LPN and loan forgiveness?

  1. 0
    I will be basically funding myself for school since my mom doesn't want to pay for me, which is fine. I'm wondering how many of you LPN's had to get loans and how did you manage to pay them? Also isn't there some sort of loan forgivenss for perkins loans? All comments will be deeply appreciated!

    Thanks
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  5. 0
    Mine were federal government loans (in Canada) and bank line of credit. No loan forgiveness when I had them. Monthly payments were the only option. You could make lump sum payments on the principle whenever you had the cash. I just remember reading somewhere that if you didn't repay the loan they could hold back your income tax refund.....

    Paid it all back in 14 months. I paid the bank loan off first due to the higher interest rate.

    It can be done and is very liberating when the final payment is made. Then you think about the new care, trip, or whatever...
  6. 0
    This is the first time I have had to get a loan but the way it works is that as long as you are in school there are no payments; but 6 month after you graduate you start making payments on the loan. Now if you graduate from LPN and go on to you RN you just extend it b/c you are still in school. That's the way that I have come to understand it.


    Angie
  7. 0
    Quote from Couture_Honey
    I will be basically funding myself for school since my mom doesn't want to pay for me, which is fine. I'm wondering how many of you LPN's had to get loans and how did you manage to pay them? Also isn't there some sort of loan forgivenss for perkins loans? All comments will be deeply appreciated!

    Thanks
    I was able to get loans (on my own-and at the end of my last semester pleaded for my mom to help assist in loans) that covered my schooling, which you should be looking into now, b/c is you apply late, there is no guarantee for funding.

    Plus after graduation, theere is loan forgiveness at participating instiutions of employment-you can always ask your potential employer (i did on a recent interview).

    Like akcarmean said the grace period is 6 months, and it you contiune to pursue your education, the payments will be on hold.

    I hope this helps you and good luck!
  8. 0
    I live in Minnesota and there is are some instances of loan forgiveness but you have to apply for them BEFORE you get out of LPN school. One of them is through long term care. If you agree to stay in long term care for a specific amount of time they will forgive a large portion of you loan. Other option are if you agree to work in a certain area (poverty stricken, low income) where nurses are hard to get because of the pay etc. they will forgive a portion of you loan dependind on the length of time you agree to. If I were you I would go on one of the search engines and search for loan forgiveness programs in you area and see what you come up with. Good Luck!!!
  9. 0
    Quote from akcarmean
    This is the first time I have had to get a loan but the way it works is that as long as you are in school there are no payments; but 6 month after you graduate you start making payments on the loan. Now if you graduate from LPN and go on to you RN you just extend it b/c you are still in school. That's the way that I have come to understand it.


    Angie
    :yeahthat: I did my loans through Sallie Mae Servicing - when it's time to pay them back you can arrange the monthly payment amount. You can also refinance the loans, my interest rate was less than 2%.


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