Need financial advice fast!!!!!!!!!!!!

  1. Hello all,

    I have been accepted to MCPHS 16 month accelerated nursing program which starts in January. The school is really expensive and since i already have a bachelors, i don't qualify for grants. I will be moving to MA, I have a car payment and at least 3,000 in credit card bills.

    I'm confused because the extra amount that I need to pay for the school will not cover my car payment or my credit card bills. What should i do take a separate loan besides the one that I will take out to cover the rest of tuition. I will do this through sallie mae. But what should I do about my other expenses? Should I take out another private loan? Which one should I go with and does the school have to know? Someone mentioned wells fargo; is that a good one


    Please anyone who can give me the best advice about this; i really appreciate it, School starts in a few weeks and i think I will not be able to go and its my dream to become a nurse


    Also, I should say that I do still have a job, i just gave my 2 week notice but I never could save anything because i was paying my students loans, car and other expenses---this loan thing is so depressing ill be in debt for the rest of my life! Any one out there was or is in the same boat
    •  
  2. 8 Comments

  3. by   arciedee
    Sorry I don't have any advice for you re: finances. I'd actually looked at the MCPHS program they are starting in NH, but they pushed the start date back to September (from January). I had a lot of the same concerns when I was looking at their program, the tuition costs seemed rather exorbitant. Have you talked to their financial aid office about what other students have done? They may have some advice for you or may know of scholarships and grants that might be available to nursing students (I know for my nursing program we were just notified by the nursing dep't of a low-interest loan for nursing students here in NH).
  4. by   algebra_demystified
    Flo's cookie jar or tip jar or something

    Give them a jingle
  5. by   May_baby
    Solid advice I can give:

    You will need to defer payment of your loans while in school.
    Direct loans can usually be defered if you are attending at least half-time (11-12 hours if memory serves...)

    Talk to your lender about deferment ASAP.


    Advice you should research:
    Get a private loan and pay off your entire credit card balance.
    Make sure any other private loans you have will cover a budget that includes travel, books, rent, etc.

    This second part you should research throughly.
    But if it turns out to be good advice (Like I said, do your research)...you should be paying a lower interest rate on your credit card debt and try your best to accumulate no new debt.
  6. by   Brigi23
    Im glad that I ran across this post. I actually did find a nursing school that was an accelerated program about 4 years ago and was so excited just thinking that I would be a nurse in less than 2 years. In my personal experience that was the biggest joke and mistake I have ever made. #1 I called the better business beureau and they said that it was accredited through excelsior college so thought great! The school was 18,000 bucks and the education I got was a joke! They had us become EMT's first bc this was part of the prog. that is all that I finished in that prog. They sent me a letter informing me that the prereq. had changed and that I needed to become a paramedic in order to start my nursing classes ( o.k that is fine and all, but the paramedic prog is approx. a year plus, at what point does this become an excelerated prog?) I was literally sick to my stomach just thinking about all the money that I owed and all of the time I wasted!!!!!
    It not only took me forever calling and fighting with the wonderful people at sallie mae, to stop billing me for an education I did not recieve, but I had to pay a few thousand dollars and ended up with a whole lot of frustration bc now that meant going back to college and starting over with the whole fin. aid crap. I did meet my fiance on a ride along with the fire dept. for my E.M.T, but that was the only good thing that came out of it. Needless to say if you do it, make sure it is rock solid. I thought that mine was and here I am getting ready to graduate in may 4 years later from a completely different school. Please learn from others mistakes. That is a lot of money to pay back, and your school is probably only accredited after excelcior college puts their stamp of approval on that. I know that excelcior college has been making it very hard for those schools to make it bc they base it off of their curriculum and excelsior is not making money, the people putting on the prog. are. Be careful that was a big huge scandelous thing here in Utah and almost all of the nursing students at least at my school are well aware of their BS... Good luck. I know it sounds like such a long road, and it pretty much is. Don't short change yourself. The education that the school offered was not up to standard. I was starting a micro class, and the workload felt small and very inadequate. Best of luck.
  7. by   kukukajoo
    I am pretty sure ALL your student loans can go into deferment until you graduate which means you will not have to pay on them while in school. As for other bills, try to take out as much extra in the student loans to pay off card and others. This way, the payments will not begin until you finish your education. Also start looking for scholarships now. They have helped me so much!

    I actually sold my house and cut my expenses to the bare minimum so I could go back to school. Wasn't hard but I did it. Any way I can save $$ is good for me- my phone has a block and I got rid of cell phone. I dont have cable at all and my internet is with my phone at the lowest rate I could find so my phone and net are less than $30/month combined. I also sold my car and got another one (Cash) that will last me thru school. I have a friend who is a mechanic and will take payments if something happens to it so that is a stress reliever.

    Good luck to you!
  8. by   ashlee22
    thanks for all of your replies; i really appreciate it;;;i have one very important question---i would like to know if there are any loans that i can take out without the school knowing? does anyone know anything about wells fargo medcap alternative loan for health professionals now is this a good loan; does the school have to know about it?

    any advice would be greatly appreciated
  9. by   barbnyc
    As long as you carry 6 credits each semester, you don't have to make any student loan payments. It takes one minute to download the forms from the lenders (mine are Direct Loan and Sallie Mae). Once the school signs the form, you fax or mail it. No student loan payments until after graduation.

    I am taking Federal student loans for my tuition and books. I would use caution when signing for private loans, as their interest rates could kill you later on. Remember you get a deduction for the cost of tuition from your income taxes.

    Buy books used from half.com.

    I got rid of the cell phone plan and bought a pre-paid cellphone, lowered the cable services to the bare minimum, and surrendered to working part-time to stretch my savings. I don't own a car and take public transportation. I stopped using my credit cards when I stopped working full-time and feel every payment I make is for future emergencies.

    I was told that I could get a paid externship after my second semester, which I'm told most nursing students wind up keeping for the remainder of their nursing program.

    I have a little bit in my 401(K), which I'm saving for desperate times.

    I planned my nursing school process in advance and still didn't anticipate certain expenses (or life events that pop up). I was grateful to get a part-time job for about 30 hours per week. Although it is significantly less than what I made when I worked full-time, I'm grateful it covers some expenses and know that any sacrifices I make are temporary.

    Only you know if your debt load is worth the revenue potential it can generate. You don't want to be paying loans for more than 10 years and you want to know you can afford the monthly loan payments when you finish school.

    Good luck in your studies and remember to deal with your school needs one semester or year at a time.
  10. by   JaxiaKiley
    Unless you have a cosigner, be sure to get your loans BEFORE you quit your job. Most lenders want to see work history, and some even require that you submit a statement saying that you plan to continue working while in school.

close