive) university. But, by then, you'll have saved enough money to pay a good portion (or all) of your expenses.
It's difficult not to want a diploma from UPenn or Vanderbilt decorating your wall, but unlike an MBA or law degree from a similar school, it's not going to make you more employable, increase your opportunities, or change your salary. The reality is, (unfortunately or fortunately, depending on your situation) a nurse who has a diploma from a two year program has the same opportunites and similar salary as a BSN grad from an top tier school. It's rather like buying a car--the Kia will get you there as well as the Mercedes.
- 0Mar 19, '12 by gettingbsn2msnDo not plan on making 50k right out of nursing school. Not going to happen in this part of the country. Hospitals are on hiring freezes. Also if you are working right now they are doing everything possible to cut overtime. I used to depend on overtime to help with bills. It no longer exists (at least in my part of the US)