Confused about loans

  1. I've already graduated with a degree in a social science, and I'm planning to return this January to start my prerequisites for nursing at a community college in Illinois.

    My current full-time work schedule would not allow me to accomodate these classes, so I can't remain here, and I'm not by any means assured of another job since I've skipped around a lot.

    I was one of those lucky people whose folks paid for college for them. Consequently, undertaking this venture on my own, I'm entirely uncertain how to go about securing a student loan.

    Ideally, I'd love to borrow about 20,000 in case I'm unable to get an admin type job in a hospital for this year it will take me to get all my prereqs (plus it would allow the right amount of study time)

    Is that possible? Does anyone know how this can be undertaken? Do I just call Sallie Mae or something, or how do I approach any of this? Can I even get a loan with a bachelor's for a 2-year-college?

    I realize I'd be in debt for a while, but I figure nursing, unlike sales, is a pretty assured career choice-- and at least I'd do something worthwhile. :spin:
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  2. 6 Comments

  3. by   nurz2be
    I got my student loans through Chase Student Loans. They have, at the time, the lowest interest on student loans. You can go through Sallie Mae as well. There is also a company called Astrive. These 3 are all legitimate student loan companies. You can get up to 40,000 per year from each of these while you are in school. I too am in a 2 year program and these companies loan to students in all areas of their education process. The catch with these is that if you are not working while you are in school you will most likely need a co-signor. My advice is to use one anyway if you have less then perfect credit because in most cases your interest rate, like on a car loan, is based on your credit rating. I personally took out 30,000 for this year and will take another 20,000 next year so that I don't have to work while I am in school and it won't put my family, married with kids, in any financial hardships. I did my loans completely online as with Chase, it is a banking mogul, it was very secure. You can do your paperwork and fax it back and forth if you don't feel comfortable using the internet for your sensitive information. None of these companies has early payback penalties either. So when you get done with school you can pay them off quickly to avoid as much of the interest.

    GOOD LUCK

    Sallie Mae

    Chase

    Astrive
  4. by   gribech
    Thank you, thank you, thank you nurz2be. I have seen so much contradictory info, and so little that applies to my actual situation. It's fantastic to hear it all laid out like this. This is such a relief.

    Thanks!
  5. by   bluewolf9193
    Hello...Nurz2be...what are your monthly payments like? Are you paying now or do you wait until you graduate? Like gribech, I, too am considering a student loan. I am unemployed at the moment and I would like to concentrate fully on nursing school. My husband is employed but we still are missing my previous income. My cost for the first semester (I start in Jan) is about $2000 at a community college. So its just a matter of making ends meet and such. Any more advice? Thanks...
  6. by   nurz2be
    Quote from bluewolf9193
    Hello...Nurz2be...what are your monthly payments like? Are you paying now or do you wait until you graduate? Like gribech, I, too am considering a student loan. I am unemployed at the moment and I would like to concentrate fully on nursing school. My husband is employed but we still are missing my previous income. My cost for the first semester (I start in Jan) is about $2000 at a community college. So its just a matter of making ends meet and such. Any more advice? Thanks...

    With these three companies payments are completely deferred, including interest payments, until 6 months after graduation. Also, with these companies they send the money to you, not your school like with other companies. You can use the monies for whatever you need to use them for and as you need to use them. We placed my loans in a separate account so that we wouldn't be tempted to splurge (too much). If, and I plan on it, go back to school to get my Bachelors then Masters, my payment will be suspended while I am taking classes, even if they are solely online. My school, is a 2 year private university and will cost me all together 45,000. I get the normal federal Stafford loans from the school (which are about 15,000 per year). I cannot get additional funds through the government as according to the government, we are not in the "poverty" category. I will pay out of pocket around 15,000 once I am done with school. So, the loans I have taken out have helped me TREMENDOUSLY. I can say that I see other students who have to work while we are in nursing classes and it is breaking several of them. I don't have that added stress and it shows in my grades, in my attitude, in my relationship with fellow students and patients. I cannot IMAGINE not having taken these loans so that I can have the peace of mind and not feel guilty for not working and helping provide for our family. As of right now, my loan payments will be around 250-300 a month, that is with around 50000 in loans through Chase. As I said, I can and will pay these off early to not have to have so much to pay back in interest. If I can help you any further let me know and I will try.
    Last edit by nurz2be on Dec 3, '07
  7. by   jla623
    You can either get private loans or federal loans. If you want federal loans (which typically have lower interest rates), then you need to fill out the FAFSA online. These funds are sent to your school and this is also how you get grants. If you don't want to deal with any of that (it is a big hassle), then just go for the private loans. They send the money directly to you.
  8. by   Cleopf01
    Quote from gribech
    i've already graduated with a degree in a social science, and i'm planning to return this january to start my prerequisites for nursing at a community college in illinois.

