Cost of Living and Loans

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I was accepted into Nursing school and start in Aug. I work part-time get paid an hourly rate plus commission based on sales. I am really nervous about not being able to work like I am now while in nursing school. I am hoping that my job will let me work from home so I can work more often and not travel back and forth( which takes 45 mins there and 30 mins back and the shifts are only 3-4 hours long. So I will be wasting alot of time driving back and forth. I am nervous about what my job situation will be and am thinking of taking extra money out for living expenses. My husband is the bread winner but we need my income to help with bills. With federal loans and scholarships I will be receiving 9,500 a year but I need 16,000 more per a year to cover the rest of the cost of tuition. Should I take out more incase I have issues with my job and income?

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I am actually in the exact same boat. I have worked 4 years at the same job and I'm making decent money but because of school, I have to quit my job. I am the bread winner of my family and there's no way he can carry us on his own. I've stressed about how we are going to make it this next year, but I have officially came to the conclusion that I will have to take loans out to help with our expenses for a year. You will always be in debt for something. Just know that once you are finished with school you can then live the high life. School is the most important right now so that's what I'm looking forward and praying that everything works out!

MrsHolbert13

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Specializes in Critical Care, Education.
Just know that once you are finished with school you can then live the high life. . . .

MrsHolbert13

Umm - not so much, actually. Be sure to check out the threads about new grads having to cope with high loan payments - and unable to find a job.

Please be realistic about the return on your 'investment' in terms of how much debt you are going to be faced with.

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Specializes in Emergency Room.
Umm - not so much, actually. Be sure to check out the threads about new grads having to cope with high loan payments - and unable to find a job.

Please be realistic about the return on your 'investment' in terms of how much debt you are going to be faced with.

Please take what HouTx says seriously. Never borrow more than you can pay back. So many people have gotten into trouble with school loans this way.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
Should I take out more incase I have issues with my job and income?
Adding another $16,000 per year to what you'll already be borrowing is nothing to sneeze at. In fact, it is a staggering amount of money if you will be attending school for more than one year.

Your profile indicates you are in the Philly metro area, which is glutted with too many new grads and not enough jobs. If you were to borrow all this money, there's a chance you might not immediately find employment after graduation.

It is totally possible to work while attending school full-time. I worked full-time while I was a nursing student, and so have many others before you. My advice is to never borrow more than you absolutely need. Good luck to you.

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You have a couple options as I see it.

1. Use your phone to record lectures and listen to them on your commute. This is the easiest because you keep your current income, but turn your main negative (commute time) into a positive (extra study time).

2. Quit that job and find another one closer to home. If you make a little bit less, perhaps you could tighten your belts and survive for a bit on a shoestring budget.

3. Get a closer but lower paying job and supplement with loans. For instance, let's say you can make $16,000 at your current job, but you quit that job and find a lower paying job to reduce the commute. Now you're only making $10,000, so you get a loan for $6,000 to make up the difference. Yes, you're still adding loans, but a much lower amount.

What I wouldn't do is quit completely and make up the rest with loans.

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Specializes in Critical Care, ED, Cath lab, CTPAC,Trauma.

Loans totaling $32,000.00 will cost you after graduation $368.25 per month for 10 years (a common time limit). You will have to pay off your government loans as well....Student loan repayment calculator

Be very careful to not take out more loans than you make in a year when you graduate IF you can find a job. An increasing number of facilities especially in the Philadelphia area are hiring only BSN grads.

from Gizmo89

Just know that once you are finished with school you can then live the high life. . . .

MrsHolbert13

You need to browse the forums...the high life is what is being sold...but it is not the reality.
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