Student Loans

Published

HI -

I'm curious to find out how much money new students are borrowing to live on/stipend in their first year of school?

I'm getting ready to start school Winter quarter & I'm not going to be able to work full time with my school schedule being so hectic. I will need money to live on while in school.. rent, food, bills, car note ect.. I don't want to put myself in a bad situation but I have to live & take take of my daughter.

Any feedback will be much appreciated!

Specializes in Public Health.

^^^FALSE

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Specializes in Public Health.

@nursedior that is absolutely not true

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I was wondering what Work Study is & how that works?

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Living off loans is not a good idea. You have to remember that student (federal) loans max at 9,990 a year and grant is like 5600 a year. You got to pay your tuition first. (That is if you're going to school full time) plus interest rates are outrageous.

I have 35k in student loans (embarrassed to say) and my interest will end up being anywhere from 11k-30k after I pay THAT back. Also you max out your loans at a certain amount (50k I think) so if you hit that before you're done with school, you have to pay out of pocket or get a loan.

Work study pays (usually) minimum wage or a little bit higher, usually part time and it's a job that is doing something at your school.

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The general rule of thumb is to only take out as much loans as you would reasonably expect to earn in your first year of work.

I would also figure out exactly how much money you think you would need to live on, by adding up your car note, making a grocery budget, rent, utilities, etc. You'll likely find it's much more than you originally anticipated.

Perhaps you could trade your car and its accompanying note for something a little older without the note? That ought to free up a bit of cash. Perhaps cut back on the cable bill? Maybe have a garage sale? Any little bit that you can do without for two years is something you won't have to pay back 15 years from now. Besides, two years goes by in a flash when you're in nursing school, trust me.

You might also look into a part time job somewhere with flexible hours, like data entry or medical transcription. Any small amount you can earn is that much less that you have to borrow. Even just working 10 hours a week for $10 an hour for two years equals over $16000 in loans you wouldn't have to pay back. That's 5 YEARS you would have shaved off your loan payment.

This is not an easy situation for you. You and your daughter will have to sacrifice things while you're in school. But you have to remember that giving up a few things for a couple years is so much more beneficial than still cutting checks to the bank in 2030. Do everything you can to reduce your expenses so you can keep the loans to a minimum.

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Yes that's my plan. I'm going to definitely work part time for the first year. I figured up my expenses for a year & it's very overwhelming. I don't have cable now. We watch Netflix ? it's way cheaper. I have to keep my wifi for school. I'm sure everything will work out its just scary thinking about leaving my full time job after 6 years. Yes it will definitely be worth it in the long run & sacrificing things is a must. Thanks so much for your response!

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My school made it clear as day in my interview that they didn't want their students working. After they said that I said well I plan to transition from full-time to prn as needed and they said they dont even recommend that. I was lost for words the rest of the interview thinking well whats a girl supposed to do?

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Specializes in Prior military RN/current ICU RN..

All I can say is borrow as little as possible. Can you live with your parents while in school? Look at ways to cut bills to bare minimum. When I was in nursing school I ate like two times a day and lived in crappiest apartment on earth. Also had no tv..nothing. Now my life is pretty good. Start looking at bills you can live without..and I mean literally. Some people say they have to have things like cable tv. No you do not. Get cheapest cell phone plan on earth. Do anything you can.

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I am living with my parents during school, they said they will help me as much as possible, possibly paying my health and car insurance. So all I will have to focus on is paying my car note and keeping it fueled.

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I don't have that option. I'm a single mom & I can't just up & move. I have no choice but to borrow money to live on for at least the first year.

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I say do what you have to do sister. I think once we get on an get organized and a set schedule we will know what we will need to do from there. Kind of like trial and error.

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So true! Thanks! Good luck to you! ?

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