Experience with PRIVATE student loans

  1. 0 I have a bachelors degree and I have been informed by all the nursing schools (community college ADN programs) that I do not qualify for any government financial aid/student loans due to my BA. I can however get private student loans through Wells Fargo or Sallie Mae. Does anyone have any experience with private student loans? Advice? Which bank is better? How do private differ from government student loans? Any input from students who have had to go the private route would be much appreciated!! Thanks!
  2. Visit  cjr2619 profile page

    About cjr2619

    Joined Apr '12; Posts: 238; Likes: 53.

    24 Comments so far...

  3. Visit  russodem profile page
    0
    I have both (private and Federal Loans). Federal loans are great because they usually have a much lower interest rate compared to a private loan. One of my private loans has an interest rate of 12.05% whereas my SallieMae has a rate of around 4%. SallieMae is nice since they have lower rates however after you graduate and the loans go into repayment I hear their minimum jumps quite high. Also Federal loans can be consolidated whereas private loans can't (basically with a private your just trading in one loan and trying to get a reduced interest rate). You can consolidate a federal loan at any time but its much better to consolidate a private loan after you've graduated and gotten a job so they see a higher credit history and income so you'll get a lower rate.
  4. Visit  CT Pixie profile page
    0
    I had a Sallie Mae that I paid off and then I got another for my LPN schooling (which is currently on hold b/c I am now in an LPN to RN program so I don't have to pay the monthly amount. I do make monthly payments though. I don't pay the whole monthly amount that was due before I started back, but I pay a good chunk of it).

    I really never had any problems with them and their interest rates weren't that bad. Of course, right now I can't for the life of me remember what it is.
  5. Visit  cjr2619 profile page
    0
    Thank you so much for the replies. I really would like to avoid having to take out loans. Do either of you know anything about collecting unemployment and going to school. I have never been on unemployment before and I live in California if that makes a difference.
  6. Visit  CP2013 profile page
    0
    Have you tried a workforce in your area? They areas tally funded for second degree students or for high demand careers (nursing still on that list). My friend got $7k/year toward her nursing school.

    Workforce and retraining programs are a great resource. This was in Florida so I don't know what they are called in California. The unemployment office usually knows the info. My friend had to give up her unemployment 2 months into school since she was not looking for a job and went to retraining but they referred her to the workforce.

    Good luck!
  7. Visit  mariebailey profile page
    1
    I am baffled as to why you don't qualify for federal loans. I had a BA before going to nursing school, and I was able to take out federal loans for nursing school. I would still fill out a FAFSA application if you haven't b/c federal loans are a lot easier to deal with than private.
    kogafietsen likes this.
  8. Visit  Stephalump profile page
    0
    Quote from mariebailey
    I am baffled as to why you don't qualify for federal loans. I had a BA before going to nursing school, and I was able to take out federal loans for nursing school. I would still fill out a FAFSA application if you haven't b/c federal loans are a lot easier to deal with than private.
    You cannot go backwards and still receive aid. If you have a bachelor's you can usually still qualify for enough aid to get another bachelors, but going to get an associates degree is a whole other ball game.
  9. Visit  cjr2619 profile page
    0
    Quote from CP2013
    Have you tried a workforce in your area? They areas tally funded for second degree students or for high demand careers (nursing still on that list). My friend got $7k/year toward her nursing school.

    Workforce and retraining programs are a great resource. This was in Florida so I don't know what they are called in California. The unemployment office usually knows the info. My friend had to give up her unemployment 2 months into school since she was not looking for a job and went to retraining but they referred her to the workforce.

    Good luck!
    Thanks! I've never heard of workforce but I am sure California has something similar! I will look into it
  10. Visit  cjr2619 profile page
    0
    Quote from mariebailey
    I am baffled as to why you don't qualify for federal loans. I had a BA before going to nursing school, and I was able to take out federal loans for nursing school. I would still fill out a FAFSA application if you haven't b/c federal loans are a lot easier to deal with than private.
    I think it's a relatively new thing, like within the last two years...when did you go back to school for your RN?
  11. Visit  mariebailey profile page
    0
    Quote from cjr2619
    I think it's a relatively new thing, like within the last two years...when did you go back to school for your RN?
    in '05
  12. Visit  rumwynnieRN profile page
    0
    I have both federal and private as well. I didn't pick Sallie Mae for the private, I did Wells Fargo. I only went with them because they were offering me more money, and my aunt with the credit rating of God or someone was willing to cosign. Before graduating, I called Wells Fargo, and with the amount I took out, it would take me at most 15 years if I paid the minimum, and there's no penalty for paying it off early.

    Regardless of the amount you take out, even if you take out the highest ($25k), they'll offer you the chance to take out more (like another $25k). If you're only doing nursing school, assuming you play your finances right, $25k should be enough, but I'm going by my area so take the last sentence with some grains of salt.
  13. Visit  rumwynnieRN profile page
    0
    ...actually, wait, I think the reason I didn't pick Sallie Mae was because that was around the time the recession was hitting, and I heard some crappy things about Sallie Mae. This was a while ago x.x;
  14. Visit  CareQueen profile page
    0
    Quote from Stephalump
    You cannot go backwards and still receive aid. If you have a bachelor's you can usually still qualify for enough aid to get another bachelors, but going to get an associates degree is a whole other ball game.
    I don't think this is true. I have a B.A and I'm currently receiving Federal loans while taking my prereqs. The catch for me was to simply enroll into an A.S. program as a Pre-Nursing major (since it includes the necessary prereqs by default), though I have no intention of completing the A.S.

    Also, while having a previous Bachelors will disqualify you for federal grants and school-based aid for an ADN program, simply having a Bachelors should not automatically disqualify you from receiving loans for the ADN/ASN (hence the program that I'm enrolled in).

    What I've learned in dealing with this issue in the last few months is that federal loan aid is usually always available for you unless you reach the limit for your particular level of study. The aggregate limit for fed loans for undergrad students is around $31k for dependent students and $57,500k for independent students. So, if you've met that limit at any time as an undergrad, you won't be able to qualify for additional funds.(However, 2nd degree BSN programs usually have slightly different mechanics as they will often still offer Work-study, additional loan funds, scholarships etc.)

    Have you definitely met those limits? Before you start looking into private loans, I'd just make sure that they are actually correct.

    Best of luck!


Nursing Jobs in every specialty and state. Visit today and find your dream job.

A Big Thank You To Our Sponsors
Top
close
close