Affording the cost of ABSN (Mid-America Nazarene)

  1. This site has been very instrumental to me for the past one year, especially during my application process for the ABSN for MidAmerica Nazarene. Thank you all in advance.

    Anywhoo, I got accepted for the Fall 2014 ABSN program at MNU. To say that I am so excited is quite an understatement. My only biggest challenge is the $38,000 cost for the one year. Since am a second degree seeker, cannot qualify for Pell grants, and financial aid will be very minimal. So,

    1. For those who have finished the program, how did you afford the program?
    2. For those who are undergoing through it currently, how are you afford the costs?
    3. And for those just accepted for the upcoming program, how are you going to combat the costs?

    Just for disclosures, I am a CNA, so am barely making enough just to pay the bills right now.
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  2. Visit ColorGreen profile page

    About ColorGreen

    Joined: Apr '14; Posts: 20; Likes: 17
    Specialty: 7 year(s) of experience in Long Term Care, Assisted Living, Agency

    6 Comments

  3. by   TheCommuter
    Although I have never been to Kansas, I wanted to mention that many second degree seekers obtain private student loans through financial institutions such as the local credit union, Bank of America, Wells Fargo, Chase, Citibank, etc.

    I'm also not a second degree seeker, but many moons ago (2004) I applied for and received a private 'career training' student loan through Sallie Mae for $20,000.
  4. by   ColorGreen
    Thank you TheCommuter for your input. As much as loans stink, it's unfortunate that they are the necessary evil, if at all I am going to advance to greater heights career wise. But before I can settle for them, I am going to try and seek any scholarships that are available for students.

    These private loans are probably given out based on one's credit rating, is that correct?
    If that's the case, does your credit determine how much they give you, or the interest rate they charge you, or is it both?

    Thanks again.
  5. by   TheCommuter
    Quote from ColorGreen
    These private loans are probably given out based on one's credit rating, is that correct?
    Yes, that is correct.
    Quote from ColorGreen
    If that's the case, does your credit determine how much they give you, or the interest rate they charge you, or is it both?
    People with decent credit scores can obtain private student loans at a lower interest rate than those with bad credit. If the bank thinks you are a low credit risk, I presume they'll loan a higher amount of money compared to someone whom they've deemed a high credit risk.
  6. by   ColorGreen
    Quote from TheCommuter
    Although I have never been to Kansas, I wanted to mention that many second degree seekers obtain private student loans through financial institutions such as the local credit union, Bank of America, Wells Fargo, Chase, Citibank, etc.

    I'm also not a second degree seeker, but many moons ago (2004) I applied for and received a private 'career training' student loan through Sallie Mae for $20,000.
    When do you think its appropriate to apply for the loans. I mean how far away before you begin your nursing program.
    And also, if approved, do they give you the money directly or do they forward it to the institution where you are going to study.
  7. by   TheCommuter
    Quote from ColorGreen
    When do you think its appropriate to apply for the loans. I mean how far away before you begin your nursing program.
    I'd apply about 30 days before the tuition due date to allow some time for the loans to be approved, processed and originated.
    Quote from ColorGreen
    And also, if approved, do they give you the money directly or do they forward it to the institution where you are going to study.
    In my case, I never saw one penny. The money was disbursed directly to the school's financial aid department.
  8. by   lot49
    How do you apply for loans to help with living expenses? Helpful thread

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