my hopes are receiving scholarship money i have applied for many . however if i do take out a loan would it be a bad idea to take out an unsubsidized loan so that i do not have to work a part time job and i can use my time apart from school to focus on my acting career while i am still young 21 yrs old and want to give acting my best shot.? however i do not not understand loans that well. i am majoring in biology. my plan after undergrad is to get into an accelerated msn or bsn program. i do not plan on having kids and im not into traveling, expensive clothes, jewlry, new gadgets or living in a huge house. its just not for me. i plan on using my money to invest in my my own busineses on the side and save for an early retirement. So i should have enough money to pay back my loans. I go to a state school and tuition is 5500 a year. do you think loans are a bad idea no matter what. should i spend my 20 hrs of free time working a part time job avoiding loans or should i give acting a shot.
id take out 6500 a year enough for school and a few other fees. i dont need money for transportation or food. i eat for cheap and my food stamps enough to get by and my school is walking distance from where i stay. if i become a nurse and work for a hospital like kaiser for example. cant i get into the loan forgiveness program ? but will that only cover loans i took out for nursing or will that include undergrad as well?
Loan forgiveness usually requires you work in specific settings for a certain amount of time. Google loan forgiveness nursing to see the possibilities.
What state are you in?
Here’s the loan forgiveness for nursing program. It’s called Nurse Corps. http://www.hrsa.gov/loanscholarships/repayment/nursing/
If you want to be nurse, why are you majoring in biology? You plan to go to school for 4 years, get your first degree, and then add another 18 months in an accelerated BSN? It’s a second bachelor’s, little to no fin aid and very expensive.
Loans at or under the federal direct limits aren’t generally a bad idea.
@ordinarylives Be wary what you borrow as an undergraduate, because you never know if you will want to go to graduate school. Many undergraduates adopt a “don’t worry” attitude and then wake up and discover that they owe a lot.
Keep in mind that the amount of loans that are forgiven is taxable, so it’s not an automatic ticket out of debt!
And in NurseCorps, loans are not 100% forgiven, not everyone who applies is accepted, you have to be working full time at an approved facility, and loans taken for the first bachelor’s would not qualify for the program. It’s not an easy way out of student loans.
Goldenbear, usually loans forgiven for public service, teaching, nursing are not taxable. Loans forgiven after 20 years under a payment program or because of a disability are taxed.