Is this a bad idea? (loan debt) Need advice!

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Hi all!

I am starting an associates degree RN program in January. It is a 4 semester long (18mo) program and in order to do it I have to quit my job. Unfortunately though my husband doesn't make enough to support our family on his own and in order to make up the difference I would need to put about 15k in loan debt to help us pay the bills each month. The only amount my school gives in the stafford loan is $3500 this semester and $4500 in the fall semester. I will be using those in addition to the $15k that I will need for living expenses. I applied for private student loans through a number of companies and I was denied by all even with a cosigner. I have good credit and have never been turned down for loans before, but I guess private student loans are just really hard to get these days. So what I was planning on doing was using my line of credit, I have $15k available to use. I can draw on the line of credit as I need to, but I will come out of school owing this plus the stafford loans in school debt. Now this is the worst case scenario, my husband is looking for a part time job as and ER tech or EMT (he's a firefighter) but so far hasn't had any luck finding a job. He's not going to stop trying though and if he finds a job at any time through my schooling, this will drastically cut down on how much we have to put on the line of credit. With the amount of money that new grads make in my area, I'm figuring that if I continue to live on a strict budget after I get out of school, that I will probably have these bills paid off with in 18-24 months after working as a nurse. I feel like it will work out, but I'm scared that I may be going to far into debt to do this. Does anybody else have similar experiences or advice maybe? I'd hate to put my family this much farthur in debt and things not work out the way I plan. Any advice is appreciated!

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Specializes in ICU, Cardiac.

Yes, I think it's a bad idea. Have you seen the difficulty new grads are having getting jobs? There is no guarantee a job will be waiting for you when you graduate. Also, you will have to pay monthly payments to your credit line each month.

I think it would be a better idea to work while going to school in order to be able to pay your monthly bills.

It can be done, many here have done it and continue to do it.

Good luck with whatever you decide is best for you.

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I am about to do the same thing & am trying to find a part time job. If you need to take out the money, it is better to explore private loans and NOT use your credit cards since the interest is much higher on them. It is overwhelming to think about, but you will eventually get a job despite the economy. Who knows, things may improve by then for new grads.

I am not sure if you have done so, but look into scholarships too. There are tons out there & every little bit can help. I have some student loans already (this is a 2nd degree for me) & I have found them to be managible for the most part. I don't say that lightly & remember you will have to pay them back. However, I find the interest to be low & you have a 6-12 month grace period after graduation to start repaying them. If this is something you really want to do, maybe you could also explore going to school part time while you work. I would strongly encourage you meet with the financial aid people at your school to see how much your payments would be & if this is something you are comfortable doing. I wish you all the best.

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I am about to do the same thing & am trying to find a part time job. If you need to take out the money, it is better to explore private loans and NOT use your credit cards since the interest is much higher on them. It is overwhelming to think about, but you will eventually get a job despite the economy. Who knows, things may improve by then for new grads.

I am not sure if you have done so, but look into scholarships too. There are tons out there & every little bit can help. I have some student loans already (this is a 2nd degree for me) & I have found them to be managible for the most part. I don't say that lightly & remember you will have to pay them back. However, I find the interest to be low & you have a 6-12 month grace period after graduation to start repaying them. If this is something you really want to do, maybe you could also explore going to school part time while you work. I would strongly encourage you meet with the financial aid people at your school to see how much your payments would be & if this is something you are comfortable doing. I wish you all the best.

Thanks for your reply! I got turned down for private student loans, so that's not an option and it's not credit cards, it's a line of credit and the interest is 8.75 fixed, which is better than most student loans, the only thing that stinks about it is that payments aren't deffered while I'm in school. I don't understand why I can't get private student loans, I have great credit, never missed a payment on anything. It's crazy. How can a bank approve me for an open line of credit for 15k with no collateral and a low interest rate, but I can't get student loans?! I will probably look for a part time job, but with child care issues, it might be hard to do. But I will try. My job unfortunately is a 9-5 job with no flexability in hours at all. So I have to quit. I have also applied for any and all scholarships that I qualify for and am still waiting on the response from the financial aid people.

