Did you live off of student loans while in school?

elizabells, BSN, RN · May 28, 2005

Am I the only person left on the planet who pays as I go?
No Debt..No Worries

Well, it would be awesome if I had the 80K/year for my program, but...alas.

TracyRNMSN, MSN · Jun 2, 2005

I'm truly struggling, trying to figure out a way to attend school full-time during the day, so that I can have nights with my family. Unfortunately, we would really take a hit without my income (or at least a good portion of it). I REALLY want to devote full-time to school so I can give it my complete focus.
Is it a pipe dream to assume my family could live off student loans while I'm in school??:uhoh21:

I did live off school loans during nursing school- if i would have chosen not to, my family would not have eaten! Yes, it is true you have an ungodly amount to pay back once you are done, but with sign on bonuses you can pay them off quicker :rolleyes:

wannabenursetx · Jun 2, 2005

Thanks for all of the helpful advice. You've given me a lot of food for thought. It's a tough decision to make - in the end I guess I'll just need to do what's best for my family and myself.

I love this board!

nadjjaa · Jun 2, 2005

Don't live off of loans. You don't want to graduate with thousands of dollars of debt. .

But if you can't pay as you go, then YES, live off loans. In my case, there was no way that I could afford to pay as I went through school and pay my bills. Debt and a desire to do SOMETHING with my life brought me to the idea of going to nursing school, but the debt also prevented me from paying for it! I decided that I was going to get it done no matter how much money it cost me. I would rather be a nurse and pay student loans for ten or more years than work meaningless jobs for the rest of my life just to get by. And if you're concerned about going into debt over school loans, think of it this way.....if you're going to have debt, school loans are the best to have. You start paying 6 mo after you graduate, it's usually low interest and they give you a long time to pay. Student loan debt is not like credit card debt or any other kind of debt. It's a good debt.

I had to cut expenses as best as I could though. I moved into a smaller apartment, started clipping coupons, and I started cleaning houses for money a few hours a week (under the table) to get some extra cash.

If you really want something, you'll find a way to make it work. Sometimes that means you have to pay for it later, but the pros outweigh the cons. Good luck.

debstorlie · Jun 2, 2005

I'm truly struggling, trying to figure out a way to attend school full-time during the day, so that I can have nights with my family. Unfortunately, we would really take a hit without my income (or at least a good portion of it). I REALLY want to devote full-time to school so I can give it my complete focus.
Is it a pipe dream to assume my family could live off student loans while I'm in school??:uhoh21:

I am finishing my degree online so that I can keep working and it is working out very well, I will still have a student loan to pay, but at least I can work. Perhaps something like that would work for you as well. It really nice to go to school in your PJs. :)

ERNRS · Jun 2, 2005

Yes, i lived off loans while in nursing school-had no choice-.. The government offers a program called the Nurse Reinvestment Act. I applied for this program I find out in July if i were selected. Its great to help payback your loan. Look it up on the web for details.. Thought i'd throw that out . It is worth it.

I'm truly struggling, trying to figure out a way to attend school full-time during the day, so that I can have nights with my family. Unfortunately, we would really take a hit without my income (or at least a good portion of it). I REALLY want to devote full-time to school so I can give it my complete focus.
Is it a pipe dream to assume my family could live off student loans while I'm in school??:uhoh21:

GrnHonu99, RN · Jun 3, 2005

Am I the only person left on the planet who pays as I go?
No Debt..No Worries

Wish that I could make that statement! Unfortunetly it is not reality for many of us:( Even if I could work, which I can't, there is no way I could afford to pay for school as I go...financial aid is a reality for me. I dont "live off my loans" becuase I want to, I do becuase I HAVE to..my tuition is pretty expensive, so even if I wanted to pay as I went, I couldnt. . I am in class about 50 hours a week and the rest of the time is devoted to studying. I am lucky that my fiencee is supporting us at the moment, hes a bartender/full time student as well so we live on next to nothing...my student loans cover my tuition and some extra for books..if we get some extra loan money we take it and put it away for emergencies...we do what we have to do to get by. Will it suck to have so much debt? well yeah but what can ya do? To the OP, if it means being not so stressed while in school, ie not having to work full time and getting to spend a few minutes with your kids, its worth it, IMO...it will suck paying it back but it would suck more to have to work full time, go to school full time, have no time to study, never see your kids...so all in all I admire those who CAN pay as they go, but do what you gotta do!

