Any other Traditional Johns Hopkins Nursing Students? Deposit?!

smile123 · Feb 9, 2006

I was accepted to the Traditional program at Johns Hopkins for Fall 2006. Is anyone else on here going? I'm freaking out about financial aid (I'm currently working full-time and will be quitting my job and moving.) They said it would be available in the beginning of April... but the deposit is due February 20th! Does anyone have any advice? What happens if you get a $23k bill and they only offer you 10k in loans? Is it stupid to turn down other schools that have told you about Financial Aid and you know you can afford?

There have been some discussions about this on various forums. Here's what you need to do:

1) Before you quit your job, take out a loan from a bank, like Citibank. They want to know you make at least $25K/yr when you apply. After you get the loan, you can quit your job (they don't care) and you'll have some "padding" in case the financial aid people at Hopkins don't come through. It's good to have this type of private loan as an option.

2) If you own a house, take out a HELOC (Home Equity Line of Credit). You can use the credit line towards your tuition and can use just a little as you go through school.

3) Apply for scholarships and grants. There are a bunch depending on your background. Fastweb.com is one website that has info on scholarships. Generally you write an essay and submit it online. It can help pay for books, etc.

4) Fill out your FAFSA form and get it in before Feb 15th. Once they have your form (yes, I know, since you are working, you don't really qualify for loans) then the school can offer you UNsubsidized Fed loans. But you need to turn in your FAFSA (which means you need to fill out your IRS tax forms!)

5) Also, call the school and explain your situation. Tell them coming to Hopkins would be a huge financial burden. You would love to go, but need to know what sort of financial aid you could get. They might be able to offer you some suggestions...

6) Don't turn down the other schools until you have a chance to talk to Hopkins! Also, you may be able to negotiate a later date to turn in your deposit if you explain your situation! I think they are doing rolling admissions this year because I've heard different dates for deposits; they generally give you 2 weeks to respond back...

Good luck!

Smile123 (and yes, I will be in a lot of debt by the time I graduate from Hopkins!)

carolinapooh, BSN, RN · Feb 9, 2006

I would be careful with a HELOC. Wouldn't the OP have to make payments on that right away (as far as I know) where student loans are deferred? Plus the interest rate might be ridiculous. After a few years of struggling, I have stellar credit and we have loads of equity in the house. I got a little flyer from Wachovia bank regarding my qualification for a HELOC last week. The STARTING RATE is NINE PERCENT.

You do qualify for loans with an income. (I do!) The school publishes guidelines for the feds to use when your expected family contribution is calculated for their institution, and places like Hopkins KNOW you probably will not work while you're in school. That's why when you look up the cost of attendance as calculated by Hopkins you'll notice it can be as much as $20K MORE than your tuition and fees. Financial aid - including Staffords (and you'll probably qualify for some subsidized loans, which are based on NEED -need is a relative term depending on how much tuition you're looking at; obviously you would NEED more to go to Hopkins over a public school) is determined based on the TOTAL cost of attendance, not just tuition.

As an example, Duke estimates its cost of attendance for 16 months at $60K - though the program itself costs $42K. The average "Federal" financial aid award for the whole Duke program, according to the university, includes $10K in subsidized loans and $11K in unsubsidized, plus $40K in both privately held loans with Duke as the lender and need based scholarships if you qualify. Given the cost of Hopkins, and its size, I bet they're not too much different.

I do agree that taking out a CitiBank loan might not be a bad idea. BUT - you are supposed to declare that as a second income source when you fill out your financial aid documents, and that can affect your total award package. (And generally speaking, federal interest rates on educational loans are LOWER than those on privately held bank loans. I believe now the prime is over seven percent; my Staffords - which were just reassigned a new rate - are at 6%. Of course, you can always take the loan out, and then hand them the money right back if you don't need it - just make sure they come with no penalty for early repayment.

Call Hopkins up. PLENTY of people are probably in your boat right now. I can't imagine them accepting someone and then not be willing to help them out, given the caliber of student they attract and accept. If that's your dream, don't give up on it. I'm lucky (and I know how fortunate I am, please believe me!) in that financially we're comfortable now, but it was a long hard road for me to get here. I wasn't that lucky with my first bachelor's and I KNOW how you feel. It sucks. I remember. But don't give up.

