Sallie Mae Student Loan, Fixed or Variable?

Nursing Students Pre-Nursing

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Hi guys,

First of all, this is my very first thread and please understand even if the thread looks out of place. I'm writing to ask about student loan interests and thus thought Student forum was the correct place to have it on.

Now, to the point.

I got into a BSN program which starts in August at West Coast University LA. I've read many threads regarding the school, and like I felt for myself, the school program looks fine but the cost is horrible. I've applied for FAFSA and will take out Govt' loans, but, I still cannot afford most of the tuition which is around 130k overall. Therefore, I chose to take out private student loans of 48k from Sallie Mae and chose Variable Interest at around 9%. I'm deeply worried that I chose variable rate instead of the Fixed rate at around 11.5%

Should I cancel the loan since it didn't disburse any amount yet and re-apply for a fixed rate?.

I've been searching for hours and hours about fixed vs variable interest and which I should choose to go with, but, couldn't find an answer.

Please any responds will help =)

Will it be a bad call to just keep the variable interest I've applied for at 9%?

Should I choose to re-apply and aim for 11.5%ish Fixed rate?

Poster,

Please reconsider your options. I was in the same position as you were and felt like WCU was my only option since my undergraduate GPA wasn’t competitive and I didn’t have any experience to back me up. I was SO close to signing up and even went through the entire application process, but they were unwilling to transfer over a couple of courses which I thought was unfair since I graduated from a UC (apparently if you attended a school that went by a quarter system, your classes will not transfer over since they are shy by ~0.2 units). At the end of the day, I was able to bring my tuition rates down to $86,000 but only if I spend another semester at a community college taking prereqs. (PLEASE FINISH YOUR PREREQS AT A COMMUNITY COLLEGE BEFORE YOU ENTER WCU)

So during the semester while finishing up my prereqs, I figured that I had nothing to lose trying to apply to different programs out there. I ended up applying to Pasadena City College, East LA college, and a nearby community college where I live in OC. I also applied to National U., West Governors U (a school I wouldn’t recommend if you’re pushing towards CRNA), and even United States U which I dropped early on. Thank God that I did apply because I got into 2 of the 3 community colleges (still unheard from ELAC). Pasadena City College goes by lottery so everyone has a fair chance. Now, I will attend community college for two years paying close to nothing and one year at CSU for my BSN. While WCU offered me a BSN in 2 years (I had most GE’s covered), I would rather spend an extra year in school and save me tens of thousands of dollars. WCU is NOT your only option. While they have a good program, I believe that it may not be for everyone.

Oh, CRNA schools are just as expensive, unless you go public like CSUF. But can you get straight A’s from a program that accelerated (10 week courses)?

Do the adn program for about $10K. There should be plenty of rn to bsn programs under $120K, possibly free.

Oh my gosh do not do it. You will pay like 60k or more just in interest. Defaulting could cause you a life of problems. I'd apply again, work and save. You'll end up in a way better financial situation.

Don't do it especially with the job market for nurses as tight as it is... That's as much loan money as some people take out for medical school with less assurance of a job and less future earnings. Good luck to you!

Thank you for answering my questions! I have no time to spare and in my case, time is money..I need to get this done asap and I like that wcu takes only three years. Are books included in the tuition?

Thank you for answering my questions! I have no time to spare and in my case time is money..I need to get this done asap and I like that wcu takes only three years. Are books included in the tuition?[/quote']

I believe so. When I was considering WCU, the tuition at $86,000 kept me up at nights even when I planned to join the army to fully pay off my debt. I just want to say please be careful and don't think "time is money". In this case your three years might make the next ten+ years harder for you if you don't have a plan to deal with the loan and interest. If your heart is set on attending WCU, then please please take all the prereqs at a community college. With the money you save you can buy a BMW (just saying). "Time is money" only if it follows with right decisions.

I too looked into the program offered at WCU as well, but it was just way too much for a BSN degree. In the end, I decided to finish up my bachelors degree and I applied to ABSN programs in SoCal. Like others have said already, I highly recommend that you reconsider especially if you want to become a CRNA.

Don't do it unless you're going to join the military or something that's gonna help you pay it off!!

I'm in a Cal State RN-BSN program and over half the people I've met in there are there because they CAN'T find a job...some for more than a year! They went to get their ADN and now can't find a job! If they do have a job, it's some place they DON'T want to be! It's very difficult now to find a new-grad program and a lot of times, it's really about WHO you KNOW vs just having an RN degree...I think it's that way in all medical fields...

I'm not saying NOT to get your RN, but really look for an alternative to this massive student debt you are thinking of getting. I started my job 7 years ago when they were giving out sign-on bonuses and perks...now I see the people who are getting hired at my job (which is very few and far between) and some of the new grads had shown me their offer letters and I'm appalled because of how they low-balled them! One of my friends said they tried to negotiate, but the DON countered with the fact they had like 500 other applicants and there was nothing they could do (the DON knew the RN when they used to work together in another place and the RN had been working on the SAME FLOOR they were applying to as an LVN! So no big training issue there!)

Just be careful and try not to saddle yourself with too much debt thinking that you're losing money and time...trust me, it's not pretty out there.

I still have my student loans with 2 different colleges (I went back for my BSN, then had to postpone, now I'm back again) and I'm afraid of how much I'm owing, and it's less than 30K and I make OVER 100K net...Now I have a child in college and have to think about that as well...

Whatever you decide, good luck and don't rush in because you're scared you're losing time or opportunities...I think it's better to be a few years behind than be mixed up with this overwhelming student loan debt!

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