Financing school

  1. I'm a married mom of three young kids and going back to school for the first time since high school. My husband makes decent money, but we have a butt-load of debt, a mortgage, a car payment, 3 kids to feed, etc.... So while it looks like we're financially well off on paper (his income), we're really living paycheck to paycheck and can NOT afford school out of pocket.

    I filled out my FAFSA and I'm almost certain I won't qualify for aid. So, where does that leave me? Loans?

    Anyone else in a similar situation? How do pay for school?

    ~Bethany~
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  2. 20 Comments

  3. by   matsgrl
    Loans - you dont pay til 6 months after you graduate.

    Scholarships ... ?
  4. by   RN2bemommyof3
    Hi Bethany.
    You may be surprised what you qualify for. Remember that they take into account your three children when determining financial need. You should receive a report that has your EFC(Expected Family Contribution) This is what you would be expected to pay out of pocket for school which includes living expenses.
    Good luck!
  5. by   krenee
    Yep, same boat here . . . right down to the three kids! I am going to apply for a scholarship through our local hospital. Have you checked something like that? Most hospitals in our area offer them. The contingency is that you have to work there for two years after you graduate, so it's not need-based at all, it's actually their need for nurses!

    If I can't get it, then yeah, probably student loans. I've looked online at scholarships and such, and it seems like most are geared towards high school students or minorities of some type.

    Good luck!
    Kelly
  6. by   joyfulgal
    I too am in the process of looking into federal student loans. I am not quite sure how all of this works. I have never taken out any student loans before, luckily we were able to pay for my first BS degree. My husband has a great job and we have always lived on his income alone, but I know we cannot afford to pay out of pocket for an accelerated BSN program at a private institution., which is where I am heading. Are there any "catches" that I should be prepared for when applying for a federal student loan? Also, how soon should I begin the application process, my nursing program begins Aug'07? If anyone has information and is willing to share, please let me know..I could use all the advice on this topic that I can get!
  7. by   catzy5
    Quote from *Bethany*
    I'm a married mom of three young kids and going back to school for the first time since high school. My husband makes decent money, but we have a butt-load of debt, a mortgage, a car payment, 3 kids to feed, etc.... So while it looks like we're financially well off on paper (his income), we're really living paycheck to paycheck and can NOT afford school out of pocket.

    I filled out my FAFSA and I'm almost certain I won't qualify for aid. So, where does that leave me? Loans?

    Anyone else in a similar situation? How do pay for school?

    ~Bethany~


    oh yes I am in that situation too however I am fortunate to live in an area where CC is very inexpensive. It doesn't leave me many options for choices of schools or programs I am limited to one school one program 12 applicants accepted out of hundreds they take only on GPA so I am busting butt to make that, however that said my classes are only 20.00 a credit hour my 10 credits cost me 200 for the whole semester. However still have to buy those dang books that cost double the tuition lol. So yes its still expensive but managable.
  8. by   krenee
    my classes are only 20.00 a credit hour
    Wow, that's amazing. I thought our CC was low, and it's eighty-something per credit. Of course, the books are killer too, last semester they were somewhere between 6-800, I forget exactly.

    Kelly
  9. by   RN2bemommyof3
    Quote from joyfulgal
    I too am in the process of looking into federal student loans. I am not quite sure how all of this works. I have never taken out any student loans before, luckily we were able to pay for my first BS degree. My husband has a great job and we have always lived on his income alone, but I know we cannot afford to pay out of pocket for an accelerated BSN program at a private institution., which is where I am heading. Are there any "catches" that I should be prepared for when applying for a federal student loan? Also, how soon should I begin the application process, my nursing program begins Aug'07? If anyone has information and is willing to share, please let me know..I could use all the advice on this topic that I can get!
    Hi joyfulgal!
    You need to get started asap, as finacial aid deadlines are looming! The first thing you should do is visit your schools finacial aid department and they will help you start the ball rolling or you can go to the schools website, you can usually find all the info there. I can tell you that the first step is get your 2006 taxes done asap so that you can fill out the fafsa (free application for federal student aid) you can find that at www.fafsa.ed.gov If I were you I would call your finacial aid department today and make an appointment.
    Good luck!
    Kimberly
  10. by   TheCommuter
    I didn't qualify for financial aid because my income was too high, so I was approved for a private SallieMae student loan. SallieMae financed the $20,000 tuition and I didn't have to make payments until I completed school.

    Visit www.SallieMae.com for more information on these hassle-free student loans.
  11. by   *Bethany*
    Commuter, thanks for that website. It had a wealth of information! It's so hard making heads or tails of all of this financial stuff.
  12. by   TheCommuter
    Quote from *Bethany*
    Commuter, thanks for that website. It had a wealth of information! It's so hard making heads or tails of all of this financial stuff.
    You are very welcome!
  13. by   Anne36
    Bethany I am just like you. I get so mad sometimes when I meet other moms or know women who are gettting everything paid for free. I dont have any more money than they do, in fact they are much better off financially because of all the help they recieve because of being a single mom. We are broke and dont qualify for any kind of aid.My husbands income doesnt even support our family modestly without my childsupport. I just paid for my first class out of pocket which I feel guilty about but then I have to go into debt taking out loans. I am just like a single mother. My husband doesnt even pay for the gas in my car let alone give me a nickle for school. I dont have any control over his paycheck, we dont even share a checking account and I'm a fulltime Mom.
  14. by   2bnursetabulous
    Quote from TheCommuter
    I didn't qualify for financial aid because my income was too high, so I was approved for a private SallieMae student loan. SallieMae financed the $20,000 tuition and I didn't have to make payments until I completed school.

    Visit www.SallieMae.com for more information on these hassle-free student loans.

    How do you like the Sallie Mae loan? I was thinking about applying for that if I don't get any financial aid. (I always get turned down because my dad makes a **** ton...money that I don't get. I wish i was turning 24 this years instead of 23, then I would qualify)

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