How I plan to pay for nursing school IF I have to use all loans- or The SUNNY PLAN!

Nursing Students Pre-Nursing

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Hello All!

Well as most of you regulars know, I am still in much debate over where I will be attending nursing school.

I do have good news though, I"VE FIGURED OUT HOW TO MAXIMIZE MY PRIVATE LOANS! You must understand I don't like debt, so this is good news for me. Yippe! :lol:

Here's the deal. One school, I'm interested in (the grad entry program) cost $37-38K for the entire program, soup to nuts. I have some savings, but I will need at least $15-18K for living expenses. From past experiences I have figured I can live frugally and decently on $1100-1200/month (less really, but I'm trying to be respnable and eat more than mac& cheese and Ramen). I am single with no kids, and just a cat who THINKS she's a kid! This would mean I had to borrow at least $56K if I wanted to cover everything up front.

This school has a payment plan. I can divide the $38K tuition into 12 monthly payments- $3167. My plan is to borrow $33K then add $8k of my pwn savings for a total of $41K. I will then deposit the amounts in an interest bearing savings account paying at least 4%. Right now HSBC is paying 5.05%. They have been paying 4% for a while and have offered me at LEAST 4% for another 2 years.

I have talked to a few private education loan people and found out with proof or enrollment I can get my check 2.5 months befor schools starts. Every month AFTER the bank has paid me interest on the money I will subtract my monthly tuition payment and living expenses. Then the clock will start again and they will apy me interest on my new balance. I've calculated that the interest on the new balance will be enough to pay all my living expenses for 2 months more than 3/4 for 3 months and more than 1/2 for another 3 months.

The amounts will get smaller, but if I stick to my household budget and only withdraw the same amount, I can borrow less and have enough to last the 15 months of the program. I can borrow $23k less and still make it. It will even work if I have to borrow $41K and have no savings. I am hoping for a $15K scholarship which would cut my tuition payment in half.

WHOo HOO! :monkeydance:

I have carefully followed the deposit/ interest paid dates on my bank statments and talked to them I think I an do it. What do you guys think?

I've only calculated with private loans where the student get the check. I have ignored the interest rate on the student loan, but I am shopping around for the very best one. If anyone wants to borrow the SUNNY PLAN, they can! :lol2:

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If nursing doesn't work out it sounds like you could go into financial planning. :lol2:

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If nursing doesn't work out it sounds like you could go into financial planning. :lol2:
HAAAAAAAAAAAAA!

That's what I do part-time now! I'm trying to get away from other folks money! :lol2:

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Specializes in OR Internship starting in Jan!!.

Would you mind sharing some of your links for private nursing loans? Thanks!

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Specializes in Med/Surg <1; Epic Certified <1.
If nursing doesn't work out it sounds like you could go into financial planning.

:yeahthat: My thoughts EXACTLY!! Wow!!

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Specializes in OR Internship starting in Jan!!.

I am still really impressed with this :) Maybe the Sunny plan will work for me :D

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Specializes in OR Internship starting in Jan!!.

I'm using a modified version of this now :)

BTW -- check out Countrywide Banking -- they have the best interest rates I've been able to find. 5.4% right now.

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Every month AFTER the bank has paid me interest on the money I will subtract my monthly tuition payment and living expenses. Then the clock will start again and they will apy me interest on my new balance. I've calculated that the interest on the new balance will be enough to pay all my living expenses for 2 months more than 3/4 for 3 months and more than 1/2 for another 3 months.

every month after the bank pays you, don't you have to subtract your monthly tuition payment AND living expenses AND repayment on your loan, too?

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Specializes in OR Internship starting in Jan!!.

Some loans let you defer them until after you get out of school. That is the type of loan I got.

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Some loans let you defer them until after you get out of school. That is the type of loan I got.

It is interesting that the thread is titled:

How I plan to pay for nursing school IF I have to use all loans- or The SUNNY PLAN!

when really it should be

How I plan to keep rolling over debt for nursing school...

I think the salient point to keep in mind is even after all these financial shenigans, at the end of the road there is a loan to be repaid back that has also been acruing interest all this time. So I am not sure I see the benefit in this loan paying this loan when there is another loan that is not being paid at all and its interest is not being included in the equation, ya dig?

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Specializes in OR Internship starting in Jan!!.

I think it's a great idea for people who do not have the money to pay for school out of pocket. This is a very responsible look at trying to minimize debt incurred while trying to go to school. If I get a loan for 8%, and can earn 5% interest on part of it until I need it, then it's almost like I'm only pay 3% in interest.

I think people are really lucky who can get through school without needing a loan. For those of us who aren't so lucky, ideas like these help reduce our overall costs.

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If nursing doesn't work out it sounds like you could go into financial planning. :lol2:

I thought the EXACT same thing :chuckle

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