Hi. I am a senior nursing student graduating in May. My father was the sole resource and provider for everything that had to do with college and living situations. He got laid off from work and now I have to take on rent and a few other school things. I was offered a loan at the beginning of the semester (federal) and I am wondering if I can still accept it and if that is a smart idea. Please any advice at this point in time will help. Have a good day.
Tagging @kelsmom.
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@kelsmom can give you the definitive answer…but IIRC, you can apply for the full Direct Loan as long as you get everything application and approval completed well before your 2022-2023 academic year ends.
Go to your school financial aid office and ask them what to do.
If you haven’t taken any of the Direct Loan this academic year, I believe you can get $7500 if you are a college senior.
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Yes, talk to your financial aid office asap. Taking the direct student loan for this year would be fine and, unless you have a lot of other debt, won’t have a significant negative impact on your future financial well being. Finishing school and starting your career is the best financial move you can make, and borrowing a bit to make that possible is worth it.
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You can borrow the loan as long as you are enrolled at least half time. Talk to your financial aid office - they can help you. If you don’t need the full amount of the loan that was offered, you can accept what you need. If you haven’t borrowed until now, you’ll have some steps in addition to requesting the loan (entrance counseling, master promissory note) - be sure to stay on top of what you need to do.
In addition, it’s possible that the job loss might mean your aid could be reevaluated. It’s getting close to the end of the academic year, and everything will have to be done quickly so that it’s completed before school ends. But you might end up eligible for a Pell Grant … and you won’t know if you don’t try. Schedule a meeting with a financial aid officer to discuss your situation.
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You are so close. There are lot of jobs for nurses.
I agree that you need to talk to your financial aid people at your school. They can help you come up with something that will get you through the end of the semester. Taking on debt for one single semester should be fine for someone who is about to graduate with a degree in nursing.
Let us know how this goes.
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I wasn’t able to re evaluate my aid, as my fathers official last paycheck because of severance packets is June which will already be after the semester. I was advised to take the loan which I did. I also already have four job offers with start dates in June and July with very good bonuses/pay. Thank you guys so much you really have saved my life!
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That’s fabulous about the job offers! You are on the home stretch!
Congratulations and glad that Direct Loan made the finances work out.