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Navigating Student Loans and Mortgages: My Journey as a DNP Student

Date: June 29, 2016


When applying for a mortgage, particularly as a student with significant loans, there are unique challenges and considerations to navigate. I'm currently experiencing this firsthand, being in the early stages of my Doctor of Nursing Practice (DNP) program at the University of Hawaii at Manoa's School of Nursing.


Recently, my husband and I decided to apply for a mortgage. As part of this process, the loan officer requested a letter of explanation regarding my work and school history. This request might seem unusual, but it's a common requirement for applicants with complex financial situations, like mine.


Why the Letter of Explanation is Needed


  1. Student Loans: As a DNP student, I have accumulated substantial student loans. Lenders view these loans as liabilities that potentially affect my ability to make mortgage payments. The letter needs to address how I manage these loans and my plan for repayment.

  2. Schooling and Employment History: Being in school impacts my current and future income. The letter should explain the nature of my DNP program, its duration, and how it will enhance my career prospects and earning potential.

  3. Financial Stability: The lender wants reassurance that despite my student loans and status as a student, I have the financial stability to handle a mortgage. This includes detailing any part-time work, scholarships, or financial support mechanisms I have in place.


How I'm Approaching This Letter


  • Outline My Career Path: I'll emphasize the value of the DNP program in advancing my career in nursing, highlighting the increased opportunities and earning potential post-graduation.

  • Financial Management: I'll detail my approach to managing student loans, including any loan forgiveness programs or repayment plans I'm utilizing.

  • Supporting Documentation: Including evidence of income, scholarship awards, or any financial aid will strengthen my case.

  • Future Prospects: It's important to convey the potential for increased earnings and job stability in the healthcare field after completing my DNP.


This process is a learning experience, one that blends my professional aspirations with personal life goals. It's a reminder of how our educational choices not only shape our careers but also impact other aspects of our lives, like homeownership.


For those in similar situations, my advice is to be transparent and detailed in your communication with lenders. Your educational journey is not just an academic pursuit, but a financial one that shapes your future in more ways than one.


For more insights and updates on my journey through healthcare education and beyond, stay connected with #centralhealthhawaii.


Note: This blog post reflects my experiences and situation as of June 2016, during the early stages of my DNP program at UH Manoa.


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