What do you think is the best type of loan for nursing school

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I am shopping around for a loan for nursing school. I don't qualify for financial aid (being middle class is not a good thing--we don't qualify for anything and we don't make tons of money either!). My credit is excellent, so I'd like to get the best loan possible. Does anyone have experience with this? Thank you for your help!

I filled out the fafsa but the school I'm applying to sent me a letter saying that they don't participate in the federal student loans, or something like that. Kind of wierd. They are an accredited school, but maybe because it's so small. I'm not sure. So my only option for this school is private loans. :o

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ahhh, i love community college!

i work as a bartender, but still need help financially. i qualify for federal financial aid (subsidized stafford loans), but i'm really hoping for a pell grant this year. also, i always apply for donor scholarships through my school.

i am crossing my fingers for this semester!!

i actually have about 2 g's in stafford loans already (3/4 of the way doen with a ba in philosophy...and then i got bored). so, that's all the *school* debt i have, as of right now.

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The only way you can get any sort of Stafford loan is through a FAFSA, so yes, you did fill out a fafsa.

Umm...people who get grants and "free money" usually have very high grades, very high financial need, or a combination of both. We're talking about people who are the first in their family to go to college, have no money literally - this means no jobs like many of you do, no assets, and if it were not for financial aid, simply wouldn't be able to go to college.

If you have a job, some savings, stocks/bonds/401k/IRAs and/or any other investments or assets....then um yea...you're not going to be as needy. If you want more grants to go to you, petition your elected officials to fund higher education more instead of the millions we spend per minute in places like Iraq.

So heres the gist. Most people's financial aid is composed with Stafford subsidized/unsubsidized loans with is I believe is 5.6/6.8 percent respectively. Financial aid doesn't mean you're entitled to FREE MONEY. It means you will have access to low cost funding sources. If this aid doesn't cover your tuition plus cost of living - well then its time to shop around for a private loan. I suggest Northstar Total Higher Education company - a NON PROFIT student lender. Be very wary of lenders that are not non-profit organizations.

Yes, i know it sucks but school is expensive in this country for some reason. We need to change that. Me for example, I have 30k in previous student loans from my first degree, I cashed out my 401k and have no other assets besides my 14 year old car. My package consisted of all loans, mostly stafford unsubsidized. I got no grants, so I went shopping for loans and scholarships.

You really need to beat the pavement to make sure your funded, but don't believe for a second that financial aid means you're entitled to free money. And certainly don't speak negatively about those who actually get grants. Usually, they deserve it and live in a lot worse conditions than you do.

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I filled out the fafsa but the school I'm applying to sent me a letter saying that they don't participate in the federal student loans, or something like that. Kind of wierd. They are an accredited school, but maybe because it's so small. I'm not sure. So my only option for this school is private loans. :o

Umm i would seriously reconsider the school you're going to. I have never heard of a school that doesn't participate in FAFSA. I would be very wary and research this school more. Unfortunately there are a lot of nefarious for profit schools out there ripping people off.

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Specializes in Couplet Care/Newborn Nursery.

I am quitting my job to start nursing school and applied for the fasfa.

I received federal sub and unsub loans and also the grad plus loan to cover all the other costs.

I thought about going with a private lender, but just stuck with the grad plus, hopefully I made a good choice.

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Umm i would seriously reconsider the school you're going to. I have never heard of a school that doesn't participate in FAFSA. I would be very wary and research this school more. Unfortunately there are a lot of nefarious for profit schools out there ripping people off.

They are not a for profit school. It's Jefferson Davis Community College in alabama. I talked to wells fargo and they said there are some schools that don't participate in federal student loans. They still do the fafsa, for people who can get grants, but they don't do federal loans for some reason. I'm not sure why.

But anyways, I applied for private loans and got turned down. So I'm not sure what to do next. The other school I'm applying at I still haven't heard back from about federal aid and I applied like 3 months ago. They said it takes a long time to hear anything back. But they do particpate in the federal loans, so hopefully that works out.

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The only way you can get any sort of Stafford loan is through a FAFSA, so yes, you did fill out a fafsa.

Umm...people who get grants and "free money" usually have very high grades, very high financial need, or a combination of both. We're talking about people who are the first in their family to go to college, have no money literally - this means no jobs like many of you do, no assets, and if it were not for financial aid, simply wouldn't be able to go to college.

If you have a job, some savings, stocks/bonds/401k/IRAs and/or any other investments or assets....then um yea...you're not going to be as needy. If you want more grants to go to you, petition your elected officials to fund higher education more instead of the millions we spend per minute in places like Iraq.

So heres the gist. Most people's financial aid is composed with Stafford subsidized/unsubsidized loans with is I believe is 5.6/6.8 percent respectively. Financial aid doesn't mean you're entitled to FREE MONEY. It means you will have access to low cost funding sources. If this aid doesn't cover your tuition plus cost of living - well then its time to shop around for a private loan. I suggest Northstar Total Higher Education company - a NON PROFIT student lender. Be very wary of lenders that are not non-profit organizations.

