Private loans for poor credit

elkpark · Dec 29, 2017

Welcome to allnurses! :balloons:

Yikes. You are really going to get screwed on private loans with poor credit. Are there any other options? Are you eligible for any other kinds of scholarships or aid besides Pell grants? Some states have scholarship programs to help people get into nursing. Have you talked with the financial aid office at your school? Can you work part-time in school? Do anything to trim your living expenses (live with family or a roommate, get a cheaper car, etc.)? Wait on school until you've saved some money?

Best wishes!

caliotter3 · Dec 29, 2017

Approach the nursing department. Mine used to post a particular flyer on the office bulletin board for a local scholarship.

meanmaryjean, DNP, RN · Dec 29, 2017

I just want to endorse what elkpark says - every word of it.

EvelynStevens · Dec 29, 2017

I know I will be screwed. But, now is when I have opportunity to get back to school since I am 47 years old. I definitely need a private student loan.

brillohead, ADN, RN · Dec 29, 2017

It can make a big difference WHERE you're going to nursing school, too.

My ADN cost me less than $10K to get my RN license at a community college (would have been even less if I'd been in-district and eligible for the reduced tuition rate). My niece went to a university at the same time and got her BSN to get her RN license, and it cost her $100K by comparison.

If you can work as a tech / CNA at a local hospital while going to school, you may be eligible for tuition reimbursement and/or scholarships, as well.

allnurses Guide · Dec 29, 2017

Where you go to school is paramount. I did my ADN at my local community college for less than $7K, including all books, tuition, uniforms, drug testing, etc. Private schools charge up to 30K or more for the exact same degree, usually of a lower quality as well. Don't fall into that trap.

Is there family that would consider loaning you the money?

I second reaching out to your college for financial aid advice. At 47 years of age, this is a very high cost venture that is likely to leave your family burdened with these debts one day.

AnnieOaklyRN, BSN, RN, EMT-P · Dec 29, 2017

Hi,

My only suggestion would be getting a co-signer with good credit. Perhaps you have a parent or sibling who would do that for you, otherwise you may have to try and pay as you go.

Annie

meanmaryjean, DNP, RN · Dec 29, 2017

Hi,
My only suggestion would be getting a co-signer with good credit. Perhaps you have a parent or sibling who would do that for you, otherwise you may have to try and pay as you go.
Annie

Respectfully, a co-signer is a terrible idea. Why? Because should OP default on the loan or (God forbid) die/ become disabled- the co-signer is responsible for the balance of the loan.

Horseshoe, BSN, RN · Dec 29, 2017

Since it is my second Bachelorette I am not eligible for Pell grant.

Lol. "Damn you, Autocorrect!"

I agree with others that a community college nursing program would be your best bet.

Julius Seizure · Dec 29, 2017

I have to say, I cringe at the thought of you adding debt at a bad interest rate at the age of 47. You may never get out of that hole. But if you are determined, have you already considered getting federal student loans and still need more on top of that? Please go to the least expensive school that you can (community college vs. for profit school), at the very least.

labordude, BSN, RN · Dec 29, 2017

Federal student loans are not credit based (save for some Graduate plus loans). Is this going to be above and beyond what you are eligible for there? Also, work with your schools financial aid department. There is often money available in the form of scholarships and grants they may know about. Sometimes there are small to medium scholarship amounts that people never apply for. Look for single parent scholarships, 2nd BS degree scholarships, etc.