Okay so im a high school student in the 11th grade. Money is really tight. My mom is a correction officer, which means she should be able to afford a $214,000 tuition for all four years, but shes very selfish. Which means im on my own when it comes to college.
WHOA – hold it right there! I understand that you are young and may not be aware of a lot of “financial stuff,” but if your mother makes the national average salary for a corrections officer, it would take her 5 and a half years to pay off a student loan debt of that magnitude – and that would be if she spent EVERY SINGLE PENNY she made on your tuition. No home, no car, no eating, no nothing else.
I don’t know your Mom, so I can’t say she’s not selfish. But if she is, it’s not because she has a bunch of money laying around to spend on $214,000 worth of college tuition.
My plan was to apply for financial aid which probably would be much because of the job my mom has. right?
I think you’re asking if you would be denied financial aid because your Mom has a job? If so – no, that’s not necessarily true at all. There are many factors that go into whether or not you are eligible for financial aid.
after applying i would subtract that from the tuition and take out a student loan for the rest. which basically means my whole college tuition will be paid by student loans.
Welcome to the club! This is how the vast majority of people pay for school in this day & age.
im planning on getting a BSN (Bachelor in Science of Nursing) in order to become a registered nurse. I just wanted to know, is this alot of money to take out for a student loan?
Yes. A ton. In fact, a little research tells me that $214,000 is about twice the average cost someone should expect to pay to get a nursing degree. I’m not sure where you plan on going to school, but you may want to rethink going to a place that will cost you this much, unless you win the lottery between now & graduation.
will i be able to make payments sucessfully with the type of salary i will have coming in, plus other expenses?
Probably not, if you go the $214,000 tuition route. The average salary for an RN is about $65,000 per year. That’s about $4,200 per month take home pay. A monthly payment on a loan of that size is estimated to be about $2,500 per month. Add in a home, car, utilities, food, entertainment, clothes, etc. – and you’re probably not gonna make it.
The good news is, however, that either your number of $214,000 is wrong, or you can become a nurse for a LOT less money than that. So go get ’em!
What say you folks? Got any advice for this young person?