smile123 · Feb 9, 2006

I would be careful with a HELOC. Wouldn't the OP have to make payments on that right away (as far as I know) where student loans are deferred? Plus the interest rate might be ridiculous. After a few years of struggling, I have stellar credit and we have loads of equity in the house. I got a little flyer from Wachovia bank regarding my qualification for a HELOC last week. The STARTING RATE is NINE PERCENT.
You do qualify for loans with an income. (I do!) The school publishes guidelines for the feds to use when your expected family contribution is calculated for their institution, and places like Hopkins KNOW you probably will not work while you're in school. That's why when you look up the cost of attendance as calculated by Hopkins you'll notice it can be as much as $20K MORE than your tuition and fees. Financial aid - including Staffords (and you'll probably qualify for some subsidized loans, which are based on NEED -need is a relative term depending on how much tuition you're looking at; obviously you would NEED more to go to Hopkins over a public school) is determined based on the TOTAL cost of attendance, not just tuition.
As an example, Duke estimates its cost of attendance for 16 months at $60K - though the program itself costs $42K. The average "Federal" financial aid award for the whole Duke program, according to the university, includes $10K in subsidized loans and $11K in unsubsidized, plus $40K in both privately held loans with Duke as the lender and need based scholarships if you qualify. Given the cost of Hopkins, and its size, I bet they're not too much different.
I do agree that taking out a CitiBank loan might not be a bad idea. BUT - you are supposed to declare that as a second income source when you fill out your financial aid documents, and that can affect your total award package. (And generally speaking, federal interest rates on educational loans are LOWER than those on privately held bank loans. I believe now the prime is over seven percent; my Staffords - which were just reassigned a new rate - are at 6%. Of course, you can always take the loan out, and then hand them the money right back if you don't need it - just make sure they come with no penalty for early repayment.
Call Hopkins up. PLENTY of people are probably in your boat right now. I can't imagine them accepting someone and then not be willing to help them out, given the caliber of student they attract and accept. If that's your dream, don't give up on it. I'm lucky (and I know how fortunate I am, please believe me!) in that financially we're comfortable now, but it was a long hard road for me to get here. I wasn't that lucky with my first bachelor's and I KNOW how you feel. It sucks. I remember. But don't give up.

Good points Carolina Pooh. When I applied, my HELOC was 5.0 and the Unsubsidized student loan was 3.5 so it was worth it for me to get the HELOC. I couldn't get a loan with a bank because I had already quit my job (no one told me how it worked). So I agree with Carolina Pooh, call up Hopkins or whatever school you are really interested in with the high price tag and see what they say. If you want to go badly enough, there is a way to finance your education. Good luck!

Smile123

Peachy720 · Feb 15, 2006

So Smile, as usual, I have questions for you:

1. what if you don't make at least $25k a year? I've been a full-time student for the last several years (as a matter of fact, I think there have been two years of my life where I've made $25k)

2. What happens if I don't get the FAFSA in by Feb 15? I got the call on Monday, and It's almost 4pm on the 15th!!

I just wish I knew what was going on. I'm waiting to see if anything's coming with my acceptance letter this week, but I'm stressing out over the fact that the scholarship deadline was earlier this month...

Hehe, Tanya's going to be $225k in debt by the time she gets out..:roll

oh wait, more like.. :eek: :uhoh3:

Thanks for all you do!!

Oh, by the way, Congrats, tofubeef!!! I'll be in the Traditional Class with you! Can't wait to meet you in two weeks! We can panhandle together Friday night! :clown:

edit: ack!! i've tried a couple personal loan applications, just out of curiosity..sallie mae and next something..one, my credit wasn't good enough and the other, you have to have a full-time job for at least two years.. :cry: I have NO idea what I'm doing!

smile123 · Feb 16, 2006

So Smile, as usual, I have questions for you:
1. what if you don't make at least $25k a year? I've been a full-time student for the last several years (as a matter of fact, I think there have been two years of my life where I've made $25k)
2. What happens if I don't get the FAFSA in by Feb 15? I got the call on Monday, and It's almost 4pm on the 15th!!
I just wish I knew what was going on. I'm waiting to see if anything's coming with my acceptance letter this week, but I'm stressing out over the fact that the scholarship deadline was earlier this month...
Hehe, Tanya's going to be $225k in debt by the time she gets out..:roll
oh wait, more like..
Thanks for all you do!!
Oh, by the way, Congrats, tofubeef!!! I'll be in the Traditional Class with you! Can't wait to meet you in two weeks! We can panhandle together Friday night!
edit: ack!! i've tried a couple personal loan applications, just out of curiosity..sallie mae and next something..one, my credit wasn't good enough and the other, you have to have a full-time job for at least two years.. I have NO idea what I'm doing!

Hey Peachy,

Good questions! Call the financial aid people at Hopkins and see what they can tell you. I'm sure they know the various scenarios. If you don't get your FAFSA in by Feb 15th, they will just take them as they come in. Obviously, the sooner the better. Also realize if you don't make a lot of money, you will be considered for some of the grants that the school has. (There are a lot of donors who give money to help nursing students.) But you have to turn in your FAFSA to be eligible. That's how they award the financial aid at Hopkins. You can also call the admissions people back and ask them about financial aid. But I'm sure they will tell you to get your FAFSA as soon as possible. So just do your taxes, get the FAFSA done and send it off this weekend. (You probably have a 3 day weekend, but we don't!) :rolleyes:

I sent you a PM. Again, congrats!

Smile123 :nurse: