Help with Loans

[cmm890]

Here is my situation - I would really appreciate any feedback. I graduated with a BA in Public Relations 4 years ago - not the right choice for me. I am starting a 2 year RN program at my community college this August. I didn't have any student loans the first time around - now I'm on my own and I don't know a lot about them.

My husband and I have a mortgage, 2 car payments and other living expenses so it takes most of my full time salary and his to keep us going. When I start school I am only going to be working around 15 hours a week.

I received $4,000 in federal loans and $15,880 in private loans. My tution for the first year is only about $4,000. Basically I need about $5,000 more to keep our bills paid. I took the private loan out through Chase - they said that the $15,880 is the maximum I can take out in private loans for my particular school.

My question I have is can I take another private loan out through a differernt lender? Or is the $15,880 cap the most I can take in private loans no matter who I take it from?

I have about $5,000 in savings but would like to keep that there for a safety net.

I'm really excited about starting school so I hope I can find a way to make this work.

Thanks!

[~FutureNurse~]

Hi. You should be able to take more out with a different lender. Just be careful. You want to borrow smart. I do realize that sometimes we have to take out more loans..but you don't want to have a 500/month loan payment either!!

Good luck, and congrats on getting into a program!!

[CuriousMe]

Talk to your financial aid office. Each school sets a financial aid budget for how much it should cost to go to school and live. This budget is influenced by whether you live with parents or on your own, how many dependents you have, etc.

Your loans can not exceed that budget. So, the $15,880 might be capped because anything more might exceed your school's financial aid budget.

Hope this helps!

Peace,

Cathie