How are/did you pay for school?

TheCommuter, BSN, RN · Dec 10, 2005

I started LVN school in October 2004 and completed the program in October '05.

I financed the $20,000 tuition completely with a Sallie Mae loan. At the time of starting school, I had a monthly mortgage of $867 and some credit card debt, as well as about $15,000 in the savings account. I sold my house this summer since it appreciated in value by over $100,000 in less than a year (that was the beauty of having real estate in California).

Then I proceeded to use the profit of the home sale to pay off my credit card debt and buy a house for cash in the Lone Star State. I now have no mortgage payment or credit card debt whatsoever. I do, however, have a monthly student loan payment of nearly $300 per month. I have not had a car payment since December 2002. For my age group I think I am in okay financial shape.

jenn_rn_nj · Dec 10, 2005

I have 75% tuition reimbursement with work. I'm still responsible entirely for fees, books, etc so I actually get about 50% of my total expenses back. I do have an IRA, 403b and savings - I'm using my savings for emergencies in life (unexpected car service, things like that).

So far it's working ok...I have had to dip into savings for unexpected expenses (mostly my car - don't EVER buy a volkswagen :angryfire ).

I'm not saving like I used to, but I am still saving here and there...I figure even if I finish school exactly where I started money-wise I'll still be ahead because I will make more money and enjoy my job more. In order to maintain this, though, I can't drop below 36 hours / week at work while in school. :)

MIA-RN1, RN · Dec 10, 2005

There is a program thru my NYS department of labor that gives nursing students tuition and books with the only requirements that 1. you make less than $13/hour while going to school (does not even look at spouse's income!) and that 2. you agree to work locally and full-time in the field for a certain length of time after graduating. (I think its a year) So that is what I am doing.

I work 18-20h/week at about $10/h and go to school part-time. My husband works full time and part time on weekends. We are in a lot of debt (house, car, credit) and have no savings. But I run a tight ship and budget compulsively and as I tell my kids, we have everything we need and a lot of what we want, so we can get thru the final months of this.

But the tuition program I am in is what makes it possible. My work offers an 80% reimbursement upon successful completion but I couldn't come up with the money to pay upfront. So its a blessing for us. We recently did a consolidation loan to bring our debt into a reasonable range and could not stomach the thought of taking out loans for school, especially with our son due to enter college this upcoming fall.

ortess1971 · Dec 10, 2005

I also get tuition reimbursement through work, and I work 32 hours a week and take call on weekends. Yes, sometimes I'm tired and stressed but my education will be all paid for when I graduate in May.

kellyo, LPN · Dec 10, 2005

I'm in an ADN program. I got a Pell grant ($4,000/yr) and a scholarship from the state ($3,000/year). I just found out that I got a scholarship from the hospital where I want to work ($1,000-$2,000). My husband works as a waiter at night (he's w/the kids during the day) and I go to school during the day. It's worked out pretty well. We're still strapped, but I can now see that light at the end of the tunnel!

Lisa CCU RN, RN · Dec 10, 2005

I started LVN school in October 2004 and completed the program in October '05.
I financed the $20,000 tuition completely with a Sallie Mae loan. At the time of starting school, I had a monthly mortgage of $867 and some credit card debt, as well as about $15,000 in the savings account. I sold my house this summer since it appreciated in value by over $100,000 in less than a year (that was the beauty of having real estate in California).
Then I proceeded to use the profit of the home sale to pay off my credit card debt and buy a house for cash in the Lone Star State. I now have no mortgage payment or credit card debt whatsoever. I do, however, have a monthly student loan payment of nearly $300 per month. I have not had a car payment since December 2002. For my age group I think I am in okay financial shape.

You're darn straight you are in good shape! May I asked what occupation you were in before nursing that enabled you to afford a house in Cali and how long did it take you to pay off initially? Did you double up on payments? You must be single. In any account you are a smart woman.

Achoo!, LPN · Dec 10, 2005

I get $3,000 a year for tuition and books, and $1,000 a year for child care/or mileage. It's a state grant through workforce development. I also received 2 $600 scholarships, and plan to apply to more now that I am starting the program. I'll also get a Pell grant. So far so good.

Maisie · Dec 11, 2005

I used my severance package when I lost my job.

r_janice · Dec 11, 2005

All I can say is $24,000 in student loans........

TheCommuter, BSN, RN · Dec 11, 2005

You're darn straight you are in good shape! May I asked what occupation you were in before nursing that enabled you to afford a house in Cali and how long did it take you to pay off initially? Did you double up on payments? You must be single. In any account you are a smart woman.

I am single and available. :) I was a factory worker in a toilet paper plant. I basically worked on a hot, sweaty paper mill for 12 hours a day producing Charmin toilet paper and Bounty paper towels. The job paid decently ($40,000/year) considering I had no college education or relevant technical training at the time.

I bought the first house in the summer of 2003 for $145,000 and it is now worth $320,000.

I bought the second house in the spring of 2004 for $153,000 and sold it for $259,000 in the summer of 2005. Houses in California naturally increase in value due to the high demand, so it's totally unnecessary to double up on house payments. While I was employed, the expenses were somewhat tight, because my paycheck was about $2,000 per month after taxes and nearly $900 of that money was to pay the mortgage.

Thanks for saying that I'm a 'smart woman'. That was the ultimate flattery!

moosicle · Dec 11, 2005

grants, scholarships and planning on graduating $50,000 in debt.