Help, student loans!

Posted: Thu, Jul 12 2012, 11:49 pm Post subject: help, student loans!

I need your help, I have gotten accepted to a nursing program that I would love to join. I need alot of money to finance it over 50,000 a year. I applied to nj class loans, sallie mae, as well as loans from private banks all require cosigners and all cosigners that I try get denied.

I am at a loss.

if anyone has any ideas I would love to hear them, I do not want to turn this down beacuse of the loans part...

ty

Platinum Member Joined: Jan 01 2006 Posts: 48223

What about a local doctor as a sponsor?

I think a lot of us didn't get training/degrees because of the money part.

Silver Member Joined: Dec 05 2009 Posts: 557

I'm a nurse working in a top NYC hospital making a top nursing salary. I see maybe 25% of my salary since the rest goes back to paying my Nursing school loans and it will remain this way for decades. If I had to do it again I would not have gone to Nursing school.
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Posted: Fri, Jul 13 2012, 9:03 am Post subject: re: help, student loans!

I feel your pain. We have $70,000 LEFT to pay back on student loans and that's after being out of school for almost 20 years. I'm out of the field in which I have my masters completely and my husband isn't using his masters either. We would have done things differently.

Senior Member Joined: Jul 09 2006 Posts: 207

The govt gives certain professions a lit of money bec of projected income and their ability to pay it back ie I am a dentist and I had no prob w obtaining student loans. For a nurse to take out 50k a year the govt doesnt see it as worth taking the risk bec theu worry about u defaulting on the lian thus they require a cosigner. I think its a great investment tho bec ull make a nice solid income esp if u get a masters so is it possible to get ur parents to cosign? Stay away from private loans the interest rates r crazy.another option is working while in school -and tough but doable even if it brings in only a few thousand - thats money u dont have to borrow and pay interest on. Wish I could b of more help -the best of luck.

Silver Member Joined: Dec 05 2009 Posts: 557

I don't know if OP has kids or not but speaking as someone who has recently finished nursing school I will tell you right now it is impossible to work and do a full time nursing program if you have a family. Nursing school has become very challenging in the past decade or so, they tell you on the first day to drop any hope of getting married or having a kid while you're in the program.

P.S it is a huge fallacy that an NP makes that much more money then a nurse. I can't tell you how many NP's I work with on the floor who remained floor nurses since NP's can't make overtime and thus can't make the salaries that floor nurses make. Nursing is a weird profession where an associates degree nurse makes more then a PHD nurse. So the one good thing about it is once you have your license you can start working towards your maximum earning potential w/o further schooling... but the loans you'll have to repay... and FYI ever since the bail outs not a single bank has allowed me to defer, not even when I was out of work on maternity.