I just took the HESI entrance exam for Chamberlain this week, and passed. I will be starting school in January, with 33 transferring credits already completed. I did the math, and the rough estimate for total school cost (without bills added) will be around $66k, since I saved around $22k by taking so many classes at a community college.
I was denied any FAFSA grants, since my father makes over $100k/year and my FAFSA EFC was around $13k. But, I'm also one of 7 children in my family (3 including myself are in college, and one is severely mentally sick and lives in a facility.... $$$$) So, my parents are barely getting by on their own bills, so I will not receive any help from them.
I will definitely, 100%, need to take out a private loan to pay for school. I will receive somewhere around $3-5 k in the government subsidized/unsubsidized loans, but with school being around $9k+/semester (i'm probably off on that #, but it gives you an idea), there is no other way of me financing this. I work as a waitress, but that barely pays for all of my bills as is, so I can't save up much.
I plan on working for the first 1/2 of the 1st year, hopefully the full year, but since Chamberlain is an accelerated program, I'm not messing around and I have made the decision to not work unless I ABSOLUTELY have to. So most of my bills will be going on my loan. Stupid, I know, but this is the only way I can think of pulling this off while also giving school my undivided attention.
So my question is, what are some good private loan companies, and what is your experience with them? I will need to do the deferred payment option, and will put any money aside I can to start contributing to the payment during school.
Specializes in Leadership, Psych, HomeCare, Amb. Care.
I'm 22. I live in IL and will be going to the Addison campus. I have extensively researched the other options for schools/programs, and they all run about this price out here Even if I were to wait and attempt to save up, the amount I would be able to save up would amount to too little to justify waiting a few more years. I don't make that great of money, it would take me a few years just to save up 3-5k, which when compared to the cost of school, is nothing. I don't have any children now, and I would like to complete the program before that happens.
Have you looked at College of DuPage, Triton, or other nearby community college?
While I recommend that anyone who can start at the BSN level, sometimes that's just not best. Have you spoken to the financial aid dept yet regarding your options?
I'm 22. I live in IL and will be going to the Addison campus. I have extensively researched the other options for schools/programs, and they all run about this price out here Even if I were to wait and attempt to save up, the amount I would be able to save up would amount to too little to justify waiting a few more years. I don't make that great of money, it would take me a few years just to save up 3-5k, which when compared to the cost of school, is nothing. I don't have any children now, and I would like to complete the program before that happens.
That's assuming you stay in the exact same position and make the exact same money. You could put your education on hold for a while and try to get a job that enables you to save more - or even a job at a hospital that will help with tuition reimbursement.
I really, really think that going into that much debt is a huge mistake. There are lots of options out there, if you can be patient. I put my education on hold for 10 years in order to avoid going into debt.
Heck, if you go on the Nurses area, there's a post right now by a person lamenting at their loan payments and asking for ideas to overcome the huge debt.
spring semester after federal loans= $6,965 (books, uniform, vaccinations, everything factored in)
2 hour/day commute
St. Anthony in Rockford IL- $735/credit hour
1 hour round trip commute= closer but even more $$
NIU- $6,777 per term before student charge fees or books. Adds another 30-45 minutes a day to commute
2.5-3 hour commute/day= too far
UIC- $650/ credit hour
4 hour/ day commute= too far
Loyola- insanely expensive, and can't get accepted if you're not right out of high school (no college experience) or already have a bachelors in another field= can't get in because I'm in college
roughly $952-$1,000/ credit hour for all fees included and at full time attendance= too much $$
Harper college only offers an RN degree and not BSN
MCC (current school) has terrible nursing teachers and doesn't offer BSN that I know of- wouldn't want to get a BSN here anyways
The other schools: I can't find other accredited nursing programs or they're way too far to commute
$60k, for a nursing degree?! I think you need to be listening to many of these other posters.
I would not sleep at night with that kind of debt looming over me. Especially taking out private loans (yikes!) with their ridiculous interest rates. You'll probably end up paying close to $80k IF you don't take out a loan for more than tuition. Otherwise, you could easily climb to over $100K once interest accrues by the end of the life of the loan. Do you feel like having another house payment? Because that is pretty much what you're going to end up with. God forbid you don't find a job within 6 months and the loan company comes a-knockin' for their payment. They won't care if you're unemployed.
