Living off loans??

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Hi,

I'm applying for a direct entry master's program (14 months) and an accelerated BSN program (12 months) for next year. I already have a B.A. and a M.S. With both of these programs, I will not be able to work full time. Is living off loans doable? If you've done it, what is your experience?

I'm single with no kids, but I have a mortgage and a car payment. I'm hoping to have my car paid off by the time I start and I will have a roommate, so that will help some. I just never had to have student loans before, and it makes me nervous!

Specializes in SICU/CVICU.

I'm doing it. I am trying to find a part-time job to help me out a little bit, but so far I haven't had any luck with that.

It is difficult, but worth it if you don't have any other options.

Just be sure you have enough to last you the whole time. I ran out in between the summer and fall semesters AND my next loan reimbursement is late, so it has put me in a tough spot. Just be sure that doesn't happen to you!

Thanks. I'm leaning more towards the Master's program since I'd get more financial aid with them. But I'm still unsure!

Anyone else??

Specializes in Cardiovascular.

Hi there,

I live off of loans to pay for school and my rent, etc.

I will graduate in December from a 2nd degree accelerated BSN program, but have racked up quite a bit of debt in the process! Unfortunately it was unavoidable. My school is also a very expensive private institution. I would probably recommend a state school, but they may not do BSNs.

The loan I chose, besides what the govt. allocates, works well since I can always apply for more if it runs out. Some schools also have scholarships that become available once you have demonstrated a few semesters of high academic performance and have a great financial need-- this will be evident by virtue of filling out the FAFSA.

The good news is that student debt is "good" debt in terms of your credit rating. Mine is still very high even though my student loan debt is over 30k by now.

HOpe this helps!:D

Hi there,

I live off of loans to pay for school and my rent, etc.

I will graduate in December from a 2nd degree accelerated BSN program, but have racked up quite a bit of debt in the process! Unfortunately it was unavoidable. My school is also a very expensive private institution. I would probably recommend a state school, but they may not do BSNs.

The loan I chose, besides what the govt. allocates, works well since I can always apply for more if it runs out. Some schools also have scholarships that become available once you have demonstrated a few semesters of high academic performance and have a great financial need-- this will be evident by virtue of filling out the FAFSA.

The good news is that student debt is "good" debt in terms of your credit rating. Mine is still very high even though my student loan debt is over 30k by now.

HOpe this helps!:D

Yes, that was very helpful, thanks! Luckily one of the hospitals here does a tuition reimbursement plan if you agree to work for them for one year. So even though tuition may be expensive, I plan on doing the agreement with them. So I would just need additional loans to live off of. Can I ask what loan program you are referring to that allows you to apply for more if you run out?

Unfortunately, I won't be able to show a great financial need, since FAFSA is based on the previous tax year. I make a decent salary now, which wouldn't allow me to get any grants, just loans.

Specializes in Cardiovascular.

Yeah, the work commitment plan is a good one!

The loan is Sallie Mae's Tuition Answer Loan.

Good luck!

a good strategy with loans is to budget what you will need for all of your degree. this give you an idea of what your debt total is when you graduate. hopefully you get a job within six month grace period and you can start paying

Specializes in Family Nurse Practitioner.

For me personally I would not have gone back to school if I had to quit my job. Just cutting back to about 30 hours a week was stressful enough for me. Its not only the loans for living expenses but how ever many years worth of lost wages also. It would have cost me $120,000 in lost wages not counting living expenses, tuition etc. I could not justify that. Just my opinion though. Good luck with whatever you decide.

Specializes in Med/Surg n ICU.

STOP and think about it for a moment!! Student loans look good in the beginning but think about the aftermath :crying2::crying2: not so good. we live off this money during school but then after school we work to pay them back and have a little to live off. I am jus speaking from exp. I am a student now and graduate in May with a cloudy look at my debt! But i will work it out!!!! But just think about it before you sign your name on the dotted line!!!

I'm a single mom and was trying to work when I first started NS. That lasted about 2mo because putting my son in daycare for 60+hrs a week was just insane. Now I don't work at all, but he's still in daycare at least 40hrs/wk between class and clinicals.

It's been tight but doable. Honestly, I have help w/ food stamps and daycare (headstart is free plus subsidized daycare for the rest). If his deadbeat dad would just pay what he owes in child support each month we'd be great. If he'd pay me back the $10k he owes in child support then we'd be golden, and I'd probably have us live off of that and not use anymore loan money for the rest of nursing school. I think that's a pipe dream though....

Specializes in Ortho, Neuro, Detox, Tele.

I'll be honest, I worked as a CNA 36 hrs a week, took out 10 grand in fed loans and another 18 for private....only way to swing the fees and the expenses. It is what it is...then you worry about paying it back after.

Specializes in NICU, Post-partum.

Stay away from private loans unless you look over the contract very carefully. Most private student loans have NO ceiling of how high the interest rate can go.

They are working to change this in Congress this year, to make such a practice illegal, but as for now, they can.

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