how to survive nursing school- financially

BellasMommyOBRN · Jan 14, 2010

student loans and tax returns. i am in the process of getting my daycare subsidized which hopefully wont take too much longer. so many of us know all-to-well how you feel. you do what you have to. if that means you have to work, well then you'll have to work. i worked a good portion of my first semester and found it too difficult to balance time with my 2 year old. so, i took out more student loans.

Taffey · Jan 14, 2010

I work as much as I can and then use student loans for the rest. It is still difficult. It is not an easy road. I tell my self in the end if I get there it will be worth it.

cmonkey · Jan 14, 2010

Bankruptcy will not create income. If you don't have money coming in, it's not going to change that. You can stop paying CC bills and save up for school and be in better shape than you would with BK on your records. Give it long enough and you can settle with the CC companies.

Sell the car and buy a beater. Put the cards on hold while you pile up cash for school. Pay your mortgage on time, pay your insurance because you clearly need it, and live on NOTHING in the meantime. Once you're out of school and have a job, you can settle the cards.

If you're already in so deep that you're considering BK, loans are not the best idea. Piling debt on top of what you already owe is only going to make the hole that much deeper and if you don't find a GOOD job RIGHT out of school, you'll have that much more stress.

PS, rates are being jacked because CC companies will actually have to operate under some rules, so they're getting themselves in a good position before the rules kick in. You really want to do business with slime like that?

Carrie_MTC · Jan 15, 2010

I would try to avoid filing bankruptcy. Try to take out some student loans. I'm in an ADN program, and have borrowed about $9,000 in loans. Fortunately I don't have a mortgage to worry about right now. Living with my parents until I'm done with school. I also try to buy most of my books off of amazon.com to save some money, bookstores are a rip off.

careerchanger22 · Jan 15, 2010

I am applying to schools now and my husband and I decided to sell our condo if I get in, just bc there is one less income for awhile and it will help with the stress of everything ... having personal finance stress on top of school stress is a lot to take on. Try to minimize your bills somehow...

CBsMommy · Jan 15, 2010

Can you try to do a loan modification with your mortgage company while you still have a job? Can you cut back the hours you work so they will lower your loan payment? The way the loan modification works is that they lower your payment for 5 years and add on what you would've been paying back on the loan. Instead of 30 years, it will typically take 40 years to pay off the loan but if it means getting a better paying job in the meantime, do that. I agree, stop paying the credit cards. It will ruin your credit but so will filing for BK.

If you can get a roommate, do that.

I too have a mortgage, car loan, etc. I do not have credit cards....thank goodness I learned that lesson at the age of 20! I also have tons of medical bills and high insurance premiums because my son was born with bi-lateral cleft lip and palate. We have a company here where if you qualify, they will give him medical for free. It's not very good but it's what we have to do. I am paying most of my medical bills $5/month because then they can't take me to collections.

I would go ahead and take out the loans that you need for living expenses. It's true that it will be adding on money to the amount you owe but once you get a job, I would make it a priority to pay everything off. I am not working my first semester of nursing school (this semester) but I will once the summer starts and throughout the rest of school. It's not going to be easy but we will get there! Good luck!

mammac5 · Jan 15, 2010

Although I realize it's not the focus of your question, I'm concerned with how your MS may progress if you attempt to work and do nursing school at the same time. I'm 44 and have a great energy level because I'm in good health, exercise, eat well, etc. but there are days when I'm physically exhausted -- not to mention the constant stress level with so many things going on all at the same time.

Nosy, I realize...but I wonder if your PCP has discussed all this with you in regards to guarding your own health and minimizing the progression of your disease.

greatpyr_mom · Jan 17, 2010

Thanks for all your replies! I appreciate it.

My credit cards have high balances on it because I was using them for my small business, which was going well until the economy hit the skids.

As far as the MS is concerned, it's a very variable disease and some people (about 1/3) will only have mild symptoms there entire life. My MS is very mild. After being diagnosed for 5 years I've had only very minor problems. My energy level is great and I intensely work out 5 days a week , have a healthy diet , so I'm in top shape, probably much better then the average person of my age (39). I probably could run circles around even you, (the person who suggested my MS would be a hindrance to nursing school) .

In any case, if there is any person who knows exactly what their health status will be in 1, 5,10 years with complete certainty, than you are an anomaly or must be psychic, since the mere act of being human is unpredictable. I do not let my health diagnosis keep me from reaching my goals.

Sorry to sound irritated but I am tired of people discouraging me when they don't understand my situation. I know you didn't mean any harm with your inquiry. However, there is a lot of misinformation out there about MS, preconceived notions about what a 'MS' person is like. If you saw me on the street or in my business, you'd never even guess that I had anything abnormal with my health going on.

ooomonkeys · Apr 28, 2011

Thanks for all your replies! I appreciate it.
My credit cards have high balances on it because I was using them for my small business, which was going well until the economy hit the skids.
As far as the MS is concerned, it's a very variable disease and some people (about 1/3) will only have mild symptoms there entire life. My MS is very mild. After being diagnosed for 5 years I've had only very minor problems. My energy level is great and I intensely work out 5 days a week , have a healthy diet , so I'm in top shape, probably much better then the average person of my age (39). I probably could run circles around even you, (the person who suggested my MS would be a hindrance to nursing school) .
In any case, if there is any person who knows exactly what their health status will be in 1, 5,10 years with complete certainty, than you are an anomaly or must be psychic, since the mere act of being human is unpredictable. I do not let my health diagnosis keep me from reaching my goals.
Sorry to sound irritated but I am tired of people discouraging me when they don't understand my situation. I know you didn't mean any harm with your inquiry. However, there is a lot of misinformation out there about MS, preconceived notions about what a 'MS' person is like. If you saw me on the street or in my business, you'd never even guess that I had anything abnormal with my health going on.

That's so inspiring! Good luck to you I hope everything works out. (Sorry I have no advice about your financial situation.)