Paying for Nursing school and private loans, 2ND BS

Galore · May 7, 2006

Have you contacted any local hospitals? Most of them around here seem to have scholarships or will sponsor you through school if you sign a contract to work for them upon graduation. That's what I'm hoping to do as I also already have a BS and student loans.

billlee2 · May 7, 2006

really? what nursing school are you going to? are you going full time? have you applied for private loans?

Galore · May 7, 2006

I'm not even done with my prereqs so I haven't really worried too much about financing nursing school. However I know someone who works in HR at a nearby hospital who confirmed this as well as one that another member here mentioned to me. I am in South Florida. I guess it will depend on how critical the nursing shortage is in your area. I also read the classifieds all the time and many hospitals offer student loan forgiveness so worst case scenario you can get the loans and then try to get them paid down by your employer. Look on the website for some of the hospitals you're interested in to get an idea what programs they offer.

BBQvegan · May 8, 2006

I totally understand what you're talking about. I have been accepted to a 2nd degree BSN program at Marymount U. in VA. Still trying to figure out the financing and make a final decision to attend. It's gonna cost $40K on top of the student loans I still have from first undergrad! AND living expenses!? I currently am taking out unsubsidized stafford loans through Wachovia Bank. I know they have additional private student loans, and that will likely be the resource I will have to tap in to myself.

Congrats and good luck!

barbnyc · May 8, 2006

Hello everyone,

I'm also a second degree student. I learned through Sallie Mae that the amount available for borrowing on student loans is higher for those who are considered "graduates". I learned the maximum borrowing for anyone is approximately $200K over a lifetime. However, the loans cannot exceed the school's budget amounts and there needs to be a certain amount of credits taken each semester. Independent students can borrow significantly more than dependent students. The larger loans are unsubsidizedand for the loan I took out this year, I pay the interest quarterly. The subsidized loans are small (approximately $2,250), so the balance has to be unsubsidized.

I borrowed for the pre-requisites as a part-time student. I'm waiting for acceptance into a full-time nursing program for the Fall and hope to hear this month. I'm hoping there are available scholarships to offset the debt.

I am interested in hearing about the programs that have tuition forgiveness.

TXNurse2B · May 8, 2006

As a single mom with no other source of income, this will be my route too. I'm still doing prereqs and core classes for now, and will work full time while I do that, but once I start the nursing program, I will need loans to pay my bills and living expenses as well as tuition and all that. It will be expensive, but I'm hoping to go somewhere that will help me pay them off. VA hospitals do, I hear, as well as some Health Dept jobs.

Purdue725 · May 9, 2006

Just like yourself, I have a BS already and I am in a debt of 50K. I am planning on going to nursing school full time and for that, I will be taking out loans 100%. Believe me, this whole country is in a debt, so dont think you are alone we are with you!

My best advice to you is to start school, take the loans and once you have finished your degree, believe me, you will find your way out. There are tons of hospitals out there that are giving sign on bonuses, and if you work for the government, they are also giving sign on bonuses up to 30K. And there are also programs that forgive your loans if you work for them for 2 years or so. So just remain focus on your goal and see what your options are. Also, some schools out there treat nursing program as a graduate program where you can take out 19K a year which partially is subsizided loan.

Definitely keep looking around and see if you can find some aid through your school.

Good luck!

billlee2 · May 9, 2006

Thanks to all who responded with the encouragement. I just checked out sallie maes website and they apparently dont have any income requirements. you may all want to look into that. im looking into other banks. will keep you all posted with what i find.

TLC RN · May 9, 2006

i did a 2nd degree program too. i had never taken federal loans with my first degree. i took the max the school would allow me to take 10500. i also applied for private loans to cover living expenses. i am a single parent with house payment etc. i went with bankone. they allowed me to take out the total cost of living the school set for me. i picked a loan that would come directly to me w/o the school knowing. you also should apply before you quit your job because it is easier to get the loan with a job and you possibly can do it w/o a cosigner if you have good credit. i also was able to get the same loan while in school using my piddly child support payment as proof of income.

mitchsmom · May 10, 2006

I had a previous BA degree & I got Stafford loans (subsidized and unsubsidized)... about $30k worth over 3 years of part-time school.

MidLifeRN2012 · Jul 1, 2006

i did a 2nd degree program too. i had never taken federal loans with my first degree. i took the max the school would allow me to take 10500. i also applied for private loans to cover living expenses. i am a single parent with house payment etc. i went with bankone. they allowed me to take out the total cost of living the school set for me. i picked a loan that would come directly to me w/o the school knowing. you also should apply before you quit your job because it is easier to get the loan with a job and you possibly can do it w/o a cosigner if you have good credit. i also was able to get the same loan while in school using my piddly child support payment as proof of income.

i may have to do the same thing.

i have a ba in accounting and am now taking my pre-reqs at a community college part time and paying out of pocket. i will be transferring them to a university where the bachelors to bsn program is $30k. i would like to take out a student loan large enough to cover my living expenses and accelerated nursing program tuition (almost $60,000 total), but, if you take out a private loan, and arent employed, how do you pay the monthly loan payments to the bank? at least with federal student loans, you get to start repayment 6 months after graduation. by then you would have a job to start making loan payments.

with my shaky past credit history, and no home to take out an equity loan against, it looks like i will end up continuing to work my fulltime job until i graduate and pass the nclex -even though everyone under the sun seems to say you should not work thru nursing school. unfortuneatly, not all of us receive child support, have spouses with good income, or can live with our parents.