I need a loan but can't get a cosigner

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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?

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?

Unfortunately, the BSN programs and other non-graduate nursing programs may not be completely covered with federal loans :/

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Specializes in orthopedic/trauma, Informatics, diabetes.

Why? I had to turn money down because they have offered me too much money. The only time I took money for living expenses was my first undergraduate where I was taking 17 hours per semester. All the rest I took just enough for tuition and books.

I turned down money for BSN and now MSN.

You have now piqued my curiosity as to why you are being told that somethings are not eligible for Fed loans

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Specializes in Med-Tele; ED; ICU.
You cannot afford to attend this program right now. End of story.

The fact that you NEED a co-signer demonstrates that. Don't do this.

Some things bear repeating and this is one of them.

And there's nothing the prevents your parents from co-signing... unless their credit scores are now torpedoed by that extra debt that they could be saddled with and hence must be taken into account. However, it wouldn't be wise.

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Specializes in Med-Tele; ED; ICU.

I will say that it completely SUCKS that we've reached this point in our country... that there are so few solid career opportunities that people throng to nursing and are willing to take on exorbitant amounts of debt to do so... and that public education has become such a rationed resource.

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For anyone else lurking in this thread and thinking "But I will work a ton of OT to pay off that money or get a second job"

1) As a new grad you are on orientation for awhile (one would hope) and you will not be eligible to work OT. Additionally, you may not WANT to work OT after you pull your required shifts a week. Or, it may not be available in your position, as I experienced in my last job. Have not worked an OT shift since December. Which brings me to my next point....

2) New grads often sign documents that say they are not eligible for other positions because this will interfere with your required orientation or hours. If you are in new grad residency, they will not approve you to miss your job or residency to work a side job. And it wouldn't be possible to get side work as a new nurse when you haven't finished your residency.

I do not want to be gloom and doom. I'm a realist. I just wanted to clear up these issues since I see them posted ALL THE TIME on this site when posters say "I plan on working as much OT as possible after I pass the NCLEX."

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I so agree with not saddling any more debt on your parents, even if you can in the future, or anyone else. If you can get a loan for school, you are better off with federal loans only.

Alas, for second-degree students, we only get so much money to pay for BSN programs, and other non-graduate programs.

Medical students, law students, and graduate students have access to the PLUS loan, the federal loan that can help cover anything not covered by the subsidized and un-subsidized loans.

You would think the government would grant second-degree nursing students access to the PLUS loan as opposed to them going on to a graduate program that requires more money -_- ?

____

Well, a couple of years back, I found a loophole in the FAFSA guidelines, enough to pique the interests of members at the Department of Education. And so, they asked the FA officer for the ABSN program I was going to attend if the program was a professional program... and the officer said no :banghead:

In hindsight, I could have seen if another ABSN program would have been willing to work with the Department of Education in regards to the PLUS loan...but, I was fortunate to get into a graduate-entry/general program. The program occasionally gave out scholarships, and it prepared me well for the NCLEX.

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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.

I realize this, and I'm not trying to imply that I think it would be easy or fast for OP to go this route. What I am saying is that OP seems to have exhausted other options and can either sit out and work a few years to pay for the next chunk of schooling or can do something like join the reserves for educational assistance. I know it seems like a drastic solution, but I honestly wish I had known more about this option right out of high school. I absolutely would have done it then. I think it's just something people don't know much about, but it's definitely an option. It's just not something that will provide immediate gratification.

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I will say that it completely SUCKS that we've reached this point in our country... that there are so few solid career opportunities that people throng to nursing and are willing to take on exorbitant amounts of debt to do so... and that public education has become such a rationed resource.

What's really sad is that people pick useless majors like gender studies or sociology at expensive universities, and then can't find a job in their field and have to take on even more debt to major in something that actually pays the bills.

People need to be smart, go to community college, apply for scholarships, major in something that has good job prospects for their area, get internships, graduate with no debt, and get a decent job. And there are solid careers out there that don't require a college education - trade schools and apprenticeships are often overlooked but can lead to a good living.

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Specializes in PhD in mental health nursing.

Stripping ? I hadn't thought of that a career option. Well its probably a good idea to get a job in a nursing home. I worked in one to make extra money during nursing school and the experience counts when you are looking for a job after graduating.

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Specializes in NICU, ICU, PICU, Academia.
What's really sad is that people pick useless majors like gender studies or sociology at expensive universities, and then can't find a job in their field and have to take on even more debt to major in something that actually pays the bills.

People need to be smart, go to community college, apply for scholarships, major in something that has good job prospects for their area, get internships, graduate with no debt, and get a decent job. And there are solid careers out there that don't require a college education - trade schools and apprenticeships are often overlooked but can lead to a good living.

I hope everyone here follows Mike Rowe on FB and reads some of his very wise thoughts on higher education..

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Specializes in SICU, trauma, neuro.
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?

This isn't advice that you want to hear, but it is good, sound advice:

No, you are not "committed to the point of no return." You are committed to paying off your existing loan so that you don't financially decimate your parents.

ABSN programs are expensive. Say you did manage to get this loan that you don't qualify for: there is no nursing shortage. What happens if the only jobs you're able to find are in long-term care -- a specialty that typically doesn't pay well? This hypothetical loan will come with a scary interest rate... and as it is, you HAVE a loan which your parents are liable for.

It's time to start adulting. You can't afford this program right now.

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So, OP, how much would it cost you to move back? Is it too take to back out on any lease for housing?

Does your school offer a payment program where you can pay a portion of your tuition fees at different intervals as opposed to all at once?

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