Money

nessajune21 · Aug 11, 2008

I live off of my husband and my stafford loans.

Talk to your financial aid advisor and see what you qualify for.

RN1989 · Aug 11, 2008

You need to fill out the FAFSA and talk to the financial aid advisor. They will tell you what scholarships and loans are available.

You can go to school and still work part time. I did it as did everyone I went to nursing school with.

MasonsMommy · Aug 11, 2008

The upside to living off of student loans vs. a credit card or other means is that usually the interest rate is lower. If you can get a subsidized stafford loan, interest doesn't acrue until after you graduate while you're repaying.

I have a child and am considered an independent (I'm 23) so I am always offered quite a large amount in loans per semester. You may have to have a co-signer, but I believe if your parents are rejected for any amount, you automatically qualify for more aid. Talk to a financial advisor if you've already filled out your FAFSA and are just waiting. The key is the FAFSA like previous posters said, after that it's sort of all figured for you and you decide what you want out of what they offer.

Do make sure that you're careful not to go crazy on those loans - it may seem like free money at the time but they add up quickly and you do have to pay them back at some point!

nsgstudent1016 · Aug 11, 2008

I have likewise been told not to work during nursing school if at all possible. I am starting a BSN program in two weeks, and they told us to work a maximum of 10 hours a week if we absolutely had too (like if we had dependents). Like someone else suggested, you should fill out a FASFA and then maybe consider private loans as well. Federal loan amounts will vary depending on parental income, whether you are claimed as a dependent or independent on a tax return, class standing in school, etc. Interest rates on federal loans are really low (mine are at 6.5%). Unfortunately, my private loan interest rates will be higher (around 7.82%) but still much cheaper than credit card interest rates!! Good luck to you!!

bitter_sweet · Aug 11, 2008

I've been told that working during nursing school can be difficult, but I need to make money for living expenses, tuition, etc. As such, I applied (and was accepted) to an evening/ weekend nursing program. The program is set up so students can work during the day and still complete a nursing education.

The evening/ weekend format is what attracted me to this program. I am currently looking for nursing assistant/ tech/ PCA positions in hospitals, so I can make money, get hospital experience AND tuition reimbursement!

That being said, I think you can (and have witnessed others) work while enrolled in nursing school. It just depends on the individual!

Oklahoma71 · Aug 11, 2008

Working during nursing school is probably not a good idea for most people. My wife and I both relied on Stafford loans to help get through college. A site that may be helpful in explaining the financial aid is here. Good luck with your education.

martymoose, BSN, RN · Aug 11, 2008

i worked during some of school, then lost my job and got loans for the rest. i still owe 12000 dollars 4 years later, and i have deferred the loans twice cause i cant afford the payments on them. and the interest still piles up even when they are deferred. so i personally would not suggest doing this.

VICEDRN, BSN, RN · Aug 12, 2008

The rule of thumb is that you not borrow (in total) more than you would make your first year out of school.

I borrowed 55k for my first undergrad at a private school. Basically, I regret it every day. I basically have a mortgage on my back. The payments are outrageous based on my 44k a year salary and I am making no progress paying it back because of the interest.

Please consider going more slowly through school and NOT borrowing more than the feds will give you. Consider service cancellable loans.

Good luck!

Victoria

nsgstudent1016 · Aug 13, 2008

Someone tried to PM me about where I received my private loans, and I cannot send PMs until I have 15 posts. I hope this person sees this message b/c I really do want to try and help!! To this person:

My private loans are through Chase and my parents had to co-sign for me because I have never had a credit card and have no income. You can borrow up to $40,000 per year for any college related expense--tuition, room and board, transportation, food, etc. I received $7500 from Federal Stafford Loans for the year, $1000 in scholarship money, so I only borrowed $8000 in private loans this year. It is really easy to get private loans but the interest rates are higher (8% or higher, whereas federal loans are 6% to 6.8%), so try to only borrow what you really need.

At the end of college your federal and private loans will be consolidated into one big loan, and you can choose to pay off your loan over a period of 5-20 years or even longer. I think the minimum monthly payment is $50, but you want to pay off as much as possible or you will only be paying interest and not the actual prinicipal. There are student loan calculators that will tell you what your monthly payments will be. The following websites were helpful to me. Chase and Citi are both good in terms of private loans.

http://www.chasestudentloans.com/private-student-loan/private-student-loans.html

https://www.studentloan.com/

I hope this helps. It's all so confusing...luckily my mom and brother are both in accounting and can help me out with money stuff I do not understand!!