Thanks again for your input, I really appreciate it!

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I am sorry about that. I was just accepted and am waiting to see what I will get in financial aid. I didn't realize it was hard to get private loans, is this state specific or nationwide? I can see how frustrating this situation is for you. I guess you need to see if nursing will be better for you in the long term vs. what you are doing now-both financially & otherwise. Is it worth the financial strain short term if it will pay off later? I would still look into scholarships to help offset some of the cost. Your school's financial aid office will have info or you can google them as well. I know there are private scholarships out there through hospitals. charities, & pharmaceutical companies although they are strained with the economy. Again, I hope this works out for you & hang in there.

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Yes, I think it's a bad idea. Have you seen the difficulty new grads are having getting jobs? There is no guarantee a job will be waiting for you when you graduate. Also, you will have to pay monthly payments to your credit line each month.

I think it would be a better idea to work while going to school in order to be able to pay your monthly bills.

It can be done, many here have done it and continue to do it.

Good luck with whatever you decide is best for you.

Thanks for your input. I would love to be able to work while in school, but my job is not flexible. I work 9-5 and school hours are during the day. I have small children and daycare hours are also during the day, so having a nights/weekend job it would be hard to find someone to watch the kids when my husband is also working during those hours sometimes, he works 24 hour shifts. I would love to find something where I can work part time and them work around my schedule, but even that won't make up the difference in my pay most likely. It is a good idea though and I probably will look for a part time job. Every little bit helps and I do hate to go that far into debt. It's nauseating just thinking about it. But my dream has been to be a nurse for the past 8 years. I'm finally at the point that it's possible for me to go. Just not financially. But it never will be financially as I don't see myself ever having more money than I do now. I feel like if I don't do it now, I'll never do it. I'm so lost!

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Specializes in AA&I, research,peds, radiation oncology.

I'm about to go the same route for my ADN as well-I'm thinking about working weekend specials or HH to supplement my income?I have no daycare issues-I have a teen daughter. It's ridiculous how much these programs cost!!! :cry: But I want it so bad!!!

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Something to consider is getting on with a hospital as a CNA/Tech/NA/UC and working part time or per diem. Maybe in a resource pool for both experience and flexibility. At one hospital I worked, many nursing students worked PT or PD or float pool and were able to dictate their schedules. This same place offered tuition assistance. I worked with a nurse who's husband was a firefighter and she able to work around his schedule at this same hospital. I have worked with many nurses who work nights specifically because of their kids. I did. I was their in the morn to get her off to school. There when she got home and for dinner. Just three days a week, her dad put her to bed. The other four I did. I guess my point is that 12 nights seem to be more family friendly than 12 days. I guess it would come down to if a person can do nights. Ironically, having worked nights so long, I have been unable to do days even though my daughter is now grown. Who knows, maybe you will like nights. I hope you find a way to succeed. Good luck.

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Bad idea-especially in this economy-no guarantee of a job when you are done.

otessa

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I just applied for a hostess/food service position with a local hospital, PRN...I'm thinking maybe I'll go up there tomorrow with my resume. I would think that they would consider me since I'm going into nursing school...they unfortunately don't hire students as PCT's or interns until after the second semester of school (med/surg I)

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Specializes in Hospice, corrections, psychiatry, rehab, LTC.
I think it would be a better idea to work while going to school in order to be able to pay your monthly bills.

It can be done, many here have done it and continue to do it.

I worked full-time the entire time I went to school out of financial necessity. Thanks to a flexible employer who helped with my work hours (even though they knew I would be leaving when I finished) I got through. I had no school-related debt when I finished.

I agree with those who advise against using the line of credit. It will take you a while to find a job once you finish school, but your creditors won't care about that. You don't need financial stressors to go along with the stress that comes with changing professions.

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Specializes in LTC, Disease Management, smoking Cessati.

Oh wow, that's a lot of debt to take on with a family, don't matter how much you make afterward. I wouldn't do it. If I can't pay for it, I don't get it... hard lesson learned in life.

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