Paying for Nursing school and private loans, 2ND BS

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Anyone else needing to apply for private loans for nursing school? I've been accepted to Drexel and it's very expensive, almost 30k. Since i have an undergrad degree already, I'm not eligible for grants, etc. Anyone else in a similar position? Are these loans hard to get? I know they're credit based. And which banks are best?

Thanks.

This is a great thread! I am an EMS professional making good money with my BS in Health Science, but I'm reaching the earnings cap. Luckily, I have VA $$ to pay for school, but I don't have $$ to pay for living, mortgage, kids etc. I am planning on taking an equity loan to cover most of these expenses. Does anybody know of any significant negatives to this plan? I still have 30K in loans from my first degree, but those will have deferred payments while I'm in nursing school.

Good luck to us all!

J

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I currently have $8500 I am paying back from my first degree and begin nursing school in January. I was only able to take out additional unsubsidized stafford loans and the amount is barely going to cover tuition and books. I applied for supplemental private loans and was rejected so it's going to be very tight financially during the next 2 years. My husband makes just enough to cover the bills, but it's a close call every month, plus I must continue to pay on my original loans from my 1st degree while in nursing school.

Good Luck to everyone!

EDIT: I also wanted to comment that we have decided as a family for me to NOT work while in nursing school, so it will be tough financially but I want to be able to focus all my energy into school; in addition to family responsibilities, of course. :)

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Specializes in Telemetry, ICU, Psych.
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.

You go, girl!! I really give props to all of you single mothers out there (I was raised by one)! Good luck in everything you do!

CrazyPremed

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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.

I am a 2nd degree seeking nursing student. I have a BA degree, but also $38,000 in undergrad student loans. I was accepted for Jan 07 to a very expensive private ($36,000) ADN program in Phoenix where I live, but with the aggregate cap on undergrad loans at $46,000, I wouldn't have enough student loan money to take the program. I've also looked at Chamberlain's accelerated on campus BSN. It is also unlikely, due to "less than perfect" credit, that I'd qualify for private loans. My question is: Does anyone know of hospital sponsorship programs, either in Phoenix or St. Louis, that would pay for my nursing program? I'm certainly willing to contract with the hospital for how ever many years they require.

Thanks in advance for your help!

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Specializes in peds,home care, dietican.

I already have my BS as well and owe $28K in loans from my first degree. I do plan on taking out loans when I start in Summer 2007. I will take out a loan from Citibank or from my personal bank itself. A friend of mine whose a 2nd degree nursing student received extra loans as well. I'm not to sure which company she went thru though. Good luck everyone "when there is a will there is a way". Think postive and don't give up.

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Specializes in Looking for a career in NICU.
This is a great thread! I am an EMS professional making good money with my BS in Health Science, but I'm reaching the earnings cap. Luckily, I have VA $$ to pay for school, but I don't have $$ to pay for living, mortgage, kids etc. I am planning on taking an equity loan to cover most of these expenses. Does anybody know of any significant negatives to this plan? I still have 30K in loans from my first degree, but those will have deferred payments while I'm in nursing school.

Good luck to us all!

J

The only suggestion that I have for you is to get a fixed-rate second. The interest rates are too unpredictable right now, and that will keep your expenses in check, plus you can take a tax deduction for the interest.

You can get a fixed 2nd that has a 15-year baloon that is ammortorized at 30 years..this means you get to make the payments as if it were a 30 year loan, but it baloons at 15...just refinance before that time comes and you should be ok.

What you want to make sure of is that your neighborhood will support the value when you add the second loan. If it doesn't, and you get into financial trouble, you won't be able to sell your home and foreclosure will be unavoidable, plus you will have a deficiency judgement, which would cause someone to file for Bankruptcy if it's too large to pay.

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I'm getting stafford loans to cover just tuition and i'm applying to the Navy to help pay for school too.

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:eek: I cant imagine having to borrow even close to that. I would worry myself sick over something like that. The way I worry about things, I am just glad I wont have anything like that kind of loan to pay back. I think pell grants will cover most of mine, and as far as I am concerned, the less I owe, the better. I am just not sure at all it would mean that much to me because it would take so long to pay back.

Good luck to you.

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Specializes in 2.

Now that I got accepted into UMASS SON, I have to figure out how to pay them in January because in January 2007 I will be in school! i was thinking about going to Wachovia and getting into the unsubsidized loans..This money better come to me fast as I need it. And housing is another whole story!

Maverickemt

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!

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I got my loan through Citibank. It is at 3% and it was easy. It seemed that the finacial aid/admissions section of the college did most the work for me. I just filled out the app. Check with them at your respective school and see what they have available.

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Mixy,

If you are in school half time (6 credits) or more, you should qualify for a deferment on your previous student loans. Contact your lender and ask them for a deferment form.

Melody

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Hi All. I'm starting my 2d degree program in January and will be doing it part-time because of the cost and the need to maintain my federal job for the health insurance (I have two chronic conditions that are well managed but I can't afford to mess around with the insurance -- the school offers insurance but the benefits are not great). Like so many others, I am hoping to avoid taking more student loans as yes, I still have some from my first degree and the loans certainly do not come cheap.

I don't mean to be cynical but I just find it so incredulous that we keep hearing about this nursing shortage and here we are, folks dedicated to wanting to be nurses and willing to work hard to enter a demanding field, and there's so little quality, feasible financial support out there to get us through school. For those of us who are 2d degree students, the money becomes even narrower. For the past two years I've trolled through all the scholarships listed on Fastweb, etc. and 2d degree always blocks the way.

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