Student Loan help!!!

PurpleLover · Dec 12, 2013

Do a private loan if you have a willing co-signer.

PhillippaX50 · Dec 12, 2013

Thank you for asking this question. I am in almost the exact same situation as you, except my start up fees will be over 3000 plus the health insurance. I have no idea what I'm going to do, and I can't get a private loan or cosigner.

misssarab.5 · Dec 12, 2013

Thank you Purplelover...I'm trying to find one that's private and still considered a student loan so I don't have to pay it back till after I graduate...no luck so far.

PhillippaX50...It's a rough situation huh? Because your so excited about being accepted to nursing school but overwhelmed and stressed with all the start up costs!

PhillippaX50 · Dec 12, 2013

PhillippaX50...It's a rough situation huh? Because your so excited about being accepted to nursing school but overwhelmed and stressed with all the start up costs!

It is so depressing! We work so hard, and then stupid stuff like this gets in the way. I'm not giving up - there's got to be way. I'm still waiting for my acceptance/denial letter for Spring and should find out in Jan or Feb. Part of me is hoping I don't get in simply because I'm afraid I'll have to turn down my seat The other part of me is hoping for a miracle.

I also have a stafford/perkins and get a grant. It covers my tuition but I get some of the grant money back, which I spend on books & supplies. I am hoping that enough of my grant money will have accumulated in my student account by the time I have to come up with the entrance fees. Does your tuition take up all of your grant money? You could use part of that to help pay for the fees.

If your co-signer is willing to help, there are places out there will give you a quick loan but you might have to start paying payments right away (sometimes you can get loans with a low payment). Hopefully someone out there has some better ideas - I am totally stumped! I am sure you'll figure something out . . . just don't give up!

misssarab.5 · Dec 12, 2013

It is very depressing, I almost felt the same way about not getting in, at least the money stress would go away lol. And my grant and Stafford loan will cover all of my tuition and books and I will actually end up with about $800 left over that I will get back and use for gas and such, but I wont receive it till 3-4 wks after classes start so it doesn't help with the extra stuff that I have to have before school starts.

And I'm looking for loans right now, I can't find any student loans that go directly to the student instead of the school and that you can pay back after you graduate. I was hoping someone out there knew of one. And I understand the idea of it going to the school and then being able to use it for tuition and books right away but nursing school is different, there's so many extra costs before you start and having the money going directly to the school and not getting it till after it starts does NO good!

ArrowRN, BSN, RN · Dec 12, 2013

Thank you Purplelover...I'm trying to find one that's private and still considered a student loan so I don't have to pay it back till after I graduate...no luck so far.
PhillippaX50...It's a rough situation huh? Because your so excited about being accepted to nursing school but overwhelmed and stressed with all the start up costs!

The student loans no longer work like that. Even if it's a private institution the amount still has to be approved by the school and you won't get your money ahead of time. I'm trying to remember how I got over this hurdle, and actually I was working at the time and I just did not pay bills and used everything towards those costs and after I got my loans I got caught up on my bills.

In your case I would suggest approaching a community credit union (hopefully you are already in one). They usually have favorable interest rates for persons with credit issues. If you get a cosigner you should be able to get a small personal loan, however you WILL have the monthly payments.

To avoid this, accept the subsidized and unsubsidized loans your school offers.These are the lowest possible interest rates you will get. If that is not enough apply for a private student loan. Just know that Sallie Mae will easily give you a loan but the interest rates are pretty high. Anyways, by the middle of January-Feburary all your student loans should process and you will have an excess refunded to you. Do NOT blow that money. You then payoff the private loan from the credit union IN FULL. The remaining loans will not be due until after you finish school.

Your other option is to get a credit card with a $2000 limit from the credit union and to see if you can pay for things on that. Again your interest rates will be high, but I don't know of any nursing student with perfect credit either. And once you use it and pay it off cut the card up but keep the account open...to avoid getting into debt and being in trouble with your co-signer.

misssarab.5 · Dec 12, 2013

looks like a personal loan might be my only option, just need one with low monthly payments since I wont have a job when I first start school since I will just be moving there and once I do have a job it will only be part-time. I will try a credit union,someone suggested that to me awhile back. But I'm sure I will still have trouble getting a personal loan since I'm unemployed and don't have any income (my bf pays my regular bills but I don't want to him to have to pay for all my school stuff as well, moneys already tight).

So...it looks like student loan it out since they go straight to school, wont get it till after classes starts, and does me no good...personal loan might be out since it will be hard to get with no income and wont be able to pay high monthly payments right away....and nobody in their right mind will give me a credit card lol....hmmm....

and I'm sure people are wondering why I haven't just got a job and saved up, but can't because for the past year I have traveled a lot due to the type of job my bf has

anyhoo, guess I'll keep looking and hoping

203bravo, MSN, APRN · Dec 12, 2013

what about getting a personal loan with the co-signer and getting that money now.. still getting the student loan and paying off the personal loan with you get your SL funds.

pixiestudent2 · Dec 12, 2013

Why don't you borrow money from your boyfriend and pay it back with your loan once school starts.

KelRN215, BSN, RN · Dec 12, 2013

It is very depressing, I almost felt the same way about not getting in, at least the money stress would go away lol. And my grant and Stafford loan will cover all of my tuition and books and I will actually end up with about $800 left over that I will get back and use for gas and such, but I wont receive it till 3-4 wks after classes start so it doesn't help with the extra stuff that I have to have before school starts.
And I'm looking for loans right now, I can't find any student loans that go directly to the student instead of the school and that you can pay back after you graduate. I was hoping someone out there knew of one. And I understand the idea of it going to the school and then being able to use it for tuition and books right away but nursing school is different, there's so many extra costs before you start and having the money going directly to the school and not getting it till after it starts does NO good!

You can't find any student loans like that because that's not how student loans work. With student loans- including private student loans- the money is sent directly to the school.

Also, who says the first semester of nursing school is the most expensive? My first semester was BY FAR (like by thousands of dollars) the least expensive. Most schools increase costs every year.

PhillippaX50 · Dec 12, 2013

Also, who says the first semester of nursing school is the most expensive? My first semester was BY FAR (like by thousands of dollars) the least expensive. Most schools increase costs every year.

I think she was referring to all of the fees that go along with orientation. Tuition might go up, but that is usually covered by loans. For example, the cpr class, background checks, shots/titers, plus books and materials. I am not sure about her school but mine also charges 2500 before the first day of class, which covers uniforms and materials. We also have to get and pay for health insurance. That amount is not covered by financial aid, and they suggest that students get a personal loan - however, not all of us can do that.

OP: The best situation is to probably try and get a personal loan with the cosigner . . . maybe he/she can make the payments until you can pay back with your SL. Also, by the time you're in school, maybe you can get a part time job to pay back the loan. I know it is a difficult situation - my school tells us not to work! A lot of people do though, and they do just fine.