Private student Loan question

  1. Hi all,
    Im asking this here because Im sure some of you have had similar situations.

    My wife makes good money, she is already a nurse.. 12 years. I however have been downsized from the automotive industry. so i make nothing haha (I know..not funny). I DID make very good money.. WITHOUT a degree.. those days are over.. so in seeing the joy my wife has from her job and being inspired by her, I have decided Id like to go into nursing now that the "opportunity" has been given to me.

    My question is.. we have just bought a new home in the last couple years.. which really cleaned out our saving, so we are thinking of going down the private student loan route. I was wondering.. CAN a private student loan (ala Sallie Mae) be used for general bills and whatnot to cover what I wont be bringing into the family finances? Id like to goto school full time and maybe work a part time job.. prob needing @ 8k (on top of tuition and books) a year to supplement her income along with the part time job to keep everything paid and save our credit.

    Any info from your personal experiences would be great.. thanks all!!!
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  2. 3 Comments

  3. by   Justforus
    Hey I have a private through astute, and yes you can use the money on whatever u need to. I have mine for bills, because I choose not to work while in school, and it was HUGE Lifesaver. If you any other q's feel free to PM me, and I'll try to help ya out! and ocongrats on going back to school!!!
  4. by   amybethf
    Go for it, we need more male nurses! There are 5 men in my nursing class (most are on a second career change) and us women as well as the profession are happy to see a higher enrollment. The various nursing associations have been recruiting males quite vigorously over the last few years. And I think in particular MI, due to the automotive layoffs (like yourself), there will be a good turnout. See a health careers counselor ASAP to see what you need to fulfill to get on the ever expanding waiting list.

    GOOD LUCK!
  5. by   UMichSCN07
    I've had private student loans through CitiBank both at the undergrad and grad level and they're wonderful. Assuming that you don't have any outstanding balances on your student account, they send the funds to the school and the school cuts you a check and the money is yours to do whatever you please with. I had a classmate who bought a car, and I used both loans to defray cost-of-living/relocation expenses. One word of... heads-up: since they're private loans, you're at the mercy of the loaner when it comes to interest rate. Depending on the company, the interest rate does NOT lock in like a Federal Consolidation Loan and tends to be at least 1-2% higher than any Federal loans. But if taking one out makes it possible to go to school, DON'T hesitate!

    Mike in Michigan

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