Did Anyone Live Off of Student Loans While in School?

  1. My husband is currently the breadwinner in the family, i stay at home with our 4 kids. I am going back to school in a couple weeks for nursing (doing my pre reqs).

    My husbands company may be closing and he is thinking of going back to school as well, something in the health field.

    Is it possible to have us both in school with no outside income? We have about 4500 a month in expenses.

    What do you think?

    Thank you

    Cheryl
    Last edit by suebird3 on Aug 13, '06 : Reason: Cross posts
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  2. 30 Comments

  3. by   NurseCard
    Possibly, I suppose. It's just a matter of sitting down and figuring out all of your monthly expenses and then seeing how much you can take out in loans. I know that when I was taking out loans, I had quite a bit left over for living expenses.
  4. by   cdietrich404
    Quote from RealNurseWitch
    Possibly, I suppose. It's just a matter of sitting down and figuring out all of your monthly expenses and then seeing how much you can take out in loans. I know that when I was taking out loans, I had quite a bit left over for living expenses.
    Thanks for responding. Question, if you dont mind me asking, How many loans did you take out where you still had money left over for living expenses?
    I was looking at Citi's website and it allows this:

    Dependent undergraduate: $23,000

    - Up to $5,500 a year
    * Independent undergraduate: $46,000

    - Up to $10,500 a year
    * Graduate: $138,500

    - Up to $18,500 a year


    ?????

    We need 4500 a month to pay the bills right now. Plus the cost of school which will be about 15,000 for me to complete my pre reqs ( will take me about 2 maybe 3 years) and the 2 year nursing program.
    If my husband is also going to school then thats an additional 3000 roughly.

    Cheryl
  5. by   catlady
    Ouch. Do you truly want to shoulder that kind of debt that could take decades to pay off? I can't imagine what bank will give you $54,000 per year plus tuition. And what job is going to pay you $54,000 after taxes plus enough money to pay your enormous student loan bills? What's going to be left for your kids when you've taken on that kind of debt?

    I really think you need to figure out a way for somebody to be pulling in at least a part-time income. Or one of you should wait until the other has finished school. If it takes your family $4500 per month to live, you've already got some serious restructuring to do, even without school.
  6. by   NoWaNrN
    cant you guys work part time and go to school? It would be alot easier. I wouldn't try living just off student loans thats just a bad idea, you HAVE to pay them back! And there is intrest! Pay for what you can by yourself or you will regret it later. I'm not trying to sound mean or anything but my friend went to nursing school with me and was totally funded Nothing had to be paid for and she went ahead and took out the student loan 12,000 dollars (thats the totall of the program) blew through it then had to take out another because she didn't manage her money so she went ahead and took out 15,000 dollars. So for a program that was totally free she ended up spending 27 grand! I just wouldn't take out any more than you had to. Good luck!
  7. by   suzi_h
    Quote from catlady
    Ouch. Do you truly want to shoulder that kind of debt that could take decades to pay off? I can't imagine what bank will give you $54,000 per year plus tuition. And what job is going to pay you $54,000 after taxes plus enough money to pay your enormous student loan bills? What's going to be left for your kids when you've taken on that kind of debt?

    I really think you need to figure out a way for somebody to be pulling in at least a part-time income. Or one of you should wait until the other has finished school. If it takes your family $4500 per month to live, you've already got some serious restructuring to do, even without school.
    I totally agree, especially about the restructuring. What could possibly cost $4800 a month? And you stay home! Wow, that's alot of cash to put out! I don't mean to offend, I myself am a stay-at-home mom/ full time student. I just can't imagine...anyways, I personally wouldn't fund 100% of all the expenses for school. You'd be paying on them forever and never get the gratification that comes with a well paying job if you're always stressing about bills. Maybe part-time work? Good luck!
  8. by   cdietrich404
    Quote from catlady
    Ouch. Do you truly want to shoulder that kind of debt that could take decades to pay off? I can't imagine what bank will give you $54,000 per year plus tuition. And what job is going to pay you $54,000 after taxes plus enough money to pay your enormous student loan bills? What's going to be left for your kids when you've taken on that kind of debt?

    I really think you need to figure out a way for somebody to be pulling in at least a part-time income. Or one of you should wait until the other has finished school. If it takes your family $4500 per month to live, you've already got some serious restructuring to do, even without school.

    Where we live, our property taxes alone are 7500 a year. We live in a very expensive area.

    Cheryl
  9. by   Trauma_Team_1
    My hospital is paying for all of my nursing school. Ill work PT for them while in school+ i have a 25 grand "living loan" from my bank at 2% int.
  10. by   mommapunkin
    Hello there!
    My husband is a Marine and I am currently not working. We have two toddlers who need daycare while I am in school full time. The only way we could swing me going to school full time without working was getting the school loans. I look at it as an investment. I am going to be getting a higher paying job and learn a lot of things as well. The good just outweighed the bad. I don't know about two of you with no income. I guess you could try to get the loans while he is still working? I am not sure. I hope the best for you though!!!
    Best of luck!:spin:
  11. by   moongirl
    no. there is no program that will give you $4500 per month, plus the cost of tuition. I think the max you can get from loans for your first two years is $7500.00 per year.
    so, with living espenses you want to borrow close to $60,000 per year for 3 years (2 to get your RN, 1 for pre reqs)????? seriously??? $180,000 in debt, not including your mortgage??? :uhoh21:
    I dont work while in school, and have 2 kids. Our bills are about $3000.00 per month. My husband works avg 45 hours per week. I take the max on student loans. I will graduate with $17,000 in debt. I use the student loan money to pay for tuition and gas- school one way is 86 miles for me. Use the loan money as a supplement, but live off of? with $4500 in monthly expenses, no way.
    One of you will have to work while the other is in school, then you can swap, unless you have some rich family member who is willing to help out!
    Good luck!
  12. by   cdietrich404
    Quote from Trauma_Team_1
    My hospital is paying for all of my nursing school. Ill work PT for them while in school+ i have a 25 grand "living loan" from my bank at 2% int.
    Are in your 2nd year of school?

    Cheryl
  13. by   cdietrich404
    Quote from moongirl
    no. there is no program that will give you $4500 per month, plus the cost of tuition. I think the max you can get from loans for your first two years is $7500.00 per year.
    so, with living espenses you want to borrow close to $60,000 per year for 3 years (2 to get your RN, 1 for pre reqs)????? seriously??? $180,000 in debt, not including your mortgage??? :uhoh21:
    I dont work while in school, and have 2 kids. Our bills are about $3000.00 per month. My husband works avg 45 hours per week. I take the max on student loans. I will graduate with $17,000 in debt. I use the student loan money to pay for tuition and gas- school one way is 86 miles for me. Use the loan money as a supplement, but live off of? with $4500 in monthly expenses, no way.
    One of you will have to work while the other is in school, then you can swap, unless you have some rich family member who is willing to help out!
    Good luck!
    Thank you. I think we may end up BOTH working part time and both going to school part time. If not, then hopefully his business will survie while i am in school then while i work, he can go and get a degree.

    Cheryl
  14. by   JaxiaKiley
    Wow, that would be a lot of debt. Maybe one of you should work, while the other goes to school, and then switch?

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