Financially-how To Get Through N.s

Fun2, BSN, RN · Aug 17, 2005

Wow! You have done well for a single mom! Congrats!

As for paying for school, and the cost of living...

Save as much as you can, or pay double payments, etc.

Try getting a student loan that is not paid back until after you graduate! That way you can concentrate on your studies, and not your bills as much!

Good luck to you!!

I currently own my house, and I am pretty much a single mom with 2 boys. I have been thinking lately what am I going to do next year if I get accepted to Nursing School. I know I will not be able to work full time. What do I do should I sell my house? I worked so hard to get this house. Move to an apartment which won't be much cheaper. I plan to save money by the time I start, maybe I could do an interest only loan. Please if anyone was in this situation share your thoughts on what you did or what your planning. I am willing to cut things back like cell phone, digital cable, thank god I paid my car off!!! :uhoh21:

treysdaddy08 · Sep 4, 2007

I currently own my house, and I am pretty much a single mom with 2 boys. I have been thinking lately what am I going to do next year if I get accepted to Nursing School. I know I will not be able to work full time. What do I do should I sell my house? I worked so hard to get this house. Move to an apartment which won't be much cheaper. I plan to save money by the time I start, maybe I could do an interest only loan. Please if anyone was in this situation share your thoughts on what you did or what your planning. I am willing to cut things back like cell phone, digital cable, thank god I paid my car off!!! :uhoh21:

First, try to get some financial aid through your school. If you have 2 dependents other than yourself that shouldn't be a problem. After that try a student loan. You will most likely qualify for a stafford loan (basically everyone does), which you won't have to pay off until 6 mos after you graduate. Subsidized accrues no interest, unsubsidized accrues interest. But again you don't have to make payments until you graduate. If that's still not enough you could try for either a signature loan or a home equity loan, but I would consider those as last resorts. Our quarters at my school are three months long, and I get 5k a qtr with all the aid I get. One of my friends found a bunch of grants online and he gets almost 9k a quarter. So the money is out there, just research and ask a lot of questions!! good luck!

TexasPediRN · Sep 5, 2007

1. Financial Aid.

2. Scholarships.

3. Loans

Most schools give out a ton of financial aid - I'd venture to say barely anyone pays full price.

There are so many scholarships out there - you have to do the research, but there are so many you can get.

Loans are the last resort, but you can qualify for a nursing loan, a stafford, or any other federal grant/loan. The financial aid office at the school can help guide you in the right direction.

It is possible to get nursing school mostly paid for, you just have to search.

As for selling your house, I doubt there is any need. Also, most nursing programs have an evening program for working parents. You just would have to find someone to watch your children for a few hours while you attend class. You may not have to cut down on your working hours.

Good luck!

mommie2bodie · Sep 5, 2007

Even though I am married, my husband and I have decided to move in with his family while I go to nursing school so we can cut way back on our bills. Is this an option for you? Also I have a friend who is married and has a child. Both her and he husband go to school full time and dont work, they live off of their aid, grants and loans. They have an apartment and evreything.

cindyhair · Sep 5, 2007

In many states, the state will offer you full paid tuition when you agree to work at many of their approved locations to give back to the state for a minimum of 1-2 years. Most of these places are the hospitals and nursing homes, I am also Momx2 and will use this for the funds but also see it as a 2 year chance of experience for my resume!! Check out your state!!!FINGERS CROSSED

karen230 · Sep 7, 2007

Sounds like we are somewhat in the same boat. I'm not a single mom but a mom who know in her heart that she would rather not work while in school so I'm trying to figure out how to pay for everything without sending us up the river financially. Here is how I'm hoping to cover everything I will need to cover:

1) saving my raise money that I got this year. It will only be about $1000 but hey, it will cover something.

2) Any time I get a day that I do not have to pay daycare now, I'm putting that money into a seperate savings account that I opened online, I figure I don't have to pay it now but I'll need the money to pay it later on while I'm in school.

3) Trying to shop much smarter and mailing in all rebates. I was always one to mail in any/all rebates I could get but have really slacked off looking for items with rebates lately so now I'm trying to get back into that habit. My local drugstore does a one-check rebate system so now I'm driving the extra 1/4 mile to save the money rather than buying those items in the grocery store. So far it has been worth it for me. I'm also taking advantage of store deals and stocking up on items that I know we will eat (non-perishable of course) and when my grocery bill is lower due to not needing as many things, that money goes into savings as well. Don't forget to use coupons whenever possible.

4) Unexpected money is all going into savings. For instance, DH got some overtime a couple of weeks ago, which went into savings. Same thing with the little bit of birthday money I got from my mom, right into my school savings account.

5) I have also started selling extra stuff around the house. I then divide the money up between savings for school, paying down debt so there isn't as much of that when I'm in school, and paying fees from auctions. So look around your house, you may be surprised at what you can sell in a yard sale or online auction. I have several items tagged for a yard sale next summer.

The key for me is really keeping the money I have saved for school in a seperate savings account (opened online for a higher interest rate than our local bank offered). I actually have 2 accounts, one is for money that I'm saving strictly for school and the other is my "money I'm not supposed to have" money (i.e. birthday gift mentioned above and days that I don't have to pay daycare, rebate checks, as mentioned above go in this account).

My point is find the little things and build from that, you will be surprised. I started with only saving my raise money and look at how many suggestions I had for you so you know what I started at and built up to.

And of course I'll be applying for financial aid, scholarships, and student loans. I won't be able to save 2 yrs worth of expenses in a year but every bit I can save is that much less I'll have to take out in student loans.

**RosesrReder, BSN, MSN, RN** · Sep 7, 2007

I am a recent grad and quite poor myself (monetarily but not in spirit ). Anyhow, I grew up in foster care and no family to help out. I don't own anything, no home no nothing. Just my raggedy car-but it's more than enough for me.

I knew this is what I wanted to do, so.......I worked part-time, got some financial aid and the rest student loans through Sallie Mae. I went the private route to bypass the dreaded waiting list and in turn have a lengthy sum of loans to pay back (totally worth it though).

I have never been much of a spender but I clipped cupons, shopped sales for food, strolled through garage sales (you'd be surprised what some rich folks get rid of for cheap ).

I am NOT ashamed to say this. All hard work pays off at the end-you just have to do what you need to.

Much luck to you!