Can't get federal aid, best private loans?

Nursing Students General Students

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I can't get any more federal aid because I already have a BS degree and recently got into a nursing program at a community college. I was told that I cant qualify for any federal aid and have to look into private loans. I was wondering what the best route is for this because I am totally uneducated on the subject.

I was wondering if anyone has gone through the same or knows what the best source for getting a private loan is. The program is very inexpensive and will mainly need money for room and board and other small expenses. Would banks or credit unions be a good place to ask? Thanks

Specializes in Cardiac Telemetry.

It seems like a lot of private student loan banks, credit unions, etc aren't affiliated with my school and I am having a hard time finding one that is affiliated with it. I'm starting to think it will be impossible to get a student loan.

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I would first ask your school if they have a preferred lender list and see who is on it and if the terms are good. Preferred lenders usually work with the school more often and the loan process tends to go pretty smoothly. My school also picked loans with the best terms for the student which is presumably why they were preferred, but not all schools will do that. Look at all the options and keep an open mind. I applied for Wells Fargo and Sallie Mae and the interest rates with a cosigner looked more like the rates of a credit card at 7% and 14%. I tried others until I found what I was looking for discover had decent rates as did suntrust, but I ultimately went with Suntrust as they had the grad bonus. But the process is individual, what I get and you will get are two different things. The worst they can do is give you a crappy rate so apply if you like the look of the terms they have publicly available.

Best bet is to shop around and do it at the same time. Why? Fun Fact: when you apply for a loan you actually lower your credit score. However, doing it all at once groups the credit checks and won't crash your credit score lowering it just once instead of multiple times.

Here is something that helped me look at a large number of lenders at once, but by no means is the only way to do it: Easy Student Loans | SimpleTuition

Good luck and let me know if you have more questions, I may not know the answer, but I'll give it my best shot.

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The issue is that the OP already has BS and has exceeded the number of hours allowable for federal loans at the Associate level degree. That's the reason that S(he) is being told that they can't qualify. If S(he) were going for a 2nd BS - then they would be able to obtain the loans until the cap is reached. The program is just not designed for a student to work at what they consider backwards. Once a student has >90 credit hours - they are no longer eligible for federal loans while working toward an associate degree.

I actually don't agree with this. I have a BS and over 90 credit hours with loans and I was going to go to a technical school for an lpn program and I qualified for federal loans. They changed the rules in 2010 I think to accommodate the influx of people returning to school. Not sure why you wouldn't unless you are undecided for your associates until you get accepted into a nursing program. I did have to pay out of pocket for my prereqs I had to retake due to not being in the last 7 yrs. I pulled out of that program due to acceptance into an ASBN program. Which I did have to get a Sallie Mae loan (only ones who would give me one without a consigner) to supplement the first semester costs. Good luck!

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I actually don't agree with this. I have a BS and over 90 credit hours with loans and I was going to go to a technical school for an lpn program and I qualified for federal loans. They changed the rules in 2010 I think to accommodate the influx of people returning to school. Not sure why you wouldn't unless you are undecided for your associates until you get accepted into a nursing program. I did have to pay out of pocket for my prereqs I had to retake due to not being in the last 7 yrs. I pulled out of that program due to acceptance into an ASBN program. Which I did have to get a Sallie Mae loan (only ones who would give me one without a consigner) to supplement the first semester costs. Good luck!

I have reviewed the changes that were made in 2010 and see the one's that deal with changes in aggregate limits and repayment terms but did not see anywhere where the maximum number of credit hours were either eliminated or raised... but I do agree with as many people that are seeking second degrees in this economy that it could be a good idea.

You're personal situation seems a little confusing... you were awarded federal loans to attend a technical program, but didn't qualify for federal loans to attend the university to earn your second BS? That seems a bit backwards -- but then again our G'ment doesn't usually make a lot of sense.

:)

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Sorry I guess I didn't make that clear. I did get loans for my 2nd BS, but my first semester is expensive, so I had to take out the Sallie Mae loan to supplement the cost.

Where did you find that. Information cause I looked for it on finaid.org and the governments website and couldn't find the specifications. Just curious now.

I know the technical school is accredited, so I don't believe anything shady is going in cause I did all the required info through the web.

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Specializes in Cardiac Telemetry.

So I went to my school and they don't work with any lenders because they try to not have any of their students go into deep debt. It really sucks and the job market isn't so great trying to find a part time job that pays enough to cover my housing, food, gas etc every month.

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I had federal loans from my first degree and was eligible for more for nursing, up to the $57000 max.

Did you have to apply for any private loans for nursing? How can we know how much federal loan we are eligible for? Ive already submitted my FAFSA. Do i need to just wait for fafsa to let me know how much im eligible for?

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