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

[myty23]

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!

[muneca13]

I am struggling with a similiar situation right now. I've been pondering on whether I should wait 2 years to start a nursing program and pay in state tuition or go out of state and start Fall 2011? My debt will be more if I move out of state. I feel like I need to pursue my dream now instead of 2 years down the road. Financially, it would be better for myself and my family to wait but it's tough...

I am sceduled to go to LPN school in 1 week an I am still freaken out, my sleepless nights have already begun, i'm nervous for the loans i'm gonna take out, for the time i'm gonna be taking away from my babies and the putting my husband in a position where not only will he have to bring home the money but take on the traditional roles in our home! I quit my 9-5 and am so scarred of the changes.Sometimes i'm confident in saying that this is what i've always wanted and then their are times that I say perhaps it's not the right time! I also am paying more in traveling because the school is out of state aswell, so here I quit my job am paying daycare with only one income..will we be ok...well I sure do hope so..,I just wanted you to know that you are not alone!

[MsPC]

Education is an investment not a debt.

[pitaya]

I've seen and heard about many people going into way more student loan debt than that, so I guess in comparison I didn't think it seemed like that much.

I once read about a girl who had $200,000 in debt for a bachelor's degree! She actually set up a website asking strangers to donate money to her. During her undergrad years, she went to Europe on student loans. To me, that's irresponsible behavior to rack up that much debt and then beg people to donate money. But the point I'm trying to make is that maybe you're not as bad as this girl, but don't use people like her to compare yourself to! Think about how much it's going to suck to pay back all that money + all the interest you're going to owe.

Have you thought about Prosper.com? They may be able to give you a lower interest loan, like half the interest that the credit cards would give you. I am strongly against credit card debt because I've been there myself and I know how stressful it is.

If your husband is having trouble finding a job in a field he's interested in, could he perhaps find another job at least to do while you're in school? You're going to need as much income as possible and surely there must be at least a minimum wage job out there for him until he finds something better.

I also recommend looking at this blog for further advice: getrichslowly.org The bloggers there have been very useful to me. There is also a forum where you can ask financial advice of the members.

[pitaya]

I just found my old post and thought I would post an update. I am now in my last semester of the program, set to graduate in May!!! I did not end up having to go as far into debt as my "worst case scenario". The only student loan debt I have accrued is from the federal loans and will end up totaling 9k, without having to touch the line of credit. It is there though, in case I need it. I don't have a job, but my husband found a second job during my 2nd semester of school. He is a firefighter so that job allows a lot of time off where a second job is really not adding too much more time away from home than an average full time job. But I went into this not knowing for sure that this would happen, ready if I had to, to go into all that debt. I am SO happy that it is not needed now and God blessed us with another way at the perfect time. Things always end up working out when they are meant to be.

The point is, I am so happy that I took the risk and went for it anyways, because no time would have been the "right" time and I knew that I had to follow my dream, it just so happens that things were better than I expected! So maybe this post can be some inspiration to somebody who knows!

Oh, wow! Sorry, I didn't realize this was an old post and I just replied to the first post! LOL Oops. Good for you! 9K is not too bad. I'm so glad you didn't have to use your line of credit!!! Anyway, congrats!