Financial Aid..Info help please.

Multicollinearity, BSN, RN · Jul 13, 2006

There is a nursing shortage but there is no shortage of students applying to nursing schools. Over 150,000 students last year completed their 2 years of pre-reqs, applied to nursing schools, and were declined because there aren't enough spaces. But anyway...

You have to live on your cost of attendance figures. Any more money you want - you need to get a job. There might be some lenders who will allow you to borrow over your cost of attendance figure, but I'd be loathe to do that. Cut back. Cancel your cell phone. Live in a box of an apartment. Do whatever it takes. That's what we do to make it happen. Good luck.

jones21498 · Jul 13, 2006

I agree, I would apply for a job. I know this sounds like a lot to juggle especially in addition to school. If you can get your feet in the door doing something, anything in the medical profession it will help you later on in your pursuit. Also, do you have family to rely on a bit? This could go a long ways. Even a part time job may suffice, but I would not recommend taking out loans to pay for anything other than school itself (that is expensive enough). You can always study on breaks at work and you would be surprised how much time you can have for both if you stay off the party scene and don't have children to care for. I hope this helps....

arciedee · Jul 13, 2006

I concur with the other posters who recommended getting a job. Are you a CNA, by any chance? If so you should be able to find a part-time or per diem position at a local hospital or long-term care facility. And who knows, you may even be able to qualify for tuition assistance or other benefits depending on the location and how much you work. If you aren't already a CNA, many hospitals offer nurse externship positions for students who have completed a semester of clinicals... that may be a semester or two away, but you can look into it now and find out what you have to do to get into it later. And in the meantime you can check the financial aid office for on-campus jobs or the local community for something part-time (preferably something that will allow you to study while you work).

Financial aid stuff is definitely frustrating. Best of luck!

bullcityrn · Jul 13, 2006

Does anyone know anything about Financial Aid, student loans, Grants, Scholarships, etc. I have applied for student loans, and have received a pell grant of 4,050 for the 2006-2007 academic year, which covers my tuition, and books, but how is a fella gonna pay the bills? My school says my limit is 7500 per year on student loans. I asked her about private student loans and she said that they would still have to come through my school, and the school would decide how much to give me. So it does not matter how much money I apply for to borrow, with a co-signer, my school can tell me how much I should get? They said my estimated cost of attendance living off campus and being an independent student was 11,358.00. When I subtracted my federal pell grant, that only left me with about 7,300 bucks, and I applied for a 7,500 federal loan. I started to ask her if she could live off of that this year! So she said if I took out a private student loan, all I could get was the cost of attendance minus whatever financial aid I am already receiving this year. Well if my cost of attendance is 11,358.00 and I already have 11,358.00 in total rewards then what? Argggghhhh! You would think my school would be more helpful. There is a Nursing shortage right? There is a male nursing shortage too right? Somebody please tell me what I am missing here. Thank you for any info and God Almighty bless you. Eric.

You can get a Sallie Mae Tuition Answer Loan or Wells Fargo Education Connection Loan without it going through your school -- loan proceeds are sent directly to you. There are several threads on that subject here on the boards, just do a search. If you can avoid the loans by working part-time of course that's the best thing, but for many of us here, nursing school would not be a reality without them. It's best to apply before you stop working, you can possibly get better interest rates. Good luck!

Edited to add: Make sure on Sallie Mae that you apply for the Tuition Answer Loan, not the signature loan. The latter is a one time loan with stricter approval requirements, while the TAL can be applied for annually and is easier to qualify for.

Erk · Jul 13, 2006

Thank you all so much for your replies. I am currently a full time painter, and I am just really stressing Aug. 17th. That is when I start school full time. The past year, I have been taking pre-req's at nights, and I have a 4.0 grade average. I am not giving up, that's for SURE. If I have to find a part time job, then that is what I will have to do. I might can paint part time on the side. It pays me 11.00 an hour. Like I said I am just freaking out, because I know there is going to be a big change once school starts and my regular income is not coming in. My wife makes 5.15 and hour, and we have a 13 year old son. "My step-son". Like you all said though if you want it you just have to make a way. So I am going to pray every day, and try my VERY best to make it happen. Thank you all for the replies, and God Almighty bless!

valifay · Jul 13, 2006

Get a job...if you worked primarily weekends you should be able to make up for the lost income and study during the week. If you get a job at a hospital or something nursing related you will be gaining experience too. I would highly suggest going over your budget and decifering how much you really need a month and where you can make cut backs. Good luck to you!

