I think we need a second degree student section...

touchhealth · May 28, 2008

I worry about the same thing. I will have to take out private loans for this second degree, and my credit is pretty aweful.

I have heard that getting a private loan is relatively easy if you have a co-signer with great credit. My understanding it that the co-signer takes on the risk of you possibly ruining their credit should you fail to pay back the loan, and you literally take on their credit score as your own increasing your qualifications for lower APR's. That's very nice of your parents to do for you!

However, the current housing/credit crisis is causing lenders to make their requirement much more strict, and I have no idea how that affects private student loans. I have a feeling that you should still be fine with a co-signer. Good luck! Share with us how it goes, I'm sure a lot of us would benefit from it.

Take care!

:)

lullaby · May 28, 2008

I worry about the same thing. I will have to take out private loans for this second degree, and my credit is pretty aweful.
I have heard that getting a private loan is relatively easy if you have a co-signer with great credit. My understanding it that the co-signer takes on the risk of you possibly ruining their credit should you fail to pay back the loan, and you literally take on their credit score as your own increasing your qualifications for lower APR's. That's very nice of your parents to do for you!
However, the current housing/credit crisis is causing lenders to make their requirement much more strict, and I have no idea how that affects private student loans. I have a feeling that you should still be fine with a co-signer. Good luck! Share with us how it goes, I'm sure a lot of us would benefit from it.
Take care!
:)

thanks, that is my understanding as well. i am hoping that by having my parents cosign it will almost just cancel out my bad credit?! i will let you know how it goes.

i'm sure there are others who have bad credit who were able to take out private loans by having someone with good credit cosign? i'd love to hear some success stories!

MissMissy · May 28, 2008

Hello Everyone,

I totally agree with you TouchHealth. I think their should be a forum for second degree bachelor nursing student. We may face many problems that first degree nurinsg students do not. Like you said many of us have loans to repay. Many second degree students may also have the following:

A full time job
A family to care for
Private loans that has to be repaid now
many other bills

That is just to name a few issues second degree bachelor students may have.

I also read that it may be harder for second degree bachelors students to get the funding they need to go back to school. So there are a lot of problems other sections may not address. I don't know how to make a new section because I am new to the sight, but I will see if I can find out:)

Bridgett · May 28, 2008

I am starting nursing school full time this summer. I already have a BA degree so i do not qualify for any Federal student loans so I have to take out all Private loans.
quote]
I thought you can still qualify for Federal Loans, unless you have borrowed the max of $46,000?
Example- So if your first degree put you in debt of student loans of $20,000 you could still borrow up to $26,000 in Federal Loans to pursue a second degre.
This is what I was told by my bank I have my student loans through and
what I have read on this site.

lullaby · May 28, 2008

I am starting nursing school full time this summer. I already have a BA degree so i do not qualify for any Federal student loans so I have to take out all Private loans.
quote]
I thought you can still qualify for Federal Loans, unless you have borrowed the max of $46,000?
Example- So if your first degree put you in debt of student loans of $20,000 you could still borrow up to $26,000 in Federal Loans to pursue a second degre.
This is what I was told by my bank I have my student loans through and
what I have read on this site.
I have heard so many mixed messages about what loans we qualify for. having a prior BS and now going for an ADN I am so confused what I qualify for? Some say I can only take out private loans where as others say there are some smaller federal loans i may qualify for?
For instance, there is something called the Nursing Student Loan Program. do those of us with prior degrees qualify?
it has been so hard to find information on what all of our loan options are.

ymarti · May 28, 2008

I am starting nursing school full time this summer. I already have a BA degree so i do not qualify for any Federal student loans so I have to take out all Private loans.
quote]
I thought you can still qualify for Federal Loans, unless you have borrowed the max of $46,000?
Example- So if your first degree put you in debt of student loans of $20,000 you could still borrow up to $26,000 in Federal Loans to pursue a second degre.
This is what I was told by my bank I have my student loans through and
what I have read on this site.
I was under the same impression. I believe you can borrow up to $23,000 in Federal subsidized loans, and then when you max that out, you can get $23,000 in unsubsidized loans. The only thing aid that second degree students don't qualify for are grants, but we can still get loans.

