The Hunt for the Perfect Loan

First let me clarify, there is no such thing as the perfect loan. The perfect loan would allow you to get as much as you need and have no interest, in fact, scratch that, you wouldn't even have to repay this. With that idea in mind, I guess I will dub this post the hunt for the near-perfect loan.

Let me preface this a little before I go into too much detail. After careful thought and consideration, I decided that it would be in my best interest to take out a personal loan to cover my cost of living expenses and income for the year. Having just had my son, I knew it would be very difficult, near impossible for me to attend school full time, dedicate adequate time to studying outside of class, meeting the many needs of my baby, and working full time. It would be enough to be a full-time mom without adding school and work to the pile. This thought lead me to the decision that I would either have to choose work or school. Now lets weigh this together. On one side of the scale we have one year left of school before I get my nursing degree and on the other side we have quitting school and working full time with the likelihood of getting another part time job. I think we can all see which way the scale tips in this equation, but for those who are not quite sure, let me add this. As a nurse I will make approximately 32 dollars an hour base pay vs. making 15 dollars as a registration clerk for the rest of my life. Is it clear now which option is in mine and my family's best interest. Well let me just spit it out, school is! Now enters the near-perfect loan. It allows me to resign from my full time position to an as needed status. This also allows me the opportunity to be home with my beautiful son more hours than not. Sounds perfect, right? Wrong, not quite there yet.

Now fast forward to a month ago. I applied for my loan and was approved with my father as a cosigner for a 35,000 dollar loan. I know this is a lot, but let me explain my rationale with this number. I make about 30,000 a year through my job, the extra 5,000 will help towards daycare costs while I am in school. I need the money for the full year because if I moved to part time I would not qualify for my healthcare benefits, but would make too much money to qualify for medical assistance. If I remain full time I would spend the majority of my paycheck on daycare so I could be at work. This doesn't make sense, why spend my hardearned money on daycare. I would, in theory, be working, but not making money. Why would I sacrifice time with my son to work a job that does not give me a return. My final option is to take the loan and remain as needed. This gives me the time towards my studies, the availability to be in my son's life on more than just a weekend basis, and staying on part time will allow me to regain my benefits immediately when I return to work as a nurse. This girl doesn't want to undergo a 90 day wait period for her benefits if she doesn't have to!