Private loans for poor credit

  1. Hello all! I just got accepted to Nursing school. Since it is my second Bachelorette I am not eligible for Pell grant. I need to get a private loan but my credit is poor. I am a single mother who went through some bumps few years ago. Any suggestions on a private loan for poor credit?
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  2. Visit EvelynStevens profile page

    About EvelynStevens

    Joined: Dec '17; Posts: 2; Likes: 2

    24 Comments

  3. by   elkpark
    Welcome to allnurses!

    Yikes. You are really going to get screwed on private loans with poor credit. Are there any other options? Are you eligible for any other kinds of scholarships or aid besides Pell grants? Some states have scholarship programs to help people get into nursing. Have you talked with the financial aid office at your school? Can you work part-time in school? Do anything to trim your living expenses (live with family or a roommate, get a cheaper car, etc.)? Wait on school until you've saved some money?

    Best wishes!
  4. by   caliotter3
    Approach the nursing department. Mine used to post a particular flyer on the office bulletin board for a local scholarship.
  5. by   meanmaryjean
    I just want to endorse what elkpark says - every word of it.
  6. by   EvelynStevens
    I know I will be screwed. But, now is when I have opportunity to get back to school since I am 47 years old. I definitely need a private student loan.
  7. by   brillohead
    It can make a big difference WHERE you're going to nursing school, too.

    My ADN cost me less than $10K to get my RN license at a community college (would have been even less if I'd been in-district and eligible for the reduced tuition rate). My niece went to a university at the same time and got her BSN to get her RN license, and it cost her $100K by comparison.

    If you can work as a tech / CNA at a local hospital while going to school, you may be eligible for tuition reimbursement and/or scholarships, as well.
  8. by   not.done.yet
    Where you go to school is paramount. I did my ADN at my local community college for less than $7K, including all books, tuition, uniforms, drug testing, etc. Private schools charge up to 30K or more for the exact same degree, usually of a lower quality as well. Don't fall into that trap.

    Is there family that would consider loaning you the money?

    I second reaching out to your college for financial aid advice. At 47 years of age, this is a very high cost venture that is likely to leave your family burdened with these debts one day.
  9. by   AnnieOaklyRN
    Hi,

    My only suggestion would be getting a co-signer with good credit. Perhaps you have a parent or sibling who would do that for you, otherwise you may have to try and pay as you go.

    Annie
  10. by   meanmaryjean
    Quote from AnnieOaklyRN
    Hi,

    My only suggestion would be getting a co-signer with good credit. Perhaps you have a parent or sibling who would do that for you, otherwise you may have to try and pay as you go.

    Annie
    Respectfully, a co-signer is a terrible idea. Why? Because should OP default on the loan or (God forbid) die/ become disabled- the co-signer is responsible for the balance of the loan.
  11. by   Horseshoe
    Quote from EvelynStevens
    Since it is my second Bachelorette I am not eligible for Pell grant.
    Lol. "Damn you, Autocorrect!"

    I agree with others that a community college nursing program would be your best bet.
  12. by   Julius Seizure
    I have to say, I cringe at the thought of you adding debt at a bad interest rate at the age of 47. You may never get out of that hole. But if you are determined, have you already considered getting federal student loans and still need more on top of that? Please go to the least expensive school that you can (community college vs. for profit school), at the very least.
  13. by   labordude
    Federal student loans are not credit based (save for some Graduate plus loans). Is this going to be above and beyond what you are eligible for there? Also, work with your schools financial aid department. There is often money available in the form of scholarships and grants they may know about. Sometimes there are small to medium scholarship amounts that people never apply for. Look for single parent scholarships, 2nd BS degree scholarships, etc.
  14. by   idkmybffjill
    Have you already hit your federal loan limit? Because while you won't be eligible for grants, you can be eligible for no/low interest loans through the government if you are under a certain income level. I also have a previous bachelor's degree and was offered federal loans through FAFSA if I wanted them.

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