Living off loans??

TRR8021 · Jan 15, 2009

The other problem is scheduling work around nursing school. I'm in that situation now. I applied to a second bachelor's degree program and I thought, "this will be great! In two years, I'll be a nurse!" Well, it's nearly two years and I have about 6 classes left. I would love to work full time and attend school, but unfortunately, my job is a day job and nursing school is during the day too! I work, about 3/4 time (and I'm only taking one nursing class per semester so far!), I get tuition reimbursement once the semester is over, but initially it's paid by a loan because I can't afford to pay for it upfront. In order to finish in 2010, I will have to take 2 summer classes, but that seems highly unlikely with my current job. My check would be severely cut!! LOL The down side is that it will add another year to complete nursing school. Many of my classmates work as CNA's which seems like a good idea because of the flexibility. I'm considering getting trained so that I can maybe find a CNA position on the weekends to get extra money. But that's just another stressor too! Work, nursing school, CNA classes! It just never ends. So to the OP, if you can find work that fits with your school schedule, why not do it? Maybe you'll have to get a loan for tuition, but at least you won't have to borrow living expenses too...

jpeters84 · Jan 15, 2009

It's definately do-able. And like some posters pointed out it's not ideal but for a lot of people like me there is no other choice. I tapped out my savings in my first semester, I already have a degree which thankfully is paid for, and I needed loans because there was no way I was going to be able to work and be succesful at nursing school. I could have either gone to a state school where tuition was a lot less but it would have taken two more years to graduate, which means two years of lost salary. I decided to go to my private institution that has an accelerated pace, graduate quickly, and start making a salary to pay off those loans. When I thought about it even if I graduate with $50,000 in student loan debt those two extra years hopefully I'll be making $50,000 plus a year working in California, so it shouldn't take too long to pay off, and it made more sense to do the accelerated program and take on more loans. I use to be a real estate agent and as my clients were getting pre-qualified for a home student loans was not considered "bad debt." Suze Orman also talks about how going back to school to do something you love is one of the things that is ok to go into debt for as long as your smart about it. There are so many options to pay these loans off once you get out. It is really scary when you think about the debt you are accumulating and a little bit sad that the money is going towards a mortgage payment or food, but how else are you going to live? And really everyhting right now is for the common goal of fulfilling my life's dream to be a nurse. It's not like I'm spending the money on hair cuts, pedicures, and vacations.

My suggestions to you are to definately have your car paid off before you start school, definately get a roomate, and with the interest rates so low right now look into refinancing and locking in a lower interest rate on a 30 year fixed so that your mortgage payment is lower each month. Also I got rid of all my bills. It's hard to do but I disconnected my cable, I got the free cellphone with the cheapest plan so that and my utilities are the only bills I pay per month. The biggest thing is to not have bills because those just zap your disbursement so quickly and make it hard to have any money left over for that last month between semesters.

Also become best friends with your loan officer at your school. You have to be so vigalent about all of your paperwork, deadlines, keep copies of everything, and stay on top of them. Things go missing or get delayed at the most inopportune times so be very proactive with your financial aid office!

People are going to tell you that going into debt for school is bad. But I think it's an investment in yourself and your future. Getting a degree should not be only available to those that can afford it. President-elect Obama has been talking about making university education more affordable and that if students are willing to serve their communities after they graduate then the government should help with their loans, so who knows by the time you graduate there may be more aggresive loan forgiveness programs. I say do what you have to do and go for it. It sounds like you are a highly motivated, responsible person so research all your loan options and do what is best for you. Good luck!

MemphisTiger · Jan 15, 2009

I actually did wonder what Suze Orman would say about it! Since I wrote this originally, I have rented out one of my rooms and I am renting out the other one starting in April. That will leave me with a very small amount of my mortgage to pay myself. My car will be paid off with my tax refund. Today I actually turned in my application for the accelerated MSN program and interviews in a month, so hopefully by the end of February I'll know if I'm getting in or not. Classes start in mid- July.

