Sallie Mae loan or financial aid for Excelsior?

Published

I know my LPN school wasn't federally funded so I had to take out a Sallie Mae loan to finance it. Now that that's done and over, I was wondering if anyone did Sallie Mae for Excelsior or if that is even possible with this kind of school? Any other privately funded aid that had a year deferment? I'd love to start now but I won't be out of my current debt for about a year and that's how long I plan on taking for Excelsior.

Up Vote Up Vote ×

I would suggest working and paying for the tests one at a time. They're around 250 each. They also have a payment plan for the enrollment fee and you can pay that off at 75 bucks a month. Your biggest expense will be the CPNE and you can start saving for that now if you like. Just a suggestion to avoid more debt.

Up Vote Up Vote ×
Specializes in Geriatrics.

Yes,You can get Sallie Mae loans for Excelsior.I got a $5000 loan which will pay for most of my test fees and the rest will go toward the cpne fees.I did not deffer my payments,but my payments only $67 a month.Its easier for me to pay $67/m than to try to come up with the whole test amount as I have all 14 test plus the cpne!I am trying to do a test every month.

Hope this helps.

Up Vote Up Vote ×
Specializes in ICU, PICC Nurse, Nursing Supervisor.

i have a payment plan for my enrollment fee extended as long as possible and my monthly fee is $153. however, i am under the old rules and not new so i dont know if that makes a difference.

i would suggest working and paying for the tests one at a time. they're around 250 each. they also have a payment plan for the enrollment fee and you can pay that off at 75 bucks a month. your biggest expense will be the cpne and you can start saving for that now if you like. just a suggestion to avoid more debt.
Up Vote Up Vote ×
Specializes in ICU, PICC Nurse, Nursing Supervisor.

did you do this recently as a private loan because the associate degree programs are not eligible for federal aid.

yes,you can get sallie mae loans for excelsior.i got a $5000 loan which will pay for most of my test fees and the rest will go toward the cpne fees.i did not deffer my payments,but my payments only $67 a month.its easier for me to pay $67/m than to try to come up with the whole test amount as i have all 14 test plus the cpne!i am trying to do a test every month.

hope this helps.

Up Vote Up Vote ×
Specializes in Geriatrics.

Yes,just last month.I just followed the links on the EC website for financial aid.And They give a list of providers you can go through for private loans.I believe it is the Nellie Mae Excel loan.I applied via the computer.After I was approved, they send the check to EC they took out the Enrollment fee and sent me the balance.I never even had to talk to a real person!Easiest loan I ever got!

Up Vote Up Vote ×
Specializes in ICU, PICC Nurse, Nursing Supervisor.

this is very good information to know

yes,just last month.i just followed the links on the ec website for financial aid.and they give a list of providers you can go through for private loans.i believe it is the nellie mae excel loan.i applied via the computer.after i was approved, they send the check to ec they took out the enrollment fee and sent me the balance.i never even had to talk to a real person!easiest loan i ever got!
Up Vote Up Vote ×
I know my LPN school wasn't federally funded so I had to take out a Sallie Mae loan to finance it. Now that that's done and over, I was wondering if anyone did Sallie Mae for Excelsior or if that is even possible with this kind of school? Any other privately funded aid that had a year deferment? I'd love to start now but I won't be out of my current debt for about a year and that's how long I plan on taking for Excelsior.

I wouldn't recommend going through Sallie mae. I have had nothing but problems with them and they charge outrageous interest rates. However, you already have a loan through them so you probably know that. You do what you gotta do though. Good luck!

Up Vote Up Vote ×
Specializes in Geriatrics.

I'm sorry your having trouble with your loan.I have had nothing but a good experience with mine.I know Sallie Mae/Nellie Mae have many types of loans to fit everyones needs.And many different interest rates.I was very surprised that my rate was not higher.And was far lower than I expected.For me,it would take me twice as long or more to complete the program without a loan,which translates to lost$$$.So a little interest verses a year or two of lost wages works for me!But everyone has different goals and needs.

The only advice that I can give for anyone looking for a loan is to shop around and look for the best option that fits your personal needs and budget. CEB

Up Vote Up Vote ×
+ Join the Discussion