Financing Accelerated Nursing School

Nursing Students General Students

Published

Hey Everyone,

I need the advice of students who are going through & have gone through my current situation. At the moment I am feeling grateful & overwhelmed because I got accepted into an accelerated nursing program. What makes the opportunity even better is that the tuition for the entire program is approx 22K. Even though that is a ridiculously low amount for an accelerated nursing program I will not have to account for many expenses like relocating, books, food, rent, car, car insurance, health insurance & any other expense you can think of. I have prepared by saving 10k which isn't enough and I have been diligently working on scholarship applications, a gofundme page & taking on federal & private loans.

Is obtaining federal loans easy & would I be able to use it for living expenses?

What other advice can you think of to help me be a lil more financially prepared for my journey through nursing school?

Up Vote Up Vote ×
Specializes in ICU.

You started a go fund me page for people to donate to pay for a second college degree for you?

Speechless.

Up Vote Up Vote ×

You can use a federal loan for whatever you want, but the amount you can borrow is limited. The max you'll be able to get, per year, for your second bachelor's is 11,500, assuming you are independent and did not meet your aggregate loan limit earning your first degree. To get a federal loan, you need to file the FAFSA, and since this is a second degree, you may have to file a financial aid appeal because of the number of credits you have.

Up Vote Up Vote ×
You started a go fund me page for people to donate to pay for a second college degree for you?

Speechless.

well I'm not just relying on a go fundme page, I'm also applying to scholarships and applying for both federal and private loans

Up Vote Up Vote ×
You can use a federal loan for whatever you want, but the amount you can borrow is limited. The max you'll be able to get, per year, for your second bachelor's is 11,500, assuming you are independent and did not meet your aggregate loan limit earning your first degree. To get a federal loan, you need to file the FAFSA, and since this is a second degree, you may have to file a financial aid appeal because of the number of credits you have.

I filed for fafsa however they haven't told me I needed a financial aid appeal. I hope that doesn't happen. Did you have to go through an appeal process? & if you did is it difficult.

Up Vote Up Vote ×

No, my BSN was my first degree, but when I was looking into taking more undergrad courses, I would have had to file an appeal at the state school, even though I wan't even close to the loan limits, as I had too many credits. FAFSA is just an application. It doesn't tell you much. The school hosting the ABSN program would tell you if you needed to file an appeal.

Up Vote Up Vote ×
Specializes in Medical Surgical/Addiction/Mental Health.
You started a go fund me page for people to donate to pay for a second college degree for you?

Speechless.

With all due respect, the OP is asking advice about financial aid not your opinion about a go fund me page. If you do not have anything constructive to add to the conversation, how about simply passing the discussion?

Up Vote Up Vote ×
Specializes in Medical Surgical/Addiction/Mental Health.

You will need to speak to someone in the financial aid department about your options. Yes, you are permitted to use financial aid money for living expenses. I would try to get federal loans first, then private if need be. Congrats on getting accepted!

Up Vote Up Vote ×
You will need to speak to someone in the financial aid department about your options. Yes, you are permitted to use financial aid money for living expenses. I would try to get federal loans first, then private if need be. Congrats on getting accepted!

Thank you & I wish you the best in graduate school!!

I have spoken to them but what gets me nervous is that they want me to apply for loans in April & our classes begin in May so I am terrified I will not receive funding on time. I will continue to be persistent with them.

Up Vote Up Vote ×
Specializes in Prior military RN/current ICU RN..

Roger that. So from now on we are only to respond to the part of the post that you determine people should respond to? Iif a person posts something then plan on a response. When the OP states they are "diligently working" on a go fund me page then expect a reaction from that action. From someone who was kicked out of his house at 16 and lived on a couch to complete HS then joined the military to pay for college and earned my BSN....begging for money from strangers is beyond the pale.

Up Vote Up Vote ×
Specializes in LDRP.
I have spoken to them but what gets me nervous is that they want me to apply for loans in April & our classes begin in May so I am terrified I will not receive funding on time. I will continue to be persistent with them.

Once you apply for your loans and tell them your school, as long as its approved you should be fine. The school will handle the rest! I just graduated from an ABSN in December, so I understand where you're coming from about needing living expenses, too. With my school we only had to apply separate for private loans. The financial aid office told us our package with our federal loans and we just had to click "accept." Federal loans won't cover your whole bill, but it's great that you have some money saved up! Try to avoid taking out more private loans than you'll need would be my best advice. :) Oh and work part time if you can! Best of luck and congrats!!

Up Vote Up Vote ×
Specializes in Complex pedi to LTC/SA & now a manager.

Gofundme takes quite a chunk off the top of each "donation", then again when you retrieve the funds and it counts as income and is taxable. So if you actually succeeded at a GFM page it could technically impede eligibility for financial aid.

Worst case defer a year until you get your funding settled. Federal unsubsidized loans are a better option than private loans due to protections. You could always look at a direct entry masters program which bumps you to graduate level aid. If you meet the qualifications there is the HRSA scholarship and loan repayment but it is extremely competitive

Up Vote Up Vote ×
+ Add a Comment