arciedee · Jul 13, 2006

Thank you all so much for your replies. I am currently a full time painter, and I am just really stressing Aug. 17th. That is when I start school full time. The past year, I have been taking pre-req's at nights, and I have a 4.0 grade average. I am not giving up, that's for SURE. If I have to find a part time job, then that is what I will have to do. I might can paint part time on the side. It pays me 11.00 an hour. Like I said I am just freaking out, because I know there is going to be a big change once school starts and my regular income is not coming in. My wife makes 5.15 and hour, and we have a 13 year old son. "My step-son". Like you all said though if you want it you just have to make a way. So I am going to pray every day, and try my VERY best to make it happen. Thank you all for the replies, and God Almighty bless!

As an aside, I really wish that congress would raise the minimum wage already. $5.15/hr has been the wage since 1997 and just doesn't cut it with 2006 expenses.

It sounds like you have a great attitude, though, and a lot of determination and I know that will carry you far. Please keep us posted on how it goes for you.

Erk · Jul 13, 2006

NC_RN_2B said:

You can get a Sallie Mae Tuition Answer Loan or Wells Fargo Education Connection Loan without it going through your school -- loan proceeds are sent directly to you. There are several threads on that subject here on the boards, just do a search. If you can avoid the loans by working part-time of course that's the best thing, but for many of us here, nursing school would not be a reality without them. It's best to apply before you stop working, you can possibly get better interest rates. Good luck!
Edited to add: Make sure on Sallie Mae that you apply for the Tuition Answer Loan, not the signature loan. The latter is a one time loan with stricter approval requirements, while the TAL can be applied for annually and is easier to qualify for.

VERY good advice. I just checked into this, and it is like a hidden gem.

The interest rates are higher, but they leave the school out of it, and send

you the check. They told me they encourage their borrowers to spend the

money strictly on education, but he said in my situation "living of campus

with a bunch of bills." it would not hurt to put them towards whatever

bills my part time job did not cover. Very flexible plan. I am going to give

it a shot, and borrow just what I need to cover emergencies and bills. I

will still be working part time when school starts though because that is

that much less I do not have to borrow and pay back. Again thank you all

so much for all the advice. God Almighty bless.

Maybe this thread will help someone in the future who does a search.

Erk · Jul 13, 2006

As an aside, I really wish that congress would raise the minimum wage already. $5.15/hr has been the wage since 1997 and just doesn't cut it with 2006 expenses.
It sounds like you have a great attitude, though, and a lot of determination and I know that will carry you far. Please keep us posted on how it goes for you.

Thank you, and I totally agree with you. Raise minimum waige already. Gosh!:angryfire

Sunny99 · Jul 14, 2006

Erk, keep up you determination to become a nurse. It seems from your attitude that you will find a way. Yes, it can be very frustrating to figure out how to keep your family from starving to death or living under a bridge before you finish school!

One thing I would suggest, in addition to what the others have said, is that you and your wife talk about what other kind of job she could get. I don't know your family situation, but I would guess she could find something a little bit more lucrative. We live in the midwest with a very low cost-of-living, yet both my high school children make more than $5.15 an hour, and so do most of their teenage friends. Some of the places these kids work: restaurants, nursing homes, hospitals, temp agencies (age 18+ for the temps, who work in factories for around $8-10/hour)

Also, you may qualify for a higher student loan amount once you have enough credits to qualify as a junior or senior, though that won't help in the first couple of years. Check with your school about these amounts, for future planning.

Good luck! You will make it!

Erk · Jul 14, 2006

Hello2U said:

Erk, keep up you determination to become a nurse. It seems from your attitude that you will find a way. Yes, it can be very frustrating to figure out how to keep your family from starving to death or living under a bridge before you finish school!
One thing I would suggest, in addition to what the others have said, is that you and your wife talk about what other kind of job she could get. I don't know your family situation, but I would guess she could find something a little bit more lucrative. We live in the midwest with a very low cost-of-living, yet both my high school children make more than $5.15 an hour, and so do most of their teenage friends. Some of the places these kids work: restaurants, nursing homes, hospitals, temp agencies (age 18+ for the temps, who work in factories for around $8-10/hour)

Also, you may qualify for a higher student loan amount once you have enough credits to qualify as a junior or senior, though that won't help in the first couple of years. Check with your school about these amounts, for future planning.

Good luck! You will make it!

Thank You! ..for the kind words of encouragement. God Almighty bless.