Getting all ducks in a row...maybe..

Loubell RN 2B · Dec 15, 2002

I think that I am reading it as that this is just the total from Stafford Loans you are allowed but you are allowed to go to outside sources. The debt for school loans can be outstanding but this is not to discourage you. Of course you know that the more schooling, the more pay but you end up with the more debt unfortunately. It is worth it in the end.. You are able to defer principle and interest payment on loans for up to four years and just pay on the interest. I would consolidate your two previous loans to get a better interest rate though if you haven't already. There are some good programs to do this.

I myself was considering a University nearby but we are already up to our necks in debt. Even though it will be paid for by the time I would have to pay fully on the loans, I just feel unsure about doing it.

I would like to hear someone's idea as well about this..

Lynda

JennyRN2B · Dec 15, 2002

Lynda,

So, do most people go to their own banks and finance the rest of the money? Sorry, I am really uneducated in this area. I never realized that student loans offered by the schools would not be enough. We can take out the loans, but I did not want a $1000 a month payment while I was in school. I cant wait to hear other's ideas.

Jenny

javamom · Dec 15, 2002

Jenny, I'm not much help on the loan part, b/c I'm loaned out :chuckle BUT, why don't you get your ADN then get a full time job with someone that offers tuition reimbursement? Is there any reason why you're in a hurry to get your BSN?

I ask, only b/c this is what I'm doing. I see no reason to pay full price for my BSN when there are so many hospitals, healthcare corps out there WILLING to pay for your schooling. Just a thought :) Good luck whatever you decide :)

Loubell RN 2B · Dec 15, 2002

I am entering my local CC in the spring and was not eligible for the Pell and the school does not offer Stafford. I had to get an "alternative education loan" they call them. I went through Wells Fargo. They base it on your credit but it allows you to reapply every school year and you can take out whatever you need it for like a computer, books, fees, living expenses, etc. My payment will be $75 on $9500 that I received but yours could be better depending on your credit... My husbands was not perfect due to past problems... Good luck and I will keep watching the posts as well to see what others have to say... Who knows, maybe I will get the courage up to go to the University..

Lynda

Loubell RN 2B · Dec 15, 2002

Stacy,

I agree with you too... The hospitals in this area pay for continuing ed... That is a thought Jenny..

Lynda

camkib · Dec 15, 2002

Hi Jenny,

I agree with the other posters. Your family situation sounds similar to mine in that me and my husband are both attending college and we have children. (low EFC number)My entire tuition and books are covered by the Pell. I plan on earning my ADN then immediately going for my BSN while working.

Another thing...I'm not sure about the area where you live, but are there any less expensive universities around. A BSN earned from a school that costs $10,000 per year is just as good as one earned from an institution that costs more.

Apply to as many scholarships as possible. You can find a way if you really want to go to this particular school.

Wishing you lots of luck!

2banurse · Dec 15, 2002

Originally posted by camkib
Apply to as many scholarships as possible. You can find a way if you really want to go to this particular school.

Very good advice...and check with your college's foundation, many schools have one, they usually have a lot of information about scholarships. It is amazing how much money is out there but not applied for.

Lynda, I'm surprised that your community college doesn't have the stafford loans (aka Guaranteed Student Loans). I've never heard of an accredited school not having this available.

Kris

Loubell RN 2B · Dec 15, 2002

Kris,

I thought for sure they would too. I went to the financial aid office and they told me that schools have the option of whether they want to be apart of the Stafford Loans. Maybe I will research it a little further. I do know that the school is accredited. I looked it up on the web.

Lynda

colleen10 · Dec 16, 2002

Hi Jenny,

I wanted to check with you to see if I was on the same page as you. Un-Sub Stafford means Un-subsidized which means you pay it off while still in school? Not sure about the difference between Sub and Un-Sub but if you could explain I would greatly appreciate it.

I will say though that I made it through a 4.5 year Bachelor's at a state school using a Pell Grant and then the Stafford Loan for the rest of my tuition. Living / Dorm expenses were paid out of pocket.

I borrowed a total of $17,000.00 through Stafford Loan over the full 4.5 years and never really had a problem getting money from them. I found most of the "Financial Aid" forms rather confusing but I have found that websites offer an easier explanation of the rules and regulations. You may want to do an internet search to see if you can get a better explanation.

I started to pay my loan back 6 months after I graduated. A few things I will say about taking out loans; my loan got bought and sold so many times it was rediculous!

One thing I will say about Stafford is that they are very strict and do not leave you much room for negotiating. I absolutely had to start paying that loan back 6 months after graduation, no bones about it. The only way I could get out of it was if I was pregnant, went back to school or joined the army! I asked them if I could lower the amount of the monthly bill and all they could reduce it by was $10.00 a month which really didn't help much. Then a few years later I was laid off and out of work. They allowed me to defer it for 6 months but after the 6 months when I still didn't have a job it did not matter to them, I still had to pay them the full amount each month. I think I would have rather taken a loan by a loan shark.

Depending on from whom you took your two previous loans out you may be able to defer those while you are in school full time. If they are Stafford you certainly wouldn't have a problem deferring them til you graduate with your RN.

I wouldn't worry too much about finding loan money to get through school. Pretty much any Financial Institution will give you money. It's just a matter of finding a loan and interest rate that suits you.

Good Luck,

Col

JennyRN2B · Dec 16, 2002

Colleen,

Thanks for your reply.

Yes, I think un-sub means you pay during education. Although I am not completely sure on this either. I am going to the Fin Aid office this afternoon to check out my alternatives.

My tuition is $10000 per semester and that does not include books. I know, before your jaw hits the floor, that is really correct. It is a very prominent school and it is affiliated with 2 of the hospitals that I would like to work with. Both of the hospitals will do the $5000 reimburs for every 12 months signed. This may be something I look into after my first Fall semester. So, I guess for the rest of the info, I have to wait until I get back. I am really nervous they will tell me there is no loan that will help. I know we qualify for the pell and I can still get some loans, but I don't think Staff or un-sub staff will be enough. I will def need scholarships, grants etc...

I will let you know how it goes.

Jenny:cool:

2banurse · Dec 16, 2002

Actually unsubsidized means that you will be charged interest as soon as you borrow the money. You can hold off paying the interest until you finish, but it will continue to grow. You don't have to pay any of the money until 6 months after you get out of school.