Financial Aid...student Loans..help

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I am getting ready to quit my job in December and go to nursing school. Currently I make too much money to receive pell grants, but I talked to the school today and they said that as long as I can bring in proof that I am unemployed they can go in and put it some extraordinary circumstances and I will be eligible for financial aid.

My husband will not be working, maybe part time as he finishes up flight training. We have saved for the time when we can quit to pursue school and we will be ok until he gets done.

My question is because i am married with no children, however, we will be unemployed... do you think i will still receivea full pell grant? I am definately going to need the money for scrubs, books, etc.

Next... loans... I am sure it will come to this and I would rather take out loans for my education than be stressed out about money, I know we will be able to pay them back when we are done.

If my school is paid for by scholarships and pell grants, can i still apply for a stafford loan for other expenses or do they only go by tuition needs from the school? Or do they just give you the maximum amount that you can take per year? I am a little confused on this whole ordeal... as you can tell I am new at the financial aid and loans!

Any tips you can give me would be sooooo appreciated.

I CAN'T WAIT!! YAY:D

Specializes in Ortho, Neuro, Detox, Tele.

Depends...usually fed loans are based on your cost of tuition and EFC....me, personally, I only received about 4000 dollars per year over my tuition...I had to take out about 18000 in private loans AND work 36 hrs a week at the hospital just to live....

It can be done, but you wind up having more privates than anything....so, just bite the bullet, take the loans, and pay em back as quick as you can after...

BethT

188 Posts

i heard that private loans do not have a fixed interest rate, is that true? Also, are they deferred 6 months after graduation too?

Thanks alot!

NoviceRN10

901 Posts

I guess I don't see how you would qualify for a Pell grant. Aren't those for people suffering financial hardships, like single parents? If it is your choice to not work during school, why would that qualify you for grants instead of you getting loans?

CuriousMe

2,642 Posts

Every school has a projected budget for what they say it will cost to go to school (includes tuition, fees, books, supplies, etc) and live (food, housing, transportation, etc). Even if you get Pell Grants or whatever....if you take loans to supplement (federal or private) you can not borrow an amount that will take you over that number (so grants + loans can not be greater than the school's budget for you).

If you're not receiving any grants, then you can, with a combination of federal and private loans, borrow up to that budget.

Did that help or make sense? :)

Peace,

CuriousMe

~FutureNurse~

254 Posts

IMO, I do not think you will qualify for the Pell Grant. Like someone else said, it is for people with extreme financial hardships. All most all private loans do not have a fixed rate, however all the ones I have looked at have a 1 year deferment after graduation. Good luck!

Specializes in SRNA.
Even if you get Pell Grants or whatever....if you take loans to supplement (federal or private) you can not borrow an amount that will take you over that number (so grants + loans can not be greater than the school's budget for you).

If you're not receiving any grants, then you can, with a combination of federal and private loans, borrow up to that budget.

Actually, you can borrow more than the COA (Cost of Attendance). The COA is the amount that the poster above the was describing, or the amount the school will certify is its maximum, including tuition, books, and living expenses.

However, there are reputable private lenders who offer a product termed a "non-certified" private student loan. In this case "non-certified" means that the school only confirms enrollment during a specific year/term, rather than confirming the COA with the financial aid office. For individuals who have a legitimate need for funds over and above the COA, this is an option.

I chose a lender who offered this loan because the rate was incredibly good, and the funds are disbursed directly to me, not through the school's financial aid office.

Specializes in Psychiatry.
I guess I don't see how you would qualify for a Pell grant. Aren't those for people suffering financial hardships, like single parents? If it is your choice to not work during school, why would that qualify you for grants instead of you getting loans?

I couldn't agree more. Why not work during school instead of having the taxpayers (myself included) support you? If you DON'T work, then please consider loans instead.

KimStoops

20 Posts

TFAM what school are you going to apply to?

I also live in MS and I am going to start at Northwest in August. I do not work (I lost my job while on bed rest) and I have 2 kids. My husband works to support our family. We have a home, 2 cars, all the bills that go along with that. I applied for the fed pell grant and was denied. They are hard to get by what I have been told. I was told by the school the only thing I can do is take out loans.

BethT

188 Posts

I am going to a school in Arkansas. Are you going there?

BethT

188 Posts

I couldn't agree more. Why not work during school instead of having the taxpayers (myself included) support you? If you DON'T work, then please consider loans instead.

I guess you just have to understand my situation, I never should have posted anything here.

BethT

188 Posts

I hate that all of you have the impression that I am government money sucking... that really offends me, but I guess none of you know me.

I plan to work as much as possible during school I am just trying to figure out all of my options and do plan on taking out loans.

However, as a TAXPAYER for many years I think I deserve ONE YEAR worth of government financial aid help after working 65 hours per week to get to this point.

Especially after KNOWING that people that do get a full pell grant and schedule for 12 hours and then drop all but one class after they receive their "left over" pell grant money.

I think there are worse people than me in the world and I all I am trying to do is get my foot in the door.

Thanks for all the advice.

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