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

  1. 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!). My credit is excellent, so I'd like to get the best loan possible. Does anyone have experience with this? Thank you for your help!
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    About RNS5

    Joined: Jun '09; Posts: 34; Likes: 3

    47 Comments

  3. by   Agrippa
    Obviously any federal backed loan is best. Ei., Stafford subsidized and then unsubsidized loans. Then PLUS private loans.

    Also, i dont know why so many people expect to go to nursing school without going into debt. Financial aid doesn't mean you get free money to cover everything. Most all people get as financial aid is loans with low interest rate with favorable repayment terms (deferment, etc). Unfortunately, the price higher education in this country has gone through the roof and our country doesn't support it as much as say the UK or Canada does.
  4. by   kayty2339
    I'm in the same boat as you are. I don't think I even qualify for the federal backed loans. We're currently both working, but when I go into nursing school I will have to quit my job. I wish they would take that into consideration when qualifying for federal loans and grants, etc.
    I'm looking into getting a private student loan from wells fargo. They base it soley on your credit and income and you can get up to 25k per year depending on what you qualify for. That's a lot, but I want to qualify for as much as possible and then if I don't need it all, I can just pay it back. I am blessed to have my tuition taken care of with the florida prepaid program that my mom did for me, but I need something to supplement the income I'd be losing by quitting my job, so that I can still pay the bills and feed my kids. I have to look more into these loans though. I don't know if there's prepayment penalties or anything like that.
  5. by   shann106
    This is one of the reasons I work 2 jobs while in nursing school. Even as a single mother I do not qualify for most financial aid. I do usually get Stafford loans to cover some of my tuition, but not all.
  6. by   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.... everyone also gets stafford (unsub) loans which depending on your year (fresh soph etc) you get a certain amount. Also check with you fin aid office about nursing loans, its not much money about 1500 but the rate is (i believe) 5% and you only pay 4 times a year, and has a 9 month grace period after graduation. Although you credit is good, AVOID private loans at all cost, I believe its at about 13%APR right now and thats going to kill, my mother has a 825 FICO score which is very close to perfect and the interest is just about the same, I think with chase it was 12.6% which is still incrediably high!
  7. by   RNS5
    Quote from kayty2339
    I'm in the same boat as you are. I don't think I even qualify for the federal backed loans. We're currently both working, but when I go into nursing school I will have to quit my job. I wish they would take that into consideration when qualifying for federal loans and grants, etc.
    I'm looking into getting a private student loan from wells fargo. They base it soley on your credit and income and you can get up to 25k per year depending on what you qualify for. That's a lot, but I want to qualify for as much as possible and then if I don't need it all, I can just pay it back. I am blessed to have my tuition taken care of with the florida prepaid program that my mom did for me, but I need something to supplement the income I'd be losing by quitting my job, so that I can still pay the bills and feed my kids. I have to look more into these loans though. I don't know if there's prepayment penalties or anything like that.
    kayty2339-You described my situation almost to a "T" except I've already quit working to finish up my last couple of pre-req's. I wish you the best of luck and if I find any good loans out there, I'll post them on here.
  8. by   RNS5
    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.... everyone also gets stafford (unsub) loans which depending on your year (fresh soph etc) you get a certain amount. Also check with you fin aid office about nursing loans, its not much money about 1500 but the rate is (i believe) 5% and you only pay 4 times a year, and has a 9 month grace period after graduation. Although you credit is good, AVOID private loans at all cost, I believe its at about 13%APR right now and thats going to kill, my mother has a 825 FICO score which is very close to perfect and the interest is just about the same, I think with chase it was 12.6% which is still incrediably high!
    Ouch--those interest rates are brutal! Thanks for the info.
  9. by   RNS5
    Quote from Agrippa
    Obviously any federal backed loan is best. Ei., Stafford subsidized and then unsubsidized loans. Then PLUS private loans.

    Also, i dont know why so many people expect to go to nursing school without going into debt. Financial aid doesn't mean you get free money to cover everything. Most all people get as financial aid is loans with low interest rate with favorable repayment terms (deferment, etc). Unfortunately, the price higher education in this country has gone through the roof and our country doesn't support it as much as say the UK or Canada does.
    I don't get why people think they're going to go to nursing school and not get into debt either. I know I'm going to have plenty of debt from nursing school! Thanks for the info.
  10. by   kjsquared
    Tad and Kayty,
    I, too, am in the exact same position. I currently have a job but am leaving in about a month to start nursing school. I don't understand at all why they do not take this into consideration when applying for financial aide! My job absolutely will not allow me to work while in nursing school... I work in a real estate office M-F 8-5. That's basically what my nursing school schedule will be like when I'm in school (or close to it..) and my school schedule cannot be rearranged either. It's set in stone and is what it is.
    I have also been looking for private loans and am going ahead with Wells Fargo. I am not a dependent, so I can't use the PLUS loan, which means I must take out private loans (on top of Stafford loans). Also, even though I cannot get any kind of "free" money for school (because I make "too much"), I still am having a really hard time getting a loan! I never had the idea that I can get through school without loans, but even TRYING to get a loan is so difficult right now! My husband applied as a cosigner but was still denied. I had to have my father in law help cosign because he makes a lot more money than we do. I don't know what I would have been able to do if I didn't have that option! But I still have to have my school certify the amount I want to borrow, and who knows if they will....
    Keep looking and doing you research...You'll get the money some how!! Good luck!
  11. by   kayty2339
    My job is also 8-5 mon-fri. So there's no way I could make it work with the nursing school schedule. I plan on getting a part time job if I can, but a lot of people say even that is too hard especially if you have kids. I want to get on at the hospital as an PCT even if it's only one day a week, it'd still be *some income. But they won't hire nursing students as PCT's until after the 1st semester so I'd still have to figure something out for the first semester.
  12. by   booklovinrn
    I am 48 and already have a degree. My husband has a good paying job and I filled out the FAFSA for the first time for school this summer. I was amazed to find out I got Stafford, sub and unsub and one other governement one (I can't remember the name). Anyway I was so surprised because I had assumed because I already had a degree and my husband had a good job that all I would get was private loans. So try FAFSA first because you might be surprised.
  13. by   ClassyChristina
    I have a stafford loan, it is probably the best. Unfortunately, I don't qualify for FAFSA either.
  14. by   kayty2339
    I filled out the fafsa but the school I'm applying to sent me a letter saying that they don't participate in the federal student loans, or something like that. Kind of wierd. They are an accredited school, but maybe because it's so small. I'm not sure. So my only option for this school is private loans.

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