"PRIVATE/ALTERNATIVE" LOANS for SRNAs

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Hi Guys--Do not mean to beat a dead horse here...Just wanted to find out from any current or newly starting SRNAs if they have been able to obtain Private Grad School loans for the 2008-2009 school year. I am starting in the Fall & starting to get a little nervous. I have read all the "stickies" umpteen times & I think I am starting to confuse myself more...Some of the websites I have gone to say "not accepting apps @ this time"...Would just like to know if anyone has secured private loan for upcoming school year. I know I need to get this taken care of while I still have a verifiable income/w-2...I will take any & all advice...Most of the loans say:"minus aid recv'd"--I will get my Graduate Stafford (approx 19K) but that's it. I will still need additional to cover living...Did you borrow everything the 1st year of school as far what you will need for the program?..I realize privates are based on FICO & mine is in order..I am just afraid private $$ may be drying up d/t economy right now---If that's the case does anyone have other suggestions they could elaborate on(i.e.--home equity, etc)? I am willing to hear all opinions & will definitely post the outcome of my $$ quest...I know I need the loans were check is sent "direct to student", but those seem few, far, & in between---Let's figure this out & all help each other out---The hard parts over--Now we just gotta pay for it & get er done!!--Thanks to all in advance!!!! :twocents::bow:

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Specializes in ICU, currently in Anesthesia School.

Have you contacted your financial aid office about a gradPLUS loan? these are cheaper and more easily procured than private loans. Stafford is usually only enough to cover tuition, maybe some books.

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You should be able to get a gradplus loan too. Not sure what school you're going to but your school sets the cost of attendance and in most cases it's way higher than the stafford. Call your fin aid office and find out what the COA is and who they do business with for the grad plus loan (Great lakes, Sallie Mae). In many cases you can borrow up to the COA. If that's enough for you, great. Yer done.

Now, if you need money after that, you're in the same boat as I am right now and it ain't like it was a year ago. Many banks now go through the schools (COA again). I have found 2 banks, Chase and Wells Fargo that will loan private without the school being involved. Chase has interest rates through the roof and Wells FArgo seems better but I haven't secured anything and I quit my job in about 3 weeks. YAY!

You have to work with the fin aid office first and get the grad plus set up first or you'll screw everything up. I'd love to hear what others are doing as well. Education maximizer is no longer accepting apps.

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Thanks for the replies-cannot tell you how much I appreciate it! I plan to contact my FinAid office tomorrow re: the GradPlus Loan. I was under the impression that it was a "must qualify for" loan based on my FAFSA. I recv'd a FinAid award from my FinAid dept that only offered me the Grad Stafford Loan..there was no GradPlus loan offered on the award. Given that, I "assumed" it is something that I did not qualify for per my FAFSA...Does everyone typically qualify for GradPlus (prior to credit check, etc)? These funds are sent to my school correct? To those that have the GradPlus---is it a one time loan, or renewable each year like Stafford??? From what I have read the GradPlus is @ a rate of 8.5%...correct?..Thank you everyone so much---I appreciate everyone's help. Please keep lots of replies comig & I will let everyone know what the FinAid office outcome is...Let's keep this discussion going on how we are all financing our Nurse Anesthesia education!!!!!:bowingpur

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Specializes in Critical Care, Emergency.

Hey.

I've been reading about everyone's challenge to secure loans for school and I feel for you guys. However, I have found out a way for you to get the money that you need, but it will be at a slightly higher interest rate. Check with your state to find out what loans are available. It is my understanding that there is plenty of educational funding offered at the state level and it's not based on the COA as set by your school. You should be able to procure the money needed for your everyday living expenses.

Best of luck...

Karen

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Hi Guys--I checked with the FinAid office re: GladPlus loan---they said I'm eligible..Here's the odd thing though--The guy said I would be eligible for an additional $8700...in addition to the $19K that I was approved for as a Stafford--So I asked "is $27,700--the Total Cost of Attendance per my school's financial aid office?"-The guy never truly answered my question--he just said that "$8700 is how much more you could borrow from another lender"--I didn't want to badger him & get on his bad side.---Is it some sort of secret what the set Total Cost of Attendance is??? Will these outside lenders have my school's Total Cost of Attendance? Things definitely aren't going as well as I hoped...Anybody have any additional feedback?????????

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It shouldn't be a secret. My school sent me a letter stating what the COA was. So I guess I would call them back and ask what the COA is. Make sure you let them know what program you're in, there may be a fin aid person that deals specifically with the CRNA program. $8700 sounds incredibly low, maybe he meant that's what you'll need to secure for your tuition alone. Maybe he didn't know the answer to your question. Good luck.

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Specializes in Critical Care, Emergency.
Hi Guys--I checked with the FinAid office re: GladPlus loan---they said I'm eligible..Here's the odd thing though--The guy said I would be eligible for an additional $8700...in addition to the $19K that I was approved for as a Stafford--So I asked "is $27,700--the Total Cost of Attendance per my school's financial aid office?"-The guy never truly answered my question--he just said that "$8700 is how much more you could borrow from another lender"--I didn't want to badger him & get on his bad side.---Is it some sort of secret what the set Total Cost of Attendance is??? Will these outside lenders have my school's Total Cost of Attendance? Things definitely aren't going as well as I hoped...Anybody have any additional feedback?????????

Check with your state or ask the financial aid administrators at your school for a list of lenders who offer loans that do not factor in the COA. If not for said lenders, attending CRNA school would be impossible for most adults with financial obligations. There is plenty of money out there if you are willing to venture outside of your school's financial aid office.

Do I have firsthand experience with borrowing money for grad school? No. However, I've been doing my research to help my multitude of friends who were accepted for the upcoming classes and have run into brick walls when it comes to financing their educations. You are essentially receiving federal student aid when you fill out a FAFSA...don't overlook your state's financial aid.

Karen

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Sorry--typo in my last post---I was trying to type "GradPlus Loan"

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Specializes in SICU; Just accepted to CRNA school!.

If your credit is that good, then the grad plus loan @ 8.5% may not be your best bet...you should get more info on private lenders and their rates.

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http://money.aol.com/news/articles/loans/_a/sallie-mae-unsure-about-future-loans/20080417173709990002

ouch :crying2:...I'm guessing it's not looking good for a Sallie Mae Tuition Answer Loan

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Specializes in MICU mainly, Now on to anesthesia school.

That is making me very nervous. Looks like I picked a scary time to go to a very expensive school.

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