I am going to apply for NELRP for 2010. I am getting married in June '10. I am wondering if when I apply, will they look at my debt to income ratio or that of me and my husbands combined income once we are married, since we are getting married in the middle of the application process. If anyone knows I would love to know. My debt to income ratio by my self is 268%, but much less with my fiances income added. Right now I live with my parents and am struggling to pay my loans.
My acceptance letter only came with the first page of the FAQ I guess. There wasn't anything we were supposed to return to them was there? I hope I'm not missing anything else! Let me know when you get a chance. Have you recieved your first deposit yet?
No there was nothing you need to turn in once you got the acceptance letter. Haven't gotten my first deposit yet, but I'm still assuming it will be around Aug. 26th. So hopefully next week for both of us will be very good weeks. I can't wait to make my first big payment!
You make a valid point about NELRP in terms of the program being set up to help those who are really in need. Before I got my acceptance letter, I was looking forward to $2000/mo for 25 years. Because of the current economic situation, no bank is offering loan consolidation so I would have found myself paying $600,000 at the end of the 25 years d/t the interest. $2000/mo is ridiculous! I was at the point of applying for a 2nd full time job just so I would have the money to pay that.
Like you and many others, I applied to private and state universities, 7 in all, and was accepted to 5- all private. I'm the first in my family to have a college degree so I had no one to guide me through different types of colleges, loans, scholarships, etc. I did this all myself.
You're right, we shouldn't have to justify our debt, what we should be upset about is the cost of an education. Why is it that an education is almost unobtainable? Can you imagine what it's like for someone in a lower socio-economic class to want to go to college, but doesn't have anyone to co-sign a loan b/c of bad credit? There are a lot of real barriers just to getting to school, not to mention staying, and graduating.
As nurses we have a culture of cutting each other down instead of helping one another. Our jobs are not just stressful, they take a toll on our emotions, our sanity, and our bodies. It will continue to take nursing years and years to reach the level of respect that doctors have and as long as we keep cutting each other down, we'll take even longer. We're professionals that should be respected and appreciated and thanked the way doctors are.
Our debt to income ratios vary by the debt you have and by your income. The mere fact that someone in charge of taking care of another makes an average of $45,000/yr is sickening! Not only are we taking care of someone, we're medicating them, we're arranging consults and coordinating procedures; we're treating wounds; we're feeding, bathing, brushing, changing, and wiping them; we're making sure services are in place for discharge and beyond; we're in the community, in other nations, and in people's homes... we are doing the job of 100 people and only get a national average of $45,000/year and to be trained we're paying $40,000.
We don't become nurses for the money, although it does come eventually, we do it because we're a band of people with giant hearts and big brains. If we don't stop cutting each other off at the knees, we'll only continue to make $45,000/year nationally and we'll never have the kind of respect a doctor gets.
In addition, I would like to say congrats to all of those who got your awards and for those of you still waiting, keep your heads up, you still have time- it's still only August.
I recieved my acceptance letter in the mail today!!!!! Get excited everyone, it looks like the second round of letters have started coming!!! For those of you still waiting, there was a third round of verification emails that went out at the end of August last year and those people heard back late in September. If I remember correctly, I think a few of them even recieved payments in their bank accounts before recieving their acceptance letters. Don't give up hope yet, there is still plenty of time!
Specializes in Med/Surg/Tele/ICU/Occ Health/Research.
COOL:) Great news!!!! Thanks for giving a shout out and giving hope to those anxiously waiting to hear:) Everyone good luck to you:) I hope this thread will become a beacon of hope for those who really need this NELRP. Please if you feel the need to post negativity please start a new thread...............
I am grateful that many more nurses will benefit this year from the increased funding, and maybe if I am not selected this year then maybe in the future....
Well put. This will be my last post on this particular thread. As I stated, I was just curious how someone could be that far in debt for a BSN. I guess at least one person answered me honestly- private college and little or no scholarship/grant money. To each his own.
Yesterday was a great day ! We received the award letter yesterday ! WE GOT IT ! So very excited ! We applied the previous year and didn't get it , then applied this year and Whoola ! It is so exciting ! I am glad the program is out there !
Specializes in NPD; Administration; M/S; Critical Care.
051507:
Would you mind sharing your debt:income ratio with the group? This helps the rest of us to know what our chances are to receive this funding, based upon the ratios currently being awarded. The last ratio funded was 137%.
Just Like you I went to a private University in Philly and graduated from it as well. I wanted to know If I consolidate all my nursing school loans which they all are; will I still qualify to apply for the NELRP in 2011. I ask because I am currently in repayment status and the monthly payments are excessive for me especially on a New grad RN salary... I would appreaciate anyones feedback...
I don't think it matters if the loans are in repayment or if they're consolidated. All the govt wants to know is what's your income, your debt, and what type of facility do you work at. Good luck applying! If I were you, I would go ahead and get all your prommissary notes asap so you have those ready for the application process. I found getting those took the longest for me and Sallie Mae still sent me the wrong ones...
I don't think it matters if the loans are in repayment or if they're consolidated. All the govt wants to know is what's your income, your debt, and what type of facility do you work at. Good luck applying! If I were you, I would go ahead and get all your prommissary notes asap so you have those ready for the application process. I found getting those took the longest for me and Sallie Mae still sent me the wrong ones...
Thank you sooooooooooooooo much .... I will indeed get on the ball with obtaining my promississary notes starting tommorow.....
Just Like you I went to a private University in Philly and graduated from it as well. I wanted to know If I consolidate all my nursing school loans which they all are; will I still qualify to apply for the NELRP in 2011. I ask because I am currently in repayment status and the monthly payments are excessive for me especially on a New grad RN salary... I would appreaciate anyones feedback...
I would make sure to get all your required loan paperwork for NELRP before you consider consolidating, as you'll also need copies of all the documentation of the consolidated loan. Make sure you don't consolidate anything other than student loans, as if you do you'll automatically be disqualified. Read the Application Guidelines on the NELRP website for more information, they're very specific about this kind of thing.
It might actually be easier for you to consider consolidating after you apply for the program and are accepted, this may save some huge headaches. If your payments are excessive, call your loan companies and have them alter your payment schedule to graduated payments, so you pay less now and more later.
I would make sure to get all your required loan paperwork for NELRP before you consider consolidating, as you'll also need copies of all the documentation of the consolidated loan. Make sure you don't consolidate anything other than student loans, as if you do you'll automatically be disqualified. Read the Application Guidelines on the NELRP website for more information, they're very specific about this kind of thing.
It might actually be easier for you to consider consolidating after you apply for the program and are accepted, this may save some huge headaches. If your payments are excessive, call your loan companies and have them alter your payment schedule to graduated payments, so you pay less now and more later.
Thank you gnovime, I appreciate you taking the time to answer my question.... I never realize about graduate payments and you are right it will save me alot of headaches in the long run. Thanks a whole lot:)
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I would appreaciate anyones feedback...
gnovime
53 Posts
No there was nothing you need to turn in once you got the acceptance letter. Haven't gotten my first deposit yet, but I'm still assuming it will be around Aug. 26th. So hopefully next week for both of us will be very good weeks. I can't wait to make my first big payment!