Accelerated BSN loan info. HELP!

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I had a quick question I was hoping to get some helpful input on this topic. I'm going through an accelerated BSN program at UHV, and I'm looking for a low interest loan to help pay for school as well as all my living expenses since I will not be able to work. I'm looking at ~$30,000 for the year. I'm not going to see what I'm eligible from my school for financial aid until close o the start of classes. My problem is that I wont be able to receive my financial aid from the school until around February. The school will be covered by my financial aid that is being processed, but my problem is that I am going to have to take a separate loan out to pay for my apt and living expenses. I was wondering if anybody has any input on the best loans I should look into for paying for everything else other than tuition. I had planned on maxing out my student loans but as is stated I wont be able to see any off that money until around Feburary. Any and all information on these topic would be greatly appreciated.

Thanks,

Z

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Specializes in Trauma, Orthopedics.

Private loans are your best bet...But even if you applied right now it would probably take a month to get the money, and they're not going to be lower interest like like a federal loan. My health education loan from Pnc bank is 6.5% interest with a cosigner, and 11.5 without one.

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I am in a similar situation. FYI federal student loans will NOT give you much over tuition costs, books and fees. Contact your Financial aid office to see what private loans they recommend. Private school loans (or some schools call them alternative loans) will have lower interest rates than personal loans from a bank. Also, please know unless you have absolutely stellar credit, with no job, you will most likely need a cosigner. A cosigner will also sometimes give you a lower interest rate. I went with Sallie Mae for the simple reason that they were the only ones to give me a loan without a cosigner and a decent interest rate. Bad thing about it is it is a variable interest, so if interest rates go up I could pay HUGE. So that will have to be my first loan to pay off. Good luck, it is a PITA (pain in the ass) to figure it all out, especially since when you are going for a second Bachelors you are limited on what "aid" you can get!

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Specializes in Critical Care, Postpartum.

I took out private loans and received a bit more from FASFA Direct Loans (Subsidized and unsubsidized). The unemployment benefits I was getting while in school helped pay my rent and other living expenses. I hardly borrowed for living expenses. I also did a great job of getting my nursing books and supplies for dirt cheap online and from previous students who were selling. I resold my text books I knew I wasn't going to keep to help pay for the next semester books. My ABSN program was expensive, around $30,000-$32,000. Glad those days are over. Good luck!

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I would recommend Wells Fargo's MedCAP Loan for Health Professionals. Banking with them gives you a .05% decrease in interest and once you start paying and do automatic payments they lower your interest by another .05%. They have been great so far. I told them what SallieMae gave me for interest and asked them to counter offer it and they did. (I didn't trust SallieMae because I've heard horror stories about them)

Get a good co-signer!

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