I need a loan but can't get a cosigner

Nursing Students General Students

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Hey everyone, I need some advice. I am enrolled in a second-degree ABSN program that starts next week, and I thought that getting a private loan would be a bit easier than it is proving to be. My parents already cosigned on my first degree's private loan so they can't cosign again, and I need another loan to bridge the gap between what my financial aid has offered (they awarded me a $4000 subsidized federal loan) and the cost of attendance for my progam. I have exhausted all my other options including applying for scholarships, accepting my entire FA award, and working during school, so now I unfortunately have to fall back on a private loan. I need a $7,500 loan for the summer session (includes housing for a full year) but I can't find a bank that will give me a loan with my credit score (662 because of previous loans.) Does anyone have any advice or know of a bank that is willing to give a loan to a nursing student in need?

Exactly. I just didn't want to put that on anyone either. Too much money to put that burden on someone else. Its scary. Federal loans are the way to go for sure.

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Unfortunately, I don't have advice on how to get a loan. I'm sure you've already considered all of your options, but just in case, here are some things that immediately popped into my mind:

--School housing is EXPENSIVE. If you can find a cheaper housing option, that will knock thousands upon thousands off of your overall expenses. Can you get an apartment with roommates? Maybe find someone in you program who's in the same boat as you? (or find a few people).

--Have you talked with a financial advisor at your school? They may know of a few loopholes, scholarships, etc. that can further help you out.

Aside from that, I can't really think of anything else, aside from joining the army reserves (which actually is not as bad as it sounds).

ETA: I'm actually being serious about the army. Initial training will be a bit of a commitment, as it's 8 weeks (I believe). But after that, you just dedicate one weekend per month to training, as well as a 2 week per year period for AT. I'm actually considering joining after I finish up my BSN and if I decide to go for my MSN.

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Applied for financial aid on general principal, did not qualify. One full time job, and one or two part time jobs during nursing school were my solutions to pay for school and living expenses.

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Y'all know I can't quote on this site. So I copied and pasted myself:

"Seriously?? What are you thinking?

Well, I got suckered into it, too, many years ago. Because I didn't know better.

I don't have an answer to this. I do thank everyone here who is giving tough love to those who ask questions about for profit schools. Here it is: DON'T DO IT. Wait a year. Get into a school that will prepare you well for NCLEX and real life, and do it without loans!

There are ways to get what you want without a lifetime of debt - take it from someone who did it the WRONG way first, then grew up and did it the RIGHT way: You CAN go to nursing school without paying for it for the next 20 years. I did it. You can, too. I promise. I graduated from nursing school (ASN and BSN) with NO debt. It can be done!

If you take nothing else from this thread, PLEASE go to DaveRamsey.com and at least explore how you can get an education without going into debt. It's not worth it."

OP, do NOT take out more loans to go back to school. I know this is not the answer you are looking for, but if so many experienced adults are telling you the same thing, don't you think there is a reason?

Learn from our mistakes...

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OP, I was in the same position a few years ago. In the end, I did not attend the ABSN program but a graduate-entry program the following year. Attending a "graduate" program allowed me to take out PLUS loans.

(Heck, I was close to getting PLUS loans for the ABSN program from the Department of Education but then the program's FA officer went and said that the ABSN program "was not a professional program..." But, that is a whole other story :/ )

Though, if given the choice to do it all over again, I would have majored in nursing from the get go.

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Specializes in EMS, ED, Trauma, CEN, CPEN, TCRN.
ETA: I'm actually being serious about the army. Initial training will be a bit of a commitment, as it's 8 weeks (I believe). But after that, you just dedicate one weekend per month to training, as well as a 2 week per year period for AT. I'm actually considering joining after I finish up my BSN and if I decide to go for my MSN.

I can tell you from experience that joining the Army (Reserves or active) is a loooooong process. Not even sure what the OP's original degree is in, but it isn't just an easy thing to obtain a commission, and there is a gap between commissioning and being eligible for tuition assistance.

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Specializes in Psych, Addictions, SOL (Student of Life).
I appreciate the thought, but unfortunately I've already moved two states away and am committed to the point of no return. I'm really just looking for help in finding a loan that will fit my needs at this point. I have calculated that repayment will be possible for me upon completion of my program, so I just need help in getting there. Does anyone have advice about specific loan options available to me?

Like others have said here - you may need to tighten the reigns and take a break to earn the money you need to pay off some of your student debt. I didn't go back for my BSN until I could pay for it but I am not a person who believes in carrying a lot of debt. You might check into the Armed services to see if they would help with the cost in exchange for 4 to 6 years of service. Another option to pursue is getting your loan from a states that will offset you payments in exchange for your working in an underserved area for a couple of years. If I was younger (now 54) that's what I would do.

Best of luck to you

Hppy

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Specializes in Corrections, Surgical.

Depending on the school they can let you pay in payments, that way you are not paying everything when school starts. Every paycheck you get use it towards school when the payment is due. College life is a struggle (trust me, Im living check to check). I pay for school by putting it on my credit card and making payments bi-weekly when I get paid. I work at a bank as a teller and every time they run your credit, it goes down so please don't go to a bunch of banks trying to find a loan. I know you are set at that school but try looking into something cheaper. I with with my mom just so I dont have to worry about paying bills or rent. I wish you all the best.

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Specializes in critical care, ER,ICU, CVSURG, CCU.
I appreciate the thought, but unfortunately I've already moved two states away and am committed to the point of no return. I'm really just looking for help in finding a loan that will fit my needs at this point. I have calculated that repayment will be possible for me upon completion of my program, so I just need help in getting there. Does anyone have advice about specific loan options available to me?

Get a job anywhere

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"My parents already cosigned on my first degree's private loan so they can't cosign again"

Full stop. I do not mean to be unkind, but if you already have one loan out, do not take a second loan out for more school. You cannot afford it. Work a job and pay that first loan off, keep working, save your money, attend nursing school of your choice.

You will not make enough $$$ as a nurse to justify borrowing money again for another degree to pay off the first two. Over many years, yes, you would make enough to pay them off, but you are paying them off with interest. Pay off your first loan. Attend a program that you can afford without a cosigner.

Again, I'm not trying to be ugly. The stress associated with all of this debt is not worth it, and you have to address the money you already owe first. A dream deferred is not a dead dream.

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Specializes in Maternal - Child Health.

You have been "awarded" a $4K subsidized loan for the upcoming semester and need $7.5K more. That 's $11,500 in loans for one semester of school. At that rate, you may owe as much as $50,000 by the time you graduate. That's just not reasonable, based upon job prospects, earning potential, cost of living and desired lifestyle upon graduation. Ask your school for a 1-2 year deferral of enrollment and get busy paying your debt from your first degree and saving towards your next one.

Otherwise, in 2-3 years, we can expect you to post about how you were forced to take a job you didn't want because you had massive student loan payments to make, and now are overwhelmed by a terrible work environment, living in a crummy apartment to save on rent, driving an unreliable, unsafe car because you can't afford a new one, and you would like to start a family, but don't know if this is a good time to do so.

We read posts like this every day. Please don't be the next one.

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Specializes in orthopedic/trauma, Informatics, diabetes.

I am confused. I have never had any trouble getting financial aid for schooling and never even considered private loans. I am degree #5 (soon #6 and final). What reason are you being given as to why you can't get Federal money?

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