Student loans for daycare expenses..

applesxoranges, BSN, RN · May 12, 2014

I wouldn't. I did something similar and regret it. I now have a private loan that I have to pay back while still in school because I've been in "school" too long. Chase, who no longer does private loans, and Sallie Mae are crappy when it comes to private loans. Sallie Mae is one of the biggest **** ups when it comes to private loans and now my federal loans were sold to them. I would rather shoot myself in the foot than to work for them. They will sit there and tell you BS that is not true if you call them so I recommend emailing them. One told me that it was the school's fault so I had to call the school and get them to call Sallie Mae to get them to fix whatever their issue was (it ended up being Sallie Mae's fault). Another time they told me I was in whatever it is when you cannot afford to pay back loans when I was not in it (forbearance?).

If you do go the private loans route, either choose a loan that you can pay interest on or choose to pay interest on the loans to help keep costs down.

vintagemother, BSN, CNA, LVN, RN · May 12, 2014

You can increase your student loans and use the money for whatever you need to pay for living expenses--incl the cost of daycare.

Way back when I was young I took out additional federal loans specifically for daycare. This allowed me to take out the Max undergrad amount annually. ---not that I recommend getting into debt.

Some people take out private loans through banks like Sallie Mae.

When I went through nursing school, I was going through a divorce and my income was low, so I was able to get govt subsidized daycare. I also enrolled my kids in the free after school programs at their school. I also enlisted the help of grandmas.

mrsboots87 · May 12, 2014

Is youre tuition very expensive for it to take up all of the loan amount you are being given? If not, it may just be that your school only applies enough grant and loan money for tuition and school expenses, but you should be able to apply for more. More sophmores and up I want to say you can get something like up to 5500 in federal loans per semester. Some subsidized and some unsubsidized. I don't work (I'm sitting for CNA soon so hopefully can start work within the next couple months), so I take out additional student loans to pay for daycare for my 2 children. It totally sucks because I will have to pay this all back later, so avoid it at all cost, but if you must then apply for it. I also was able to get a daycare scholarship through publicly donated to program. Its not DES support. Its applying for grants. You have to make under a certain income, then they pay half the tuition cost per kid up to 2 kids per family. The income level is relatively high in comparison to other assistance programs. Maybe see if your area has something like that available.

mrsboots87 · May 12, 2014

Wow, so the grammar and spelling in that post was horrendous. My bad lol