I made the decision to pursue my BSN in leiu of my ADN. However, I am know looking at the financial aspects of the cost of attaining this new goal. :chuckle I laugh here because it is so much money, I have a hard time even imagining it.
This brings me to my question. As I am a first time 4 year University student, I have never applied for aid for this amount. At my CC, we have the Pell and that covers most of my expenses except for childcare. I have 2 previous loans from when I attended school directly out of High School. I am now at a Soph level.
My tuition is very expensive at the University. My pell hardly puts a dent in my tuition for 1 semester, let alone 2. We have 3 children and my husband is also taking his last semester of his Bach degree. So, our EFC number is very low. (which is a good thing)
My question pertains to loans while in school. If I am reading the rules correctly, the max amount that an undergrad can borrow under the Sub Staff Loan is $23000. (This would cover 1 year) The total for the unsub Staff Loan is $46000 but no more than $23000 of this Staff can be in Sub Staff Loans.
How do people afford to go to the Universities. Am I missing something? Are there other options. Dh and I were prepared to spend the money in loans for me to go to school but now I am concerned that we won't even be able to borrow the money???
All I can say is, I HEAR YA'! I have been accepted to a BSN program that starts in 3 weeks. Yes, 3 weeks. I received my financial aid "award". Based on info from 2001 (when I had a job) as opposed to this year when I haven't, I qualify for a stafford loan unsubsidized....
The kicker.... Today, while speaking to the financial aid dept at the Univ., I had to mention my "award" letter. It was for a certain amount for this spring semester, which would just about cover the cost of tuition so I've been planning accordingly. I find out today, the letter is...wrong. Wrong? How can it be..wrong? The director of financial aid explained to me that it was just "worded incorrectly"...she says, you see, this money is really divided in half. I would get half of it for the spring semester (so now it only covers half the tuition) and half for summer courses.
Meanwhile, I am an adult student returning to school, have never taken out a loan, and do not qualify for work study, or even any other additional non-need loans! A 3.7 GPA gives me nothing, and in terms of a Federal Nursing Loan? The school doesn't even know what it is. :) I had to go online and email them the link, explaining it to them because they were so confused.
I'm sorry to vent but I feel like we are in very similar situations. I was going to go for an ADN as well, but decided my ultimate goal is at least a BSN and it will only take me a 1 extra semester and summer courses so it makes the most sense.
I just do not understand how it all works. I don't even know where to start with getting an outside loan from a lender, but I have literally been told from my school that I fall right through the cracks, and sorry.
And they wonder why there is a decrease in the amount of students going to school to pursue a nursing career...
AGH, well please feel free to email me and vent, I have to resolve my issue by 12/31. :)
Have you talked to the military yet. Yes, I know this sounds funny, but you don't have to be active duty. You can be inactive as in the reserves and they will pay for your education. I know I did this, but I was active duty for 6 years. This option probably will not work for you, but I was just trying to help you out. Here is what I get: All tution covered with the exception of books and some fees. I also get 150 credit hours under the hazlewood act, this is for when the G.I. bill runs out. I also get a small living expense per month. I never regret going into the military. Hope this helps in some way. Good luck with school, if all else fails, get a Stafford loan.
All I can say is, I HEAR YA'! I have been accepted to a BSN program that starts in 3 weeks. Yes, 3 weeks. I received my financial aid "award". Based on info from 2001 (when I had a job) as opposed to this year when I haven't, I qualify for a stafford loan unsubsidized....
The kicker.... Today, while speaking to the financial aid dept at the Univ., I had to mention my "award" letter. It was for a certain amount for this spring semester, which would just about cover the cost of tuition so I've been planning accordingly. I find out today, the letter is...wrong. Wrong? How can it be..wrong? The director of financial aid explained to me that it was just "worded incorrectly"...she says, you see, this money is really divided in half. I would get half of it for the spring semester (so now it only covers half the tuition) and half for summer courses.
Meanwhile, I am an adult student returning to school, have never taken out a loan, and do not qualify for work study, or even any other additional non-need loans! A 3.7 GPA gives me nothing, and in terms of a Federal Nursing Loan? The school doesn't even know what it is. :) I had to go online and email them the link, explaining it to them because they were so confused.
I'm sorry to vent but I feel like we are in very similar situations. I was going to go for an ADN as well, but decided my ultimate goal is at least a BSN and it will only take me a 1 extra semester and summer courses so it makes the most sense.
I just do not understand how it all works. I don't even know where to start with getting an outside loan from a lender, but I have literally been told from my school that I fall right through the cracks, and sorry.
And they wonder why there is a decrease in the amount of students going to school to pursue a nursing career...
AGH, well please feel free to email me and vent, I have to resolve my issue by 12/31. :)
Thanks,
Spec
I hear you guys, I graduate in June of next year and am recieving subsadized and unsubsidized loans.
