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Discussion

Does type of loan matter?

Hello all! I am in the process of planning to become a nurse as a second career and trying to figure out the best way to finance the education of my new career. My husband an I are thinking of using a home equity line with much lower interest than standard student loans or private education loans. My question is - if I don't finance with a "traditional student loans" are there disadvantages to this? For example would it make me ineligible for loan forgiveness?

I appreciate any knowledge you can share on this topic.

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    • Featured Replies

    Hm... Id be interested to see the responses to this, as well. I have both federal and private loans, and my grace period is almost up. I hadn't heard anything about loan forgiveness.

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    • Experts

    Each loan has its own terms and conditions. You have to "read the fine print" to know the details of a particular loan.

    But most of the major "student loan repayment options" that you hear about are for official, government-backed student loans -- not private home equity loans.

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    Where are you located? I know where I am only government student loans are eligible for loan forgiveness but again we may live in different countries haha but besides that I don't think it really matters as long as it's the lowest possible interest rate. As well with some student loans you have a 6 month grace period or don't even have to make payments while in school. I would defiantly research all options first before you do a home equity loan! Good luck

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    • Author

    I am located near Seattle, so in the US. I had forgotten about the 6 month grace period and the no payments possibilities while I am in school. Those are important to consider also. Thanks for pointing them out!

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    Only federal student loans qualify for forgiveness, forebearance, deferrment, repayment (some hospitals offer this to employees), income based repayments and public health service loan reduction

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