will I be able to get a loan for school if I have had to file bankruptcy?

Sugar-Phosphate · Apr 15, 2011

I am in a very similar situation. 4 years ago I had to file for bankruptcy. I tried to get government student loans, but I did not qualify due to common-law boyfriend making too much money. I felt ripped off, and extremely upset. It was not my fault he had too much debt to pay for before I moved in. Nonetheless, a few years later, and I am still no better off. I have tried improving my credit but bankruptcy screwed me over.

Recently RBC created a loan for professional students, and nursing is one of them. The odds sounded really good for me to get it. They even said no cosigner needed, because they are guaranteed to get their money back once you get a job. The major stipulation to getting it is that you need to be accepted into the program. I just applied for the loan, and I am hopefully awaiting my acceptance letter to try to get it.

After speaking with my financial adviser he told me that my chances are extremely small that I will get the loan even with a cosigner, but I have to try.

I have to believe that I have been kicked when I am down enough and something has to go right. I will let you know if I have any luck with this, perhaps you might in the future on your end somewhere.

If however, you are not is a similar situation, no husband/boyfriend with money (of which mine was seriously extended when I met), then federal student loans as was previously mentioned might be an excellent option!!!!

horseygirl2rn · Apr 15, 2011

I CANNOT THANK YOU ENOUGH for your message today...TRULY!

I met with student finance yesterday for a school that I have been trying to get into...(and it sounds as though I have a good shot at getting accepted!). (I should know in a few weeks)

I, like most people here have gone through so much between taking pre reqs, working full time, being turned down by 6 schools etc, etc...and now that I am HERE and ready to start I can't.

I am able to get financing for the cost of the program, but nothing after that, and unfortunately the school doesn't help with anything beyond getting school financed.

SO I went home last night and cried myself to sleep. I suddenly lost my focus, my goals, and of course my DREAM to go back to school.

They want you to stop working, and basically take out loans to live off of, which I would be willing to do...if I qualified. (but I am only 2.5 years out of bankruptcy).

SO I really don't know where to go from here.

But again your post was so helpful and came at the perfect time!

THANK YOU SO VERY MUCH!!!!

Please keep me posted on your situation...K? :nurse:

Nomijen · Apr 15, 2011

Just a few comments on your situation...Yes, you will qualify for federal loans. Second, why in God's name are you paying 45k for a nursing program!??!!! That seems insane to me. And third, while they want you to stop working, is it a necessity? Most of the ppl in my program are working and passing just fine :) Just a thought. GL with everything.

horseygirl2rn · Apr 15, 2011

I did qualify for the Fed loans, but nothing more than the cost of school...in other words, nothing to live off of.

As for the cost of the school, the CC are extremely competitive to get into (I have been trying for a year now) and they are requiring me to take an additional 6-8 more classes (I already have a BS degree)...

I was accepted into this prgm through Everest University- which is a private school with small class sizes (25) to be exact.

So I have considered going so I can start sooner than later.

Sugar-Phosphate · Apr 16, 2011

I am so sorry to hear about your situation. It is not very comforting, but what is keeping you from getting accepted into a regular college, GPA, low volunteer hours? Is there anything you can do to make yourself more competitive? Do you have any family or friends that would be willing to cosign for you to get a bank loan? I was there two years ago, and am kinda there now. I am trying to think that in worst case scenario is that in 3 years my bankruptcy will be off my record and I can get a bank loan that way. I was where you are 2 years ago, it can happen, just not necessarily when we want it.

I completely understand, and if my loan falls thorough I will be depressed for awhile, but I will make it eventually. If I figure out anything I will help you out too!

BTW, when I am a nurse and finished I am making a $5000 yearly scholarship for people just like us!

horseygirl2rn · Apr 19, 2011

Your post was SOO AWESOME, thank you so very much!

My concern with getting into the CC is that the competition is so great right now, my GPA is only a 3.2, I have no experience or volunteer hours, and although my HESI score was good, they look at the TEAS exam only and that one I only did average on.

So, no I'm not the worst student, but I'm also not the best and fear that if I keep trying for the CC I may have to wait a year or two.

Is it at all possible, if you don't qualify for a loan, for you to work while attending school? I just found out that my friend worked as a recept. in the ER and they not only gave her benefits, BUT worked around her school schedule AND paid money towards her loans!

Would that be an option for you?

As for the scholarship...WHAT AN AWESOME IDEA!!!! :yeah:

Keep me posted...K?

K_girl · Apr 19, 2011

Hi Horsey,

45k sounds to me like an obscene amount to pay for a nursing degree. I read some other posts about Everest and it's come back with mixed reviews. Hopefully it's not the same one I am thinking about. Is it nationally accredited?

horseygirl2rn · Apr 19, 2011

Yes, it is nationally accredited. If you hear anything else could you please let me know?

Thanks so much!!!

Jen

newRNstudent02 · Apr 19, 2011

45K, that's actually a reasonable price for a BSN. I have a friend that had to take out 90K in loans to go to an absn program in san fran. Now, that's scary!

horseygirl2rn · Apr 20, 2011

It's not a BSN, it's an associates, I got into another school that is 60K and THAT one is a BSN.