I need help finding funds!!

firstyearstudent · Jul 15, 2006

The financial aid department of your school should be able to help you obtain a loan at the cheaper rates possible. I don't remember the particulars, but there are different types of loans. You want borrow the maximum at the cheapest interest rate (subsidized by the government) before going to the next tier. The financial aid office will help make sure you get the best deal and will handle the paperwork for you.

VRN-RN · Jul 15, 2006

good info thanks. im checkin the other thread now.

deener618 · Jul 27, 2006

is sallie mae legit

Megsd, BSN, RN · Jul 28, 2006

Yes, I'd say Sallie Mae is legit. It's a very large company that deals with their own loans as well as consolidation of other loans. Financial aid officers I have spoken to have recommended using Sallie Mae (at least for consolidation purposes) because they are such a large and well-standing company.

mt33133 · Jul 28, 2006

Can anyone help me with some information? I am going to be attending Binghamton Universtiy to get my BSN in the fall and will no longer be working. I have 2 very young children (2yrs, and 2mos) to support while attending college. Are there loans out there that I can apply for to cover my rent, food, and other daily living expenses while in school and not working?? I have received financial aid for school expenses, but am having a hard time finding info for other non-school related monies. I can't be the only one that has ever been in this predicament!!! Any info would be greatly appreciated. THANK YOU!!!!

Check out www.myrichuncle.com for information on their private loans. :idea: You can use them for living expenses, etc. while in school. They had the most favorable rate and they take into account more than just your credit, but the degree you are pursuing, grades, etc. I was able to get a $20K loan for the first year of my BSN program.

Good luck!!

studyhard73 · Jul 30, 2006

This is my first time posting and boy oh boy does all of this sound familiar. I am a first year student and find myself in the same boat. I am searching the net trying to find scholarships, grants, financial aid, and have looked into lot's of loan opptions. I am a single mom with 3 boys (16,14, and 9), I work fulltime in a Psych Hospital on the 11-7:30am shift.....talk about a struggle. I am glad I joined the forum though because now I feel like I am not alone.

Thanks for all the support you ladies and gentleman offer one another and now me!

WDWpixieRN, RN · Aug 1, 2006

is sallie mae legit

This was who the one of the schools I obtained a previous degree funded through. I have since consolidated with Direct Loans, but I felt comfortable getting this loan through them again because I was familiar with the name. On the other hand, I was so desparate for funds that I did not compare rates, so am not sure how good theirs are in comparison.

Best wishes!!

Epona · Nov 10, 2006

Thanks mt33133 for the link to myrichuncle.com

I will check it out. I am getting my BSN too!!

Thanks! Epona :)

beepeadoo · Nov 11, 2006

i am having hard time to decide whether i should take out bank loan or from companies like sallie-mae. i dont know which makes sense to take out. what should i do?

Some advantages and disadvantages to both. Sallie Mae will most likely give you better repayment terms - length of time, and interest rates. However... and a big BUT here...

Be careful. Sallie Mae is heavily protected. If one files for bankruptcy, Sallie Mae loans do NOT fall under that category. In other words, if you file for bankruptcy with a bank loan, that loan is written off. Your Sallie Mae loan will not be, and you will still be responsible for it.

Borrow wisely. Consider what will happen if for whatever reason you will not be able to work as a nurse when you are finished with school. Would you be able to manage the Sallie Mae payments at the income level that you had before you started school? Or if you couldn't work at all? Or if you could work as a nurse, but for some reason the employment climate changed, and you were only going to earn, say, half of what you think you'll be able to earn? Keep a close eye on what you are borrowing, and also a close eye on what your cash flow situation is going to be like when you get out of school... what's your TOTAL student loan payment going to be like?

I only bring this up because I've seen a couple of TV shows about the student loan situation, with people borrowing many tens of thousands of dollars and then, for whatever reason, not being able to make the payments. Sallie Mae is VERY aggressive in coming after their money, and really rather relentless about it. Not saying that's good or bad. But it's just a fact.

Also. Be VERY careful in using any home equity/home/property to a loan. It's not a bad thing to do, necessarily, but again. If you get to a point where you can't make payments, for whatever reason, they will come after your home.

That said. Borrowing money to go to nursing school is not a bad investment. Odds are excellent that you will be able to find lucrative employment when you are finished. It's not like you are borrowing big money to get a degree in "Aboriginal Basketweaving Techniques."

Just be very careful. Do your homework. And don't get in over your head. There is lots of money out there for nursing. It's a student's market because it's such an in-need profession. So use your chosen profession-to-be as leverage to find the best money you can.

jov · Nov 11, 2006

There are funds out there if you need them...you fee waiver, a books and supplies scholarship, $1500 in low-interest loans, a $200 scholarship, $2000 scholarship from a local hospital.

I think you are missing the point. She doesn't need to find funds for school but needs to find funds for living expenses like food and gas.

It's a big problem going back to school if you are not a 22 year old living with mommy and daddy. It sounds like there is no husband or sig other in the picture, either? As far as loans, I don't know where you would find a bank that will loan you money if you have no job, and no assets. I mean, banks aren't charities.

sounds to me like your best bet would be to work part time and go to school part time. There's only so much you can do.

ldh, BSN, RN · Nov 12, 2006

It's a big problem going back to school if you are not a 22 year old living with mommy and daddy.

Tell me about it!! I get so frustrated, and I probably shouldn't, with these types. I've had plenty of these youngsters in my clinicals. Mommy or daddy pays for tuition. Mommy or daddy drives them to school and clinical every day. Mommy or daddy has dinner waiting on the table for them and their laundry washed and folded for them and their scrubs ironed for them when they get home. One complained to me the other day that she gets mad when her mom doesn't have her favorite kind of juice and snack waiting for her in the fridge when she gets home. :angryfire Oh, my god, life is rough, life is rough. All I can say is that I have an extreme amount of respect for my classmates who have families or are single moms/dads. I go out of my way to help them because it seems like an impossible task, and they need all the support that they can get. As for the 22 year old brats I just ignore them and try to crowd them out of my consciousness. Anyways "getting down off of my soap box now".

Megsd, BSN, RN · Nov 12, 2006

I think you are missing the point. She doesn't need to find funds for school but needs to find funds for living expenses like food and gas.
It's a big problem going back to school if you are not a 22 year old living with mommy and daddy. It sounds like there is no husband or sig other in the picture, either? As far as loans, I don't know where you would find a bank that will loan you money if you have no job, and no assets. I mean, banks aren't charities.

There are some banks that will go off of credit only, but you will need a cosigner if you are not working. I had a hard time getting a cosigner because my stepmother was trying to talk my dad out of it because "she's out of college and SHOULD be able to sign for a loan herself". Well, if I can't prove to the bank that I can pay it off because I have no job... how will they agree to give me money?

In my program I don't have many of the living at home type, but I also get frustrated with the marrieds without children. I am 23, single, sharing a house with one other person, so I fortunately only have to pay half the groceries, half the bills, have the mortgage. But that still leaves me with the other half to pay for. I get no support from anyone but me (aside from having a cosigner on my loan). I took out my loan over the summer to cover my fall school and living expenses because I am an ABSN student who cannot work due to the time committment. I later applied for and received a stipend from a local hospital that will cover me for the rest of my schooling (hopefully). When I got my first installment of my stipend, my married friends said "That's great, are you going to use that to pay off your loan?" I said no, I'm going to use it to... eat and... heat my house this winter.

Their response? "Oh yeah, I forgot, you're not married. My Husband pays for all that for me."

I greatly admire parents, especially single parents, who can do this, because as a single gal I think it's really really hard, and incredibly stressful to not be financially secure.