[LPN to RN] Financial Questions ?

[sugarbear25]

I am a new member to allnurses.com and I am not sure if this is the most appropriate forum to post such a question. However, I am a recent grad of an LPN program and plan on moving forward into the RN program next school year. So I figured I would post this question here to see if others in my position [LPN to RN] have similar questions or maybe some advice on the financial side of things......

I have spoken to some banks and some lenders, however, I am not completely satisfied that I am getting all of my options, or even my best options at all when it comes to student loans.

Here are my financials:

- $25,000 loan, Bank of America (Education Maximizer), private/unsecured

- $4,000 others loans, Stafford Loans, subsidized/unsubsidized

Here is what I need:

- To finance ... yet ... another 1 1/2 years of un/under-employment while I tend fully time to my studies in the ADN program, I figure I need to borrow approximately $30,000 to supplement our household income.

My goal:

- To make the best, most informed decision concerning new loans and my existing loans. I have read about loan deferment, private versus federal, consolidating versus not consolidating, etc. I don't really know where to start. And I want to make the best possible financial decisions considering I will be paying these loans off into the unforseen future.

Anybody else in this same boat? Confused? Any advice? Or maybe where I could look to get some? I feel like I should consult a personal financial advisor or something. These lenders are happy to give you sales pitches about their loans, but they don't even ask about your unique financial situation.

Thanks,

sugarbear25

[txspadequeenRN, BSN, RN]

do you not qualify for the pell grant or other grants that your school offers. look into scholarships before taking any loans out . you could also work weekends somewhere and do some type of baylor plan where you work 24 and get paid for 32 or like me work 32 get paid for 40. i took all my pre classes online via my community college got my aas degree almost completely online.this left me time to work something else to think about lvn to rn school is not like lvn school. you are not in class 5 days a week so you could work some during the week. they will tell you not to work but they don't pay your bills.

[Jules A, MSN]

Avoid the loans for living expenses if at all possible. Working as an LPN should help while you do the bridge. Most of us in my class are working btw. 20 and 30 hours a week, some are doing more. Good luck.

[caliotter3]

When I was forced to leave nrsg school d/t unforeseen circumstances, my student loans followed me. Even though unemployed, my loan payments came due. I would strongly urge you to try to keep your loans to a manageable minimum and work as much as possible to pay for your schooling as you progress. Just advice based on my unfortunate experience.

[cakarenaz]

Check with your state programs. California has a program that helps with costs of books and gas for travel. Also for costs for uniforms, stethascopes, etc. Because of the nursing shortage, there is a need to implement change. If you are in need financially, do fill out a fafsa. Contact the finacial aid office at the school that you are attending. Also check out web resources and local college listing of scholarship resources. They are available, but there is some leg work involved. It is worth the time investment.

Blessings, Karen