stafford loan question...

Published

Specializes in Critical Care.

I had my heart set on University of Texas at Arlington school of nursing and did not get accepted, however I did get accepted to Baylor University nursing program starting in Spring 2015, which I'm super excited about, but it is much more expensive. I had all of my financial aid set up to go to UTA starting this fall, I was offered a Stafford loan for $12,500 for 2014-2015 ($6250 each semester) my question is this: Can I "save" the full $12,500 for the Spring semester to pay for my first semester of nursing school at the more expensive university? I have searched high and low on the FAFSA website and got no answer. I called the financial aid office and the counselor I spoke to told me that I can get the full amount in the spring as long as I don't use any of the funds in the fall, but another counselor sent me an e-mail stating that If I didn't use my award amount I would forfeit the $6250. I'm hoping someone out there has experience with this and can shed some light for me. Thanks!

Up Vote Up Vote ×
Specializes in Emergency.

The answer is: No. The only way this will work is if you request for more money that way it will pay off the entire semester. I am in the process of saving my last year's loan to pay off a summer semester so I can graduate a semester early.

Up Vote Up Vote ×
Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

I would avoid Baylor University like the plague. The staggering tuition is not worth it.

I see you're located in Crowley. New grad RN wages in the D/FW area generally start in the $23 to $25/hourly range, which is not a great deal of money. A general rule of thumb is to not borrow more money than you'll reasonably expect to earn in one year.

Have you looked into Tarleton State? The tuition is significantly cheaper, and they're accepting basically anyone with a 3.0 GPA. There's also Southwestern Adventist, which is not too far from you in Keene.

Up Vote Up Vote ×
Specializes in Critical Care.

The cost is definitely a turn off, I am still hoping to hear back from UTA. So far I have kept my full time job and paid for all of my prerequisites in cash and have no student loans and I would like to keep it that way, which is why UTA was my first choice. I reapplied and should hear back in October, but for now the only acceptance letter I have gotten is Baylor. I checked into Tarleton, because my sister is an alum, but the only program I saw was an RN to BSN at the Fort Worth campus. I have a husband, 2 kids and a mortgage so moving isn't really an option for me. I'll check into Southwestern Adventist, thanks for your reply :)!

Up Vote Up Vote ×
Specializes in Critical Care.

"The answer is: No. The only way this will work is if you request for more money that way it will pay off the entire semester. I am in the process of saving my last year's loan to pay off a summer semester so I can graduate a semester early."

I was afraid of that... :(

Up Vote Up Vote ×
Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
I checked into Tarleton, because my sister is an alum, but the only program I saw was an RN to BSN at the Fort Worth campus. I have a husband, 2 kids and a mortgage so moving isn't really an option for me.
No need to move. Most of the people I know who have attended Tarleton's nursing program lived and worked in Fort Worth or Arlington and commuted to Stephenville a few times per week for school. However, I am cognizant that commuting is not for everyone.
Up Vote Up Vote ×
+ Join the Discussion