Paying for School with no option of federal loans through the school

Not_A_Hat_Person, RN · Jul 11, 2014

That's a huge red flag. Is the school accredited?

RunBabyRN · Jul 11, 2014

I would discourage you from doing any private loans. There are others who can better explain the ramifications of doing a private loan, but you don't want to go there.

Have you looked into your options for scholarships? Why doesn't your school participate in federal loans? Is this a for-profit school? If so, you might need to hold off and wait until you get into a program that's more affordable, honestly. It's not worth $100K in private loan debt that will weigh on you for a very long time.

maddycat03 · Jul 11, 2014

It is a Technical College. Most don't participate in Student loans.

RunBabyRN · Jul 11, 2014

I would strongly encourage you to look elsewhere. Tech schools are SO dangerous. They'll accept anyone who can pay their astronomical tuition, and you'll be stuck with a ton of debt and, most likely, a non-transferable degree that you can't use to further your education later, should you choose to do so. There's also the risk that you can't even sit for the NCLEX in your state. Do some research. I know you're probably in a hurry to get your ADN, but it's not worth risking the next 20 years paying ridiculous loan payments and having to start all over if you want a BSN or higher. Also, some employers won't even consider grads from these programs because they have such horrible reputations.

Make sure it's not Everest or any of the other schools associated with Corinthian, because they're about to go under, and are very unlikely to reimburse you for any time lost, not to mention that the classes you'll have taken won't count for anything elsewhere.

There are SO many reasons to avoid this program... I really, really hope you reconsider.

maddycat03 · Jul 11, 2014

Oh no, this is an accredited program. They have a 100% pass rate for NCLEX. It is a newer program offered at the school (2 years) so it is in the process of being nationally accredited as you have to have a couple years of statistics to be fully nationally accredited. I assure you I have done tons of research and this is the best fit for me. The program is extremely inexpensive compared to a bigger school, they just don't participate in federal loans. They still have the Pell grant and HOPE, which I no longer qualify for as I graduated high school too long ago. I just need some ideas on how to pay for life while in school, as they recommend that you don't work at all, but say it is do-able with part time work.

RunBabyRN · Jul 11, 2014

Have you looked at the graduation rate? Most programs through tech schools have very low graduation rates, or won't even graduate you until you have certain modules done (many of which you don't even know about until you think you're about to graduate). There are just a lot of weird things with these schools. Accreditation is good, but it's not everything.

Again, I suggest looking at scholarships, or perhaps even asking your parents for a loan. Minimize your expenses as much as possible- rent a room, cut down your phone plan, eat on the cheap, and save, save, save. Cut your expenses NOW.

TheCommuter, BSN, RN · Jul 12, 2014

I just need some ideas on how to pay for life while in school, as they recommend that you don't work at all, but say it is do-able with part time work.

I worked full-time during nursing school and maintained my grades along the way. Just because full-time employment is not recommended while attending nursing school, this is not a rule that is set in stone.