Loans to cover more than just the cost of classes - page 2

I am going to be submitting applications to 3 different nursing schools in hopes of being accepted to begin in May. I am extremely concerned about working while in nursing school. I have heard a... Read More

  1. by   maryshome8
    Quote from JoeyDog
    My two cents: My husband and I have both been students for the past two years. He full time (he was in ADN school) and I part time during his first year and full time during his second year (working on nursing prereqs). We basically lived (and still do he doesn't have a job yet) on loans and credit cards. We are approx. 60k in debt right now, and we didn't live the high life or anything, we barely scraped by.

    When he was in school borrowing money with loans and credit cards was pretty stressfull. However, we tried to see it as a means to an end and we also tried to remember that when he graduated he would be making 45k/year, and so we pushed the stress aside. Now that he has graduated all the money we borrowed has become EXTREMELY stressfull b/c banks, ect. want their money back.

    After he graduated we learned an extremely important lesson that I think is not expressed enough and it is this...Everyone knows that nurses are in very high demand but what most people don't mention is that new grads really arn't (at least in our area of wa.). My husband has applied for so many jobs and has only been called for one interview (it's tomorrow actually). There are not enough residencies for all the graduates so there are many new grads competing for them. As for non residency jobs hospitals want you to have at least one year of experience, and usually it is two years. Furthermore, we learned that hospitals take a long time to even call you for an interview. My husband's interview is tomorrow and he applied a little over a month ago for the position. So I would like to let others know that just b/c nurses are in demand don't bank on walking into a job a week after you graduate like we did. Also don't expect that your hospital of choice will have a tuition rembursment (sp) plan. Our local hospital has one, but only for current employees who have gone to school while they are employed, not for new hires coming in with student loans. Good luck to you all!
    JoeyDog....send me an e-mail at maryshome8@hotmail.com

    I have some easy suggestions that may help you out with your situation.
  2. by   Nursing_Chiquita
    UGH! I too am a single mom. My daughter is 7 and we already lived with my parents for a year before I even started going to school...they are helping me so much already with watching my daughter while I am in school and they have expressed that they are running out of energy to help me and probably will not be able to help me with care through clinicals.

    Anyway, I am coming up on clinicals fast and am trying to figure out how to quit my cushy office job, go to clinicals during the day (no night clinicals are offered at my school), work part time and care for my daughter while maintaining the apartment and bills. I really don't want to move or switch her school and I certainly want to try to avoid moving in with someone if I can. I have been taking out loans to offset the cost of living and now I am thinking that I have made a big mistake...especially if I will need to take out loans during clinicals. I have until next summer or fall to figure it out but I would like to start so it alleviates some of the stress I am already experiencing...any advice would be helpful.

    Quote from maryshome8
    Your post expressed exactly what I was stressing; my prayers are with you.

    I had to make a move I didn't want to make and moved by in with my father with my 2year old in tow...I'm 37 and he's 77...I'm sure he planned out living his golden years without a baby underfoot, but he knows I really need this opportunity for employment stability as a single mother. Otherwise I would not have been able to attend nursing school without getting thousands of dollars in debt.

    At the end of the day, it doesn't matter which nursing school you graduated from...it matters that you have a degree and pass the state boards.

    You know what they called the medical student who graduated from a bottom-tier medical school and also graduated at the bottom of his class?

    Doctor

    Words to live by!
  3. by   smk1
    Quote from Nursing_Chiquita
    UGH! I too am a single mom. My daughter is 7 and we already lived with my parents for a year before I even started going to school...they are helping me so much already with watching my daughter while I am in school and they have expressed that they are running out of energy to help me and probably will not be able to help me with care through clinicals.

    Anyway, I am coming up on clinicals fast and am trying to figure out how to quit my cushy office job, go to clinicals during the day (no night clinicals are offered at my school), work part time and care for my daughter while maintaining the apartment and bills. I really don't want to move or switch her school and I certainly want to try to avoid moving in with someone if I can. I have been taking out loans to offset the cost of living and now I am thinking that I have made a big mistake...especially if I will need to take out loans during clinicals. I have until next summer or fall to figure it out but I would like to start so it alleviates some of the stress I am already experiencing...any advice would be helpful.
    do you have an extra bedroom in your apartment? What about advertising for a roomate. I know it isn't always fun to live with someone, but you could easily get an extra couple of hundred dollars per month and maybe help with utilities.
  4. by   squirtle
    Where are you guys getting these student loans? Are you just going through private companies? I was checking around today and everything I saw required that you make payments while going to school.. Is that normal?

    I am really sorry if these are dumb questions, this is just my first time trying to deal with all of this.
  5. by   maryshome8
    Quote from squirtle
    Where are you guys getting these student loans? Are you just going through private companies? I was checking around today and everything I saw required that you make payments while going to school.. Is that normal?

