Homeless

[artistnurse]

I know there have been tons of posts on this subject, so what's one more...I've asked everyone who would know, I suppose so I don't expect a solution..Therefore, this will just be an exhale.

I have actually thought about living out of my car during nursing school, lol!!!

I do believe I will be approved for a Stafford loan which won't even touch living expenses. The financial aid counselor has basically told me that's all they can do, which is really disappointing since she's been telling me not to worry, they understand the financial issues with nursing students. Had I known that's all they could do ahead of time, I could have been preparing better financially for this. I've been keeping in contact with them from early on, because I want to try to be prepared for almost every obstacle. I've applied for scholarships, which are not guaranteed. I do not have a cosigner, and no one to move in with.

I start at the end of this month, which is really stressing me out. I just think it's sad that the financial aid office cannot help any more than what they've told me.

[Jules A, MSN]

Taking out an afforable amount of loans while in school in order to gain a degree in a useful field is definitely worth it. I agree that you should be aware of your future obligations, but it makes no financial sense to save up the money before going to nursing school.

1. If you don't already have a degree, it is difficult to get a career that pays enough to have money left over to save some.

2.Financial aid via grants is harder to come by these days.

3. Even though I have the money, I am taking out student loans. I can put my money in a high-yield savings account, earning 5% interest, and get a hospital or the state to pay off my loans. The state I live in (Kentucky) and several area hospitals offer loan forgiveness programs due to the nursing shortage. Why pay out of pocket for something that someone else will pay for later?

4. The sooner you earn your nursing degree, the sooner you'll start earning a higher paycheck. That means you can invest your money earlier, creating more wealth in your old age (retirement income). Waiting until you have saved the money will only cost you more in future income.

Just my .

Well good luck with that, especially the part about taking out unnecessary loans and earning the whopping 5% in interest that is taxable btw. Loan forgiveness programs are often very limited in the amount they will cover.

"it makes no financial sense to save up the money before going to nursing school" ... you can't be serious

[Bicster]

3. Even though I have the money, I am taking out student loans. I can put my money in a high-yield savings account, earning 5% interest, and get a hospital or the state to pay off my loans. The state I live in (Kentucky) and several area hospitals offer loan forgiveness programs due to the nursing shortage. Why pay out of pocket for something that someone else will pay for later?

Ugh.

-5% interest after taxes (your bank will send you a 1099-INT) and adjusting for inflation (roughly 4% a year) = nothing....however the interest you will pay on your loans, well its a bit more than nothing.

-hospitals most likely will NOT pay 100% of your obligation.

-what happens if you do not complete your degree? either for academic reasons or who knows- you get in a horrible car accident. who is going to repay the loan?

[Jules A, MSN]

I always enjoy these lively debates and hope that people do benefit from them by expanding their knowledge. It would be interesting if someone did a post in the general section asking how experienced nurses feel about paying back those huge loans now that they have "so much extra money" coming in. There are a lot of people struggling to pay their bills even with a decent nurses salary and that is very unfortunate, imo.

[Bicster]

I always enjoy these lively debates and hope that people do benefit from them by expanding their knowledge. It would be interesting if someone did a post in the general section asking how experienced nurses feel about paying back those huge loans now that they have "so much extra money" coming in. There are a lot of people struggling to pay their bills even with a decent nurses salary and that is very unfortunate, imo.

I enjoy them as well, though it seems everytime, you are the only one on my side!!!

[missjennmb]

but back to the original topic... the OP isnt talking about taking out loans. She's talking about sacrificing hardcore for a year or two in order to go to school.

I don't think its the greatest idea to take out a bunch of loans to pay for school. I DO however, think its a good idea to do WHATEVER AMT OF SHORT TERM SACRIFICING short of life and limb that is necessary to get your first step into nursing. Debts are not a short term sacrifice. In fact, there is no sacrifice in getting a loan short term. Its the long run where it hits you. That, imo, is a personal choice.

In the end though, having been poorer than dirt and debtfree and "middle class" with debt up to my eyeballs... while I don't think either is ideal... I definitely prefer the latter.

I don't understand though how the OP asking about housing arrangements and clearly having no loan options beyond what she stated has turned into another of the endless cycles of debate about student loans?

[CuriousMe]

Ugh.

-5% interest after taxes (your bank will send you a 1099-INT) and adjusting for inflation (roughly 4% a year) = nothing....however the interest you will pay on your loans, well its a bit more than nothing.

-hospitals most likely will NOT pay 100% of your obligation.

-what happens if you do not complete your degree? either for academic reasons or who knows- you get in a horrible car accident. who is going to repay the loan?

-Subsidized loans (government pays the interest) do not accrue interest until 6 months after graduation.

- Well of course they won't pay 100% of anyone's obligation, but whatever they pay won't be paid by the student.

-I keep seeing this question, "What happens if you do not complete school?" truly, I'm planning on graduating. If I don't believe in myself to graduate, why should anyone else?

All this negative talk about taking student loans is foolish. While we might all have anecdotal evidence about someone who got in trouble by not using student loans wisely, statistically that CAN NOT be the norm. If it was, there wouldn't be private lenders lining up to give student loans. For the most part, people borrow some money to go to school because it financially makes the most sense in order to finish college and get a much better paying job.

Anyone who has managed to meet their educational goals with-out borrowing money....congratulations!!!!! That is definitely something to be proud of...but the truth is that everyone's situation is different. There are no cookie cutter solutions. There will always be folks who get into trouble with debt (cc debt, private loans-home improvement, etc, or student loans), that doesn't mean that any of these financial tools are inherently bad....just that they can be used in wise and unwise ways.

To the OP--live as cheaply as you can (house mates, cutting back on things that aren't necessary, etc), work as much as you can and still succeed in school, and apply for every private scholarship you can get your hands on. If you still come up short, investigate your student loan options.