    my current full-time work schedule would not allow me to accomodate these classes, so i can't remain here, and i'm not by any means assured of another job since i've skipped around a lot.

    i was one of those lucky people whose folks paid for college for them. consequently, undertaking this venture on my own, i'm entirely uncertain how to go about securing a student loan.

    ideally, i'd love to borrow about 20,000 in case i'm unable to get an admin type job in a hospital for this year it will take me to get all my prereqs (plus it would allow the right amount of study time)

    is that possible? does anyone know how this can be undertaken? do i just call sallie mae or something, or how do i approach any of this? can i even get a loan with a bachelor's for a 2-year-college?

    i realize i'd be in debt for a while, but i figure nursing, unlike sales, is a pretty assured career choice-- and at least i'd do something worthwhile. :spin:
    [font='arial narrow']the loan process can be overwhelming, but it's definitely worth doing your homework.
    [font='arial narrow'] you can get a loan with a bachelor's degree for a 2-year college. the only thing you are not eligible for are grants.
    [font='arial narrow']your first option should always be federal loans. these are loans that you basically must get approved by your school, but their interest rates are the lowest. to do that you must fill out a fafsa application available at [color=#606420]www.fafsa.ed.gov. you are awarded a loan amount based on your status as an independent or dependent (as well as the cost of your school's tuition.) independents get more money. in order to be considered an independent, you must meet one of the following:
    [color=#333333]1. [color=#333333]be 24 years of age or older by december 31 of the award year;
    [color=#333333]2. [color=#333333]be an orphan (both parents deceased), ward of the court, or was a ward of the court until the age of 18;
    [color=#333333]3. [color=#333333]be a veteran of the armed forces of the united states;
    [color=#333333]4. [color=#333333]be a graduate or professional student;
    [color=#333333]5. [color=#333333]be a married individual;
    [color=#333333]6. [color=#333333]have legal dependents other than a spouse;
    [color=#333333]7. [color=#333333]be a student for whom a financial aid administrator makes a documented determination of independence by reason of other unusual circumstances.
    [color=#333333]
    [color=#004400][font='lucida sans unicode']loans
    [color=white][font='lucida sans unicode']years
    [color=white][font='lucida sans unicode']dependent undergraduate student
    [color=white][font='lucida sans unicode']independent undergraduate student
    [color=white][font='lucida sans unicode']graduate and professional degree student
    [color=#004400][font='lucida sans unicode']first year
    [color=#004400][font='lucida sans unicode']$3,500
    [color=#004400][font='lucida sans unicode']$7,500 - no more than $3,500 of this amount may be in subsidized loans
    [color=#004400][font='lucida sans unicode']$20,500 - no more than $8,500 of this amount may be in subsidized loans.
    [color=#004400][font='lucida sans unicode']second year
    [color=#004400][font='lucida sans unicode']$4,500
    [color=#004400][font='lucida sans unicode']$8,500 - no more than $4,500 of this amount may be in subsidized loans
    [color=#004400][font='lucida sans unicode']$20,500 - no more than $8,500 of this amount may be in subsidized loans.
    [color=#004400][font='lucida sans unicode']third and beyond
    [color=#004400][font='lucida sans unicode'](each year)
    [color=#004400][font='lucida sans unicode']$5,500
    [color=#004400][font='lucida sans unicode']$10,500 - no more than $5,500 of this amount may be in subsidized loans.
    [color=#004400][font='lucida sans unicode']$20,500 - no more than $8,500 of this amount may be in subsidized loans.
    [color=#004400][font='lucida sans unicode']maximum total debt from stafford loans
    [color=#004400][font='lucida sans unicode']$23,000
    [color=#004400][font='lucida sans unicode']$46,000 - no more than $23,000 of this amount may be in subsidized loans.
    [color=#004400][font='lucida sans unicode']$138,500 - no more than $65,500 of this amount may be in subsidized loans. the graduate debt limit includes stafford loans received for undergraduate study.

    [color=#333333]based on your finances you will be awarded either a 'subsidized' or an 'unsubsidized' loan. the former means that the government will pay for your interest while you are in college. the latter means that your interest along with the principal of the loan will be due sixth months after you have finished school over a 10 year repayment plan. at any point, in which you decide to go back to school, your loans do not to be paid while you are in school.
    [color=#333333]
    inaddition to the fafsa, which is required by all colleges, some schools also require the completion of an additional institutional financial aid application or form. for most students who receive a financial aid award from their college, part of their aid package will include either the subsidized or unsubsidized federal stafford/direct loan. your school's financial aid administrators will normally mail you a financial aid award letter or notification after correctly submitting a fafsa application. within your award letter will normally be more details about the school's loan processing procedures.
    some schools offer perkins loans based on financial need, which are basically just subsidized stafford loans.

    please try to get federal loans before going to private sources!

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