Was Taking a Loan Out, Worth It?

Nursing Students General Students

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Hi Everyone.

I was just wondering and actually asking for some advice. For those of you out there that has already been through this, I was wondering on a couple of things regarding student loans. I applied for a loan of $15,000 to cover what I couldn't cover for school and partial living expenses. I'm actually independent of my parents and could not get a single soul to help me co-sign my loan because of various reasons. My question is... do you think it will be worth it?... The reason I ask is because the way my loan is setup, 20 years repayment means around $70,000 after everything. That's over 4 1/2 times of what I borrowed. My interest rates are really high because I am actually fairly young with not a strong credit established yet with no cosigner, but they did approve me for the loan. I have a couple days left to cancel if I wish for them to not disburse my loan. I'm wondering if it will be worth it in the end.

I really want to go to nursing school though. I've waited 2 years for this chance. I do not want to pass up the opportunity, but that loan seems a little steep for me. What do you think?

Sorry if the post is long, but any advice is much appreciated.

~nphan2

Specializes in Family Practice, Primary Care.

If you are claiming yourself as an independent on tax returns for more than a year, the feds consider you independent as well. That's how it worked for me.

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If taking on more debt is what you have to do to go to school then do it. At least your eyes are wide open and you are aware of the pitfalls of debt. I was deeply in debt when I was going to school, had to quit school when I got laid off; well, you can guess the rest. I never finished school but six months later, my government loans started demanding payments. I could only stall them for so long due to being unemployed. I ended up losing everything, but those student loans got paid off eventually. I knew I had to pay them because the feds come after you for them. I knew all along that if something were to happen (which it did) and I did not finish school, I still had the debt. But at least I knew what I was doing.

It will be worth it in the end when you get your nursing license, begin working, and whittle away at that debt. You can try to get more than one job or take on overtime to make bigger payments. Eventually your loans will be paid just like mine were. Good luck and hope you make it through nursing school.

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If you are claiming yourself as an independent on tax returns for more than a year, the feds consider you independent as well. That's how it worked for me.

I kept asking my financial aid advisor about this already... she said "no"... she said something about the whole dependency/independent status changed within the program or something.. I don't know.. then again I"m not sure she knows what she is talking about because she said that the federal loans is $2625, when I swear I read that it upped to $3500 this past summer.. I had asked her a month ago..

Anyways, she said that even if I pull out my tax papers and my fathers to prove that I'm independent of him, it would not matter.. I can even have utility bills and my apt lease, and it will still not help.. atleast that's what she says.. :o

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I kept asking my financial aid advisor about this already... she said "no"... she said something about the whole dependency/independent status changed within the program or something.. I don't know.. then again I"m not sure she knows what she is talking about because she said that the federal loans is $2625, when I swear I read that it upped to $3500 this past summer.. I had asked her a month ago..

Anyways, she said that even if I pull out my tax papers and my fathers to prove that I'm independent of him, it would not matter.. I can even have utility bills and my apt lease, and it will still not help.. atleast that's what she says.. :o

Perhaps you should try calling call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). Maybe they can help. I've encountered a few Financial Aid advisors who didn't have a clue. Good Luck!

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Specializes in Family Practice, Primary Care.

Call FAFSA, I am pretty sure she is DEAD wrong.

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hmm.. I never thought about calling them before... thanks for suggesting it.. :thankya:

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Specializes in NICU.

She has no clue what she's talking about. Do like the previous posters have said and call to get more information. If your parents aren't claiming you, then you're independent from them, and they have NO reason to look at your parents' financial situation.

Start on filling out the FAFSA.

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