Loans for living expenses?!

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Hello all. I am applying to the nursing program this April for the fall. I won't find out if I am accepted into the program until this summer, but I need to fill out my FAFSA and am usually offered Stafford Loans to pay for tuition.

I don't know what to do about taking a loan out to pay for living expenses if I do get into the program.

Should I go ahead and file my FAFSA and accept the Stafford loan, then if I get in to the program, apply for another loan?? I'm so stressed out.

I can't work if I'm in the program, but I have a car payment, credit card payment, and groceries to pay for.

What kind of loan should I get to pay for all of these things? I go to a community college and the Stafford loans now barely cover my books and tuition.

Any advice would be great. I'm so stressed out, I'm about to just give up on nursing all together!! :o

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Specializes in Family Nurse Practitioner.

I'd be very hesitant to take out more loans especially if you already have credit card debt etc. . Why can't you work while in school? Don't give up on nursing if it is your dream.

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Specializes in Med/Surg, ICU, ER, Peds ER-CPEN.

There are alot of private loan companies that you can use to obtain extra money, most offer the same deferred interest and payment options as the stafford loans. A good place to start might be your bank that you regularly do business with.

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I'd be very hesitant to take out more loans especially if you already have credit card debt etc. . Why can't you work while in school? Don't give up on nursing if it is your dream.

I have one credit card that is extremely low. I'm going to hopefully have it paid off this summer. I have no other debt except a car payment that is only $150 a month. I am working right now but it's going to be extremely difficult to work and do clinicals every day.

Thanks anyway.

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Student loans are about the lowest % you can get for a loan, so I would apply for the stafford. Like you said, you can always turn it down if you have other funding. The other good thing is that you won't have to pay on them until you get out of school. Are you independent? If so, you should be getting another loan in addition to the stafford. If you aren't independent, you parents could also apply for a parent plus loan. I would also go in and talk to your financial aid counselor. There are other loans/grants out there for people with low income.

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Specializes in Peds ER.

I've lived for the last nine months on borrowed money. Here's how it worked for me: there are Stafford Loans, which are great. The interest rate is great, sometimes they're guaranteed, sometimes they're not, but the rate is always good and the repayment plan is sweet.

Then there are loans that fill the gap between Stafford Loans, and the "Cost of Education." "Cost of education?" you say. Yes. It is a figure set by your school that includes cost of tuition, room, board, books, etc. The loans I received to cover that gap were from TERI through National City. They have decent rates and sweet repayment terms as well. But they will not loan me more than the difference between my Stafford loans, and the U of Louisville "Cost of Education."

One option, that I have not had to use, is "Uncertified" loans. These are loans in which you prove that you are a student, but they do not contact the school to verify how much financial aid you have received. They have decent terms, and not too bad rates, but the rates are higher. Just one option.

Here's a great site to help find student loans and compare terms, etc:

http://www.simpletuition.com/student_loans

So... borrow money to go to nursing school? Here's my take on it: when I'm finished I've got a very marketable career choice that will always be in demand and will always pay decent money. Furthermore, room for advancement is excellent. I'm not getting a degree in "Underwater Basket Weaving Practices of Southern Pacific Indigenous Peoples," so it's a good risk. I do, however, keep a close eye on how much monthly payment I can anticipate and make sure I can keep it at a figure I know I'll be able to afford.

Just my :twocents:! Good luck with your decision!

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I'm in the same situation as you, but I've already been accepted and school starts Feb. 25th. I have the Federal loans, but I can't get additional loans for my living expenses. I do not want to work but I may have to if I am to follow my dream. I even tried with a co-signer and was still denied.

I'm so stressed out, I'm about to just give up on nursing all together!! :o

No offense, but this statement says a lot about you, if this is something that would make you give up at this point, what makes you think that once you become a Nurse it's going to be easier? Nursing school weeds out people who aren't meant to be a Nurse.

For what it's worth, you should seriously reconsider your future goals.

I wish all the best for you.

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You can usually get more than the school offers for Stafford loans, you just have to request a loan increase. I've had to do it a couple times. It depends on the school but the max can be up to $5K. Might be worth looking into if you think you are going to stick with nursing, but if you quit it won't be worth it unless you can go straight back into a program like nursing where you KNOW you'll be able to get a job when you graduate.

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I have to work two jobs and go to night school my first day is March 3rd Im very nervous too but Im not going to stop.. Even with my boss telling Ill never make as much as I do now.. So don't let this stop you.

Good luck don't give up on you :nurse:

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Specializes in Telemetry.

I am a working mother and a fulltime student and I took out a loan to pay my tuition. I choose this school because I am sure to graduate with my BSN. Once you do what you are told by the Instructors, you will be fine. I love my school. I have two jobs and take fulltime class.

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Believe it or not, I now work nights at a casino in San Diego! i make A Lot of money but I see myself as a nurse!! I work full-time and attend nursing school full-time. If you have a dream, it is never EASY. My mind is set to succeed; if you have that mind-set, you will succeed. Do I have children?Yes. Do I have a support system? Yes, hubby, that's it! Do I go bonkers?:selfbonk:. You bet,cha'!!! I know that there is light at the end of this long, dark, lonely,tunnel :aln:.

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Original poster- I was in the same boat as you last year at this time. I have a year to go and I am out. Due to medical reasons, I cannot work while in RN school. I took out two Tuition Answer loans through Sallie Mae. They will give you up to $40,000 a year if you qualify. The check comes straight to YOU not the school, so you can use it as you wish. Also, you do not have to repay it for 6 months after you graduate. I will have a large payment to pay back for 15 years, but with my salary and my other bills, I can pay everything and STILL have around $500 left at the end of the month. I figured out my budget to make sure I could swing it. It's doable.

There is a way. Good luck! :up:

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