Pam "SFSOM" in TN Posted October 17, 2008 Share Posted October 17, 2008 My lender is no longer offering loans to education students, nursing students, or certain engineering students because of "the current liquidity situation." :willy_nilly: This is about 1/5th of our budget for the year. I submitted this Aug. 18. The school dragged its feet getting paperwork in. Now, no student loan. :( Quote Link to comment Share on other sites More sharing options...
CAMom Posted October 17, 2008 Share Posted October 17, 2008 Oh no, Pam. I'm so sorry and hope that you are able to find a suitable resolution.:grouphug: Quote Link to comment Share on other sites More sharing options...
Mamagistra Posted October 17, 2008 Share Posted October 17, 2008 I think we should push for a bailout. :tongue_smilie: :grouphug: Quote Link to comment Share on other sites More sharing options...
Mama Lynx Posted October 17, 2008 Share Posted October 17, 2008 My lender is no longer offering loans to education students, nursing students, or certain engineering students because of "the current liquidity situation." :willy_nilly: This is about 1/5th of our budget for the year. I submitted this Aug. 18. The school dragged its feet getting paperwork in. Now, no student loan. :( Oh, my gosh, Pam. I am so, so sorry. I think you should yell and scream ... and I will keep my fingers crossed that there is SOMEONE willing to make these loans. So no education students, nursing students or engineering students. Um ... to whom are they lending? I thought you had a good chance of getting a job if you were a teacher or a nurse, and certainly some forms of engineering. Am I wrong? 'Cause if I'm right, that doesn't make much sense, on the surface. Quote Link to comment Share on other sites More sharing options...
sleepy Posted October 17, 2008 Share Posted October 17, 2008 Oh, no! I'm so sorry! Is this a situation where it's just too late, and you'll have to get by without the loan... or do you have other options? :confused: I hope you find some solution. Quote Link to comment Share on other sites More sharing options...
PariSarah Posted October 17, 2008 Share Posted October 17, 2008 . . . they're the ones who have a shot at actually paying BACK the loans!!! Dropping divinity students, now, THAT makes sense. I'm sorry, Pam. I hope you get something in place quickly. :grouphug::grouphug: Quote Link to comment Share on other sites More sharing options...
Michelle in MO Posted October 17, 2008 Share Posted October 17, 2008 (school? bank?), but is there any other recourse? Another lender or bank, perhaps? How about a discussion with the school's financial aid officer? There are still plenty of banks up and running in the U.S., and people getting loans. Keep checking, and we'll pray for you. Hopefully there's some recourse to all of this. :grouphug: Quote Link to comment Share on other sites More sharing options...
Brigitte Posted October 17, 2008 Share Posted October 17, 2008 Oh no! It seems like nursing students would be a sure thing, since hospitals can't get enough of them. The girls will be in bed shortly, come over and drink your sorrows away. You can spend the night. Quote Link to comment Share on other sites More sharing options...
Spy Car Posted October 17, 2008 Share Posted October 17, 2008 I'm sorry Pam. Hopefully the credit market stabilizes in time for you to get help with a student loan. Bill Quote Link to comment Share on other sites More sharing options...
kalanamak Posted October 17, 2008 Share Posted October 17, 2008 Oh, no....no other sources? No Stafford for nurses? Oh, no. Quote Link to comment Share on other sites More sharing options...
Pam "SFSOM" in TN Posted October 17, 2008 Author Share Posted October 17, 2008 Oh, no....no other sources? No Stafford for nurses? Oh, no. To answer this (and others who have asked), I don't know. I suppose. I got the letter today, Friday afternoon after The Exam, and financial aid was closed. I'm gonna raise heck about their inefficiency, that's for sure. Before, I was only annoyed. Now, I'm furious. My tuition is paid with scholarships. The student loans are for living expenses. So at least school is taken care of. But... grrrr. Quote Link to comment Share on other sites More sharing options...
JennifersLost Posted October 17, 2008 Share Posted October 17, 2008 Oh no! Will be thinking good thoughts your way, Pam. Here's hoping for unexpected sources of income!!!!! Quote Link to comment Share on other sites More sharing options...
Jenny in Atl Posted October 17, 2008 Share Posted October 17, 2008 :grouphug: Quote Link to comment Share on other sites More sharing options...
jejily Posted October 17, 2008 Share Posted October 17, 2008 I'm sorry to hear that! Interestingly, we just found out this week that my son's university never received the disbursement of his Federal Stafford Loan for this semester, and they want their money NOW. It took a lot of digging... but it turns out the lender WENT OUT OF BUSINESS this summer before paying out the loans! Gee, wouldn't you think we'd have gotten a letter or notice or something?! So, we are scrambling to apply for a loan from someone else, although I'm afraid it might be too late. Quote Link to comment Share on other sites More sharing options...
