I need a loan but can't get a cosigner

Sour Lemon · Jun 1, 2017

Maybe you need to take some time off, work a LOT, and save up some money (or at least pay down your current debt)? Banks don't typically give loans to "nursing students in need". Banks don't care about your needs.

Guttercat, ASN, RN · Jun 1, 2017

Maybe you need to take some time off, work a LOT, and save up some money (or at least pay down your current debt)? Banks don't typically give loans to "nursing students in need". Banks don't care about your needs.

What he said.

kendleh · Jun 1, 2017

I appreciate the thought, but unfortunately I've already moved two states away and am committed to the point of no return. I'm really just looking for help in finding a loan that will fit my needs at this point. I have calculated that repayment will be possible for me upon completion of my program, so I just need help in getting there. Does anyone have advice about specific loan options available to me?

roser13, ASN, RN · Jun 1, 2017

Maybe you need to take some time off, work a LOT, and save up some money (or at least pay down your current debt)? Banks don't typically give loans to "nursing students in need". Banks don't care about your needs.

What she said. It doesn't matter how many states you've moved across, you can still find a job, save like crazy and fund your education. It doesn't make sense to mortgage your future so extensively.

meanmaryjean, DNP, RN · Jun 1, 2017

You cannot afford to attend this program right now. End of story.

The fact that you NEED a co-signer demonstrates that. Don't do this.

KatieMI, BSN, MSN, RN · Jun 1, 2017

If you only need those $7500 with that kind of credit score, pretty much only one viable option would be to ask your relatives. Otherwise, things just are what they are: you can't afford this program right now, committed or not.

Did you consider community college ADN instead? These programs can cost as little as those $7500 for the whole thing, same NCLEX, almost the same job prospectives, BSN can be done completely online later on and at least partially for your employer's money.

Atl-Murse · Jun 1, 2017

I knew a girl that striped during nursing school and she made a lot of money. She recently told she was thinking of going back since she made less money with nursing. I am not saying go strip but get a job

Horseshoe, BSN, RN · Jun 1, 2017

Hey everyone, I need some advice. I am enrolled in a second-degree ABSN program that starts next week, and I thought that getting a private loan would be a bit easier than it is proving to be. My parents already cosigned on my first degree's private loan so they can't cosign again, and I need another loan to bridge the gap between what my financial aid has offered (they awarded me a $4000 subsidized federal loan) and the cost of attendance for my progam. I have exhausted all my other options including applying for scholarships, accepting my entire FA award, and working during school, so now I unfortunately have to fall back on a private loan. I need a $7,500 loan for the summer session (includes housing for a full year) but I can't find a bank that will give me a loan with my credit score (662 because of previous loans.) Does anyone have any advice or know of a bank that is willing to give a loan to a nursing student in need?

Any bank that would give you a loan with your credit score is going to have an ungodly interest rate. If you can't find a relative to co-sign, I don't think you have any other options. But I admittedly don't have any expertise in this area. I didn't take out loans for my education, and we have been full pay for our daughters.

Perhaps someone will come forward with another idea for you, but if not, you'll have to do what everyone else who wants something they cannot afford has to do: work and save for it. Immediate gratification of your desires may not be in the cards at this time.

Good luck though.

Scottishtape · Jun 1, 2017

I really think your best bet is to speak oth a qualified financial planner to help you. Most banks have them for free. I always call the free financial planners at USAA (my bank) before I make any big move financially.

I agree with the PPs though, you clearly aren't in the best spot for this, and unless you can pull off school while working, then it doesn't seem like the right time.

Good luck.

Duke702 · Jun 1, 2017

I was in your same position, except the ABSN I was going to attend was 69k in tuition alone. Federal loans were going to only be 25,000 for the 1 year program. I actually did get approved for a Sallie Mae loan on my own with around 9-10% interest rate. Looking at the actual pay back amounts over the course of the loan freaked me out. I also got approved with Discover using a cosigner with an 8.75 interest rate depending on how I wanted to pay it back. I learned that banks either want you or the cosigner to make over 50k a year with a good credit score, and that's for a crappy interest rate. I decided not to do the program, even though it's sad. I wanted to be done in a year and start working as a nurse. I did a lot of research on here and ultimately, just decided it was way way way too much money to spend for another Bachelor's degree. I don't want to owe $1000+ per month to banks who will give you no special treatment if you can't find a job for a while. It was all too scary for me. Honestly I think a lot of ABSN programs are kind of a ripoff. I'm going to try to get into a state school grad program or just regular 2 year bsn for next year. If you are desperate, apply for Sallie Mae if you haven't. But just think about it. Good Luck.

meanmaryjean, DNP, RN · Jun 1, 2017

The terrible thing about co-signers is that if you cannot / will not pay the loan- they have to.

An elderly couple of my acquaintance is stuck doing just that- severely impacting their retirement years.