For a little background, I have never taken out loans before, I did 2 years of college as a high school student so it was free. This summer, fall and next spring I will be finishing up my pre-reqs at a community college and applying to start next fall to two BSN programs. For numerous reasons, my choices are narrowed down to a public state university and a private school. I am praying I get into the public one because it will be much more affordable, but it is far more competative. Also, right now I am living pay check to pay check. I can easily pay my bills, but I also work two jobs at about 60 hours a week. There is no room to save up for classes or pay huge chunks of anything off. I also make too much money to qualify for any grants or scholarships.
My question is, has anyone used student loans to pay off existing debt to make school a little easier? (I know this isn't "legit") I was thinking if I used my loans to pay down and pay off my car, that is $400 a month I don't have to worry about. I know I will have to work through nursing school, but I would like to keep it to 20 hours a week which would be impossible with the car payment. Or maybe I should just take out the maximum loans and keep everything in a savings account so I have cash to pay for expenses as they come up?
If anyone has done this before and has any pros or cons, that would be great. I am so unsure what the best way to go is! I do not want to be foolish with money or loans.
