My DD's student loans were denied, now what?

[meems]

I just had someone else tell me that his sons friends were having issues with getting loans this year.


We're there too..my DD is a senior in nursing school, honor roll...we have good credit.. the government loans gover basic tuition, she had a secondary loan that covered living expenses, books etc. I can pull from savings..but it's going to suck my emergency account down fast if I have to..that & I"m paying for a wedding next May.

Do we try to apply other places?

Anyone have experience in this area that can offer advice?

Thanks!

[aspen'smom]

Has she tried applying for scholarships? There are thousands out there, but make sure you use reputable sites. Does she qualify for grants? Also, are you considering the new tax credit? Beyond that, if she isn't already, I would suggest working through school- unless an unpaid internship is necessary to finish school. I am finding Dave Ramsey's advice very helpful recently--- don't borrow money. Sell things, have a garage sale, pick up a part time job, etc. Having a large loan to pay off when you get out of school is not a good way to start out...... just my 2 cents.

[mom2lucas]

DH had this problem a couple years ago; they gave no reason just said it was denied. We found out later we had a debt on our credit that was not ours. He went through our credit union and was able to get a student loan through them with no issues at all. He had to pay it back sooner, but the payments were really small to start with. Maybe check into that.

[nirwin24]

As pp said about a part time job. As a college student I know how difficult it is to keep a job and get a job in this economy to work with your school hours, but I would suggest she get student work on campus at the university. Usually they pay part of your tuition (if it's already been paid by govn't loan then a check will be written to her directly). They also work well with your class schedule and pay somewhere around minimum wage at 20hrs a week.

I also suggest scholarships, especially for nursing degrees. They are one of the most in demand fields right now. Check local hospitals, the Moose club, the Elks club, the American Legion, the Shriners.

If all else fails look for another loan company. There are tons out there willing to charge you interest on borrowed money. Good luck to you and your daughter.

[Sweet_Southern_Mama]

I just wanted to add that if at all possible I would do anything to avoid getting a loan, more loans or loans for anything more than absolutely necessary. I graduated with $18,000 in student loans which is actually on the low end. Honestly, it makes things easier when in school, but it delays everything else after graduation & it is such a pain. Just an example, we want to have a baby, but we can't afford to take that step until my loans are paid off.

At the very least I would reccomend her getting a job to cover living expenses so she doesn't have to borrow money for that. On the other hand, I realize that nursing school is very demanding. These are just ideas.

[aspen'smom]

As pp have said, nurses are very high in demand- maybe she could start looking for a nursing job and see if they offer a sign on bonus or will help pay part of her tuition. Maybe some hospitals have programs to work off your tuition while you are in school? Just some random thoughts as I am not familiar with nursing/hospitals, etc. Just wanted to offer some ideas to check into.

[mooosley]

Aspensmom has a great idea. Nurses are in such high demand most hospitals offer tuition reimbursement. My mom was an LPN for years and later in life went for her RN and NP degrees. She was offered a scholarship from the county if she promised to work in a facility w/in the county for 3 years (not really that long of a commitment). It couldn't hurt for her to check w/her county's dept of health to see if they offer something similar.

[NJOYURLIFE]

Why is this a discussion about the cons of having debt? The original question was about problems getting student loans, not whethor it is a good or bad idea.

[kval07]

Meems, does your work (or your husband if you are married) have any sort of tuition program for your dependents? Worth checking in to, especially if it is a large company. My work goes have a dependent tuition program. I don't think they pay until after the semester and it is dependent on a certain GPA and your working there during the whole period requesting tuition reimbursement.