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.
