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Sallie Mae loan or financial aid for Excelsior?

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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.

Conqueror+, BSN, RN

Has 26 years experience.

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.

TIN65RN

Specializes in Geriatrics. Has 16 years experience.

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.

txspadequeenRN, BSN, RN

Specializes in ICU, PICC Nurse, Nursing Supervisor. Has 20 years experience.

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.

txspadequeenRN, BSN, RN

Specializes in ICU, PICC Nurse, Nursing Supervisor. Has 20 years experience.

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.

TIN65RN

Specializes in Geriatrics. Has 16 years experience.

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!

txspadequeenRN, BSN, RN

Specializes in ICU, PICC Nurse, Nursing Supervisor. Has 20 years experience.

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!

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!

TIN65RN

Specializes in Geriatrics. Has 16 years experience.

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

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