Student Loans

[selenaaa]

Hi everyone,

So I've been doing prerequisites for an ADN or BSN (still undecided what route to go through first) for the past year and a half. I started school with the mentality that I would completely avoid student loans but as time passes I realize that is unrealistic and will be necessary in order to finish school. So the question is, how much should I consider "too much" to be in debt with? I was considering for profit schools as well as community colleges, and universities. I just want to be in nursing school and finish ASAP. Should I seriously consider for profit schools, even though they are expensive, since I'm going to be asking for loans anyway? I'm only considering this because I might have a higher chance of beginning and finishing nursing school faster.

[THELIVINGWORST, ASN, RN]

Time is irrelevant. The time will pass either way. Don't burden yourself financially to get it done quickly. It's not worth it. And I got my ADN without loans and I worked during the program too. It can be done.

[Labmom1118]

You need to consider your area and earning potential. Don't borrow 80K to name 40K. Think about what your living expenses will look like after you've finished school and how much you can afford to pay back monthly. That said, choose the school that is the best fit for you. Check into their NCLEX pass rate, make sure they are accredited, talk to nurses you know about their experience, either their own school experience or what they have observed from different schools doing clinicals on their unit. Good luck whatever you choose.

[windsurfer8, BSN, RN]

Only you can decide what is "too much". Before you borrow you need to get a claculator and figure out what your repayment bill will be each month. Many people just "borrow" and don't look at interest rates or monthly payments. Some end up paying $900.00 a month for YEARS. Figure out what you can afford.

[Zyprexa_Ho]

The absolute higher limit should be twice the amount of the annual income you expect to make, and even that is pretty bad.

[jennarae86]

Try to apply for as many scholarships as possible (even the smallest one makes a difference) and see if your state does grants. (When I received my first degree, the state of IL paid for almost half of my education via MAP and Pell grants). If you must take loans, only borrow what is needed, try to avoid private loans since they have higher interest rates even though they may be based on your credit score. Don't stress out too much over it, if you're trying to narrow down schools, meet with their admissions department or advisors and see how much they cost per credit hour (part time versus full time), if you qualify for financial aid, how they work out payment plans for students paying their way through school, etc. Best of luck :)