finances in school

Editorial Team / Admin · Aug 23, 2015

Honestly, in your situation, I would delay school for a semester or two to get to a place where school is affordable without taking out private loans. They'll most likely be unsecured, meaning high interest rates. Work and save money, and hopefully your husband will be able to get back to work as well. I know it's not what you want to hear, but it is most likely the wisest path financially.

ThatBigGuy · Aug 23, 2015

There are a lot of factors in your equation here. The ultimate breakdown is that you're about to have an income problem AND an outgo problem.

You have to answer all the questions first, then make a plan. First, the income side.

Can you pick up a different weekend job, maybe as a server or delivering pizzas? You can make $1000 a month only working 3 days a week. It is possible to work full time while in nursing school; I had several classmates who did so and passed. Full time serving or retail can easily help you hit the $2000 a month mark.

What are the numbers with your husband's disability? Is it permanent? Will he be back in the workforce in 3 months? Does he bring anything in on disability? If he only brings in $500 to $1000 a month, that still changes your world when you combine it with your $2000 a month from waiting tables.

Can you defer your acceptance for one year? Could you then go scorched earth for 12 months, working two jobs? Maybe sell your $10,000 car and buy a $3000 car? Perhaps your husband is able to rejoin the workforce as well in this time frame? Working two $10 an hour jobs could net you $30,000.

Next, the outgo.

What is the total you expect to spend on your ADN? The general rule of thumb is to not take out student loans worth more than what you would reasonably expect to earn in your first year as an RN. Loans for $10,000 aren't bad, but loans for $60,000 could be catastrophic, especially if your husband's disability permanently reduces his ability to earn an income.

Do you have high rent? Perhaps a move down in apartment or house is in order? Do you have a high car payment? Are you going to continue the same lifestyle you had before your job moved and your husband went on disability?

Here's what I would do.

Assuming your husband is permanently disabled, I would defer my school for a year and go scorched earth. I would work my buns off and earn as much as I could, while spending as little as possible. I would cut the cable bill, moved down in house, and downgrade the car. Here's the thing: this is temporary. Three years from now you will be an RN, and will get a raise. You can move back up in house, car, and lifestyle if desired when you get your RN job. Sometimes you have to sacrifice today in order to improve your tomorrow.

I would only take out student loans for tuition and books as a sort of last resort. The problem with loans is that it's incredibly easy to sign up for one: you just sign a couple papers and watch a video online. But it takes decades for the average person to pay them off. And don't you DARE take out student loans to cover living expenses. It will add up so fast that you'll be dragging this around for 25 years.

I would also work as much as I can during school, just to offset any extra expenses you can.

Of course, this equation gets better if your husband is able to contribute financially in any capacity.

throwaway2 · Aug 24, 2015

I did think about delaying school but it took me 3 years to get into a program and my school doesn't allow you to defer to another semester. My husband should be back from disability around mid September but that is a maybe but he will definitely be contributing once he goes back to work. Our rent is cheap and we just have the basics right now. I am working as a server now on the weekends and make around 80 a day doing that. I have been searching for weekend jobs but have been unsuccessful. I have been searching for financial assistance and since my job will be ending in October and ill be in school I may be able to apply for the unemployment training benefits program.

Jules A, MSN · Aug 24, 2015

If you know your job is ending in October I'd keep trying to find a new one now. Unfortunately there are times when waiting and saving enough to actually afford to pay for the things we want to do is necessary. I know you don't want to give up your spot in nursing school but without savings in place and plans to work full time while in school you are starting at a severe disadvantage that will likely end up being a financial nightmare.

MamaBeaRN · Aug 25, 2015

You have until October to find a new job, I bet something else will come along. Maybe you could find some work in a skilled nursing facility or something. They have staff around the clock and you could get a bit of good experience. Good luck to you! In my life whenever I have the will, it always works out!

HouTx, BSN, MSN, EdD · Aug 25, 2015

I'd be very suspicious of any school that "does not accept" the standard types of student loans. This may mean that they are on the Federal 'no-go' list due to poor performance &/or financial chicanery. Many times, these types of schools force students into an internal (predatory) loan programs. Be very, very careful.

throwaway2 · Aug 27, 2015

I'd be very suspicious of any school that "does not accept" the standard types of student loans. This may mean that they are on the Federal 'no-go' list due to poor performance &/or financial chicanery. Many times, these types of schools force students into an internal (predatory) loan programs. Be very, very careful.

They accept standard loans but I cannot get the standard loans because I already have my bachelors.

throwaway2 · Oct 22, 2017

Just in case someone was following this, I managed to start the semester and finish nursing school! I filed for unemployment and took out a small federal loan so I was financially sound. I worked during the summers as well.