Peace,

CuriousMe

[RhodyGirl, RN]

I always enjoy these lively debates and hope that people do benefit from them by expanding their knowledge. It would be interesting if someone did a post in the general section asking how experienced nurses feel about paying back those huge loans now that they have "so much extra money" coming in. There are a lot of people struggling to pay their bills even with a decent nurses salary and that is very unfortunate, imo.

I've seen this too. I have a friend that graduated from Bentley College and now has a student loan payment of over $850/month. He is 25 years old now and still has to live with a bunch of college roommates because he can't afford bills on his own, even with a decent paying financial analyst career.

I guess with my situation, I have tried to see both sides of the picture. Hubby and I are both 23 years old. We own a home, have a mortgage payment and all the bills that go along with it.

We also have one car payment (other car is paid off) and his student loans from his BS in engineering ($6k total). By the time I graduate in 2 years....my car loan will be paid in full, his student loan will have been paid off at least 6 months prior, and we have zero CC debt. So, the only debt then will be my student loans (around $150/month) along with the mortgage (which is "good" debt because we refused to pay rent, ever). This won't be too bad for a RN and Engineer's salary.

I chose to go to a state college and take advantage of relatively low tuition costs. No, I didn't have to get my BSN...but I want to. My plan is to take on a nurse externship next fall (I'll be qualified then) to help pay for books and other school related things. I did not go into this with the thought of racking up tons of debt, but it was impossible to avoid taking out some loans. I didn't want to waste more precious time saving up money when I could start now. I'm super excited to finish this journey and begin my career.

I will stick with my belief that balance is key. The amount of loans I take out for my education is not and won't be more than I can handle after graduation (around $12-$15K). Zero student loan debt is obviously a fantastic way to go, but it doesn't work for us all. I did not want to go the community college route. Being responsible with money and having a realistic view of what works for you financially is very very important.

[Jules A, MSN]

I enjoy them as well, though it seems everytime, you are the only one on my side!!!

Lol, there are a couple others out there but from what I hear via email/pm they get tired of being flamed, lol. My motivation is as I said that maybe someone will read this and realize there might be other options, such as working while in school, imagine that? :) but also for selfish reasons because the thought of my tax dollars paying to bail out people from their enormous McMansion mortgage defaults makes me furious.

...but then again it is a "tax write off", rofl.

[DA314]

While I appreciate everyone's replies and "what-if's" I still contend that going ahead and getting your degree, even if you have to take out some loans, is better in the long run than waiting and going later.

I make $28,500 per year as a legal secretary. After graduation from nursing school, I will be making in the low 50's. In order to sane the money for NS, it would take me 3-5 years, and THEN I'd have to go through the program. As is stands now, I will take out loans (about $15K) and be done with the program in 3 years. Now, as we can see, I'd be making an extra $22,000 per year, PLUS a portion of my loans will be forgiven. I could make that extra money 3 years from now by taking out loans or 8 years from now if I save up for NS. If I wait the 8 years, that is $176,000.00 in LOST income because I was afraid to take out a loan. What sense does that make, when I can just get a loan and then pay it off the first 2 years after I graduate?

I appreciate that you aren't willing to risk taking a loan, but it doesn't make the most financial sense.

BTW, I am 24, I own my own home, have zero non-school or mortgage debt, and have a very high credit rating, so I must be doing somethign right.

[DA314]

In response to the OP, sorry I started such a lively debate in your thread.

I think the ideas of getting a job as live-in help sounded like a great idea. Maybe check the local paper, college bulletin board, cragislit.

Also, have you contacted any local churches or community centers? They can be great resources for finding room mates and getting on your feet.

Lastly, working during school is an option, although I'm sure working very much will make studying for and going to classses very tough.

[Bicster]

1-Subsidized loans (government pays the interest) do not accrue interest until 6 months after graduation.

2- Well of course they won't pay 100% of anyone's obligation, but whatever they pay won't be paid by the student.

3-I keep seeing this question, "What happens if you do not complete school?" truly, I'm planning on graduating. If I don't believe in myself to graduate, why should anyone else?

4 All this negative talk about taking student loans is foolish. While we might all have anecdotal evidence about someone who got in trouble by not using student loans wisely, statistically that CAN NOT be the norm. If it was, there wouldn't be private lenders lining up to give student loans. For the most part, people borrow some money to go to school because it financially makes the most sense in order to finish college and get a much better paying job.

1) so we agree, there's interest

2) and whatever they dont pay, you need to pay, plus interest

3) certainly you plan on completing your program, but statistically there is a chance you wont. again either for academic reason or if you get hit by a bus. my point still stands, the loan needs to be repaid.

4) Fannie Mae and Freddie Mac disagree

[DA314]

1) so we agree, there's interest

2) and whatever they dont pay, you need to pay, plus interest

3) certainly you plan on completing your program, but statistically there is a chance you wont. again either for academic reason or if you get hit by a bus. my point still stands, the loan needs to be repaid.

4) Fannie Mae and Freddie Mac disagree

1) - the interest paid will be less than the income earned. See my earlier post about loss of future income.

2) Yes, but the several thousand that they pay will make up for the interest that I'll have to pay.

3) That is a chance I'm willing to take. If I don't complete my program due to academic consequences, that is my own fault, and I deserve the kick in the pants of having to pay back loans. If I do not complete it due to being hit by a bus, I have disability insurance for that. Also, if I were hit by a bus, I would file a lawsuit (legal secretary here). The money I received from that lawsuit would more than pay back my student loans.

4) I actually agree with you there (I am not the author of the post you responded to). There are plenty of predatory lenders out there, looking to make money, plain and simple. I would not borrow more than 1/2 of what my future income would be, in order to keep the loans manageable.