Are student loans haunting you? - page 2

by brian Admin

21,647 Views | 63 Comments

Do you ever have moments where you wish you didn't have any student loans? :mask: Having multiple student loans can be scary. For those who have multiple loans, have you thought about consolidating? Click Like if... Read More


  1. 6
    Meant this for student loans haunting you!

    I feel for the many new grads out there looking for work and carrying student loan debt the size of a mortgage! There is such pressure to go to college from the time your young and when you don't have the money and college keeps raising tuition outrageously, just take out student loans. So many college students have student loans they can't pay and eventually default! The default rates are much higher because they only count if you default the first two years or now first three years, after that it doesn't count. Just like the unemployment rate vastly undercuts the amount of people without a job. The unemployment rates hovers around 8% but the participation rate in the economy is only around 55%, so almost half of working age people are not working! Granted some may choose not to or be disabled, but obviously the true unemployment is much higher!

    To those already trapped in student loans you must pay them off no matter what, if you let them default, you will lose your ability to work as a nurse or any job that requires a license to practice! On top of that when you finally give in and get your loans out of default you will be stuck with a 25% charge on top of all the interest that has capitalized in the meantime.

    You lucky ones who haven't take out student loans, be smart and take out only the absolute minimum. Jobs are not guaranteed just because you have a college degree, no matter what you get it in! It takes luck and connections to get good jobs. Hospitals and nursing homes have been raising patient ratios and using techs, PCA vs hiring more nurses! That makes it more difficult to get a job and makes the working conditions worse when you finally get one!

    Deferring or forbearing loans only postpones the inevitable and in most instances the interest is capitalizing the loan is only getting larger and more difficult to pay off! You have no consumer protections, income based repayment only applies to govt loans, and you can only consolidate once if you get a bad interest rate you are stuck with it! You can't refinance like you can with a home or even a car!

    Buyer beware with student loans. Do your research to protect yourself!
    Last edit by brandy1017 on Oct 13, '12
    sweetnurse786, SE_BSN_RN, MBARNBSN, and 3 others like this.
  2. 2
    Quote from TheCommuter
    People finance this staggering tuition with a mixture of federal and private student loans. Also, some present and former students have mentioned that their costs are somewhat reduced by transferring prerequisite courses and other credits from local community colleges.

    The folks who pay the entire amount will end up with a payment of $1,500+ monthly if they finance over 10 years at a 6.8% interest rate.
    an addendum to this.. i just recently spoke to the financial aid officer at the school and this was before i transferred my pre-reqs and they gave me a break down of everything.. i was eligible for 45k in sub/unsub federal loans.. but the rest of the 85K id have to privately finance.. with sally mae or other banks.. i applied for a sally mae loan for 45k.. they wanted 11.5 fixed interest it costs about 750 a month and the ending balance with interest would be about 140K (15yr) for a 45k loan.. Talk about loan sharking right there.. thats straight up ridiculous (mafia style interest)

    anyways i did the calculations if i can get most of my pre-reqs transferred i can knock the 133k tuition down to 70k or so..
    which then would cost me about 40K in private loans (maybe more) and I plan on shopping around.. I hope i dont have to go with the price gouging sallie mae..
    SE_BSN_RN and joanna73 like this.
  3. 7
    Quote from TheCommuter
    People finance this staggering tuition with a mixture of federal and private student loans. Also, some present and former students have mentioned that their costs are somewhat reduced by transferring prerequisite courses and other credits from local community colleges.

    The folks who pay the entire amount will end up with a payment of $1,500+ monthly if they finance over 10 years at a 6.8% interest rate.
    MusicEMT

    an addendum to this.. i just recently spoke to the financial aid officer at the school and this was before i transferred my pre-reqs and they gave me a break down of everything.. i was eligible for 45k in sub/unsub federal loans.. but the rest of the 85K id have to privately finance.. with sally mae or other banks.. i applied for a sally mae loan for 45k.. they wanted 11.5 fixed interest it costs about 750 a month and the ending balance with interest would be about 140K (15yr) for a 45k loan.. Talk about loan sharking right there.. thats straight up ridiculous (mafia style interest)

    anyways i did the calculations if i can get most of my pre-reqs transferred i can knock the 133k tuition down to 70k or so..
    which then would cost me about 40K in private loans (maybe more) and I plan on shopping around.. I hope i dont have to go with the price gouging sallie mae..
    UNBELEIVEABLE.......The next financial crisis.
    xoemmylouox, SE_BSN_RN, Stcroix, and 4 others like this.
  4. 8
    If things continue as they are, I should actually graduate in surplus.

    I'll certainly be laughing at those who were out partying every weekend while I worked.
    jennyincze, flibbertygibbert, KbmRN, and 5 others like this.
  5. 0
    I am currently considering whether or not to take out approximately $44,000 in loans, $16,000 federal loans and the rest would be private. It would be for an accelerated BSN program, I am not eligible for other aid since I am seeking a second degree and will max out my federal loans after I borrow the $16,000. Not to mention I already owe $40,000 for my first bachelor's in biology. I really want to be a nurse, it's my dream, but I'm not sure it would be smart for me to take on so much more debt. I am concerned I won't find a job with my first degree, at least not one that is rewarding and allows me to move up, but I am also concerned about taking on so much debt and possibly not finding a job as an RN, since I have heard it is not easy for new graduates.
  6. 0
    Yes they are haunting me, I still owe like 30K and I've been out of school for 10 years!
  7. 13
    Fortunately no. I moved to a small town where I did nothing but work and sleep for 2 years. I was paying 1000-1600 per month. My actual payments are 300 a month. At that rate, I would have paid loans for 10 years, with approximately 11,000 in interest. One more payment next month and I'm debt free, with savings also.
    harleyz, sweetnurse786, pitterpatti, and 10 others like this.
  8. 0
    I graduated broke as a joke but with no debt. I worked and went to a community college to get my nursing degree. Even now my only debt is my car payment which is up to date and which I can afford to make. Eventually I will get a mortgage (probably after the car is paid off in a couple years) but I couldn't sleep at night with debt so overwhelming I couldn't afford it. Now on the other hand. I also have like no credit so...
  9. 2
    I don't have nearly the debt that most people have, but paying that $200 a month still kills me. I remember when I first started college, all I heard about was that student loans are so low interest. That's funny because after paying on them almost 5 years now, I have just barely paid any principle still. If I had to do it all over again, I would have gotten a job a lot sooner than I did so that I wouldn't have had to borrow at all.
    joanna73 and MBARNBSN like this.
  10. 4
    To Miss Lina: There are plenty of biology jobs available in academia that are rewarding and don't require a PhD. Look at being a research tech for university and federal research institutions, as well as for pharmaceutical companies. The pay is modest in my area ($30-40K) but so is the cost of living.
    sweetnurse786, xoemmylouox, Bubbles, and 1 other like this.


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