Any ideas on how to finance a 2nd degree?

sunray12 · Mar 8, 2009

I am a career-changer from teaching to nursing. The reality that I would have to work after retirement struck me between the eyes last year when I saw how little my teacher retirement pension will be, so I left teaching after 22 years to pursue the nursing path. Since I hold a degree, I am not eligible for any financial aid at my school. My original plan was to use dividends from investments to finance my way through nursing school, but our great economy has shut the door to that optionright after I finished my last prereq. I went ahead and turned my application in to TCC last week, and if I am accepted, a plan for how to pay for it all would probably be a good idea.
I am single, and I presently work full time as a unit secretary at a local hospital. My salary barely pays the basic bills if I work 48 hours a week. I know that this is just part of what I have to endure in order to successfully change careers, but that doesn't make it any easier. TCC requires nursing students to show proof if medical insurance while in their program, and in my case, working full time is the only way to have that coverage. What I need is any advice you guys have on how to work full time, do nursing school, and get some help with tuition, books, and school expenses when you already have a degree.If you can think of any other way to keep medical coverage other than working full time somewhere, that would be appreciated as well. Also, am I nuts for making this change??? I am really questioning my judgment at this moment...

1) I have two prior degrees. I'm still eligible for financial aid. Eligibility for federal aid does not go away unless you defaulted on prior student loans or owe the govt money in some form or other. What you may have used up is your pell grant allotment and other similar type grants that your state might offer for people getting their first degrees. But there is a lot to financial aid than pell grants.

2) Since you have a license to teach - why not teach part time while you go to nursing school?

3) Are you looking at nursing schools with nights/weekends programs?

4) Have you thought about getting your cna license and working as a cna while you go to school. Because cna work can be done on any shift this might allow you more flex than teaching so you chould work ft as a cna while you go to nursing school. Teaching probably pays a bit more than cna but on the plus side as a cna your employer might help you to pay for nursing school.

6) Many schools sell affordable health insurance to their students. This how I've maintained coverage as a student in the past. All four year universities require students to have insurance so if you don't have proof of coverage from another source then you have to get it through the school.

5) If the school you're looking at just isn't a fit for your needs then you need to look at other schools in your area. One of them is bound to have a program that's a better fit.

Just some thoughts. On how you can make this happen if it's what you truly want to do.

AZmom · Mar 8, 2009

1. Do you own a home you can pull some equity out of?

2. If you rent, find a cheaper place to live once your lease is up.

3. Does your college offer scholarships or grants?

CorazonDeOro · Mar 8, 2009

I am a second degree student and I choose a community college because its much cheaper. I plan to finance it through working the entire time (it will be hard but some of us just have to) and by student loans. Just because you have a bachelors does not mean you cannot get student loans, just grants and stuff. Also, try looking in to some scholarships, my school offers 1,000 per year to most nursing student if they commit to working at certain hospitals after they graduate.

CorazonDeOro · Mar 8, 2009

1) I
6) Many schools sell affordable health insurance to their students. This how I've maintained coverage as a student in the past. All four year universities require students to have insurance so if you don't have proof of coverage from another source then you have to get it through the school.

I dontthink that is true, I graduated from a four year university and insurance was not required at any point. For nursing school my college only requires hospitalization insurance, which is pretty inexpensive, so that is another option if they dont specify what kind of insurance you need.

~Mi Vida Loca~RN, ASN, RN · Mar 8, 2009

Is TCC Tacoma Community College?? If so I almost did the RN program there when I lived in WA because I lived in Port Orchard.

Anyway, can you get student loans even private ones to help pay for college, maybe CC?? I am not a fan of debt but school is surely more of a worthy cause to have debt then say a new couch.

As far as INS, go online and get quotes for private ins. That is what I have to do. My school requires proof of Ins. as well and since my husband is self employed we pay out of pocket. One of the reasons I can't wait until I am an RN is for the awesome Medical Benies my hospital has. For us to pay for our whole family ourselves is over 800 a month and we rarely ever get sick. So right now we just have INS. for the kids.

If you rarely go to the hospital look into a HSA account. They have smaller premiums and are more benificial for bigger things (like you fall and break your leg, or get really sick) if you go to the Doctor a lot then it won't be very benificial because they usually have higher deductibles. But usually preventive care is covered and doesn't come out of your deductible, then once you meet your deuctible they usually cover 90% to 100% .

This is the route I am going to go and my monthly premium is going to be around 96 dollars.

You can get quotes for different plans and options online though.

~Mi Vida Loca~RN, ASN, RN · Mar 8, 2009

BTW, My school offers health Inst as well but it comes out to more then it would for me to get Ins. myself. I couldn't believe what the considered "low cost health Ins." so make sure you shop around and compare.