Samuel Merritt ABSN Sacramento Spring 2010

nursemali · Oct 27, 2009

I got my financial aid packet about a week ago. Was a private loan listed for you in your packet? I got offered the parent plus, but I don't think my parents' credit is good enough to be approved and I'd rather not have them take out a loan for me anyways. An alternative loan wasn't listed for me, so I'm not sure I can even take out a private loan. Let me know if you figure anything out, it's very frustrating.

it is frustrating! An alternative loan wasn't listed, i just went through samuel merritt's website to the simple tuition page and started looking at private loans through there. I feel kinda iffy having my mom take out a parent loan as well...but i know the benefits are the fixed interest rate and the borrowers rewards (by doing an automatic payment through an account). When taking out a private loan, the interest rate really depends on what kind of credit you have, and more than likely having a cosigner (usually a parent) helps lower the interest rate. I called the financial aid department today and spoke to lily and she informed me that the only positive thing about private loans are that they are under your name and when you do get a job as a nurse in a hospital, some hospitals do offer loan forgiveness, but they'll only forgive your loans that are under your name (so if you get a parent loan, that loan will be excluded since it's under your parents). It just scares me a little to see the total loan payback through the simple tuition website based off of the interest. If you have good credit your interest could be as little as 4% but if you have bad credit, your interest could be as high as 11%, on top of that, the rate is variable (and after talking to wells fargo) there's no cap as to how high the interest can get. I'm just trying to talk to a few of my friends that have already gone through the ABSN program to see what loans they got and if they have suggestions. I'm trying to do my research, but all this research is giving me a headache! haha hope this helps!

mooshieRN · Oct 27, 2009

it is frustrating! An alternative loan wasn't listed, i just went through samuel merritt's website to the simple tuition page and started looking at private loans through there. I feel kinda iffy having my mom take out a parent loan as well...but i know the benefits are the fixed interest rate and the borrowers rewards (by doing an automatic payment through an account). When taking out a private loan, the interest rate really depends on what kind of credit you have, and more than likely having a cosigner (usually a parent) helps lower the interest rate. I called the financial aid department today and spoke to lily and she informed me that the only positive thing about private loans are that they are under your name and when you do get a job as a nurse in a hospital, some hospitals do offer loan forgiveness, but they'll only forgive your loans that are under your name (so if you get a parent loan, that loan will be excluded since it's under your parents). It just scares me a little to see the total loan payback through the simple tuition website based off of the interest. If you have good credit your interest could be as little as 4% but if you have bad credit, your interest could be as high as 11%, on top of that, the rate is variable (and after talking to wells fargo) there's no cap as to how high the interest can get. I'm just trying to talk to a few of my friends that have already gone through the ABSN program to see what loans they got and if they have suggestions. I'm trying to do my research, but all this research is giving me a headache! haha hope this helps!

Thank you, that does help. It's nice to know I'm not the only one freaking out. I guess what I will do is see if my parents get approved for the PLUS loan (or if they would even be willing) and if not I'll take out a private loan. I was looking into the Health Professional one from Wells Fargo if we qualify for that one, otherwise I'll do the regular Wells Fargo one. Hopefully my credit is good enough to qualify. I keep having these nagging fears that it's not going to work out and I won't be able to go. I would love to hear about the suggestions that your ABSN friends have, thanks so much for posting.

jadayton · Nov 6, 2009

Hey Everyone I just found this site, I was accepted into the ABSN Sacramento program and the martinex clincial part too! Can't wait to meet all you. Did anyone find out more info on loans? its the only thing making me nervous.

ebtide · Nov 23, 2009

If you're a member of the Sacramento ABSN 2010 cohort, please search for our group page on Facebook and join. :specs:

-Juliet

WWE DiVa · Jan 14, 2010

Hello,

I went to an information session yesterday and have a high interest in the Sacramento campus. I was just curious to know what kind of stats and experience the people who got into the campus had. I am planning on applying this June/July.

ebtide · Jan 15, 2010

Hi. This is only my second week in the program, but so far I'm happy. I like the smaller campus, and the faculty and administration at the SAC campus are well organized and approachable. My stats were, and 87 NET and 88.8 TEAS (though when I applied, I did not use the TEAS, because I took it after I applied. I really don't know my overall gpa but I'm guessing it was around 3.5 with A's in most of the prereqs, definitely in Anatomy and Phys. I had a recommendation letter from my Phys professor and the principal at the school that I had taught. II would really focus on that essay. Have people critique it! Go to a college writing coach. I didn't have much health care experience but a lot of people do. You have to show that you know what you're getting into. Good luck!

sabbrown · Feb 2, 2011

Hello! I am a current SMU ABSN Sacramento student (Spring 2011) and have been in the program one month now. We are gearing up for our first finals next week and then starting into clinicals! I would love to hear your advice regarding the program! Thank you!

Januarylilac · Sep 29, 2011

hi, is the Sacramento Samuel Merritt absn program accredited?