Paying for School and Supporting Yourself

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Specializes in Critical Care, Trauma.

I live in an apartment with my boyfriend of 4 years and am applying to my school's nursing program for Fall 2017. I currently work nights, 60 hours every two weeks at a hospital. I know I will have to cut my hours back at work when I get into the program (staying optimistic, haha), but that won't make my bills disappear. Rent, phone, car, car insurance, etc... My boyfriend is very supportive and is more than willing to help me out and pick up some of my slack during that time when it comes, but he can't afford to pick up all of my slack. And to be honest, I want to save that as a last resort.

Last year, I received $500 per quarter in Pell Grants and I paid for the rest of my tuition with student loans. I'm planning on continuing to take out student loans to pay for school, and my income hasn't changed so I should be receiving the Pell Grant again. I've also applied to several scholarships at my school (notifications come in the Summer). Even though it's always advertised as a big no-no, should I take out the maximum loan amount allowed and use whatever's leftover from tuition and books for rent and other bills?

What have you guys done or what are you guys planning to do? This stresses me out more than the idea of nursing school! :laugh:

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It seems like loans is the only option you have, unless you hit a jackpot, but we all know it is highly unlikely. However, I would advise against borrowing the maximum loan amount. For one, you never know if/when you will need to borrow again. I'd say, sit down with your boyfriend and figure out what your budget should be for the duration of your program. Think about activities/things you can cut out that you do not need. Decide how much you need to pay in total bills per month. If you cannot cover all with the little work time you have, the difference can be covered with the loan money. For example, if you can only afford to pay $500 toward a $1000 total bill per month, you can borrow $6000 for the next academic year ($500 per month) to cover the difference. I hope it makes sense.

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Specializes in Pediatrics.

Really do your best to take out as few loans as possible, and try to only take out subsidized loans. Subsidized loans accrue interest while you are in school, but it is paid by the government, so your loan balance doesn't grow while you are still in school. Since you don't start until the fall, I would get a second job over the summer and really work to bank as much money as possible before you start classes. It's no fun to lose your summer to working around the clock, but it's better than graduating with a massive amount of debt. You should also follow PP's advice to work out a budget and stick to it. Cut anything you can (cable, eating out, etc), reduce your needed expenses (lower phone plan, reduce grocery bills, etc), and save all that money to get you through school when you won't be able to work as much.

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Specializes in Critical Care, Trauma.

Thanks, guys. :) I know that this is possible and it's not as scary as it seems once I break it down into a budget. It's still a bit nerve-racking, though. Both of us know that while things might be tight for a while (I do plan on working as much as humanly possible before the Fall, though), that in the long run it's for the better. It'll be a matter of pinching pennies and smart spending.

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Specializes in Emergency Room, CEN, TCRN.

if the institution offers it, take as much Perkins loans as you can, as they are forgiven after a certain time working as a nurse.

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Specializes in Critical Care, Trauma.
if the institution offers it, take as much Perkins loans as you can, as they are forgiven after a certain time working as a nurse.

I'm not sure if my school offers Perkins loans, but I'll look into it. Thanks. :) I'm a student at Lower Columbia College in Longview, WA. I'm preparing my loan application for the 17-18 school year now and all that are offered are Stafford subsidized and unsubsidized loans. I plan on continuing on to get my BSN at WSU, OHSU, or Linfield. I'm sure at least one of those institutions would offer it. The extra costs of the nursing program are listed on my school's nursing page, so I just need to calculate my tuition, misc costs, books, and give myself a little wiggle room.

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Specializes in Neuro.

Loans=additional interest on said loan. Do you want to pay interest on that utility bill you used your student loan to pay 2-3 years ago? Just putting it in perspective. As PP's advised, try minimizing your student loan debt as much as you can. Your future self will thank you!

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I here you it's one of the reasons avoided the ABSN program. I am hoping there is 2 programs where I feel can fundugle 24 to 32 hours in of work and attend the program.

I think I can only get one Federal loan, but the crux is I am unable to apply for reimbursement at work.

Agree do your best to minimize debt. Look more to Fedeal/State loans less private loans, reimbursement through work if eligible, and scholarships.

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Make sure you're making use of your school's financial aid office, too. I managed to snag scholarships that helped a ton.

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Specializes in Critical Care, Trauma.

I've submitted my financial aid paperwork. I applied for just enough loans to cover my tuition and books, with a little bit of wiggle room for miscellaneous fees. I've applied for several scholarships, but those won't be announced until August. I'm still eligible for the Pell Grant (yay!), so now is the time for me to work as much as I can really start saving. I did find out that my job at the hospital offers tuition reimbursement for employees working a minimum of 0.5 FTE (48 hours per pay period). I just have to turn in a form at the end of the quarter with a copy of my transcript.

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