ADN program Financial Aid question

Multicollinearity, BSN, RN · May 12, 2006

I really believe there are other options. You must realize, there is no loan out there designed to actually help you. These people want something back in return-could be interest, work, etc...-Many people like to get the federal loans but those aren't in your best interest either because if you slip up, they'll take it out of your taxes plus interest. I'm just saying, try it on your own. Do it by yourself, and if that means working crazy hours and missing out on a couple of things, so be it. Atleast you wont owe anybody anything.

I am glad that this works for you. In fact, yes, we would all do well to look for every alternative to borrowing. That said, many of us simply would not be able to get a degree without student loans. What works for you does not work for everyone & vice versa.

AnnaN5 · May 12, 2006

I really believe there are other options. You must realize, there is no loan out there designed to actually help you. These people want something back in return-could be interest, work, etc...-Many people like to get the federal loans but those aren't in your best interest either because if you slip up, they'll take it out of your taxes plus interest. I'm just saying, try it on your own. Do it by yourself, and if that means working crazy hours and missing out on a couple of things, so be it. Atleast you wont owe anybody anything.

I wish it was true that everyone could afford to go to school without taking out loans but with the costs of getting an education rising every year most people have no choice. I have a BS degree in Human Biology that I finished in exactly 4 years, at an in-state public university, paid out of pocket for 2/3 of my tuition & living expenses every year but had to take out loans to cover the rest. I lived in modest apartments with multiple roommates, did not have a car payment, go out alot, etc and worked as many hours as I could while carrying 16-17 credits a semester. I consider myself lucky that I only have $16,000 in federal student loans because I know many people that had to finance the majority of their education and have double & triple that amount.

I am now starting nursing school in the fall at an ADN program. I have been working full time for 2 years since I got my previous degree so I have a lot saved up to go back to school. Unfortunately if I am not able to keep working full time while going to school I am going to need some help paying for my living expenses & tuition.

MJJFan1, BSN, RN · May 13, 2006

More power to ya! Try scholarships though

TXNurse2B · May 16, 2006

I would agree that getting a degree without any loans would be the ideal situation. I also agree that we can't all manage it. Let me present my situation and see if any of you have any good suggestions for me. I have found myself recently separated and going through a divorce. I'll be left with no savings to speak of and two young children to care for and support. Child support will help, but will cover maybe half our monthly expenses. I would need a co-signer for private loans anyway and may not have one. Can't work deep nights because of the kids. So what am I doing? Starting my prereqs and core classes and trusting that the answer will come to me before I have to quit my job to go to nursing classes full time. Any thoughts or suggestions? Anyone independently wealthy and looking for a good cause? :lol2:

sunnyjohn · May 22, 2006

I am probably the cheapest most debt averse person you will ever meet (online). IMO debt is the closest thing to hell on earth...

STILL, if the ONLY way you can get through nursing school is to take out loans, TAKE THE LOANS!

Search high and low for scholarships. Pester every one and write every organization you know for school money. If that still si not enough TAKE THE LOANS.

If you keep the loan amount reasonable after you graduate you can draw up a payment paln for yourslef. if you live modestly and aggresively tackle the loans, you can pay off $10-$15k in two year and still have a decent life

Angel 3 · May 24, 2006

I am also in the same boat with you guys. I have a BBA already, so I have used all of my financial aid, including Pell Grants, M-tag, and I still am currently paying on a student loan for my last two years at the University. Now I'm having to figure out what I can do because it seems like my only options are to take out a personal loan, which I don't want to do, or sign a contract with a hospital, and let them pay for my school. I don't know what I'm going to do. I don't want to be tied down to a hospital if I don't like it, but at the same time, I don't want to be paying on 2 different loans. :confused:

sunnyjohn · May 24, 2006

...Now I'm having to figure out what I can do because it seems like my only options are to take out a personal loan, which I don't want to do, or sign a contract with a hospital, and let them pay for my school. I don't know what I'm going to do. I don't want to be tied down to a hospital if I don't like it,[/] but at the same time, I don't want to be paying on 2 different loans.

If you sign a hospital contract letting them pay for school in exchange for a work commitment, it should have a buyout policy. If for some reason you must leave or you find the place unsafe and intolerable, you can pay back the money the hopsital paid for your education, less the amount you worked off. Sometimes they charge a small % interest, most of the time not at all.

Use you sign on bonus at your new hospital to pay off the loan money from the old hospital. That would be the fair thing to do.