How to Pay for 2nd Degree?!?!

[jmh02s]

Hey all:

I'm hoping someone can offer some words of wisdom ... I got great news the other day that I got accepted to my #1 choice for an ABSN program. But ... since it's a private school & I will have to move hundreds of miles away to attend, reality is sinking in on how the heck to pay for this! The tuition for the program is approx $35k, cost of living will be approx $20k (it's in a big metropolitan city) ... I spoke with financial aid, and I understand that as a 2nd degree student I'm only eligible for loans & no other aid.

I'm (crazily!) okay with taking these loans, seeing as how bad I want to pursue my dream, but I'm terrified I won't be able to get them. I know the federal Stafford loans will only scratch the surface on my bills, but I worry that I won't be able to qualify for private loans. I quit my job to attend school full-time to take the pre-req courses I needed, and although I have a decent credit score, due to the awful state of the economy, it won't be enough (I've already been denied by 2 lenders for private loans). I could potentially ask my father, but due to his age & health, he works & earns very little, and am terrified that again, I would be denied even with his good credit score as my co-signer since he has low income.

Is anyone else in a similar situation? I'm so stressed ... before I was so worried about getting into a school, and now I'm scared that I will have to throw this dream away ... Thanks for any help.

[TheSquire, DNP, APRN, NP]

About the post by TheSquire....not sure that's correct, i got into a masters entry program and was told that since the first year is basically getting your BSN, it was considered undergraduate and was not eligible for the Fed GradPlus. Now if the person gave me misinformation...thats a bummer as I gave up my seat ....Anyway, I would verify with the program if you end up banking on that.

Seeing as I just graduated, I know that my school offers GradPLUS loans for the length of the program. It sounds like your school is being stingy with the loan money.

[heavenbound]

About the post by TheSquire....not sure that's correct, i got into a masters entry program and was told that since the first year is basically getting your BSN, it was considered undergraduate and was not eligible for the Fed GradPlus. Now if the person gave me misinformation...thats a bummer as I gave up my seat ....Anyway, I would verify with the program if you end up banking on that.

That is correct. I was told the same thing from the school I am about to attend. I was not eligible for the any type of grants. I was reading on another thread about PNC Bank Health Professional Loan and will look into them tomorrow. I also recommend considering borrowing from a credit union if you are a member and have that options. Good Luck to all.

[ttnncc]

I have applied to 2 programs so far, and got an interview into one. I will have to pay out of state tuition, move, quit my job, etc. So I too am having trouble finding ways to pay for school. I having been getting my prerequisites on-line, and paying for that as I go, but I still applied for loans. With my current income I am not eligible for much at all. So if anyone has any other tips for finding money out there, please post them. For not just me, but everyone in this situation.

[HouTx, BSN, MSN, EdD]

Trying to come up with funds for a career transition is never easy. Prior to taking out private loans, I would strongly advise everyone to educate themselves about the current student loan crisis.... lot of information online. Remember, people who default on a student loan cannot renew their professional license in many states - including Texas.

A new nursing license does not automatically guarantee a job these days. Be prepared for a long struggle & make sure you have a 'Plan B' for paying back those loans if you can't get a nursing job. One other caveat - hiring managers in my organization are increasingly wary of ABSN grads due to problems they have encountered - lack of clinical preparation/enculturation and attitude of entitlement - that aren't characteristic of 'regular' new grads. I don't know of anyone who has hired a direct entry MSN grad, so I can't speak to that.