10-30-2012 05:47 PM
My wife went back to school a couple of years ago to become a nurse after she lost her job and I lost my business(so my credit isn't very good ) She is about to get her associates degree and apply for nursing school but they now tell her she can not get any more loan money because she is caped out at 57000 is there any alternatives are did we just waste 2 years of our lives and 57000 dollars
10-30-2012 06:40 PM
If you are at your cap for undergraduate Federal student loans, then your wife will not be able to take out any more federal loans for her continuing undergraduate education. I believe there are different limits for graduate education (like a Masters degree). You do have the option of private student loans, but you lose out on many of the protections of federal loans and they are based on your credit history, so depending on your combined income, debt load and credit scores, she may have a hard time obtaining private loans.
Honestly, $57,000 is a LOT to pay for 2 years of schooling, where did she go? Do you think she's going to be able to pay off that debt with her new career? Is continuing her schooling the best option right now? Some hospitals will offer tuition reimbursement to help nurses further their education, maybe she can look for a job with her current credentials and then work toward the next step in that way?