MissMissy · May 28, 2008

I am currently not employed at all. In fact I haven't been able to find work since I graduate from school. I am a caregiver for a relative that became disabled in 2004. I also help care for her three year old child. So money is pretty scarce in my household. That's one of the many reasons I decided to go back to school for a career in nursing. Not only will I be able to help my family pay the bills, but I may also run across some help for my relative I will also be able to help other patients with problems like my relative.

As for the loans and scholarships for second degree bachelors, I read that because of the nurse shortage, schools are going the extra mile to recruit nurses. They are teaming up with different businesses that are willing to give second degree nursing students financial help.

I also read that once you obtain a second bachelor's in nursing it should be easy to get a job. The website I got this info from stated that it is because of the student experience as a student (gaining their first degree), extensive knowledge that can be applied to the nursing field and the maturity of the students ( I found this info at http://www.aacn.nche.edu/Students/index.htm)

Anyway it would be helpful to have a section just for second degree bachelor's. That way we can keep each other inform with the information we each have :loveya:

parris · May 29, 2008

I will be graduating with a BS in psychology from Michigan State University. I have been trying to get into the traditional program here for the past year, but have not been accepted. I definitely know that I want to be a nurse and do not want to have to give up on this dream. My plan B is now to graduate and go to a second degree program. Does anyone highly recommend any of the programs they are in? My first choice would be to stay in state, but I am really willing to do anything. My plan would be to start either the spring or fall of 2009. I am having a hard time finding a school that I do not have to take an extra year of prerequisites. I have taken all of them that are requred for the BSN degree at Michigan State, but it seems every school wantes something different. I have a GPA of a 3.3 and that seems to be the deciding factor of not getting in where I am now. Any suggestions would be great!

Thanks!

apoptotic · May 29, 2008

Ugh, I hate thinking about this stuff! I'm 100K in debt (thanks to a lovely private undergrad), and will have my biology degree in a couple of weeks...I was thinking about medical school for awhile, and the accelerated nursing program tuition is MUCH less which makes it a little easier to swallow-- but still very scary. :rolleyes:

PreRN Katie · May 29, 2008

A lot of states offer service-cancellable loans for nurses, teachers, and the like, and I don't think it matters if it's your first degree or your fourth:chuckle. Also, the credit crisis is really affecting students' abilities to get private loans, but having a cosigner with great credit will definitely up your odds of getting a decent amount of money and a good interest rate (or so I've been told by the Wachovia student loan people). Some hospitals will also pay back some of your school debt if you promise to work for them for a certain amount of time. While we're not really eligible for grants, 2nd degreers are still eligible for many scholarships, and there's tons of them out there if you look. They may only be for $500 or something, but still, that's a semester's worth of books or a month's rent. Good luck everyone!

rtbcsu · May 29, 2008

I am a 47-year-old second degree student who didn't use any student loans for the first degree. So now I have been awarded some Stafford loan money, and planned to borrow the rest of what I need from a private lender. But the lending agencies are saying that I can only borrow up to the amount that the school says is the estimated cost of attendance. This amount is WAY below my cost of living, as I have a mortgage and live like an adult. For example, they estimate room and board at $9000/year in metro Atlanta. I guess they think I'm going to live in an apt. with 3 other students and eat grits and bologna like I did 25 years ago. Has anyone else run into this problem? What are possible solutions?

Asherah, BSN, RN · May 29, 2008

Has anyone else run into this problem? What are possible solutions?

Yes, there are non-certified private loans which are called non-certified as they do not require COA (Cost of Attendance) certification/verification from the school's financial aid office. These loans are often used for expenses above and beyond the expected average costs. Many private lenders have stopped issuing these loans due to the private loan cutbacks, however I can recommend Chase (Private Student loan). They disburse the funds directly to you, so you can use it for what you need to.