    I am really sorry if these are dumb questions, this is just my first time trying to deal with all of this.
    Stick with major lenders or find ones that specialize in healthcare loans. Your financial aid office can help you find the major private lenders.
  6. by   MikeyJ
    Unfortunately I haven't been one of those students with parents willing to pay for my education (no help at all actually), and even though I did well in high school and do very well in my current studies, I am not a receipient of large scholarships. Thus, I have been forced to take out massive loans. I am currently in my 4th year of college; however, I will actually graduate at the end of my 5th year due to transferring schools and having to take certain classes that were not required at my previous university. On top of that, I live in a fairly expensive city (Las Vegas/Henderson). I do work full-time and go to school full-time, but my working only covers rent, car, insurance, etc., but it doesn't cover any school related costs. Therefore, I am probably nearing $25,000 so far. I figure that I will need to take out near somewhere in the range of $30K - $35K more throughout the last 16 months of my nursing program. I am in an accelerated BSN program, thus the 16 month clinical nursing portion of the program is extremely intense and they don't recommending working at all (I figure I will try putting in 15 - 20 hours a week). So I will need to take out money for living costs as well as tuition, books, other related expenses, etc. I would like to walk away with school with $50K or less, but I don't think that will happen. According to my private lender, you are able to consolidate your loans and make payments over a 30 year period (obviously I will pay them off much quicker than that). They estimated that I would only have to pay approximately $500 a month over a 30 year period with $60K in loans. When you figure that you, it comes out to $180K (which makes no sense), so I am really unsure. I figure I will either continue on for my NP or CRNA which will push me further in debt yet. I figure I will be in debt for the rest of my life with a house and a car, etc.., why not start off with a bang?? :wink2:
  7. by   maryshome8
    My father isn't paying for my education...I'm only living in his house. I mean, yeah, I could have stayed where I was, kept my house, my car, in the expensive city I was living in...and then only to graduate into a job, as financially strapped as I was before I went to school, which defeated the entire purpose of going to school to start with. I had purchased my 'dream house' (on my budget), and it's making me sick to let it go...but my daughter comes first, not my house. I don't like living with my father, but he needs the help since my mother died and it will be a chance for him to get to know her.

    Everyone has to make their own decisions, but in a city as expensive as the one you are living, $500 of loan expenses, plus rent, car, insurance, food, and then you want to take out more loans on top of it and pay for it over 30 years?

    $180,000 is right on the money, as far as what the loan will cost you if you stretch out the payments for 30 years. For an extra $100 a month, you can do the payments for 15 years and cut the payback amount in half.

    Nursing pays well, but unless you are planning to do specialized training or work at a hospital and agree to take no benefits, I cannot imagine the salary that you receive at the end, if you'll have two pennies to rub together when you get out.

    Quote from sistermike
    Unfortunately I haven't been one of those students with parents willing to pay for my education (no help at all actually), and even though I did well in high school and do very well in my current studies, I am not a receipient of large scholarships. Thus, I have been forced to take out massive loans. I am currently in my 4th year of college; however, I will actually graduate at the end of my 5th year due to transferring schools and having to take certain classes that were not required at my previous university. On top of that, I live in a fairly expensive city (Las Vegas/Henderson). I do work full-time and go to school full-time, but my working only covers rent, car, insurance, etc., but it doesn't cover any school related costs. Therefore, I am probably nearing $25,000 so far. I figure that I will need to take out near somewhere in the range of $30K - $35K more throughout the last 16 months of my nursing program. I am in an accelerated BSN program, thus the 16 month clinical nursing portion of the program is extremely intense and they don't recommending working at all (I figure I will try putting in 15 - 20 hours a week). So I will need to take out money for living costs as well as tuition, books, other related expenses, etc. I would like to walk away with school with $50K or less, but I don't think that will happen. According to my private lender, you are able to consolidate your loans and make payments over a 30 year period (obviously I will pay them off much quicker than that). They estimated that I would only have to pay approximately $500 a month over a 30 year period with $60K in loans. When you figure that you, it comes out to $180K (which makes no sense), so I am really unsure. I figure I will either continue on for my NP or CRNA which will push me further in debt yet. I figure I will be in debt for the rest of my life with a house and a car, etc.., why not start off with a bang?? :wink2:
  8. by   SummerGarden
    Quote from sistermike
    When you figure that you, it comes out to $180K (which makes no sense), so I am really unsure. I figure I will either continue on for my NP or CRNA which will push me further in debt yet. I figure I will be in debt for the rest of my life with a house and a car, etc.., why not start off with a bang?? :wink2:
    It will feel more like a shot in the head! Listen to the others. I have a lot of student loan debt too. And the job market in my field was so-called booming (I have no idea where) and I could not make ends meet because of student-loan payments. So it took me another 5 years before I could start this journey to become a student nurse. I payed down and off many debts and saved money to pay cash to attend school.

    Obviously most people who want to become nurses don't wait to attend school and will even take the expensive regular BSN or accelerated routes. In order to fund their choice they take out lots of loans in the HOPES they will make enough to pay them back. Well, that will be it... you will make enough to pay your loans back. You won't make enough to have a nice home, buy a descent car, or do anything else without feeling poor or broke.

    I know many nurses that are broke and desperate! I did not understand why until I joined this board. Student loans and private loans will suck you dry. Most RNs do not make enough to live comfortably and pay back massive student loans. Becoming a NP or CRNA will not change that fact if you rack up $180,000 of debt.