Have you looked at what the job market is for new grads in your area? If it's like any of the metropolitan areas in the Northeast, you could very well be fighting an uphill battle after graduation when you try to find your first job. There is NO nursing shortage in the US and a surplus is expecting well into 2020, so please keep that in mind before you sign your name on the dotted line for those loans.
You should never take out more in loans TOTAL than you expect to make the first year. DO NOT take loans out for living expenses. Many, many experts consistently warn against this. You need to find a cheaper option unless you're OK with having that large of a payment every month for 10-30 years. You may very well be. Going through an ADN program at a community college is probably a better fit for you cost-wise.
....Why don't you just get your RN and get your BSN online MUCH cheaper (and possibly have an employer pay for it)?
I get not wanting to get the RN if you could get the BSN, but financially 60k is insane considering you have better options. You're 22.
I get it. I'm 27, I want kids. I already have a business degree and I wanted my BSN yesterday. However, I cannot justify paying private tuition if I don't get into the local state program. I'd get the ADN (yes, even though I already have a BS) and take my BSN online over a year or two while I worked before I took out 60K in student loans.
If you are seriously going to take this 60k regardless of what we would tell you, I highly recommend selling your house and getting several room mates to keep your costs down as low as possible.
Don't go 60k in the hole just because you can't take the slower path for a few years. It's worth it.
Dint seek the house just rent some rooms out it will cover all your expenses. This is what I so and I am able to support my wife and baby with me working 3 days a week and I live in one of the most expensive parts of the country! You can do it!
Becoming Independent isn't as easy as this.. You have to meet certain criteria, none of which would be suggested to get a pell grant, which if recieved the maximum is only $5815 per year. It's not worth falsifying information on your FAFSA.
Have you thought about taking yourself off your parents taxes and claim yourself so you can be independent in your fafsa filling? This would allow you to qualify for grants.
If you are accepted, you will be scheduled for a pre-enrollment appointment to meet with a Student Service Advisor about financial aid. Bring your parents if possible, and explain in detail their financial situation. They could possibly do a professional judgement for you if your parents have large medical bills. Don't forget to ask about scholarships too! Good luck. :)
Hello!
I was denied any FAFSA grants, since my father makes over $100k/year and my FAFSA EFC was around $13k. But, I'm also one of 7 children in my family (3 including myself are in college, and one is severely mentally sick and lives in a facility.... $$$$) So, my parents are barely getting by on their own bills, so I will not receive any help from them.
So my question is, what are some good private loan companies, and what is your experience with them? I will need to do the deferred payment option, and will put any money aside I can to start contributing to the payment during school.
....Why don't you just get your RN and get your BSN online MUCH cheaper (and possibly have an employer pay for it)?
I get not wanting to get the RN if you could get the BSN, but financially 60k is insane considering you have better options. You're 22.
I get it. I'm 27, I want kids. I already have a business degree and I wanted my BSN yesterday. However, I cannot justify paying private tuition if I don't get into the local state program. I'd get the ADN (yes, even though I already have a BS) and take my BSN online over a year or two while I worked before I took out 60K in student loans.
If you are seriously going to take this 60k regardless of what we would tell you, I highly recommend selling your house and getting several room mates to keep your costs down as low as possible.
Don't go 60k in the hole just because you can't take the slower path for a few years. It's worth it.
This!! This is good advice. I'll be attending a community college for my ADN while doing a concurrent BSN program through university at the same time & even if the concurrent program wasn't available, I'd still get my ADN first then work towards my BSN & possibly have my employer assist in the cost of the BSN. Loans & their interest are no joke, they will follow you, don't dig too deep a hole if you can avoid it.
Specializes in Complex pedi to LTC/SA & now a manager.
There are no deferments or adjustments for private loans like there are for federal loans. No friends Dee interest rates. No post graduation grace period.
you generally aren't old enough to be declared independent for financial aid. Consider an ASN then quickly do RN BSN online with a reputable school like Western Governors University.
Even if I were to wait and attempt to save up, the amount I would be able to save up would amount to too little to justify waiting a few more years. I don't make that great of money, it would take me a few years just to save up 3-5k, which when compared to the cost of school, is nothing. I don't have any children now, and I would like to complete the program before that happens.
Banana nut, BSN, RN, EMT-B
316 Posts
Can you rent some rooms out to help with the bills?