How to mangae the debt most of us will have after completing school? - page 3
Just curious on how most of the people in crna school or those who have recently graduated with student loans plan to manage it. With the cost of higher education increasing at a ever faster pace, I... Read More
Nov 20, '03jdpete,
Would you mind elaborating on the details of your contract with your boss i.e. how much, how often, time owed, etc.
Nov 20, '03I have another question. If applying for the Federal Aid of $18,500, can you still apply for seperate private loans from a bank? How will a private loan affect other aid? Should I secure federal aid first before applying for private loans?
Nov 20, '03In our case Private loans had no bearing on getting Federal Aid. Federal aid is only based on Cost of Tuition and Student expected contribution. I know when I talked to the FA office about my elligibility because of my husbands salary they said I would atleast qualify for the cost of tuition no matter what my spouse made. She said that FA for graduate studies is figured differently than undergraduate. I am not however certain that is true everywhere, although it should be.
I know when Kevin went to school we had no problem securing both Federal and Private even though I was only making 35K as a staff nurse, had a mortage and car loans. I guess they are more free with their money for graduate education.
I checked out all sorts of Private lenders and got some decent deals.
Hope this helped.
Nov 21, '03Have you used the federal government's program for forgiving nurse federal student loans for either loans from an undergraduate or graduate level study?
I have read the publications from the dept. of education. I was wondering if it was difficult to setup and how much they would forgive.
Nov 22, '03I worked in an inner-city public hospital for a couple of years after graduation with my BSN. My federal Perkins loans were forgiven on a pro-rated schedule. For every year worked, X dollars were forgiven. I never had to pay a dime in repayment for those loans. They totalled a few thousand dollars.
Our financial aid person says that every graduate student will get $9,250 per semester, even if you have assets and a high-income earning spouse. That's $27,750 per year. Remember that SRNAs go to school year round, so we receive an additional $9,250 disbursement for summer term.
I strongly advise that you use the application year and the time between admission and the start of school to get your financial house in order - get out of debt, scale down your standard of living, save some pennies. We have a few students in my program that must work, and it is beginning to become a real strain on them. They are exhausted. There may be some program out there in which students can work and go to school (and maintain their sanity), but it ain't mine, that's for sure!
Dec 17, '03Just to put in a reply from the investors advice on earlier post---upon talking to a student who is going to school next year, she is going on Federal and private loans----states she is holding out to sign with anybody at present time--asked about her IRA money, and she said that her CPA neighbor, who does her taxes, highly advised her against using this because the $20,000 she has in this would be taxable (low but still taxable) and would be better off generating money during this time, possibly being $3-4k more by graduation, plus you didn't pay any taxes on it to pull it out, so that is money gained--- and thus having her 23-24k in her IRA for retirement at graduation time, she wont have to try to gain back all she lost during this time---she said she advised low interest loans, which are out there now---just passing on what was told to me---when I started school 4 years ago I had about $28,000 in an IRA---decided against taking any out---when I graduated two years ago, it was worth a little over $30k due to bad years---however, this being my second full year of working--between me and my employer, I have put $26,000 back in and with interest it is worth over $60,000 right now---If I hadn't left it in there, I would be out the 30,000 that keeps making me money every year, by making about 8-10%, I gain an extra $3,000 just for having the original money in there--I put the maximum amount in my IRA that I can, so I couldn't have put any more in even if I wanted to, so I would only have 26,000 and making 8-10% on this----I am still paying off my loans, have two years left on them, and am enjoying life---Just some advice, that I think is the smartest way to go, good luck whatever you chose----Last edit by jdpete on Dec 17, '03
Dec 18, '03Well, I am currently about 35,000 in undergrad debt. I plan to work my but off over the next few years and pay it off or pay it down as much as possible. I want to work 4 12hour shifts and allow the overtime money to go towards a school fund. But, regardless of the amount of money I have saved, I am going to do whatever I have to do (loans etc.) But, I am going really think twice about contracts.
Dec 18, '03My daughter just got out of the local community college after two years, got her RN, same license as everybody else, at a total cost of about $6k for the whole program. Soup to nuts. Maybe we need to consider that four-year colleges and their costs are largely a scam?