Student Loans for the Part-Time Student?

RNPATL, DNP, RN · Nov 7, 2004

This may sound like a very naive question. I've never gotten any sort of financial aid/assistance. My nursing education was paid by myself in cash because I went to community schools that were very very cheap and got my ADN.
I'm going to a RN to BSN program that is dreadfully expensive. I'm also broke and will be putting it on my credit card. I was thinking rather than do that I would try to get student loans which would be a much lower interest.
Is this a better idea? And can I get loans while going part time? What's the minimum number of hours/classes one can take and still get financial aid.
I realize I can call the school and find all this out, but it's 4AM on a Sunday and it's in my head right now. :)

Tweety .... PLEASE do not put your education expense on your credit card. The interest rates for a student loan are much better than a credit card and some of your educational expense is tax deductable. You can qualify for a student loan with a six (6) credit hour course load. If you are going to be attending FHCHS, then you will have a 6 hour course load each semester and therefore will qualify for a student loan.

The financial aid application is all online. The first step for you is to visit the FHCHS web site and click on the financial aid links. This will take you to the sites you need to visit to get your application going. The first place you need to go is the government web site and complete your FASA (Federal Student Aid) application. Once this is done, then you will visit the financial aid web site for the college and complete their applications. Once all this is done and your acceptance to the college is complete, the college will process your loan request and credit your account with your federal student loan, in the amount you have asked for. In addition, if you income qualifies you, you may have your interest deferred until after you graduate.

The FA Advisor for the college is very good and can give you even more information than I have. I have just finished the process and awaiting my full acceptance before I move forward. Hope this helps. :)

Tweety, BSN, RN · Nov 7, 2004

Patrick that helps tremendously. I didn't realize there was stuff I could do before I was accepted. I'll definately be looking into that.

mitchsmom · Nov 7, 2004

Like the previous poster said, I get Stafford loans and just have to have at least 6 credit hours (usually two classes). I think last year was the lowest rate ever. I did the FAFSA online, it wasn't as much of a chore as I thought it would be. It'll come up if you google it.

Also, your current work place won't foot the bill? I thought usually they'd pay for RN to BSN? Bummer.

Tweety, BSN, RN · Nov 7, 2004

Also, your current work place won't foot the bill? I thought usually they'd pay for RN to BSN? Bummer.

They'll pay up to $2300.00 per year. It won't be long before I use that up. They have programs where they pay 100% nursing school for someone who isn't an RN yet. But RN to BSN or other degrees only $2300.00. Which is not bad, but not enough for the program I'm interested in.

It's good to hear at six hours you qualify. Thanks.

URO-RN · Nov 7, 2004

This may sound like a very naive question. I've never gotten any sort of financial aid/assistance. My nursing education was paid by myself in cash because I went to community schools that were very very cheap and got my ADN.
I'm going to a RN to BSN program that is dreadfully expensive. I'm also broke and will be putting it on my credit card. I was thinking rather than do that I would try to get student loans which would be a much lower interest.
Is this a better idea? And can I get loans while going part time? What's the minimum number of hours/classes one can take and still get financial aid.
I realize I can call the school and find all this out, but it's 4AM on a Sunday and it's in my head right now. :)

Loan repayment:

www.bhpr.hrsa.gov/nursing/loanrepay.htm

RNPATL, DNP, RN · Nov 8, 2004

Yea ... alot of good the loan re-payment program does when you get approved (like me) but there are no funds available! Why even have the program!

Roseyposey · Nov 8, 2004

I've been doing some comparison; I don't qualify for a subsidized federal loan, which means the interest starts accruing the day you take the loan, whether you defer the payments or not. Private loans seem to have a bit higher interest rate, but federal loans have origination fees. Check with your financial institution or you can compare on-line at banks like wellsfargo.com. But, I, like you, think I may finance a lot of my education expenses with credit cards. My M/C will run occasional specials like 2.99% for as long a term as it takes to pay off as long as no late payments, etc. The downside is that it's not tax-deductible. Private student loans are at about 5%, but are tax-deductible. You just need to figure out if the tax savings is more than the difference in the interest expense by source.

Trauma Columnist · Nov 8, 2004

I did the Stafford student loans and currently have them deferred until I finish my MSN in June. However, my loans total about $18,000 - yikes - that's my new truck. But, looking in the long run - hopefully my earnings will kick up and I'll be able to pay these back quickly.

RainDreamer, BSN, RN · Nov 8, 2004

If you still need money because the government loans/aid doesn't cover your expenses, I'd recommend checking out BankOne's Education One Loan. That's what I use. You don't have to be a full time student either. Once you get approved and send them your proof of enrollment, they send the check directly to you.

http://www.educationone.com/

General E. Speaking, RN, RN · Nov 8, 2004

This may sound like a very naive question. I've never gotten any sort of financial aid/assistance. My nursing education was paid by myself in cash because I went to community schools that were very very cheap and got my ADN.
I'm going to a RN to BSN program that is dreadfully expensive. I'm also broke and will be putting it on my credit card. I was thinking rather than do that I would try to get student loans which would be a much lower interest.
Is this a better idea? And can I get loans while going part time? What's the minimum number of hours/classes one can take and still get financial aid.
I realize I can call the school and find all this out, but it's 4AM on a Sunday and it's in my head right now. :)

I don't qualify for any kind of financial aid either, but I fill out my FAFSA each year and go to the Financial Aid office. They always have grant money that is there for the asking. I have been doing pre-req's for 3 semesters (part-time) and have had my tuition paid for each semester. You can't get it if you don't ask!!!