Nursing school Loans?

  1. Hi all,
    I'm starting nursing school in August, and I dont expect to be able to work except on breaks and Summer vacation. I was wondering how much to expect to take out in loans, and how to calculate the amount.
    My monthly expenses are about $2,000, and the program costs about $10,000. If I did my monthly*program costs, it leaves me with a little over $100,000 debt by the end of the program.
    Did any of you experience this or have any other means of supporting yourselves while in school? I'm also the sole income for our household (my mom, daughter, and myself).
    How did you calculate how much you'd need and/or get from the loans, how did you manage to pay them off or avoid them?
    Any advice is very appreciated, I am terrified of debt since I currently dont have any and always pay my bills early!
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  2. Visit princesspunch profile page

    About princesspunch

    Joined: Jun '17; Posts: 6; Likes: 1
    from HI , US

    19 Comments

  3. by   meanmaryjean
    Have you filled out a FAFSA form and applied for scholarships? With your situation, it seems like you'd be a good candidate for aid. Talk to the financial aid office at your school as well.
  4. by   verene
    File your FAFSA if you haven't already, that should give you a ball-park for how much aid to expect. Also talk to your financial aid office and look into scholarships and other aid. Taking out over 100K in loans for nursing school seems very excessive and not a wise financial choice, particularly as most of that is for living expenses rather than for tuition. Is it possible to save up a chunk of money before hand that you can live on? For you to work part-time while in school to reduce loans? Could your mother work/help with more of the house hold expenses? Any way to reduce living expenses?
  5. by   idkmybffjill
    I third filling out a FAFSA if you haven't. Financial aid would definitely help you going forward, and it will also offer low/no interest loans, which would at least be better than private ones. Apply for some scholarships. See if your program offers them.

    I'm also a bit confused about your expenses. The program in its entirety is 10k? If so, I'm not sure how you will have 90k in living expense at 2k a month unless this is a really long program.

    Otherwise, cut what expenses you can. Cancel extra services that aren't needed. See if you can downgrade your phone plans or TV service. Cut out extra spending.

    Consider trying to work part-time or PRN as a patient care tech after the first semester of the program. When I start my program in May, I'm planning to work PRN as my job, as I'd only have to commit to one weekend a month. Then I can always pick up more shifts if needed.
  6. by   cleback
    Why can't you work? I'd reconsider that, if you want to avoid massive debt. It's not easy to work and go to school, especially if you also have a family, but neither is paying off loan+interest. If you work as a CNA in a larger organization, you may also qualify for tuition reimbursement. Usually, one has to work at least half time to qualify. I'd encourage you to reconsider not working.
  7. by   AnnieOaklyRN
    As someone else eluded to I would strongly advise you too work, as it can be done! I am not sure how much care your mother needs or how old your daughter is, but if they don't require constant supervision or care I would work full time.

    I worked full time through all of my degrees and never had any issues, so it can be done. It sucks, but you just have to get it done. 100K in student loans will be a TON of money every month once you get done and you have to pay them back. That could seriously effect your ability to live comfortable and pay rent or a mortgage, I would guess the payment will be about 1500 a month if not more.


    Annie
  8. by   Nurseinprocess
    Oh wow that is a whole lot of debt to take on. I would reconsider your plans, maybe. Can you do an ADN program (usually costs less than $10,000) and then bridge to a BSN program which you can also do for under $10,000? My first kid is going off to college in the fall and for her undergrad it could cost $80,000 in debt but I am hoping with help from us she will have $50k or less. She's a kid so I know she's got plenty of time to pay that back. I have a coworker who is a divorced single mom paying $70,000 in loans for her BSN that she got 4 yrs ago. Ouch. My niece has a bachelor's degree that she is paying $1000 a month on with a $78,000 balance. Really look at what your options are and don't take on more than you can handle.
  9. by   Oldmahubbard
    Borrowing all one's living expenses for any length of time is a really, really bad idea.
  10. by   clckookie
    I too would love to move on from LPN, I want to go to school for my RN and was recently accepted to the University of Rio Grande's fast track program, however I was told that I have capped off on financial aid, I can't get student loans or pell grants. Prior to going to school for my LPN I was in and out of school over they years borrowing $ to further my education uncertain of what I wanted to do and working plus taking care of family, after kids were grown I finally went to for LPN and capped out. Now that I want my RN I can't find any financial assistance. Disheartening
  11. by   meanmaryjean
    Quote from clckookie
    I too would love to move on from LPN, I want to go to school for my RN and was recently accepted to the University of Rio Grande's fast track program, however I was told that I have capped off on financial aid, I can't get student loans or pell grants. Prior to going to school for my LPN I was in and out of school over they years borrowing $ to further my education uncertain of what I wanted to do and working plus taking care of family, after kids were grown I finally went to for LPN and capped out. Now that I want my RN I can't find any financial assistance. Disheartening
    Save and pay out of pocket. Every single one (LPN, ADN, BA,BSN,MSN,and DNP) of my degrees was earned this way- as were those of my four kids. It can be done, you just have to give up some of the 'extra' .
  12. by   Mavrick
    What are you calculating your student loan payment will be on $100,000? (100K, 4.5%, 10 yrs = $1,036/mth)
    What is reasonable take home pay for a new grad nurse working full time? ($30/hr x 36hr/wk x 52wk/12mth x .7 taxes = $3,276/mth.

    Can you afford to spend almost one third of your take home pay on a student loan payment?
  13. by   princesspunch
    Hi everyone,
    So sorry, I was totally doing my math wrong and thinking about 4 years instead of 2! I'd only need about 58k... I did apply for FAFSA and any scholarships I could find from my school's online portal. Other than that, I'm not sure what to look for.
    Also, I'm logged into my FAFSA, how can I view how much I would be getting?
    Last edit by princesspunch on Mar 13
  14. by   FutureNurseInfo
    I don't understand why you would accumulate $100,000 in debt?

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