What do you think is the best type of loan for nursing school - page 3

I am shopping around for a loan for nursing school. I don't qualify for financial aid (being middle class is not a good thing--we don't qualify for anything and we don't make tons of money either!).... Read More

  1. by   lblack126
    Hi again Tad -

    I was incorrect about sub plus unsub amounts if you are a dependent. The totals for dependent students (those who are still claimed on their parents taxes) are about 11K. That said, Parent Plus loans can cover the rest if necessary. The figure I quoted was for independent students (over 22 -I think - or can prove they are paying independently if younger than that.)

    For more info check the FAFSA website and/or the link below. The only time I have heard of someone being turned down for Federal loans is for independents with very heavy mortgages - I mean really heavy. As far as I know, for plus loans you and/or your parents do have a decent, but not great credit score. As far as I know for regular sub/unsub credit scores are not an issue.

    Should mention that my earlier UG degrees are a far cry from nursing! (Philsophy and Film don't have an A&P or Orgo requirement . So this is education will be all new for me. I did my pre-req's at a community college, which was really inexpensive, and doable while working. Not sure if you are doing a BSN or ASN - the community college that I did my pre-req's did offer some unique incentives for possible ASN's particularly if your grades in High School are good.

    Once again, good luck, and good loan hunting! Keep us posted as to your loan hunt .

    http://www.collegeanswer.com/paying/...er_fed_cmp.jsp
  2. by   metal_m0nk
    Also, don't forget about the Federal Work Study program if you're not currently employed and looking to work part time while taking classes. Most school jobs offer flexible schedules and most participating employers understand and respect the demands that students face in and outside the classroom. Also, since the majority of jobs are on-campus, you don't have to be concerned with commute time and/or costs. If you're looking to have a little cash in your pocket for books, emergencies, or a daily espresso, it's a viable option.

    I agree whole-heartedly with those who've said not to worry about student debt. Think of it as an investment...

    If you were to purchase a brand new vehicle on credit (which a lot of people do at some point in their lifetimes), you could be paying anywhere from $13k - $150k for it, Vehicles depreciate in value for every second that you own them - not much of an investment there - and interest rates and monthly payments can be through the roof. With student loans (especially those backed by the federal government rather than private financial institutions), the interest rates are low (we're talking 5-6%), fixed, and loan servicers like Direct Loans offer extremely flexible repayment plans, deferments, and forbearances in times of financial hardship.

    While student loans might seem like a money sink, and not much of an investment (like say, real estate would otherwise be) - in all actuality, they really are. While they might not offer the immediate and steep returns that real estate investment would (and even that's questionable now since the real estate market has gone down the crapper), the end result of them (the degree) will put you in line to earn significantly more money over your lifetime than not having a degree.

    The rub though, is that you've got to stick it out for the long haul. If you don't graduate, you keep the debt but never get to see the return on your investment.
    Last edit by metal_m0nk on Jul 1, '09
  3. by   guiltysins
    My schooling was thankfully covered by FAFSA. I have a combination of grants and federal loans. I'm a dependent which definetely makes it easier for me because my mom is on disability so of course our income isn't that much. There is a downside to financial aid though, a lot of loopholes and ways that you can easily lose it. You can't take ANY electives unless your program allows them and of course most BSN nursing degrees don't. Also for one type of grant that we have in NYC called TAP, there's a limit of how many semesters you get it. I can only get it for four years and I'll be in school for five so that last year I won't have that grant regardless of my need. I feel like I'm choked by financial aid sometimes because if I get a job and make enough to file taxes about half of my financial aid goes down the drain and I can't afford to pay my 25K school so the most I've been doing is volunteering because I can't afford to lose ANY of my financial aid, even if it's only like $1000. My GPA was over a 3.0 this year so I got a little grant/scholarship from my college. I won't graduate until 2012 and seeing as this school raises tuition every year, I'm going to pull for a GPA over 3.5 because there are more school grants for that. I'm just hoping I find a way to cover it all. I can't get a parent plus loan because it CANNOT be deferred until after graduation, you have to pay it through college and as I said, my mom is disabled so she has no money and she's already stuck with my sister's Sallie Mae loan that she co-signed for so I'd never burden her with more.

