Hello beloved resourceful nurses! It took hours to find this website and I can see I'll never leave.
I have the loan application for VMI full course (VIP +) and was accepted for the financing however, I'm in a quandry understanding the different types of loans. I've always paid for my education so current students ( or parents of such) may be better informed.
This Sallie Mae application that comes with VMI's course is not a "student loan" so therefore does not offer the great interest rate and the 6 months of 'no payments' I was hoping for. I was told on the phone by their staff that it was a Business Loan. I then spoke with other business owners who suggested I register my business and get the loan in the business name so as not to risk personal loss (or against my mortgage). Then the paperwork came in the mail. It states that it is actually an "Education Loan" and I'm approved at slightly over 9% interest.
Upon speaking to my Financial Planner, he states I can only get tax credit for 20% of the loan,and that I cannot register this loan under a business name. He then referred me to a tax consultant (awaiting a call) to see if the marketing and materials can be divided out seperate from the seminar cost for tax purposes.
I know this is no one's specialty here, but hear me out. I reviewed the Student Loans available in my state, and VMI is not a recognized school for funding. However when reviewing more about student loans in general, they states they are never more than 9%
Perhaps someone can give me feedback on if they received a business loan and if it was beneficial. Perhaps you know some better avenues of finance I should pursue, or if practicing, were you able to deduct 100% of expenses on taxes?
I feel very pressured by these unbearable deadlines. I was more than decided on VMI, but from simply requesting information to being pressured into a decision by a deadline may cause them to eliminate themselves. I want to make a truly sound decision. "Just do it" advise from Vickie (I have her book from the library) sounds great for risk taking, but not when finances are concerned.
Thank-you in advance, Vidara, Missouri
Apr 27, '08
For the bulk of stuff I used a credit card "check" that had a very low interest rate until it was paid off - then don't use that card for anything until you pay off the "check". The other things have been put on a regular credit card with a great rate and reward points as well as taken out of the household budget as able.
I didn't want to go with a loan because the interest rate was higher than my card and also you have a higher, fixed monthly payment. With a credit card, the minimum payment due each month is MUCH lower than a conventional loan but you can always pay more if you can. You may end up paying back more in interest over a long term with a credit card, but when you are on a budget and work hasn't taken off yet....the lower payments of the credit card keep you from defaulting on a higher monthly payment loan.
Actually, the "just do it" advice from Vicki is very true. To set up a competitive LNC business these days requires a lot more money than people think. You have to be committed all the way to spending money that normally you would never spend in order to get the business off the ground. If you try to do it really cheap you will have a harder time competing in the marketplace and will be more apt to give up. Once you spend that chunk of money, it is a real incentive that THE BUSINESS WILL SUCCEED NO MATTER WHAT. When you are talking about this much money, you really have to decide to go all the way and "do it" or don't bother with it. You have to spend money to make money and that is a hard thing to swallow when you are unaccustomed to such risk taking.
Last edit by RN1989 on Apr 27, '08
May 21, '08
I've just recieved my promotional brochures and business cards. I'm in the process of getting my promotional package together to send out and getting my home office together. I can't just jump right in yet because I am scheduled for a carpel tunnel release June 2. During the time I'm off work (assuming I heal quickly) I plan on getting started promoting my business since I'll be off work for 4-5 weeks.
Thanks and great to hear from you.
Last edit by sirI on May 22, '08