Where can I get a loan to go to school and not have to work while going to school?

Question

I had my L.P.N. license and I went in-active in 1991 and I have decided that getting my license reinstated would be the quickest way for me to increase my earning potential. So I would like to go back to school, but I would like to just concentrate on just school and not having to work while accomplishing my goal. So I would like to have some answers from other who might have similiar situations. I did qualify for a pell grant, but that will not help me living expenses, etc. I feel that I would do better if I could just concentrate on my goal of getting my license back. I don't know if I could get any amount that I would need for school and expenses or if it is limited. If you can guide me in the right direction I would be most appreciative of your help in this matter. I live in a small town and with my mother who is not in good health. I have been making low wages and want to increase my earnings, so that we can live better. Would like to pay back loan after I get finished with school

My college that I am going to does not participate in federal loans it is a junior or community college so the federal programs I will not be able to use.

Answer 1

http://www.fafsa.ed.gov/

Answer 2

There are a whole variety of loans that don't require the student applicant to be employed. Federal Stafford and Federal Perkins loans don't require a credit check (at all) and definitely don't require employment history or income. Always go for these loans first before turning to private loans -- the rates and repayment terms are generally much more favorable. The application for these loans is simply the FAFSA (which you would have completed already in order to get your Pell grant).

Once you have exhausted your federal loan options, you can apply for private loan funding. Some lenders (like Sallie Mae) specifically state that they have no income requirement (see link below). Consider applying for Sallie Mae's Signature Loan -- if your credit is good, it is possible that you will be credit-approved on your own. However, it is always in your best interest to apply with a credit-worthy co-signer. If BOTH of you have great credit, you might receive a rate as low as Prime - 1% (which is pretty darn good).

Other good loans to consider: Citibank's CitiAssist Loan and Bank of America's private loan. With all three of these loans, you would not be responsible for any payments until you graduate (or withdraw, etc.).

Answer 3

When you fill out the FAFSA (federal application for student aid) check on there that you are interested in loans. They will give you loans to make up the difference between what you can afford to pay to go to school there for the semester and what the actual living expenses are for the semester. This year I got both a subsidized stafford loan and an unsubsidized stafford loan in addition to the Pell Grant.