Yes, i know it sucks but school is expensive in this country for some reason. We need to change that. Me for example, I have 30k in previous student loans from my first degree, I cashed out my 401k and have no other assets besides my 14 year old car. My package consisted of all loans, mostly stafford unsubsidized. I got no grants, so I went shopping for loans and scholarships.

You really need to beat the pavement to make sure your funded, but don't believe for a second that financial aid means you're entitled to free money. And certainly don't speak negatively about those who actually get grants. Usually, they deserve it and live in a lot worse conditions than you do.

I don't think anybody here was talking bad about people who get grants. I think we all wish we could get them too! My mom lived on welfare, foodstamps, and grants for school to get her through college when she was a single mom with 3 kids. So please don't assume that I think negatively about people who get them. I've lived on the other side, I definitely see the need for it. I just wish I could get a piece of the pie. I don't qualify for student loans but I don't qualify for grants either. So what is there for people like me? Yes I work, but my debt is much higher than my income so I don't even have room for saving and I don't have 401k's or retirement plans to draw on. After all of my bills and daycare I have (maybe) a hundred dollars left over each week for groceries and gas. That's not much for a family of four. Just because people work and have a house and a car that doesn't mean that they are not struggling to get by on a day to day basis. It's not fair that the people in the middle are the ones that get shoved to the side the most. Yes I may be better off than some. But I am rich by no means.

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Kayty--You've summed it up rather nicely! It seems that the more we are willing to help ourselves, the less we will qualify for. I mean the harder we (mostly we middle class) try to pull ourselves up and get ahead the more we get knocked back down. Yes, some people truly are in desperate need and they should receive assistance. But--what about those who always take the easy way out, get hand-outs all of the time, drive a nicer car than the rest of us, have a big, beautiful house, nice clothes, cell phones decked out with every possible feature & service, and can afford a fancy Starbucks drink every day? All of these people who are so much BETTER than me are constantly asking what their balance is on their financial aid, while I try and figure out how to buy my next textbook. How is it fair that they qualify for nearly everything and we don't? Something isn't right. And no--I am not knocking the people who are in need and truly cannot get ahead on their own, so don't even go there.

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i know how you feel. My parents are middle class too and dont make hardly any money and we dont qualify for grants either, but i did end up taking out subsidized, unsubizided and parent plus loans. I would stay away from private loans as much as possible. Private loan companies have the ability to change the interest rate as much as they want when its time for you to start paying them off. Which means it might be 8.00% when you first start taking them out, but when you start paying on them, they can jack up the price to 30.00% if they want. Parent plus loans and the stafford loans are a FIXED rate and they wont screw you over

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i know how you feel. My parents are middle class too and dont make hardly any money and we dont qualify for grants either, but i did end up taking out subsidized, unsubizided and parent plus loans. I would stay away from private loans as much as possible. Private loan companies have the ability to change the interest rate as much as they want when its time for you to start paying them off. Which means it might be 8.00% when you first start taking them out, but when you start paying on them, they can jack up the price to 30.00% if they want. Parent plus loans and the stafford loans are a FIXED rate and they wont screw you over

You got subsidized loans where you pay no interest while youre in school. You also got loans with really low interest rates. You got financial aid the same as most everyone else.

Private loans are locked into the LIBOR rate or the Prime rate which have been around 3-4% for a while. So no, the interest rate will not go to 30%. It isn't a ARM mortgage.

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My nursing program starts in August - it is an accelerated MSN/NP for students who already have a bachelors. Even with working part time I am looking at multiple thousands of dollars in loans as I am going to a private school. School loans are the norm for most students in undergrad, and an absolute must for those of us grad students who are not heirs to some fortune. So on top of the 40K I have outstanding in UG loans - I am looking at close to 90K more by the time I graduate.

As a good friend once told me - educational loans are the best debt you can have. You can't wear a house on your back, your education is part of you.

It is pretty rare to not be able to qualify for federal subsidized and unsub loans. Like really rare. I think for UG its something like 19K a year whether you are a dependent or not. Then there are plus loans, also federal, with a slighly higher interest rate. All of these offer deferments while in school, (and while out for a certain amount of time, that can be extended easily for financial difficulty). Beyond this many schools offer types of loan forgiveness if you work in non-profit for a pretty large chunk of time ...

If you are taking on nursing school and seriously want to be a nurse - honestly, don't worry about taking on debt. The field will absolutely continue to grow. Hell girl, I am 45 and taking on more than a mortgage worth of loans. Because I know that this is a solid field, and exactly what I should be doing, and like most of you all, will have to cut back if not quit work. Good luck to you.

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PHEW!!! I'm glad you clarified the 30% interest rate issue. :bow: I threw up in my mouth a little when I read 30% which was posted by SummerLin. Just kidding-- but it was not a good feeling when I saw that rate!!! :banghead:

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