Im thinking about applying for a student loan,,,,, can anyone give me any ideas?

tfleuter, BSN, RN · Apr 7, 2009

Have you talked to your financial aid advisor at your school? They should be able to help you figure out which loan is best for you.

Otherwise, I just went through FAFSA and applied for Pell Grants and subsidized federal loans.

One piece of advice - take out ONLY what you absolutely need! It's so easy to take out more than necessary and it adds up quick. I really wanted to make through school with less than 10K but it's not going to happen do to childcare expenses. Siiiggghhhh......

hiddencatRN, BSN, RN · Apr 7, 2009

Go to http://www.fafsa.ed.gov/ and fill out their free application. This makes you eligible for government loans and grants. Depending on your situation, there are loans where interest is not added to your loan while in school and there are loans where interest is added on while you are in school. You want to take advantage of Perkins and Stafford loans before looking at private loan companies.

Definitely take a trip to your school's financial aid office. They can explain more about FAFSA and also let you know if there's any institutional aid available as well.

Private loans are credit based and have variable interest rates, so consider them a last resort.

Stephanieee · Apr 7, 2009

I agree with hiddencat, contact your financial aid office. Stafford loans through the government are given based on need (sub) and non-need (unsub), and I believe with the unsub you can get about $5000 per year.

Cilantrophobe · Apr 7, 2009

I agree with the above posters and want to add that the financial aid office can also tell you about any scholarships that you may qualify for. I found out today that I won a $1500 scholarship! And I got a $1,000 scholarship last year as well from researching on the internet. Plus $2,000 in federal grants for 08-09.

Trust me, it is possible to avoid (some) debt while in school.