I also found out that you can apply to be a nurse extern and work PRN in several of the local hospitals after the first semester of clinicals, so I may try to do that as well. I'm still young and I'll have my whole life to pay off the student loans. It's hard enough taking pre-reqs and working full time, I can't imagine doing it with actual nursing courses and clinicals.

jpeters84 · Jan 15, 2009

Believe me you do not want to work while in an accelerated MSN program. I'm not even sure if it's possible. I'm only in a BSN program and I hardly think it's possbile to work, do well in nursing school, and keep your sanity, so I can't even imagine what it would be like for your program. With an MSN degree in nursing your salary will be substantial once you graduate. I really hope that you get in and that it all works out for you! I think you're going about this in the right way and you'll be just fine.

aerorunner80, ADN, BSN, MSN, APRN · Jan 15, 2009

I'm finding out now if it's doable. The good thing is that there are plenty of places to go to get loans. I started with the Federal Government and got what I needed from them.

I'm not even a week into class so I can't say for sure how it's going but it's looking alright. Of course the budget has to be tightened up somewhat but

I'm in an ADN program and am still working but I dropped down to PRN to concentrate my energy where it needs to be which is on school.

madnurse2b · Jan 16, 2009

It sucks to have debt, but it's doable, you have to be extremely disciplined in terms of not having too much fun (or any expensive fun) but it is totally worth it. I'm lucky, I have a hubby who is really supportive, but I've been in the sitch before, when we were both out of work. And paying off at a lower rate than all the rest of your debt (except mortgage of course) is not a problem when you are making decent money.

Roxy0628 · Jan 16, 2009

Ok I am also considering doing this while in school. I have heard over and over again that NS is extremely intense I have (like the rest of you) bills to pay to survive! How do you go about doing this? I imagine when I am ready to apply I will contact the schools FA department and figure it out. Ugh! School is so expensive! :uhoh21:

TheSquire, DNP, APRN, NP · Jan 16, 2009

One of the spiffy things about master's-entry programs is that they make you eligible for GradPLUS loans - which are Federally-backed loans beyond the Stafford loan. There's a much higher debt ceiling on them, and you can get more per semester/quarter, but they start wanting money from you 60 days after graduation, rather than 6 months. However, I've been told that if you do tuition reimbursement with a hospital, that shouldn't be a problem.

As for private student loans, interest rates on them may be low now, but the Financial Aid people at my school told us that once the financial markets stop being messed up, they'll go back to being more expensive than the federal government, so be careful with those.

blessedx2 · Jan 16, 2009

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....

Hey, we talking about the same guy? :down: LOL - sounds sooooo familar. :banghead:

ZooGurl3 · Jan 16, 2009

Hi,
I'm applying for a direct entry master's program (14 months) and an accelerated BSN program (12 months) for next year.

This is very similar to what i'm going to be doing as well. I've just graduated with my B.S. degree and already have quite a bit of student debt as I've been forced to live off of loans as well. Most of it is through SallieMae for me.

One thing i'm excited about is that after I accelerate to the RN, the master's portion of my program suggests that I obtain work to get clinical experience in a work environment. Not only does this give me some spending money, but it also gives me some experience in the field (other than clinicals) that I can take with me when I need to find a job. You might want to see if your program allows students to work part time during the master's portion. Sometimes there is an option to go full-time or part-time.

I plan to graduate after all of this with a pretty big pile of debt, but I look at this as an investment in my future and I believe that with hard work everything will work out OK. There are many people in your position--you are not alone! We can do this!

seasoned hopeful · Jan 17, 2009

is a unsubstidized stafford loan considered a private loan? do they start the interest when you borrow or when you graduate? this is my 7th semester and i finally have to take out a loan. i qualifty for a substidized stafford loan and a unsubstidized also.

thanks for all help:redpinkhe:heartbeat:redbeathe

TheSquire, DNP, APRN, NP · Jan 17, 2009

It's a federal loan, not a private loan. They start the interest when you borrow (which is why it is unsubsidized). You want both. You'll also want to pay the interest while you're in school, so the Financial Aid office at my school tells me.