Student Loans

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Hey everyone,

I am not not sure if this is the correct page to post this in. I got accepted to an accelerated nursing program, I will be starting this Fall. I wanted to know your personal experiences on taking out loans for nursing school, I already got approved for FAFSA but I still need other loans, but I don’t have a credit history and I cannot find an eligible co-signer. I could’ve found some scholarship, but the program I’m in, doesn’t accept scholarships at all! For my first bachelor's degree, I was eligible for grants from FAFSA. I'm not quite sure where the best place to get loans without a co-signer and credit check. Someone also suggested that I get Federal Loans, but I do not know where to apply for that either.

Any advice is greatly appreciated! Thank you for reading all this

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If you need extra funds to pay for the program, the program may be too expensive. What’s so great about the program that you have to put yourself in debt up to your eyeballs to complete it?

I have student loan debt from a previous degree (non nursing) at about $30,000. I’m doing an ADN program at a community college so that I can pay for it out of pocket. So, I know a thing or two about loans.

You should really reconsider your options, because going into the amount of debt you're talking about (private student loans) isn’t worth it.

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On 7/12/2019 at 8:34 AM, Gigie2018 said:

Someone also suggested that I get Federal Loans, but I do not know where to apply for that either.

Generally, the only federal aide offered for a 2nd bachelor's degree is unsubsidized student loans of 12,500 per year until you reach the maximum borrowing limit of 57,500.

If you need more than 12,500 per year then your only other option is private student loans, but I am not aware of any that don't come with stringent credit requirements or a co-signer.

On 7/12/2019 at 8:34 AM, Gigie2018 said:

the program I’m in, doesn’t accept scholarships at all

I can't imagine any reputable college that does not accept scholarship monies that is sent to them on behalf of a student that would allow them to pay their tuition.

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Specializes in Mental Health.

Find a program you can afford so you don’t become another person we see on the news with $200k in debt from a bachelors degree they will never pay off. That may mean a traditional program that takes a little longer. In the long run the extra time will be a huge benefit to you.

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12 minutes ago, Rionoir said:

Find a program you can afford so you don’t become another person we see on the news with $200k in debt from a bachelors degree they will never pay off. That may mean a traditional program that takes a little longer. In the long run the extra time will be a huge benefit to you.

TBH

it is the cheapest one I could’ve found. It is $13625 per term. Comparing to NYU,LIU etc.... it’s very cheap

I already got $12500 from FAFSA. So, I definitely will not need too much private loan.

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7 hours ago, 203bravo said:

Generally, the only federal aide offered for a 2nd bachelor's degree is unsubsidized student loans of 12,500 per year until you reach the maximum borrowing limit of 57,500.

If you need more than 12,500 per year then your only other option is private student loans, but I am not aware of any that don't come with stringent credit requirements or a co-signer.

I can't imagine any reputable college that does not accept scholarship monies that is sent to them on behalf of a student that would allow them to pay their tuition.

Yes I was able to get that $12500

the program is not that expensive tbh

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On 7/14/2019 at 8:57 AM, Gigie2018 said:

It is $13625 per term

What is considered a term? 13,625 may not be expensive for a year, it is expensive for a semester, and outrageous for a quarter.

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On 7/14/2019 at 9:14 AM, 203bravo said:

What is considered a term? 13,625 may not be expensive for a year, it is expensive for a semester, and outrageous for a quarter.

Humm I’m not sure there’s any program here in NY that cost $13k per year. This one is $29600 per year.

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4 minutes ago, Gigie2018 said:

Humm I’m not sure there’s any program here in NY that cost $13k per year. This one is $29600 per year.

Got you... this is where there is a cultural difference -- you mention in a prior most that you don't have to borrow much money for the program.. But you will need to borrow 17,100 per year just to cover the tuition that isn't covered by your 12,500 federal student loan. And I would assume that you will need to borrow some additional monies to cover living expenses while attending the program.

Personally, I consider this a substantial debt burden - especially if you are compounding this to any prior student debt from your first degree.

I do personally wish you the best of luck.

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1 minute ago, 203bravo said:

Got you... this is where there is a cultural difference -- you mention in a prior most that you don't have to borrow much money for the program.. But you will need to borrow 17,100 per year just to cover the tuition that isn't covered by your 12,500 federal student loan. And I would assume that you will need to borrow some additional monies to cover living expenses while attending the program.

Personally, I consider this a substantial debt burden - especially if you are compounding this to any prior student debt from your first degree.

I do personally wish you the best of luck.

I fortunately do not have any previous debt. Living expenses will be covered by my family. The loans will only be for school.

Thank you sooo much

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Just now, Gigie2018 said:

I fortunately do not have any previous debt. Living expenses will be covered by my family. The loans will only be for school.

Thank you sooo much

That's good... then a 30k loan based on expected wages in NY is very realistic and doable.... the only remaining issue is to where to find a loan given your credit history and lack of co-signer... that I do not have experience with...

Have you personally talked to the programs financial aide office? They do have vested interest in you receiving funding for the program and thus may know of some specific loan program what could help you.

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Specializes in Critical Care.

I find it odd that you have no credit history. Don't you have a credit card? Most people get one when they are in college. Haven't you been working during or after college? If you rent utility bills will show up on your credit report.

I know this isn't what you want to hear but your family is being very smart not to cosign student loans, especially private ones. They can be ridiculously expensive, I've heard up to 18% interest which would be insane to take out loans at that rate. Also there are no bankruptcy options with student loans, they will follow you till you pay them off or you die, whichever comes first! Definitely learn about personal finance before you commit yourself to any student loans.

Why don't you get a job as a CNA at a local hospital and then you can get tuition reimbursement to become a nurse and will get some valuable experience to boot!

I think you should take the time to build up credit, make some money, start taking your science nursing pre-reqs. Consider community college ADN program at your local public tech school and then get an online RN to BSN. It would probably save you money and even if it takes longer it is the better route to not ending up overloaded with student loans that may take decades to pay off!

Also, a program that won't accept scholarships sounds downright shady! I'm assuming it is one of the many for-profit colleges that are springing up everywhere to take people's money! Beware, I don't believe a reputable college would refuse scholarship money! That is a huge red flag to me!

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