Amy in Orlando Posted October 17, 2008 Share Posted October 17, 2008 I hope you can figure something out, Pam. I'm furious for you! Quote Link to comment Share on other sites More sharing options...
Melinda in VT Posted October 18, 2008 Share Posted October 18, 2008 Why do these things always arrive in the mail after the office has closed for the weekend??? I'm so sorry, Pam. And I agree with the others. If they give loans to anyone, it should be nursing students. Quote Link to comment Share on other sites More sharing options...
Caroline Posted October 18, 2008 Share Posted October 18, 2008 I am so sorry. I hope there is a way for this to be fixed. Quote Link to comment Share on other sites More sharing options...
Zelda Posted October 18, 2008 Share Posted October 18, 2008 Oh, no, that's terrible news. I certainly hope you find an alternative with as little anxiety as possible. :sad: Quote Link to comment Share on other sites More sharing options...
Tracy in Ky Posted October 18, 2008 Share Posted October 18, 2008 Oh--I'm so sorry.:crying: Quote Link to comment Share on other sites More sharing options...
Once Posted October 18, 2008 Share Posted October 18, 2008 That's terrible. I'll be praying for another option. I hope it all works out well in the end. Quote Link to comment Share on other sites More sharing options...
nmoira Posted October 18, 2008 Share Posted October 18, 2008 :grouphug: Quote Link to comment Share on other sites More sharing options...
Joy at Home Posted October 18, 2008 Share Posted October 18, 2008 Pam, Sorry to hear this, but aren't student loans guaranteed? Did you fill out a FAFSA? I funded by BSN with student loans, and am currently working toward my MSN with student loans, and I didn't hear anything about possible problems. Now you have me worried . . . Hope it works out for you:) Lisa Quote Link to comment Share on other sites More sharing options...
Plaid Dad Posted October 18, 2008 Share Posted October 18, 2008 Oh, Pam! I refuse to believe that this won't work out. You've worked way too hard. I've decided that "student loans" are the most evil words in the English language. But I still want you to get yours, or better yet, something else to replace them! Quote Link to comment Share on other sites More sharing options...
WTMindy Posted October 18, 2008 Share Posted October 18, 2008 Drat!!! I'm sorry Pam. That is so frustrating!! Quote Link to comment Share on other sites More sharing options...
Pam "SFSOM" in TN Posted October 18, 2008 Author Share Posted October 18, 2008 Pam, Sorry to hear this, but aren't student loans guaranteed? Did you fill out a FAFSA? I funded by BSN with student loans, and am currently working toward my MSN with student loans, and I didn't hear anything about possible problems. Now you have me worried . . . Hope it works out for you:) Lisa The loans, once awarded, are guaranteed against default. Guaranteed for the lender. But EdAmerica (and the bank that's servicing my loan locally) has no money to lend me, so... Yes to the FAFSA, but if there's no money, I guess there's no money. My credit is perfect, so it's not that. I imagine there will be money soon. There just isn't any at this particular lender just now for my major. Thanks for the good wishes. (And to everyone who has replied, thank you so much. It'll be ok. I'm almost finished, and school is paid for.) Quote Link to comment Share on other sites More sharing options...
Chocolate Lover Posted October 18, 2008 Share Posted October 18, 2008 I am so sorry to hear of your situation. In between the eighty hours of study you are probably doing per week, there are many ways to pinch some pennies. I know what it is like to combine nursing studies and financial worry. Hang in there! Quote Link to comment Share on other sites More sharing options...
Doran Posted October 18, 2008 Share Posted October 18, 2008 Intelligent swearing on your behalf. I'm sorry. What a let down after your exam high. Blah! Quote Link to comment Share on other sites More sharing options...
Soph the vet Posted October 18, 2008 Share Posted October 18, 2008 I'm so sorry, Pam. You are the first real? (cyber) friend I know to be affected by the credit crisis. I will pray that your needs will be provided for. Soph Quote Link to comment Share on other sites More sharing options...
jejily Posted October 18, 2008 Share Posted October 18, 2008 The loans, once awarded, are guaranteed against default. Guaranteed for the lender. But EdAmerica (and the bank that's servicing my loan locally) has no money to lend me, so... Yes to the FAFSA, but if there's no money, I guess there's no money. My credit is perfect, so it's not that. I imagine there will be money soon. There just isn't any at this particular lender just now for my major. Thanks for the good wishes. (And to everyone who has replied, thank you so much. It'll be ok. I'm almost finished, and school is paid for.) My son's financial aid office told us EdAmerica is going out of business. They won't be loaning money to students, no matter what degree they are pursuing. Quote Link to comment Share on other sites More sharing options...
jejily Posted October 18, 2008 Share Posted October 18, 2008 . . . they're the ones who have a shot at actually paying BACK the loans!!! Dropping divinity students, now, THAT makes sense. ... :001_huh: Quote Link to comment Share on other sites More sharing options...
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