Question about Private Student Loans.

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Hi all,

Im asking this here because Im sure some of you have had similar situations.

My wife makes good money, she is already a nurse.. 12 years. I however have been downsized from the automotive industry. :( so i make nothing haha (I know..not funny). I DID make very good money.. WITHOUT a degree.. those days are over.. so in seeing the joy my wife has from her job and being inspired by her, I have decided Id like to go into nursing now that the "opportunity" has been given to me.

My question is.. we have just bought a new home in the last couple years.. which really cleaned out our saving, so we are thinking of going down the private student loan route. I was wondering.. CAN a private student loan (ala Sallie Mae) be used for general bills and whatnot to cover what I wont be bringing into the family finances? Id like to goto school full time and maybe work a part time job.. prob needing @ 8k (on top of tuition and books) a year to supplement her income along with the part time job to keep everything paid and save our credit.

Any info from your personal experiences would be great.. thanks all

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Congrats on your decision to be a murse(male nurse):balloons:

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Try applying for the Sallie Mae Tuition Answer Loan... they allow you to borrow up to $40G, if that's what you choose to borrrow.. they also don't go through the school, so it works out pretty nicely.. check it out.. the application process is pretty simple, but make sure you fax off an ENROLLMENT letter.. not an ACCEPTANCE letter.. i made the mistake of doing that... hehehe... had to refax them another letter..

http://www.salliemae.com/content/tuitionanswer/index.html

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Congradulaitons on your decsion.

I use to work full time while going to school, but when I hit my the nursing classes in my major, I could not maintain my grades with classes/clinicals/and tests.

I went through sallie mae tution anwser, the loan interst rate is higher than goverment, but they mail the check directly to you. So, it is at your descretion how to use that money.

You still have to qualify and have a certain amount of income or a co-signer, but it can solve the need for not having a full time income while going to school.

I am graduating in January and I have been using private loans to help pay for not only my tution, but basic cost of living for the last 2 years, while I work part time.

Good luck, I hope this helps.

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Thanks for the info.

When I apply.. do I just request X amount.. or do I have to show them how much my tuition/books .. all that stuff is? Im enrolled for 14 credit hours for the winter semester, Im assuming they need to know all of that.

Thanks again for the info and the kind words everyone!

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You ask for how ever much money you want, but you do have to show them that you are enrolled full time so that they have verification that you are a student. The process is really very quick, if you go to Sallie Mae tuition answer you will find directions and you get your loan approval quickly, and the process is pretty easy, they give very good directions : )

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Specializes in ICU, currently in Anesthesia School.

Talk to the financial aid office at your school, you may be eligible for job retraining assistance/scholarships- these will take some footwork and persistence on your part. After your first academic semester, you may be able to get a tech job at a hospital and they typically have some form of tuition reimbursement. The other thing you want to look at before taking private loans is maxing out stafford and other types of federal loans. They will let you borrow up to the cost of attendance (which is usually far more than books/tuition) and the money is yours to spend as you see fit. Private loans for education should always be the last line of funding you use (not a bad choice, just exhaust all the other funding options before you turn to them)

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I took out private loans to supplement a very, very small academic scholarship I received. Never forget that what you borrow, you will be paying back, with interest. It can amount to a huge monthly payment. I borrowed a lot, so I am making huge payments every month. But it's worth it; I love my nursing job. There are tuition reimbursement programs at hospitals, if you're willing to sign a contract (which I was not). Good luck!

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Yeah I realize, I have to pay back a loan.. thats why its called a loan! haha Im not worried about paying it back.. just getting through school with as little stress as possible!

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Why would you want to do a private student loan at a much higher rate of interest than a gov't loan?

I would explore that option first. Private loans are generally for students who are tapped out on loans and cannot get a gov't loan, but you really need to apply to see what you can get.

I wouldn't take out more than you absolutely need b/c it's easy money to get...hard to pay back.

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Specializes in Med/Surg/Tele.
Why would you want to do a private student loan at a much higher rate of interest than a gov't loan?

I would explore that option first. Private loans are generally for students who are tapped out on loans and cannot get a gov't loan, but you really need to apply to see what you can get.

I wouldn't take out more than you absolutely need b/c it's easy money to get...hard to pay back.

She's right. A private loan is more than double the interest of a gov't loan.

If you are only looking for eight thousand a year, you should try gov't loans. They will allow for a certain amount depending upon your level in school and your current income. (yours is zero, so you should be good to go :)

Private loans should be your LAST resort. Paying back an 11 percent APR is not fun on a big loan. A gov't loan would be more like a 7 percent or less.

I work part time and go to school full time (BSN student) and I make it allright. That includes paying for an apartment, car, groceries.

Hospitals around here (Missouri) offer tuition reimbursment. That with my part time money and maybe a small loan should be plenty.

So my advice would be to get a PCT or nurse aid job at a hospital first, then start up school and use THEIR money :)

Either way, good luck!

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Specializes in mostly in the basement.

Do whatever you can to avoid private student loans. The above posters are right re. interest rates. Max out all your Federal Stafford options before you look at 11-14% private student loans. I realize sometimes you gotta do what you gotta do but two things most people don't realize:

1) Most private loans have no maximum rate they CAN charge--unlike federalized loans. What is 9% now may be 15% in your near future. Take a look at ARM mortgages and what's happening to some of those people now,

2) If, heaven forbid, you ever had to declare bancruptcy, student loans--whether federal or private--can NEVER be discharged. Can you imagine? You're already in a bad situation and then you declare BK and you STILL have an 800 dollar a month student loan payment. Huh uh...

Anyway, lots of options out there. Good luck.

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