Excelsior and Sallie Mae / Enrollment fee

Nursing Students Excelsior

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Specializes in Maternity.

After spending the majority of the last 2 days on the phone with Sallie Mae and Excelsior I have to say I'm getting nervous about both of those decisions. :confused: Neither one of their customer services reps seem to have any idea what the h is going on. Anyway I was approved for a Sallie Mae Smart option loan today. They said the next step was they would contact Excelsior to certify loan and I guess they will the distribute loan to them. My question is I have not enrolled since the $975 enrollment fee is part of the reason I applied for the loan, will Excelsior still certify/accept the loan? And does anyone know how it works once they do accept it? Will they keep it and deduct as I register for test or will it come back to me and I pay as I go? I borrowed extra to buy a new laptop and help cover travel expenses for the CPNE. You all seem much more informed than those that are getting paid! Thanks in advance for any info!!!:)

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Specializes in Maternity.

Oh and did anyone do the Student Experience course?

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Specializes in Geriatrics, Home Health.

I am curious to know about this as well. I have put off starting with Excelsior because of the cost.

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Specializes in Psychiatric Nurse/Addiction Nurse.

I may be mistaken but I believe that federal money (ie sallie Mae ) is not available for individuals in the nursing program.

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Specializes in Maternity.
I may be mistaken but I believe that federal money (ie sallie Mae ) is not available for individuals in the nursing program.

Actually Sallie Mae seperated from the government in 04. I ended up on the phone with all involved most of today again and think I finally received the right answer. I had to be enrolled for the school to certify the loan so I went ahead and paid that fee. The school does not hold onto credit unless ask so they will send the check to me once the loan is disbursed. Hope this helps anyone else that is dealing with this. Going to start studying for my 1st test tomorrow!!:D

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Hey. I have a loan through Wells Fargo. I had to be enrolled first. What happened with me was that I did the enrollment payment thing. I paid one payment and they received my loan money right before I had to pay 2nd payment. Therefore they took the remainder of my enrollment fee out of the loan. Then they sent me the rest of the loan money. I have an account just for my loan money and pay for test as they come along. And trust me I felt the same way that you did. I did not feel like I could get a straight answer on either end. Good Luck.

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Specializes in Maternity.
Hey. I have a loan through Wells Fargo. I had to be enrolled first. What happened with me was that I did the enrollment payment thing. I paid one payment and they received my loan money right before I had to pay 2nd payment. Therefore they took the remainder of my enrollment fee out of the loan. Then they sent me the rest of the loan money. I have an account just for my loan money and pay for test as they come along. And trust me I felt the same way that you did. I did not feel like I could get a straight answer on either end. Good Luck.

Hey thank you so much!!! I thought that's what I figured out but it's nice to hear from someone that's been there :)

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I also don't know how Sallie Mae does it but Wells Fargo is dispensing my loan 2 times. I got half of my loan already and then in march I will get the other half. Which I may have to call back about bc I will need it before then to schedule my CPNE/FCCA. I hope to be ready for that in February. Good luck. Stay on top of them :)

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Specializes in LTC.

just a heads up..sallie mae is a loan shark, their lending practices are very shady..a quick google search will show you lawsuits both from private citizens and the federal gov. i personally made the mistake of using sallie mae to fund my education and a lil extra like yourself, my original loan balance was 45k total at the end of 2007. four short years later, me making payments, and my balance is now 78k. no joke. they capitalize interest and roll over and have 'miscellaneous' charges and have failed time and time again to accurately explain their apr practice. if you can find a different loan company such as wells fargo, please please please use them. sallie mae seems all fabulous and wonderful and straightforward and easy to use till they gotcha..then they really gotcha as in own you.

jocelyn

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Specializes in Maternity.

Oh lord that makes me sick. I wonder if it's too late to change. I talked to Wells Fargo and Sallie Mae and the interest rate was better at Sallie Mae. My loan was approved but not certified yet. Will be on Monday.

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Specializes in LTC.
Oh lord that makes me sick. I wonder if it's too late to change. I talked to Wells Fargo and Sallie Mae and the interest rate was better at Sallie Mae. My loan was approved but not certified yet. Will be on Monday.

Yea the rate is better but the way they capitalize and compound and all those other words they use make it soo much worse than with a normal company..any other company really. I honestly urge you to Google sallie Mae student loans and see what is out there...I wish I had :( I'm sorry I made you sick but i felt like I had to at least warn you.

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Specializes in sub acute, ltc, mental health/addiction.

I agree Re: Sallie Mae. They are not a very good complany at all. The bottom line for them is PROfit. And while you may have an offer for a lower interest rate...beware because if its not fixed...then it can go up..I mean sky high up. Add in fees and all that mentioned blah blah blah and your paying much more. It is entirely unforunate that ne cannot receive federal student aide for this program....given that it is recognized, etc. I had, once upon a time way back when, taken my loans out with Sallie Mae...this is when they were part of the US governments dept of education. Then they seperated and well..they did whatever they wanted...werenot bound by the governments ruling when it came to student loan debt. This past year I put alot of effort in moving my original loans to the US dept of education where I was locked into an income based repayment program. My payment is based on my filed income each year. Also too...if I commit ten years of public service....reguardless of what my education was....I will have my loans forgiven within tend years. Currently under this program I qualify. I unfortunetly have one small loan which was private left with Sallie Mae. I cannot stand them at all. You geneally only have three years wroth of foreberance/special payment option times. So you really and truly need to read the fine print and do your research.

When I went for my LPN I paid for it out of my own money. It was difficult but I was set against a loan. I am looking into the EC program...and am also worried about the finaces of it. But...I feel....in looking at it...that its wrth it if I can pay for as much of it myself as I can...and hey thats where working an nursing agency shift here and there pays off ($$).

Please do you research..and be careful and wise with the money. I have learned the hard way...seriously. Best of luck

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