Ask Me About Student Loans!

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask Me About Student Loans!

Kibbles: Jan 16, 2004; Go sell stupid someplace else.

I'm 37, and plan to be a nursing student (don't officially become one until junior year).

As I was filling out my FAFSA, everything went peachy, until it got to some health professions loan, which apparently includes nurses.

This asked for my parent's information, and if I read it right, it doesn't matter how old I am, I'll have to fill it out if I want one of those loans. That or I need something from my parents stating that they refuse to give me the info. My parents are not really thrilled with giving me that info.

Will I be ineligible for the loans if they refuse to give me the information? Is there an advantage to this loan over other student loans? Will their info change anything? They have a home, cars, pensions, social security, investments, whereas I am pretty much a paycheck to paycheck sort of person, only starting to get ahead now, with three kids, including one on disability.

This year I just decided not to apply for that loan since I'm not a junior yet. But the time will come and I'd like to know in advance what to do, what this loan is all about.

# ¿ Dec 29, 2006 06:14

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# ¿ Apr 28, 2024 19:35

Kibbles: Jan 16, 2004; Go sell stupid someplace else.

Wiggy Marie posted:

You're considered an independant student at 24, and don't need to provide your parent's income information any longer. If you're doing the app online and it's not letting you bypass that option, call the Dept of Ed to find out why not, because if it's a type of federal loan (and not credit-based requiring a cosigner) they shouldn't require your parent's info.

Do you have the exact name of the loan that came up? And the school you're applying for/state the school's in would help out, too. It's possible that it's state- or school-specific, which will require further digging by me.

http://www.uiowa.edu/financial-aid/loans/hpl.html Department of Health and Human Services is behind it.

It mentions the parental info there, too. That's not the school I am going to, but I was told nursing is one of the professions/majors that is eligible for that loan.

So the big thing is, but I don't know where to look (and financial aid is closed now, I guess I'll check there too), how would I be penalized if my parents wont give me the info?

# ¿ Dec 29, 2006 13:22

Kibbles: Jan 16, 2004; Go sell stupid someplace else.

Oh, interesting about the Health Professions loan. I think I'll just try to avoid it if I can, seems like a big huge headache. Makes no sense, if you ask me.

But then neither does them bickering about my 20 year old transcript, and the school is doing a FINE job of that, too. Oh I love being an adult student!

Thanks!

# ¿ Dec 30, 2006 13:06

Kibbles: Jan 16, 2004; Go sell stupid someplace else.

Wiggy Marie posted:

KIBBLES, if you�re still around, I got some additional info for ya:

The HPSL is a federal loan program through the Dept. of Health & Human
Services. Parent income DOES have to be included, regardless of the
student's age. The loan is administered through the University, so the
borrower will actually pay back the university once the loan goes into
repayment. It is a need-based loan, so the borrower needs to fill out
the FAFSA as soon as possible.

The interest rate on the HPSL loan is fixed at 5% (just like Perkins).
It is similar to a Perkins, but it is a separate loan program. There is
no guar/origination fee, and the other federal regulations still apply.

I hope this helps you!!!

I am adding aggregate limit general info to my OP tonight, and might go through and perk up some other info. Keep an eye on the OP! And as always, if anyone would like to contribute, feel free!

Thanks, knowing these numbers and how it works will make it easier to make the decision, when the time comes, about taking the loan out or not. My parents are REALLY unhappy about the whole thing. I've got time but now I can run the numbers and see what happens, especially now that school has been put off until September.

# ¿ Jan 5, 2007 05:52

Kibbles: Jan 16, 2004; Go sell stupid someplace else.

Ok you helped me out when I was trying to figure out things for school and I'm in, I got the loans, I start Monday!

My question is this:

I have the two kinds of loans, subsidized and unsubsidized. Fine. They will use those for tuition, and then I will get a voucher to go to the bookstore and pick up my books and they will take it out of the loans (I got NO grants).

Now there will be money left over and they said it can be used for transportation, child care, other school related stuff. Great! But my school said I have to be in school 60 days before they will give me the money.

Students with Pell Grants get money next week/week after. Is this school policy or policy of the loan? I could really use the money for a lot of school related expenses, now, not later. Especially the transportation. One of my classes is going to require a bit of traveling. I'd hate to drop out because I didn't have enough to get to class.

# ¿ Jan 10, 2008 23:16

Kibbles: Jan 16, 2004; Go sell stupid someplace else.

jromano posted:

I'm worried about the financial shape I'll be in after college. I have a half-scholarship, but the program that I'm in isn't cheap. After 4yrs, I'll have about 15k Stafford Loans and 50k Plus loans through Citibank with any interest that occurred while deferring them.

Is this loan manageable on a nurse's salary, say 70k a year, provided I spend reasonably and don't go out and buy another car after graduation? What would the monthly payments look like after consolidating for 10yrs? I don't want to get in over my head.

I'm not near where you are but did you look up loan forgiveness (repayment?) programs for nurses? I saw a bunch of fed ones and state ones, if you go in certain specialties. Maybe you can get one? This is something I looked at last year and thought "oh cool, I'll look into that when I'm getting ready to graduate" so I don't have more details than that.

# ¿ Jan 12, 2008 06:30

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# ¿ Apr 28, 2024 19:35

Kibbles: Jan 16, 2004; Go sell stupid someplace else.

Wiggy Marie posted:

Kibbles, what up!!! That sounds like a decidedly retarded school policy. There is no federal guideline telling the schools they have to wait that long to give you your own freakin' money. I'd harass someone in financial aid, personally. There has to be something else. Tell them that it makes no sense to withhold federal loans from the student for so long because these are used for studies and living expenses - which is the freakin' intention!!!

To everyone helping out with suggestions: thank you!!!!! Please keep that up! I'm not always able to answer quickly and I do NOT in any way mind if y'all help each other out too.

THank you SO MUCH. Now that I *know* it is school policy only, I can push to get my money sooner. I was afraid they would tell me otherwise. I'm going to state my case calmly but firmly. I have a lot of financial responsibilities and going to school is increasing them. (Mom of 3 with one disabled kid who requires special child care. Spouse working out of town for months at a time.) I would seriously hate to drop out because my child care fell through or they cancel the public transportation from one campus to another. (I have one class, 3x a week, in another town.) I see no reason for them to sit on the money that long. Boy, Monday is going to be fun

# ¿ Jan 13, 2008 00:31

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask Me About Student Loans!