NO more private loans!!!! How to finish school??

Published

This is a disaster!! I am almost done nursing school and I contacted Sallie Mae to get my last loan for school and they no longer offer the tuition answer loan!! :crying2: That has paid for me to got to nursing school! That is how I did it! I contacted Suntrust, but because I have not worked and have gone to school full time, they will not give me a loan because I am not working. :( I called my bank where I have been a member for YEARS and they will not give me a loan either because I am not working! I have money in my 401K, but if I take it I pay a HUGE penalty! I inquired about a private loan through the site My Rich Uncle, and due to the economy they too are no longer offering private loans. I have gotten all the money I can get from the school and that will pay for tuition, BUT that still leaves living expenses for another 6 months! That is what I used the private loan for... to pay for living expenses while in school. Thanks to the ecomony and the markets, these institutions are no longer offering these loans. :( DO YOU HAVE ANY SUGGESTIONS?? I have to pay bills to live. :bluecry1: I can't stop nursing school now.. I am in the home stretch!! :mad: Thanks!!

If you've run out of all other options, I would look into taking a out loan from your 401k (this is different than a withdrawal you were talking about). However, if this is something you want to consider, you'll want to talk to someone first. There are a number of factors to consider such as origination fees, interest, and the amount of time you're given to pay it back. I would only look into this as a last resort though.

Edited to add: Nevermind. If you aren't working at all then this probably isn't an option either :(

Up Vote Up Vote ×
Specializes in ob/gyn med /surg.

i know my cousin had to withdraw her whole 401k to pay for her nursing school. which she did and cried because it was 40 grand ( she only got 20 grand or so..... because of penalties to pay for her RN tution... she could not get a student loan or grants because the money from the goverment for loans is just not there anymore.... the recession is killing alot of dreams....

what i would say is .. do what you have to do to make your dreams come true...

Up Vote Up Vote ×

DO NOT BORROW AGAINST YOUR RETIREMENT.

DO NOT BORROW AGAINST YOUR RETIREMENT.

DO NOT BORROW AGAINST YOUR RETIREMENT.

DO NOT BORROW AGAINST YOUR RETIREMENT.

DO NOT BORROW AGAINST YOUR RETIREMENT.

Go out and get a job. Your retirement is your future!

Up Vote Up Vote ×
Specializes in Med-Surg/Tele, ER.

And you can't get a job why?

Up Vote Up Vote ×

From my understanding, scholarships will help pay for tuition, but it will not solve her problem of paying for living expenses.

Up Vote Up Vote ×
Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
And you can't get a job why?
The OP (original poster) has a health problem. Finding a part-time job that would accommodate her strict schedule of medications and meal times would be an uphill battle.
Up Vote Up Vote ×

If the OP has only two choices to either borrow against her retirement or drop out of nursing school with only 6 months left. I would ABSOLUTELY borrow against the retirement especially if she is young. The majority of the interest you pay will end up going back into your own account. But like I said, since she's not working, I doubt borrowing is an option.

Up Vote Up Vote ×

I would exhaust all other options then if it comes down to it take out your retirement. You can consider it a hardship because it would be for school

Up Vote Up Vote ×
Specializes in Government.
The OP (original poster) has a health problem. Finding a part-time job that would accommodate her strict schedule of medications and meal times would be an uphill battle.

You must have gotten this from another thread or a private PM because it doesn't appear in this thread. It makes it hard to respond when all the facts aren't present.

Up Vote Up Vote ×
Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
You must have gotten this from another thread or a private PM because it doesn't appear in this thread. It makes it hard to respond when all the facts aren't present.
Yes, the OP mentioned her health condition in another thread.
Up Vote Up Vote ×
Specializes in LTC.

I cashed out my 401k to cover living expenses and I don't regret it one bit. What I've gotten in return (6 more weeks until graduation from LVN school) was more than worth it. Life circumstances and age will affect your decision though.

Up Vote Up Vote ×
You must have gotten this from another thread or a private PM because it doesn't appear in this thread. It makes it hard to respond when all the facts aren't present.

I agree. Is the OP going to be able to meet the demands of working as a nurse if she has health problems?

Up Vote Up Vote ×
+ Join the Discussion