Hey guys...so, as the title says, I'm in a little bit of a pickle at the moment.
I should find out in March/April whether or not I'm accepted into nursing school in the fall. I'm currently taking my final pre-reqs. My dilemma is financial.
I'm 20 years old, currently working and have been since I was 16. I still live with my parents. They will support me while I'm in nursing school, but of course I don't want them to have to foot the bill for ALL of the things my financial aid won't cover. I get HOPE and Pell, so all of my tuition, fees, and books are paid for. The only issue I have is gas money, scrubs (we order our scrubs through an outside company, so aid won't cover them), and of course expenses such as food and car stuff so I have a way to get to school. Lol. I have two possible options for finances during nursing school. I intend to stop working once I start (if I get in).
Option A: Quit working. Use all of my savings for the first year, take out loans for my second year. I would have a little less loan debt, but I would ultimately be broke when I graduate.
Option B: Quit working. Use some of my savings to pay for my expenses for the first semester, but save the rest of my money and take out loans for the second semester and second year. I would have more loan debt, but wouldn't be flat broke upon graduation.
Option A would leave me flat broke and in debt. B would leave me with some money still in the bank and slightly more loan debt. I would need approx. $2,000 per semester, so I'm looking at about $6,000 in loan debt when I graduate.
So...my question is, which do you think would be better for me in the long run?
You may want to inquire about a loan that allows you to repay your loan with work instead of cash. I borrowed $10,000 with Perkins for instance and instead of repaying the loan in cash, I worked for 5 years in state. I just had to verify each year that I was still working FT in the state of GA. Not sure if Perkins is available in any other state but your state may have its own version of this loan.
Specializes in Cardiology, Cardiothoracic Surgical.
1) Sounds like you have a great set-up. I'd work a little bit at a CNA or tech job that will build your resume, make some decent money.
2)Have you also looked at jobs on campus? Admin, etc.? If you have work study, this is an option.
3) Also, having a small student loan, and paying it off regularly, is a great way to establish credit for the future without credit cards. It's how I was able to get a solid mortgage on my house.
I think you're over analyzing. Take whatever amount in loans that you need to take to live, and pay them off when you graduate.
I disagree, taking out loans is something you should only do if you want to owe for a few years, just because one goes to nursing school does not mean they will secure a job right away or at all. One can have a degree but find no one willing to hire someone with no experience. So if some one wants to take out loans make sure it is affordable based on the lowest or current wage you have earned in a previous or current occupation in case that is the job you have to continue to be employed in for awhile.
Work if you can, even part time. Any money is better than no money.
The best thing you can do is evaluate the long term effects of either decision, mainly based on the interest those loans will accrue.
Loans in the beginning, mean more interest built up through the rest of your school. Get the loans at the last possible minute and get as many Federal loans as possible.
Go to your financial aid office and really try to get them to line you up with grants, scholarships or study programs.
Also, there are some programs around the Country that offer RN to BSN (free/reduced cost) if you give promise to work a certain amount of years in a certain location (something to consider if you are single and die-hard to become a Nurse at any cost).
What's it worth to you? How bad do you want it?
Just explore all the options you can.
But like I said, get loans at the last minute because saving money in an account is not making that much money unless you're an investor-type; getting student loans and watching them grow while you finish more school - not fun, I've done it....
Also, go to YouTube and watch videos on Dave Ramsey. Consider taking his Financial Peace University class (all of you). He is the KING of how to run your financial life. Some disagree b/c they value their credit too much but it all depends on your life plans/goals.
Best of luck and be happy in the moment if possible :)
I am working PT and still need help and loans are out of the question. a friend suggested GoFundMe. maybe you can try and make one
I realize a lot of people may disagree with me, but this is my opinion and please take no offense because others may think GoFundMe is a great Idea. I would never set up a GoFundMe account to have others pay for my college education as I believe this type of funding should be used for more serious matters such as health issues etc. Only if I had family members willing to donate to my college education would I set up this type of funding. I think it is inappropriate to ask friends or strangers to donate to my college education as they are hard working people just as I am and have their own financial responsibilities that shouldn't included helping me fund my college education. My funding for college should be only my responsibility since I'm self supporting adult. So either I would take out loans to pay for college, grants or work a job , GoFundMe is not appropriate route to finance if family is not willing to help pay for college. .
I realize a lot of people may disagree with me, but this is my opinion and please take no offense because others may think GoFundMe is a great Idea. I would never set up a GoFundMe account to have others pay for my college education as I believe this type of funding should be used for more serious matters such as health issues etc. Only if I had family members willing to donate to my college education would I set up this type of funding. I think it is inappropriate to ask friends or strangers to donate to my college education as they are hard working people just as I am and have their own financial responsibilities that shouldn't included helping me fund my college education. My funding for college should be only my responsibility since I'm self supporting adult. So either I would take out loans to pay for college, grants or work a job , GoFundMe is not appropriate route to finance if family is not willing to help pay for college. .
I agree , getting an education is a personal choice, therefore she should foot the bill. To the original op, below is how people pay for school
1. pay out pocket
2. student loans
3 scholarships
If one 1 and 3 don't work out , then take out the school loan. Just make sure its reasonable, $6000 is very reasonable debt, I think your overanalyzing things. You live at HOME, so you don't have to worry about paying rent/mortgage and various other bills so you have it very easy. I have a sibling who is the same age as you , will be starting a bsn nursing school in the fall and is going to end up with way more dept, because he does not qualify for federal aid.
Also, go to YouTube and watch videos on Dave Ramsey. Consider taking his Financial Peace University class (all of you). He is the KING of how to run your financial life. Some disagree b/c they value their credit too much but it all depends on your life plans/goals.
If you're not familiar with Dave Ramsey, be aware that he is very religious. Suze Orman and Michelle Singletary offer solid financial advice without the God talk.
Specializes in Nurse Leader specializing in Labor & Delivery.
If you're not familiar with Dave Ramsey, be aware that he is very religious. Suze Orman and Michelle Singletary offer solid financial advice without the God talk.
He has a secular version of Financial Peace, called Total Money Makeover. Even my atheist husband had no problems with it, and we followed his plan 8 years ago. It changed our lives. We paid off $80,000 in consumer debt in about 18 months. We plan to retire at 50 and 53, respectively.
softrbreeze
149 Posts
You may want to inquire about a loan that allows you to repay your loan with work instead of cash. I borrowed $10,000 with Perkins for instance and instead of repaying the loan in cash, I worked for 5 years in state. I just had to verify each year that I was still working FT in the state of GA. Not sure if Perkins is available in any other state but your state may have its own version of this loan.