    I've NEVER gotten enough financial aid to cover books, living expenses, transportation ect. It only meets the cost for tuition and fees. I probably won't be able to work till after graduation with the exception of internships, preceptorships ect which is okay because I want to just focus on my studies but yea it sucks. The fall semester I thankfully only owe the school $200, last year I owed them about $2200 which was no easy thing. I had to get money from my sister and other family members. My loans so far are at 7500, so by graduation I should only have about 30-35K in student loans which is fine with me since my other sister owes about 90K
  4. by   metal_m0nk
    Quote from guiltysins
    I've NEVER gotten enough financial aid to cover books, living expenses, transportation ect. It only meets the cost for tuition and fees. I probably won't be able to work till after graduation with the exception of internships, preceptorships ect which is okay because I want to just focus on my studies but yea it sucks.
    Have you looked into the Federal Work Study Program? It's an option when you fill out the FAFSA, whether you'd like to participate. It becomes part of your financial aid package, I believe.
  5. by   88pomme
    Quote from chrisciwi
    Everyone qualifies for federal parents plus loan (if your still considered dependent) it has a locked in rate which is by far better than a private loan....
    when do you put dependent and when do you put independent when filling out the FAFSA? I have quit my job, moved back home, and am basically having my parents help me. But, they are almost retired, so I didn't want their finances to be considered.

    would i be a dependent or an independent?

    thanks
  6. by   Zookeeper44
    Wondering why no one has mentioned service cancellable loans? Is Georgia the only state that still has those? I will take those 1st if awarded, then I've been approved for enough subsidized loans to cover my expenses if I don't get the cancellable loans, I'll take the substidized loans as my second choice.

    I have 2 other degrees and I have never even dreamed of taking on enough debt to actually live on AND pay for the expenses of college itself...I've always had to find a way to work my way through school :icon_roll
  7. by   nursemarion
    Definitely Stafford. I never wanted to take on student loan debt and made it through undergrad without it. But grad school is different. Unless you are rich there is no way you can do it without some financail aid. At least the schools in my area! The credits are around $600 each, sometimes more, and with books and everything else it is a huge investment. I consolidated all my loans when I was done, and my payments are still around $200 a month. Not bad for about $40,000 (including the interest). I will be paying for the rest of my career. I can't say I regret it, but I really did not understand how this would affect my finances my whole working life. I have not made more money with an advanced degree, though I have had better quality jobs. Everything is a tradeoff. You have to do what is in your heart.
  8. by   PeopleHelper
    Try this website below. I found it in a Student Loan Article on the New York Times website

    http://studentlendinganalytics.com/ratings.html
  9. by   FireHorseNinja
    I am 42 and married-- and I don't qualify for grants either. However I was given a Safford loan, both sub and unsub portions. These federally backed loan amounts are usually based on your Cost Of Attendence index (COA) i.e. your program cost, major, etc... I was given more than I will use, so I will be giving some back to save on payments later.

    The other thing is that there are MANY loan repayment scholarships out there for nursing students.

    Good luck!

    BSN student- Aug 2009'
  10. by   RNS5
    Quote from Zookeeper44
    Wondering why no one has mentioned service cancellable loans? Is Georgia the only state that still has those? I will take those 1st if awarded, then I've been approved for enough subsidized loans to cover my expenses if I don't get the cancellable loans, I'll take the substidized loans as my second choice.

    I have 2 other degrees and I have never even dreamed of taking on enough debt to actually live on AND pay for the expenses of college itself...I've always had to find a way to work my way through school :icon_roll
    Zookeeper, what exactly is a service cancellable loan? How does it work? I've never heard of such a thing.

    :thnkg:
  11. by   lblack126
    Hi 88POMME RE: When are you independent.

    In my state you need to be either over 25, or can show proof that you live on your own (or have done so) for at least three years. check with your financial aid office. If your parents no longer claim you as a dependent on their taxes, and it has been that way for awhile you may be considered indy. Even if you live back at home and are over 25 or can show that you have indeed been on your own - you may be eligible to file a Fafsa as an independent. Definitely check with your school, there may even be an answer to your question on the FAFSA website.
  12. by   SummerLin
    im just saying take out subsidized first (government pays your interest while you in school) then unsubsidized (you have to pay interest while in school) then parent plus loans. All these loans will be the LOWEST interest rate and and it is FIXED unlike private loans. Private loans are largely discouraged. You can do searches on the internet for better explanation. just stay with the government funding and you till be ok!
  13. by   kayty2339
    Quote from Zookeeper44
    I have 2 other degrees and I have never even dreamed of taking on enough debt to actually live on AND pay for the expenses of college itself...I've always had to find a way to work my way through school :icon_roll
    I don't know what the attitude is for, but just because this isn't what you would do, that doesn't mean others shouldn't want to.
    Besides, what are your other degree's in? From what I'm told by students in the nursing program at my school, it is VERY tough to make it through the program and work at the same time. It's only 4 semesters long but very intense. If I can make it through those 4 semesters not working or working part time, I will. Even if it means living off of a loan. My husband is trying to find a second job and if my part time job still doesn't bring in enough to pay the bills, something else must be there for me to rely on. My college expenses are paid for already through fl prepaid, so all I need is something to cushion me if we need money to live.
    Last edit by kayty2339 on Jul 9, '09

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