    And you said that you want to pay it off on 30 years? What will you retire on? I know you were making light of your situation, but in all honesty you won't feel good at the end of your education. There is nothing light about massive debts. Good luck to you.
  9. by   SummerGarden
    Quote from maryshome8
    At the end of the day, it doesn't matter which nursing school you graduated from...it matters that you have a degree and pass the state boards.
    This is exactly why I have chosen the ADN and RN-BSN route; to pay cash and/or have my education paid through scholarships and employers. If I could go back in time I would beat some sense into the 18 year old me and I would not have a single student loan to my name!
    Last edit by SummerGarden on Sep 23, '06
  10. by   SummerGarden
    Quote from JoeyDog
    After he graduated we learned an extremely important lesson that I think is not expressed enough and it is this...Everyone knows that nurses are in very high demand but what most people don't mention is that new grads really arn't (at least in our area of wa.). My husband has applied for so many jobs and has only been called for one interview (it's tomorrow actually). There are not enough residencies for all the graduates so there are many new grads competing for them. As for non residency jobs hospitals want you to have at least one year of experience, and usually it is two years.
    WA is not the only place that is like this. I called around to different hospitals in my state and in other states randomly. I checked with the HR departments and online for open positions. MOST are as you have found; they require and hire experience!

    The new grad positions are not usually posted because recruiters will pick up students from different schools (at Job Fairs or through instructors) and hire that way. Many times, it takes months for them to get back to you if you apply the normal way. That is how HR is everywhere with most positions.

    I wish people would stop using the words "nursing shortage". It implies that employers are desperate and will hire anyone with a RN license and train them if he/she needs more training. It also implies that recruiters will vigorously search and hire as well as maintain a safe and supportive work environment to try to keep good employees. Basically it gives the impression that the health care industry as a whole will do what the Tech industry did in the 90s, but it is not the case.

    Your husband is not experiencing ANYTHING different then what others have and will experience across the country. I am sorry you two are finding this out the hard way. Please keep telling your story so that others will open his/her own eyes to the truth too. Good luck. :wink2:
  11. by   maryshome8
    Quote from MBA2BRN
    It will feel more like a shot in the head! Listen to the others. I have a lot of student loan debt too. And the job market in my field was so-called booming (I have no idea where) and I could not make ends meet because of student-loan payments. So it took me another 5 years before I could start this journey to become a student nurse. I payed down and off many debts and saved money to pay cash to attend school.

    Obviously most people who want to become nurses don't wait to attend school and will even take the expensive regular BSN or accelerated routes. In order to fund their choice they take out lots of loans in the HOPES they will make enough to pay them back. Well, that will be it... you will make enough to pay your loans back. You won't make enough to have a nice home, buy a descent car, or do anything else without feeling poor or broke.

    I know many nurses that are broke and desperate! I did not understand why until I joined this board. Student loans and private loans will suck you dry. Most RNs do not make enough to live comfortably and pay back massive student loans. Becoming a NP or CRNA will not change that fact if you rack up $180,000 of debt.

    And you said that you want to pay it off on 30 years? What will you retire on? I know you were making light of your situation, but in all honesty you won't feel good at the end of your education. There is nothing light about massive debts. Good luck to you.
    Amen Sister! Remember what I said in my earlier post..you CANNOT Bankrupt student loans...there were too many doctors, dentists and attorney's doing just that....they were getting out of school, buying the big car, the big house, setting up their practice and then filing Chapter 7. That's easy to do when these jobs on average pay about $150K per year, and all you have to do is make the payments...it takes about 4 years for a Chapter 7 to STOP MATTERING to lenders...so to them, it was an easy trade-off...don't pay back debts in excess of $100K, keep your house, car, and practice, and then you get a high income for 4 years....you don't NEED to take out additional credit during those 4 years b/c your income is high.

    THE REST OF US don't have that luxury of banking that kind of money right out of school.

    Slightly unrelated, but a hard lesson:

    My cousin, who used to work for Jim Baker at PTL in Fort Mill, SC lost a TON of money because they invested their entire life savings in the Church and worked for him too. They were supposed to be able to live on the estate he was building FOR FREE during their golden years.

    My cousin is 70, works 12 hours a day, her husband is 81 and works a part time job because they HAVE to. They have no retirement other than social security and live paycheck to paycheck, with meager savings.

    My point is it's no way to live if you mess up your finances...if I had the money I would help them myself, but I can barely support myself.
  12. by   JaxiaKiley
    I wish I could figure out how these people get so much into debt. LOL It is hard to find private student loans that will loan to me in a ADN program without a job.
  13. by   masstudent
    I was wondering how people respond to the questions nursing schools ask about how do you plan to pay for your schooling? I have never seen this on other program applications and I have talked with people who went to law/medical/business schools and they had never heard of such a thing. I understand why the schools are asking in order to see if you might need Fin Aid and if you will be able to stay in school without working but I was wondering how most people answer this question.

    Also does anyone know what the predetermined amount a person can have in their bank account (and Fin Aid probably looks at your assests too) to be eligible for Fin Aid? Thanks.

close