Need financial advice fast!!!!!!!!!!!!

  1. Hello all,

    I have been accepted to MCPHS 16 month accelerated nursing program which starts in January. The school is really expensive and since i already have a bachelors, i don't qualify for grants. I will be moving to MA, I have a car payment and at least 3,000 in credit card bills.

    I'm confused because the extra amount that I need to pay for the school will not cover my car payment or my credit card bills. What should i do take a separate loan besides the one that I will take out to cover the rest of tuition. I will do this through sallie mae. But what should I do about my other expenses? Should I take out another private loan? Which one should I go with and does the school have to know? Someone mentioned wells fargo; is that a good one

    Please anyone who can give me the best advice about this; i really appreciate it, School starts in a few weeks and i think I will not be able to go and its my dream to become a nurse

    Also, I should say that I do still have a job, i just gave my 2 week notice but I never could save anything because i was paying my students loans, car and other expenses---this loan thing is so depressing ill be in debt for the rest of my life! Any one out there was or is in the same boat
  2. Visit ashlee22 profile page

    About ashlee22

    Joined: Dec '06; Posts: 19


  3. by   boxingthestarsx
    hey, I had to deal with financial issues as well because I'll be starting school to in Jan.

    I suggest you try using Sallie Mae - Private Student Loans, Stafford, PLUS, Student Loan Consolidation and checking out their "tuition-answer loan" or any other one that fits you and your status. I think basically if you have okay credit, they'll approve you...beware though..interest rates on the tuition-answer are a bit high....but need money for school so don't let that be a hinderance! good luck!
  4. by   ashlee22
    thanks so much for your advice; i really appreciate it

    Anyoneelse have any advice
  5. by   SummerGarden
    Quote from ashlee22
    thanks so much for your advice; i really appreciate it

    Anyoneelse have any advice
    Yes I do, but you are not going to want to hear/read it. In any case, here ya go...

    Financial Aid does not cover extra debts (expenses not associated with tuition and books). The Financial Aid people will tell you this before you take out any loans if he/she is doing his/her job. In fact, most suggest you not quit working. On the other hand, how do you pass nursing school if you work full-time and you attend an accelerated program? It sounds like a catch 22 but it is not. Most nursing programs are not set up for broke people.

    Before you get upset, let me explain that I was in a similar situation as you are in back in 2000! I wanted to attend nursing school and I had a car payment, student loans, and credit card debts holding me down. I felt like you, trapped!!

    I could not get a better paying job to save my life AND I could not get enough money to attend school because any Financial Aid I could get would not cover the extra debts. So to better my situation I decided to pay off my debts and save up money to attend nursing school. It took five years and it was not easy!

    Especially since I was surrounded by people, including co-workers, who seemed like they were happy on pay days. They were able to take vacations and buy new things. I, on the other hand, had 100% of my pay spent on bills before it hit my bank account. :trout:

    Furthermore, while I was paying off the debt, people told me I was nuts and that I should just go to school and figure out payments later. However, none of those people would help me out, so I ignored them and pressed on.

    Registered Nurses make soooo much money, right? Sure, if they are not indebted to everyone under the sun! Thus, one of my goals was to stop being broke! That included no more debts to attend school. I also did not want to be in a situation, where I may have to quit school to support myself or fail out of school because I have no choice but to continue to work a full-time job. So the choices I made to pay off my debts AND attend a comunity college to receive an ADN are to ensure I reach my goals.

    In fact, I too am beginning the Nursing program in January. Many of my peers are stressed out and some may drop out of the program before we start (at least that is what a few told me). I, on the other hand, can not afford everything I want, but I can definitely afford everything I need!

    I do not know how to express how good it feels other then to tell you that it is the exact opposite of what you feel now! I feel rich even though I am far from being wealthy. I have been where you are and I know you cannot see the light at the end of the tunnel. However, your situation is not hopeless! You do have the power to take your time and get your finances in order first!

    If you need a second job, then get one. The wait for me was worth every single miserable moment working my terrible paying jobs because now I am not worried about paying and living for school! :spin: Good luck to you in whatever you decide to do.
  6. by   ashlee22
    Do you think I should take out another private loan with out the school knowing to cover credit card debt and car payment. Is this possible? has anyone dont this before?

  7. by   boxingthestarsx
    that tuition-answer loan I mentioned before can help you with those expenses..up to 40,000 per year. I used it to pay off my debt so I don't have to pay any bills during the semester (living @ home)...I suggest you still look into that if you can.
  8. by   caliotter3
    If I could ever give anyone advice I would insist that you go back and read over and over again the post by MBA2BRN. She writes from experience and my experience is the exact opposite! I leveraged everything. As a single mother I tried to work a full time job and as many part time temp or seasonal jobs as a could get. I tried to get scholarships, grants, anything I thought I might qualify for. Every one of those credit card offers I got in the mail, (yes, even the ones preying on my soon to be "RN" status with it's pot o'gold rewards) I went for, getting cash advances to make another month go by. Well......what happens when the sky falls in? And it did. I ended up without the full time job, I did not graduate, all my lined-up prospective job leads evaporated, etc. And I am not even touching on the purely personal aspects of my life falling apart. You can only commute to school and live on loans, credit cards, and jobs, as long as the fantasy ride lasts. When it's over, reality sets in. No job. No home. No degree. No license. But the obligations start. Now I am the poster child for "You can't work and go to nursing school at the same time" Get your finances under control first. Getting yet another loan, no matter what kind of loan, is not the answer. Can you guarantee what life will bring you two weeks after you sign new loan documents? I do not mean to discourage you. But if you qualified to enter that great program today, you can just as well qualify when your car is paid for (or sold off) and when the credit cards are paid for (and cut up). Only one credit card is ever needed for emergency. Believe me I would not tell you any of this if it had not happened to me. Reread MBA2bRNs post. She says it in a much better and a more positive tone! Good luck, and our prayers are with you!