taking out a loan for school am I wrong

I decided to take out a 3,000 dollar loan in either subsidized or unsubsidized stafford loan this fall. I'll most likely get a unsubsidized loan because my tuition isn't 3,000 dollars. I decided to take out the loan so I can quit my job in order to focus on nursing school for my first year. I'm using the loan to cover my living expenses. I'm hoping to get a job as a cna around feb next year. Once the mbon processe my application and I finish my first semester this fall. Do you think I'm wrong for doing this? Has anyone else considered doing this or done this?

Well, I have 20,000 dollars worth of stafford loans from getting my Bachelor's--so, I don't see how 3,000 will be terribly burdensome. If you need more to survive on then I would recommend taking out more. And yes, the vast majority of students who don't have a full-ride and are not employed live off of student loans (or with their parents). You are definitely in the majority, not the minority.

I am doing something similar this year. I will be starting my 2nd year and this is my 1st year taking out loans. I will be taking out about 7,000 to cover living expenses and pay for tuition, I am also getting about 2,000 in grants. I worked about 24 hours a month last year in nursing school and even then on weeks when I had clinical and had to get the paperwork done I was wishing I had taken out the loans then. I worked through all of my pre-reqs and got scholoarships so I figured what is one year. For you 3,000 is not that much and if it relives some of the stress of trying to make ends meet while you are in school it shouldn't be a problem.

Why would you even think this is wrong? You're using the loans to get your education and, therefore, get yourself in a better position financially once you're finished. You wouldn't be able to do that without the loans...so, no, there is NOTHING wrong with getting a loan.

Loans are a bummer in the fact that they eventually have to be repaid...but they have lots of repayment options and are always willing to work with you and whatever situation you're in...

I WOULD encourage you to pay the interest on your unsubsidized loans as you go though. (It's an option they give you...check with your financial aid office.) This way, it's not just being added to your principle and compounding interest...making your final loan amount a lot higher when you get out.

i started lpn school in aug 08 and just graduated three weeks ago (it was an advanced, 1 year program). i took out loans and quit my job, stayed with my parents, and devoted 110% of my life & time to school. at first i was nervous about doing this, but by sticking to a strict budget and reminding myself that i was doing this for the sake of my education, i was successful. there were other students who had children and jobs, and their work was subpar to mine - i did better on tests and care plans, etc.

in short, it all paid off the day i graduated. i don't regret the decision to quit my job and live on loans. many, many times it made the difference between making me and breaking me. nursing school is stressful and insane enough, we should try to decrease the amount of other craziness surrounding us and just focus on school. you will do well if you put your all into it. good luck. :wink2:

Yes, I'm taking out a Stafford Unsubsidized. (Well, I will be if my school can ever get caught up on their financial aid stuf) Did last year also. $4300 so far. My two kids have to take out loans also...ones a grad student and you don't want to know what her totals are. My son, a soon to graduate engineer has loans not quite as high as hers. They are attending school 500 miles away at UCF so we pay their rent, utilities, car/medical insurance and cell bills. They pay their tuition (whatever is not wavered) their books and other living expenses... and they are lucky we can do it! IMHO it's almost impossible to go to school full time, work full time, and fund it all. (and yes, my kids both work full time)

Getting by these days without taking out school loans probably is for a minority of people. And that's great that they can. I wouldn't worry about taking out loans to fund your education.

Thank you for all the replies I'm feeling much better about it. I was hesistant at first because I would have debt after school. Although now I look more at it as an investment. I hope to get the money by early october.

I took out a 10k loan for the year. I regret nothing (yet)!

I waitress Sat and Sun mornings from 8-2pm for grocery and gas money.

For the rest of my living expenses I am taking a $4000 loan a semester to live off of, I also receive child support, not much, but every little bit helps.

I am on an extremely tight budget and when that big loan check comes I have to be careful not to buy needless things so it last for the 4-6 months that i need.

I think taking a loan is an invesment in your future and you shouldnt worry to much about it, but do be CAREFUL with the money. It is very easy to get a lump sum and think you can afford to order chinese, buy that pair of shoes you do not need but you have been looking at or get highlights when a haircut is all that is neccesary.

So take the loan, be frugal and study hard.

You need to go to nursing school AND work. It's doable. People work and go to school all of the time. Nursing School isn't so hard that you're going to be studying all day every day seven days a week. A lot of students exaggerate that GREATLY. Now is not the time to take out loans. You don't want to have a loan that you have to REPAY once school is finished. You'll be thankful that you worked and went to school later on in life.

Lenders pray off of naive students all of the time. Students make them richer and they make students poorer. All students can see is "Money... right now! Hooray!" They have no business giving loans to such naive, people! :) $3,000 isn't even that much money when you think about it, so just work and pay as you go!

I've noticed a trend on this thread. Seems like all (most?) of the students are pro-loan. They will regret this later on when they have to pay it back! So my advice is: DO NOT TAKE OUT A LOAN.

I look at student loans as an investment into your career... just think about it this way: If, God forbid, you didn't take out the loans and tried to work your way through school and then realized you couldn't handle it, you are behind. If you think it would be too stressful to work and go to school, take out the loan, you are just borrowing against your future... As long as you can land a good job post NS, you will be making enough $ to pay back $3,000 within a few months... BUT DO THAT, don't pay the minimum for the rest of your life... that's where they rip you off. Good luck!

I take out loans, but it's not enough for me to live off of. I also babysit on the days that I do not have class and am looking for something on the weekend so I can supplement all of this and get by. I am single and have no support from anyone, so I really have no choice if I am going to do this. It's tough, but it will all be worth it in the end!