I need words of advice.
My school is about 150k tuition for a BSN and I'd be starting in July, but I also got 97k FAFSA and grant all together. I'm planning on getting a 135k private student loan, but my cosigner is asking for a 17% of the loan when disbursed. I know it is ridiculous because this doesn't include the loan company interest rate or APR.
Balance not covered in the Financial Aid is $98,372.47 out of $151,000.
The money not covered in my tuition after Financial Aid is $98,372 The total cost is $151,800, but I'm getting a loan of $135,000 to cover the remaining $98,372 and to as well get some extra to pay my cosigner who wants 17% of the loan I'm getting. He wants 17 percent of $135,000 as his own method of settlement.
Do you think I'm about to make a wise decision and will be able to repay back the loan in 3 years once I start working as an RN in Los Angeles area. I really need to start this school soon as I have delayed much.
I know I've got the option of doing ADN in a community college, but it really takes time to get on the list. I'd need to do prerequisites and then be on a wait list.
I need some words of advice.
Thank you
Posted by Direct-Flight-9711
6 Comments
When you say you got “97k FAFSA and grant” do you mean you were offered 97k in federal loans and grants? Is the $135k in private loans for all three years? What do you mean that your cosigner is asking for 17% of the loan when disbursed?
Why do you need private loans and what is the APR? Can’t federal loans with lower interest rates cover the entire tuition amount? Also what do you mean by your co-signer is asking for 17% of the loan?
You can only borrow up to the cost of attendance total combined between the federal and private loans. How expensive is this program per year?
Do NOT do this. Not only is this an absurd amount of money for a BSN. Your co-signer should not be asking for 17k, that money should only be used for educational expenses. Yes a co-signer is taking a risk but to ask for the money is actually insane. Furthermore private loans are brutal. I recommend either finding a cheaper public school BSN program where you can cover using federal loans or start with an ASN from a CC and go ASN to BSN or go for LPN then do LPN to BSN.
You got 97k in financial aid/grants. Your balance after aid is 98k+. The total tuition is 151k. Your numbers aren’t adding up. But no, do not pay someone to co-sign.
Find a cheaper school