Student Loans... HELP!!

WookieeRN, BSN, MSN, RN · Mar 5, 2015

When it comes to bad credit, most places will require you to have a co-signer when you apply. That doesn't guarantee that you will get the loan, either. Be wary of private loans as they cannot be deferred in most cases and will want you to start paying back immediately after you graduate, or before, whether or not you have a job.

Look into scholarships or grants you don't have to pay back.

Editorial Team / Admin · Mar 5, 2015

Second the idea of scholarships and grants before looking for private loans. With less than stellar credit, you will most likely need a cosigner (who ends up being on the hook if you are unable to make the payments), or at least collateral. Not sure where you are in your education (just accepted, partway through the program, etc.), but if the out of pocket expenses after financial aid seem too high to you (and there are some insane tuition costs out there that are completely unreasonable), you may want to look into other schools, even if it means waiting.

TriecyJay · Mar 5, 2015

That's the part I'm afraid of @BeachyRN2Be. The fact I still might not be able to get it. Grrr... && b/c I have been out of HS for over 5yrs, I'm not sure what grants and scholarships I could even consider applying to.

I just got accepted into the program @Rose_Queen. B/c it's a BSN program, I don't find the tuition unreasonable, I find the payments unreasonable. They're doable, but very unreasonable. For my child and I though, I'm willing to do it. I'm scared to wait. I just see it as an opportunity I might not get again, or if I do, the tuition will be greater than it is now.

Editorial Team / Admin · Mar 5, 2015

B/c it's a BSN program, I don't find the tuition unreasonable, I find the payments unreasonable.

You may want to contact the financial aid or bursar? (whoever's in charge of tuition payments- is that what they're called?) and see if they'd be willing to be flexible with the payments. My undergrad degree offered a payment plan of 3 payments over the first part of the semester (up until the deadline for withdrawal), but would work with students to come up with an individualized plan if they met certain criteria.

steffimiesha, ADN, RN · Mar 5, 2015

Did u apply for fasfa? U would be surprised what you can qualify for. Doesn't matter if you been out of high school for 5 yrs. I graduated hs in 2005, got my associates in 09. Now back in school and got 8000 in spring semester 2000pell grant and 5000 in federal loans. I was going to apply for a private loan through Wells Fargo first, but did fasfa and didn't need the extra loan.

TriecyJay · Mar 5, 2015

@Rose_Queen I definitely will look into that, b/c realistically, everybody applying especially independent students, surely can't afford the payment plan they are offering... I couldn't possibly be the only one. Lol.

@steffimeisha, I actually owe after all my financial aid is applied.

mrsboots87 · Mar 6, 2015

Have you shopped around for more affordable schools? If you have gone through your pell grants an federal loans, and still have unreasonable payments, they it sounds like your tuition is too high. You will have to pay this back and it will be like youre making tuition payments for 10 years after graduation. You may make more money then, but it wont be fun losing $800 of that a month to loan repayment. It may mean starting a semester or 2 later, but you could cut your ending debt in half or more by finding a more affordable school. In the long run it would be worth. And to answer your question, no reputable loan servicer will give you a student loan with bad credit. Maybe with a perfect credit cosigner, but even then its iffy. Good luck.

Medic2BSN13, BSN, RN · Mar 6, 2015

Knowing your credit is less than stellar should be incentive to find alternate ways of affording your education. Private loans generally have higher interest rates than federal loans. Assuming you are able to get a private loan with bad credit, the interest rate will likely be very high. Why dig yourself so deep into a financial hole now? There are people who do not immediately find jobs and search for up to 12 months or longer after graduation. Don't shoot yourself in the foot, financially, this early in your career. It's not worth it!!

tnmater · Mar 6, 2015

Don't let age play a factor. I started back at 46 yrs. old. I was able to get financial aid through fafsa which also gives your application to state resources. Maybe consider a community college to get an ASN/RN. They cost a lot less. Look into going part time. There's a myth that you HAVE to go full time for fed. financial aid, it's not true. Our state's unemployment office offers programs to help pay for expenses, even gas and childcare. Check what your state has. Check locally, like the Chamber of Commerce. Many businesses/clubs offer college tuition help. There are many options, you just have to really search for them and ask for help. If you're not getting the answers you need, keep asking! I had to go through 4 different people at our fin. aid office before I found someone who knew what they were talking about and could really help me. Don't give up!

Duttygal86, BSN, RN · Mar 7, 2015

Come do your BSN down here in the US Virgin Islands! There is NO Wait list. I am halfway through the program and am living off of a combination of sporadic PT work, Pell/Student Loans and Scholarships,(and raising 1 kid too) and I have been out of HS for almost a decade! It can be done. I was going to stay on the waiting list in Florida, but coming down here was the best idea ever.

TriecyJay · Mar 7, 2015

Thank you all for your advice!! I'm currently awaiting for a few scholarships to open up in the middle of this month...

And great news!! They had me scheduled for a few classes that I tested out of already, so when school is up and running after spring break, that problem will be corrected. Which will result in my out of pocket expenses for the yr to be cut in half.