How did/do you pay for nursing school and expenses? I need some advice.

direw0lf, BSN · Oct 22, 2017

You'll lose a lot of money you put into the car, but I agree that it will be worth it to sell. It sucks. But better then getting into more loans/debt imo.

And then yes..scholarships...look at your local hospitals some may have scholarships for nursing students.

kbrn2002, ADN, RN · Oct 22, 2017

Sorry you're upside down on the loan. Super high interest rate and a pretty long term loan screwed you there. Best bet to lower your payments is refinancing. As long as you've always been current in your payments refinancing should be an option to both lower your interest rate and your payments. Be prepared for a longer term though. At this point that probably doesn't matter though as long as you plan to keep the car. You'll never get a favorable trade in as much as you still owe.

Talk to your bank.

Your insurance rate just floors me. I pay less than $90 a month for full coverage on a 5 year old SUV.

And I'm sorry I misunderstood your paragraph about your mom. Sounds like she's supportive of you and that's great.

Livelaughlove72 · Oct 22, 2017

You're in a tough situation with your car, so I won't lecture you on that. You've received some good advice about attempting to sell it, or refinance it. Hopefully you find a good solution.

It doesn't sound like you've taken out alot of federal student loan debt. The maximum for a dependent student is $31000 and if you are independent $57500. You don't need to elaborate why but it seems like you've defaulted on what you've taken out already? If this is the case, you should try to make a payment arrangement to bring them current, if you haven't already. I think (typically) you have to make 6 on-time good faith payments to become eligible again.

Best of luck!

vintagemother, BSN, CNA, LVN, RN · Oct 22, 2017

Your car insurance may be able to be lowered if your mom is listed as the primary. I have full coverage for both myself and my daughter and it's $175 for 2cars with full coverage.

Have you considered working as a CNA while in school, perhaps per diem/ on call? The shifts work well around school schedules... I did a lot of nocs and weekend work through school.

BookishBelle · Oct 28, 2017

You sound like a very sweet girl- paying for the family car and your mom's cell phone. And it is a conundrum with the upside down car loan. If it is only for one semester is it possible to add 8 hours a week of work, maybe waitressing or house cleaning? Something that pays better than $13.50? Nursing school is exhausting, so if that isn't an option I would agree that maybe you could take a semester off and work like a crazy person to get out from under that debt, so when you go back you could be relatively care free. At 21 you have the years ahead of you to do that, even if it feels like all your friends are ahead of you. All the best!

NurseDisneyPrincess · Oct 30, 2017

OP, I know you said you couldn't reveal the details, but are you unable to receive your financial aid because you didn't meet the requirements? I know sometimes if you get low grades for a semester or two, you can risk your financial aid getting taken away. I also know that if you don't meet the criteria, they expect you to pay for the cost out of your own pocket. Once you raise your GPA you can get it back. Am I correct in thinking that this is your situation?

If so, I'm not sure if it's too late, but you can always appeal the decision with your school. Normally that involves writing some kind of statement on your own behalf; you explain why your grades dropped and how you plan to improve once you start your classes again. Once again, it depends on what the appeal deadline is, but it's definitely worth looking into. A lot of students find themselves in this situation (stress, death in family, depression etc) and that's why the opportunity to appeal and submit a statement is there. Definitely try to take advantage of it if you can!

lindseylpn · Oct 30, 2017

If I were you, I think first I'd try to refinance the car. 18% seems like an insane interest rate. I just looked up some going interest rates and the quote for Fair credit was around 7.5% to below 3% for excellent credit, although I think interest rates might be a little higher when refinancing. If you've paid your payment on time since owning the car I'm sure your credit has improved. I'm sure you could get a better financing deal. I've refinanced a car before but, it's been so long ago I don't remember the process. All I remember was my payment went down around $80 I think.

I'd also get quotes from every single insurance company. I pay $150 month for full coverage on 2 cars (Nationwide). My husband's even had a wreck without insurance before we were married and we had to get some lower tier insurance for quite a few years (the general) and still paid less than $200 full coverage for 2 cars.

I don't think I'd drop down to just 12 hours a week at work either. I know going to work and school both is hard but, sometimes it's just something you have to do. A lot of people have to work full time, juggle families and go to school too. I'll definitely be harder but, I'd try and work more hours. Even if you just worked one more 12 hour shift on the weekend or something that'd be double the income.

Good luck to you, I think worrying about finances is on the same stress level as worrying about school. :-(

Kooky Korky, BSN, RN · Oct 31, 2017

car pool, take in a boarder or two; collect money from them up front; get help from a food pantry; apply for

private scholarships in earnest; Ask for Christmas gifts that will really help you - like cash - from those who

will be giving you gifts. And forget about spending even a single dime on holiday festivities, gifts, food. Let

people know your dire circumstances. If they understand, great; If they don't, then they just don't.

You have left out food costs, stuff like shampoo and laundry;

Is there a dorm you can live in for free or for less money than it costs you to commute?

Eat noodles and nut butter sandwiches.

Good luck.

Cat365 · Oct 31, 2017

Can you sell the car and get something cheaper or take public transportation? No way in this world you should have a $350/ month car payment as a student. Half your expenses are car related.

This is exactly what I was thinking. I've purchased three cars and I've never had a payment that high.

Devnation · Nov 1, 2017

I strongly suggest you NOT take the advice of defaulting on your car loan. This will worsen your credit and leave you with fewer options. If you can, try to refinance, but study that very carefully first. Do not get this advice from a lender; try Consumer Reports or Bankrate.

I think you should definitely talk to the financial aid office at your school if you haven't already. They may be able to help. Also, if you are considering loans, I would look at Sallie Mae. They will likely have cheaper loans than a bank. You can also try to get a job at local hospital. They often have education benefits. Or for that matter at Starbucks and McDonald's, which also offer education benefits.

Be creative when looking for scholarships. Are you a minority? Left-handed? Child of a veteran of a foreign war? Descended from someone from the American Revolution? Belong to a certain religion? Willing to work in an underserved community, or teach after graduation? There are scholarship for all the above and more. Google "weird scholarships" and "unusual scholarships." Lastly, contact you congressional representative and Senator; they have funds for their constituents. Good luck!

Generativity · Nov 3, 2017

What school will you be attending?