Spec, you should be able to go into your financial aid office and ask them to recalculate your finacial aide based on yur current income, and I hate to say it, but you can forget about the nursing loans, I have NEVER been able to get them in 3 years of nursing school, I am always told that the amount set aside each year is never enough to cover even half of the nursing students. Very sad really.
But no one should fall through the cracks, the fed govt tries hard to loan students money, you just have to go to the top people at the financial aide office. If those at the desk of your school are anything like mine, they really don't know much.
Now I will vent....thanks to the wisdom of my states fine Gov. Grey Davis , we are in a huge deficit, and he is threatening to cut funding to state schools......the state schools have decided to be proactive and RAISE our fees immediately, with no adjustment to our financial aide, which means money is coming out of my pocket when I can least afford it.
Just when I think graduation is coming and this whole loan issue will be done with.....
Hey everybody, I totally hear everything you are saying!!!!!
I have gone to the Financial Aid office plenty o' times and they have been so un-helpful. I really think it pays to do your own research and find out as much info. as you can on your own.
They didn't even know that my state, PA, has enacted state funded tuition re-imbursement for recent nursing school graduates. They didn't even know that they were an approved school for this program! It was listed very clearly on the "Sallie Mae" school Loan website though.
I allready have a BS from a State School, PSU, and even for a state school the rate for tuition is rediculous. They recently raised most of the tuition costs for state schools by 13-14%. An article I read regarding the tuition hike said that PA state colleges and universitys are the 3rd most expensive in the US. Yet, in PA, we have a very low cost of living = low salaries and very few jobs which require a college education. Then the state complains that they can't keep young people here, YA THINK!
Most of my friends from PSU that still reside in PA haven't even broke salaries of $26,000.00 yet and we all graduated about 5-6 years ago. Oh yeah, those are my friends that have actually found jobs.
I would never rag on anyone about what type of school they went to or how much or little tuition costs there, but just from my experience I would tell anyone to think really hard about how much money they will end up borrowing because, at least where I live, it's not worth it.
And Jenny, I imagine that if you have not graduated college before you should have a good chance of getting some grants. It's just a matter of applying for them way in advance. As for loans making up the rest of the deficit, even your personal bank can get you the money relatively quickly. I remember one time I went to my bank for a loan for some summer classes because Stafford would not cover any classes in the summer. The bill was due the next day and my really worked with me to get the money.
[bToday, while speaking to the financial aid dept at the Univ., I had to mention my "award" letter. It was for a certain amount for this spring semester, which would just about cover the cost of tuition so I've been planning accordingly. I find out today, the letter is...wrong. Wrong? How can it be..wrong? The director of financial aid explained to me that it was just "worded incorrectly"...she says, you see, this money is really divided in half. I would get half of it for the spring semester (so now it only covers half the tuition) and half for summer courses.
[/b]
SpecFuz, When you applied for the loan, did you apply for just Spring or for both semesters?
I usually apply for one semester at a time, and what happens is that at the start of the semester you receive 50% of your loan and then about 8 weeks later you receive the balance. If this is your first time borrowing, you might have to wait four weeks before you get the first installment (this applies if you have, I believe, less than 15 credits). From which bank did you apply? I would contact their office to find out the particulars. Unfortunately many financial aide offices are like advisors and they don't know squat!!! Also, do you know that even if you are not eligible for the subsidized loan, the unsubsidized loan can be increased to cover that amount? For example, I believe the first year of school (up to 30 credits) you can borrow $6,750 a year. Now the funny thing is that if you did not borrow in FAll, you can borrow more now, because next fall you are in the next year.
Believe, I've been doing this for the past 2 years...
Hey guys! Thanks for all of the posts and vents! I knew there would be other people out there going through this too.
I went to the fin aid office today and they pointed me to the admis. office. This is because the admis. office hadles your first semester transfer fin. aid. I went to them thinking we would talk numbers and I would get a realistic view of what I would be looking at in terms of loans. She did not even look at our income of my EFC#. I was a little disappointed. Basically she offered that it should not be a problem if we were willing to take out loans. I only have about $6000 out right now. They have a competative transfer scholarship for $8000. This would pay for almost 1 semester. I guess I won't know any more until about March. They send out a very detailed packet of information after my new FAFSA is filed.
So, I guess that is it for now. I just wait. Always waiting for something...
I would love to hear from you guys if you have any more input.
This lead me to my other question which I already posted...
, we are in a huge deficit, and he is threatening to cut funding to state schools......the state schools have decided to be proactive and RAISE our fees immediately, with no adjustment to our financial aide, which means money is coming out of my pocket when I can least afford it. 
JennyRN2B
162 Posts
2banurse,
Thanks so much!!
Jen