Need some advice on student loans....

Nursing Students Male Students

Published

Well I need some serious advice on student loans. I'm starting my nursing program in August, and what bad timing that is too. I recently just bought a Truck and now with school starting I won't be able to work full time. I'm thinking about taking out a student loan and pay off my truck while I'm in school, than I can repay my loan after the program. Do you think this is a good idea or should I try and work during the program.

P.S. Can someone help me with the intrest rates. What are good decent rates for private school loans. I was quoted 10.5%/20,000 is this to high?

Up Vote Up Vote ×
Specializes in ER/adult gero-NP.

I myself I think 10.5% is quite high. I hate loans, but I am taking some out my self so the finical world don't swallow me whole- I start the program the end of august also. I would call around, there are many student loans out there. Check credit unions or just differents place before you sign up for 10.5% and make sure you dont start repayment till after graduation and you get your self settled. Good luck money hunting...

Up Vote Up Vote ×
Specializes in ED, Pedi Vasc access, Paramedic serving 6 towns.

hi,

This is a tough one, what made you buy a truck just before you headed back to school??

Anyway I would try and work full time, I had to during nursing school and did just fine. You will have to make sacrifices in order to work, like loosing your weekend, but it is worth it in the end.

I would not recomend roling your truck cost into your student loan, you need to rememeber even when student loans are on deferment they aer gathering interest and you will pay more in the end. So again, my recomendation is you find a flexible job to pay your living expenses while in school so you do not put yourself deeper into debt.

When you applied for a student loan did you do it through FASFA online or just on your own?? Like the last poster said 10% is VERY high. If you apply through FASFA (just check the box that states you will except student loans) the interest rate is much lower and in some cases you can get a loan in which the goverment pays the interest for you, but it wont be enough to pay off a truck.

Swtooth EMT-P, RN

Up Vote Up Vote ×

Well I bought the truck because I have no way to get to school. I just recently moved back home with my mom. The good thing is that I have no rent cost. I was thinking about paying of my intrest and as much of the principle as I go through school for my truck. I don't intend to work full time but I might work part time. To at least pay of the intrest every month... I'm really confused, taking a loan out for 30k while in school than repaying it....I found out that new grad nurses in florida makes about 44k a year. I know that I need 16k for my truck and I was the other 14k was for my expenses for the next 18 months of school....Helpppp

Up Vote Up Vote ×
Specializes in Operating Room.
Well I bought the truck because I have no way to get to school. I just recently moved back home with my mom. The good thing is that I have no rent cost. I was thinking about paying of my intrest and as much of the principle as I go through school for my truck. I don't intend to work full time but I might work part time. To at least pay of the intrest every month... I'm really confused, taking a loan out for 30k while in school than repaying it....I found out that new grad nurses in florida makes about 44k a year. I know that I need 16k for my truck and I was the other 14k was for my expenses for the next 18 months of school....Helpppp

I'm kind of in the same boat. I just bought a condo back in November and now have a mortgage that I have to pay while I will be in school. I start an ADN program in August which will be over in May of '09. So I'm still trying to figure out what to do. I'm trying to get a part time job as a tech in my local hospital, although I have a feeling that it may turn into a full time job(36 hours/week). I've calculated that I'm going to need at least a $20,000 student loan while in school to cover my mortgage while the tech job will take care of my other exspenses. I'm just praying that everything will work out, which i know it will. Good luck in your decision!

Up Vote Up Vote ×

samswim4,

I'm glad i'm not the only one in this situation. I'm probably going to take out a loan for 30k. I was told that it's not smart to work full time. So I took a loan out that will pay for my truck and cover my expenses for school. I start the adn program in august too, so keep me updated and let me know how things go.

Up Vote Up Vote ×
Specializes in Med surg, cardiac, case management.

I agree that 10.5% seems high, although that's not unusual if you're talking about alternative loans from private vendors.

Most government-type loans like Stafford or PLUS generally run between 4-8% (approximately). I guess your truck would count as a school expense if it's necessary for you to get around.

If you haven't already, you can talk to your school student loan office and explain the situation. They normally have set limits as to how much they will lend you, but if you have a special circumstance they can increase that limit. Also, loan repayment can be adjusted depending upon your circumstances.

I'm not sure about working---it depends upon your program and how easy or difficult you will find it.

Up Vote Up Vote ×

Congrats on starting school. If I were in your situation, I would sell the truck and buy a $1000-$2000 beater to get you through school. Don't trade it in. You will not get as much money that way. Sell it private party.

Find a job with flexible hours and work enough to pay for your school and living expenses. It sounds like you have a good deal living rent free. Your expenses should be relatively low. Good luck.

Additionally, 10.5% is extremely high for a student loan. Also remember that student loans are not forgiven in a bankruptcy. They will follow you around until they are paid or you die. Use with caution (or preferably not at all)!

Up Vote Up Vote ×

Thanks guys :monkeydance:

Up Vote Up Vote ×

Hey there.....and 10% is WAY TOO HIGH!! As someone previously said, look into a Federal Stafford Student Loan. Those interest rates WERE as low as 3-4%, until Pres Bush raised them a year ago. They are now just under 7%. You need to fill out a FAFSA form (on-line) for the Stafford or any other student loan. It can be a maze to navigate thru.....so I'd recommend you stop in to your local community college financial aid office, and ask them to explain you the "in's and out's" in person. It'll help tremendously.

Also, I don't recommend you work full-time, if you can avoid it. Part time is PLENTY, and you can use some student loan proceeds for living expenses. Nursing school is NOT a "walk in the park". Take it from me....I'm an EXCELLENT STUDENT, even at my age 50 career-changing position right now. Am in a full-time Accelerated Second-Degree BS in Nursing Program, and it's rigorous. Even a community college ADN program is rigorous, so be sure you have enough time to keep up with assignments, or you'll fall pretty fast.

All the best!

Up Vote Up Vote ×

What is the interest rate you are paying on the car loan? Also, is the interest deffered or accruing while in school? You may find that it will cost you lots more to do a student loan than pay on the truck as you go along.

I would also look into other lower interest rate student loans.

I know that not having the payment is a real advantage, but you really need to look at the entire cost over time.

Up Vote Up Vote ×
Specializes in ICU.

I just graduated from an ADN program i took out a total of 23k for my 2 year program and worked part time as a surgical tech (i was already doing that anyways). The rate of 10 is way to high look in to other loans. I worked 32 hours a week my first year and 22 my second week. I was able work evenings so that helped. and i did loss my weekends so you have that to look forward to that. As for rolling your truck in to the loan i wouldn't do that just keep the loan and use the new school loan to help pay the payments. The 2 loans i took were loans that i could use for any school expense or life expense related to school or living during school.

Up Vote Up Vote ×
+ Add a Comment