How much in loans is too much?

[Jmiami]

I would need to take out about 16k in loans if I were to work pt while completing a ft LPN program. Even more if I didn't work. Pt programs are scheduled at a time where I would need to take a job that would pay less/hr to work the hours needed for the program. Essentially I would need to take a demotion to gain availability. This would stretch over the course of 18 months. The part time programs in my area are at tech schools who don't participate in loan programs. I would need to work ft and school pt. I couldn't cover expenses doing this. Is this too high a number to invest in an LPN education? unfortunately I don't have parents or family to live with during school and I have a 2 yr old to support on my own. I've got to find a way to do this! In my understanding LPN school is just as demanding as RN school and it is advisable not to work during it. This makes going to school ft and working ft crazy talk - especially with a 2 yo.

[emcadams]

What's the market like for LPN's in your area? Since your school doesn't participate in federal loan programs, the loan you would get is a private loan. That will most likely carry a variable interest rate. I got a private loan of 2250.00 back in 2005. It has a variable rate of 8%. It has been as high as 14%. It is now 2012...and I still owe 2400.00. YES. I owe more now than I took out. Granted, it was deferred for two years accruing interest while in school. Private loans can accrue interest during school, unlike federal loans. I wold be weary of going to a program that did not participate in federal loan programs. Is the LPN program accredited (not sure if they are subject to accredidation standards like a RN program would be). Without knowing much else about your situation, I would not take out that loan. 16k in loans isn't a lot...but it being a private loan it is. Think about having 16k on a credit card that you owe 10% on. That is basically what you are doing here.

Is there a way you could go to a community college for something that would pay, but school participates in federal loan programs? Like Radiology Tech or Respiratory Therapy? Or become a CNA at a hospital, and see if they have program that would pay part of your tuition?

If you decide to go for the program, just know that the monthly payment on the loans is going to be a lot bigger than you would think. Know what amount you are going to owe over the life of the loan (20 years? 30 years of payments?). Think about if its worth the strain to make that payment along with everything else your 2 year old will need down the line. If you think its still worth it, I would go for it!!!