As soon as I got into nursing school I immediately started to think about the financial implications of going back to school full-time. This was a one year accelerated program and it was strongly recommended that we cease working so I quit my job. The job that I was working at was Monday through Saturday from 9am to 6pm so even if I wanted to continue working there would be no way because I had class Monday to Friday from about 8 to 4pm. I was going to go from a steady paycheck to nothing for an entire year at minimum.
If you read my ADN vs BSN blog post you know that a deciding factor when I was choosing a nursing program was cost. My nursing program cost roughly about $10,000 and that figure included tuition, books, uniform, and equipment. I didn’t have that kind of money stashed away and no one in my family was in any position remotely to help me with this financial burden. In fact I was regularly helping my family members while I was working. Luckily I had about $1,000 saved up from working and I decided that this would have to be my emergency fund for the duration of this program. I knew the days of getting my hair and nails done, random shopping sprees, and randomly dining out were over. I went back to doing my own hair and nails, I bring a lunch everyday, and I rarely eat out. Even with all of this it is still a financial struggle for me. But I’ve managed this far. But how have I managed?
Loans
I knew I needed to apply for a loan to pay for the program. Like I said $10,000 is a lot of money for me. Thankfully I stayed in state for my undergraduate education and in high school I also received a 4 year scholarship so I graduated debt free from undergrad. Because of that I hadn’t really utilized my supply of federal subsidized loans so I was planning to finally tap into that reserve to pay for school. If you want more information about federal loans the differences between subsidized and unsubsidized loans check out my next blog post.
At the school I attend you have to apply for financial aid in advance. The mistake I made was that I didn’t inquire about loans until after school had started. I was told I had to wait until everyone who applied for financial aid before me to be processed. After that my application would be processed. But students at my school had applied in August of 2015 for financial aid for January of 2016 so I was 4 months behind. basically I was all the way at the end of the line and I wouldn’t be receiving any funds of any sort any time soon. I ended up paying for my first semester with a credit card which I’ll speak more about in my next point.
Luckily, I am only attending a one year program so I knew that I wouldn’t need loans for an extended period of time and I wouldn’t need more than $10,000. In addition to that, my lender treats my loan as if I am receiving a 4 year degree even though I am in a one year accelerated program. So I’ll be graduating in December of 2016 but I won’t be required to pay back any of my loans until Spring of 2020 interest free! This is wonderful because I know I’ll be entering the work force within the next year and I’ll be able to pay off the entire loan before my repayment date.
So what really worked in my favor was that I still had federal subsidized loans available and my lendor is giving me 4 years interest free until I have to begin repayment. However, because I waited so late to apply for financial aid I was told I wouldn’t be receiving any loan money until the summer time. I was told this in February and the summer time was a looooong ways away. So how did I manage my finances for 7 months with no job?
Credit Cards
I knew that starting a program like this might incur various costs and I didn’t really have cash to pay for everything. I have a decent credit score and I always paid my bills on time. So I opted to open up a new credit card with a $10,000 limit and 0% interest for 15 months. I already had two other credit cards but they had lower limits and were no longer interest free. I also made sure to pay those credit cards off before starting school to avoid issues in the future. Opening a new credit card seemed like the best choice for me and it was probably one of the single best financial decisions I made. This card is basically how I paid for my tuition, books, uniform, incidentals, gas, and everything else until my loan funds disbursed. I know credit cards aren’t for everyone but I’m pretty disciplined and it has worked for me. My plan is to take out $4,500 in subsidized loans in the fall to hold onto in the event that my credit card bill gets too high for me to pay off by the time the 0% interest period is over. That way I can pay off my credit card and still owe no interest until 2020. Hopefully I’ll obtain a job and be able to pay off all my debts within a year or two.
So that’s how I paying for nursing school right? But wait there’s more….
Scholarships
Scholarships are the best. Really. Free money, you can’t ask for anything better. So from January to May, I was still living this broke life patiently waiting for my loan funds to disburse and racking up debt on my credit card. But in mid-May a huge blessing fell into my lap. I was basically offered a $9,000 scholarship for my nursing program. The crazy this is that I hadn’t applied for it either. It was a departmental scholarship where the students were chosen by administrators in the nursing department to receive this scholarship. I was elated. Now I’m basically going to school for free. I feel so blessed and I am so humbled. It’s been two months since I got that email but I am still in awe. After I got that news I knew as soon as the funds from my loan were disbursed I would immediately pay them as well as portion of my credit card debt. But this is my story and this is how things worked out in my favor.
If you are the person reading this blog still trying to figure out what you are going to do financially keep pushing and keep believing. I prayed on my financial situation and God didn’t disappoint. So I want you to keep believing and know that you are choosing an AMAZING career path. You’ll face struggles but it will be more than worth it in the end. I hope this story helped someone out there. If you have any questions please comment below. Until next time, see ya!
The Black Nurse 