Private loans?

Nursing Students SRNA

Published

Hi guys,

I haven't posted many things on here but I can't seem to find the answer to my question.. Or maybe I have but I haven't accepted it... I'm just wondering if it is possible to take out a private student loan to cover extra expenses after receiving federal loans which stipulate a cap at the cost of attendance. I just got into a CRNA program in Illinois and I need help paying for school. I know some people are able to get by on their student loans with families which is amazing! The school states that they pay about 1700 after tuition is taken out, I have a car payment of around 300 and CC payments of about 300/ month as well. I know the "best" idea is to pay off my car and CC but I think I got into school by the skin of my teeth (I'm being realistic, not self-deprecating) and I don't think putting it off until later is the best idea for my situation. Long story short, would any bank give me a few thousand extra/ year on top of what I will receive from federal or am I limited to the COA?

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Specializes in ICU.

I would pay off your credit card if you can. You will get about $20,500 from the gov't per academic YEAR, then you can take out GradPlus (Direct PLUS) loans on top of that, they should cover what your school's financial aid office deems as the rest of your expenses. More info here: Federal Versus Private Loans | Federal Student Aid

You can also check out credible.com to see if you can find private loans with better rates.

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Specializes in TSICU.

yes... but not as a school loan because no one will give you more than what the school says is the cost of attendance which gov't loans should meet that amount. you can take out a consumer loan but that would be under terms like a car loan... like 20k with a $400/month payment plan starting immediately for 5 years or whatever. Back 10 years ago I had a private loan for a grad program but those have gone away.

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I have heard that some schools will make exceptions for the Cost of Attendance they will approve. Mine won't. But talk to the financial aid officer. You will have to show proof of your monthly expenses to prove your cost of attendance is more than they determined, and they may approve it. I think that is how you hear of people supporting families on student loans alone. However, make it work. Don't put off school. Think about the difference in earning potential for every year you wait- it's more than worth it, even if you are stretched thin.

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Thanks for all of your input! I'll definitely talk to my financial aid office. I doubt they'll extend it since it's for a car payment and consumer debt, but I'll eat Ramen everyday for 3 years if that's what it takes. I'll be splitting expenses with my boyfriend so I should be able to figure it out, I was just seeing if I could get a slight cushion to soften the financial stress a bit. It's definitely worth it to me to sacrifice a bit now for the reward of having my dream job in the future! I can't wait to start!!

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Specializes in Anesthesia.

Hi, I believe we're in the same program.. talk to the financial aid office. They will work with you, I'm going through the exact same thing (and I have a 2yr old). PM me if you want to talk :)

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