ashemson · Jun 3, 2005

Unfortunately I do get the student loans. My husband works FT and I work about 30-40 hrs/wk, 3 kids, and we really struggle sometimes. I get the student loans to help pay off some things so it's one less thing I need to stress over. I figure I could struggle and stress now, or get a loan that has 2% interest, and not stress so much!

tonicareer · Jun 3, 2005

If CCs all cost 1000 a semester- we could pay as we go. Ok have BS in another area. Might get into intense LPN program (only one in my rural area) - you are not allowed to work. How can I pay for it? Lousy credit. No family or anyone to consign. Can't get pell or federal/state loans or grants. Can I borrow 8000 for tuition and enough to pay rent and utilities, gas and car insurance? How? I am over 40. Not allowed to work in this program - if not working will lose food stamps and might lose section 8 assistance on rent. Trying to get scholarship from hospital - they say I am too old for their scholarship (maximum age is 32). Any ideas? I have been trying to get into an LPN program for several years. The entry level masters in my state are way too expensive (like 60 to 80 thousand for tuition alone) and very selective. Like I said - any ideas?

Wish that I could make that statement! Unfortunetly it is not reality for many of us:( Even if I could work, which I can't, there is no way I could afford to pay for school as I go...financial aid is a reality for me. I dont "live off my loans" becuase I want to, I do becuase I HAVE to..my tuition is pretty expensive, so even if I wanted to pay as I went, I couldnt. . I am in class about 50 hours a week and the rest of the time is devoted to studying. I am lucky that my fiencee is supporting us at the moment, hes a bartender/full time student as well so we live on next to nothing...my student loans cover my tuition and some extra for books..if we get some extra loan money we take it and put it away for emergencies...we do what we have to do to get by. Will it suck to have so much debt? well yeah but what can ya do? To the OP, if it means being not so stressed while in school, ie not having to work full time and getting to spend a few minutes with your kids, its worth it, IMO...it will suck paying it back but it would suck more to have to work full time, go to school full time, have no time to study, never see your kids...so all in all I admire those who CAN pay as they go, but do what you gotta do!

crystalclear · Jun 3, 2005

Am I the only person left on the planet who pays as I go?
No Debt..No Worries

Yep!!!

NurseyBaby'05, BSN, RN · Jun 3, 2005

I just finished my ADN and am about $12,000 in the hole. However, I know I'm in a field where I'll have a job to pay it back. I know several people with Bachelor's or even Master's degrees in English, Psychology, Mathematics, you name it and are slinging mochas at Starbuck's because they can't find jobs in their field of study. It's all they can do to make their loan payments and maybe a car payment. Many of them had to move back home with their parents to save on living expenses. (I would have died first b/c Mom was not always wrapped too tight.) That's why I just got my nursing degree now instead of ten years ago.At least as a nurse, you know you'll have a good job when you're done. If you need to cut down or quit work to do well, then you should do it. You know your limitations better than anybody. You don't want to go through all the stress of school and still wind up back at square one. There's a reason that student aid programs are out there. It's a good investment for the country to enable it's citizens to better their living situation via an education. It's not like you're borrowing money to go live on the beach for two years to smoke dope and find yourself. :rolleyes: :chuckle So, go for it if you have to. Good luck!!!!

sunnyjohn · Jun 3, 2005

I had a full scholarship that paid for my last degree, but I still worked 40-50 hours a week. Up until then, I paid it all out of pocket.

Heck, I had to eat and pay rent! Electric bill, groceries, car insurance, GAS!

We where told we where not "supposed" to work. I thought to myself I'll be like the military, "Don't ask, Don't tell."

I would go to class/clinical from 6:30-2:30 every day and head straight to work as an agent after. I also worked every Saturday and Sunday. I would take a Sunday off every 6-7 weeks to clean house and "refresh".

The calls at work would slow down at night because the stock market was closed and I could do my homework and study.

I look back on it and I know that job was a blessing from God. I was forced to stay up late and study because I was working. I had a computer right in front of me, so my papers, case studies, homework and assignments were all early and neatly typed.

I lived/slept in my car for a semester because I didn't work while in school. I wasn't about to do that again! Funny thing, In the Walmart parking lot (where I parked my car at night to sleep 'cause I knew the security guard) I meet 2 other students at my community college who where in there last semester of nursing school and had been living in their cars already for 3 months! We where a homeless student caravan...

This time I've figured out the way to get fin aid if you already have a degree is to petition. Make yourself a nuisance and file the papers and they give you the aid.