Student Loans

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Here is my problem. I will be attending a BSN program in New Jersey and I am trying to find any infomation on a good student loan that can pay for books, rent, tuition, etc. I will not work for 15-16 months of the program. Is there such a loan. Any advice would be appreciated..

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Specializes in Geriatrics, Cardiac, ICU.

Sallie Mae, Bank of America, Teri.

Do a google of alternative student loans or search on this site. There is a whole thread on this issue in these two threads.

https://allnurses.com/forums/f50/sallie-mae-private-loans-221859.html

https://allnurses.com/forums/f227/alternative-loans-heres-what-ive-found-103967.html

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The first placed to start out is to fill out the FAFSA application online, which can make you eligible for federal loans. I think you're allowed up to $40,000 for federal loans - or stafford loan. (someone correct me if I'm wrong). Definitely go for the Federal loans first, because they're a lower interest rate - like 4-5%.

Then if $40,000 doesn't cover it (which it didn't for me) you have to move on to private loans, like a Signature loan. They have higher interest rates (like 12%).

I have all my loans through Sallie Mae, and I think I'm getting decent rates with them, but they're customer service SUCKS. They screwed up a bunch of my applications, send me conflicting information, always give me half-answers, and I end up calling them back constantly to get the full information. And their web site is very difficult to use. I think there's a company called NelNet or something that's supposed to be good.

Whatever you do, try to take out as little as possible. Eat ramen while you're in school. Because I'm out of school now and my loans are outrageous. I pay $400 a month, and on a nurse's salary, that wipes me out.

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Specializes in SRNA.

Federal Stafford Loans let you borrow above and beyond what you may owe for tuition to cover books and cost of living. I haven't had to use anything besides that and it's been plenty to cover the mortgage and utilities. Be sure to also apply for financial aid. Each semester, I've received free money that nearly covers my tuition (tuition is pretty cheap where I go, though).

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Specializes in Orthopedics/Med-Surg, LDRP.

Don't go too nuts because eventually those loans have to pay them off and I know some nurses that did ASN, BSN then MSN and have to pay off over $100,000 in student loans for the whole shebang because they wanted to pay nothing out of pocket outright or work while in school. That's like buying a house and eventually payments about the size of a mortgage are going to come due and then you'll have a $800 student loan payment and then $1100 rent and there's just about your whole monthly salary as a new nurse.

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Specializes in High Risk In Patient OB/GYN.

Is there any reason you won't be working for 15-18mos? That's pretty drastic, even if you live with mom and dad (and I don't know that you do, because you mention rent).

My advice? Work.

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Specializes in Peds, PICU, Home health, Dialysis.

I agree with the above poster -- work. I too am in a 16 month program (accelerated BSN) and I am working part-time and I also take out a little to help me subsidize my living expenses not covered by my wages.

I will most likely graduate from my BSN with between $40 and $50K. Eeek! :uhoh21:

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The first placed to start out is to fill out the FAFSA application online, which can make you eligible for federal loans. I think you're allowed up to $40,000 for federal loans - or stafford loan. (someone correct me if I'm wrong). Definitely go for the Federal loans first, because they're a lower interest rate - like 4-5%.

Then if $40,000 doesn't cover it (which it didn't for me) you have to move on to private loans, like a Signature loan. They have higher interest rates (like 12%).

I have all my loans through Sallie Mae, and I think I'm getting decent rates with them, but they're customer service SUCKS. They screwed up a bunch of my applications, send me conflicting information, always give me half-answers, and I end up calling them back constantly to get the full information. And their web site is very difficult to use. I think there's a company called NelNet or something that's supposed to be good.

Whatever you do, try to take out as little as possible. Eat ramen while you're in school. Because I'm out of school now and my loans are outrageous. I pay $400 a month, and on a nurse's salary, that wipes me out.

Check out Student Assistance Foundation. (MHESAC). Much better program than the private lenders. http://www.mhesac.org/jsps/index.jsp.

Also check out the federal direct student loan program.

Also check out loan to learn as a private lender. (I think its loantolearn.com )

I am working FT during my accelerated program (family obligations) but I think the reasonable work schedule is up to 24 hrs per week. (This past semester I used vac to get down to that work schedule during my clinical weeks.)

I agree with Kell et al that it is not a good idea to borrow everything.

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