Are student loans haunting you? - page 3

by brian Admin

21,985 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. 1
    I once had to deal with student loans...they took me 11 years to pay off. Never really used the degree either.

    That's never happening again if I can help it. So far every nursing degree has been paid in full by the time I graduate(d), and I'm not starting my advanced degree until I have at least half of the tuition in the bank, plus I plan to work while in school. Any loans I do take out would be minimal.
    MBARNBSN likes this.
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    Thanks for the advice!
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    Student loans arent that bad if you're willing to put your life on hold for 2 years and work like a slave. My roomate had 70k in loans when he graduated from a BscN program. He made 70k in his first year working in a remote community and banked half to pay off the loans he did this for two years.
    sweetnurse786, lelafin, KbmRN, and 4 others like this.
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    Right now, I have $26k+ in student loans with my first payment looming in the next month or so, way sooner than I expected. As of right now, I also don't have a job. If i don't find anything, I will have to defer. Hopefully soon I will be able to get a job where I can afford the payments and try to pay them off in 2-5 yrs. I really don't want to give them all that extra money in interest if I can help it. That's $11k I can save for myself in the bank! It might mean living like I only make a $23-25k/yr salary, but my mom has did it all this time as medical assistant/phlebotomist, so I should be able to swing it too. Thank goodness I don't have rent or a car note!
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    Quote from Novo
    Student loans arent that bad if you're willing to put your life on hold for 2 years and work like a slave. My roomate had 70k in loans when he graduated from a BscN program. He made 70k in his first year working in a remote community and banked half to pay off the loans he did this for two years.
    This. If you live cheaply when you graduate, it's amazing how quickly you can pay down your loans - even six figure ones. Of course if you have a house, mortgage, kids, etc. then it's not as easy... but if you're young and single, just keep living like a poorish student for the first few years out and you should be able to pay down your loans readily. I think people get too eager to elevate their lifestyle upon graduate, and then get sucked into paying the monthly minimum (and tons of interest), when they could have just continued to live cheaply and paid it down much faster (and not accrued all that interest!)
    Last edit by myelin on Oct 13, '12
    sweetnurse786, KbmRN, joanna73, and 3 others like this.
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    Quote from myperads
    I can honestly say that I was so foolish with the student loans. It was not so much that I needed the money to pay for tuition, it was because they offered it and I took it. Now I owe about $70k. I hate it. I wish I could go back in time and just say "heck no".
    I hear ya...my beef is 17 years ago they were handing out loans like candy. One didn't get any counseling but when you signed the loan agreement the guy said "You know you have to pay it back" sort of talk. No serious counseling before borrowing. I'm not trying to excuse myself but I was young with a toddler and it all seemed so easy. I sincerely hope they have people attend some type of class or session before borrowing the money. It might have deterred me some if they had. Yea, I've been eating it for quite some time.
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    I have a question regarding Sallie Mae loans...Are they 'private' or can I consolidate them? They are actually my husbands but I will probably end up with a small amount of them. Planning on not too much, as going to pay for tuition and only borrowing what I come up short. My husband has some subsidized each year and some not subsidized. I am clueless as to what this means and his are still deffered. He is finishing school this next week. He is already employed with a good job and just finishing an MBA to get ahead. I still have along ways to go in nursing. So I worry. Does anyone know if Sallie Mae will allow the consolidation and limit the payment to the income levels? THANKS!!
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    I would seriously consider going to school abroad. There are international accredited schools in many countries for about 1/10th the price here. My kids will be going to an Asian school accredited at 3 Universities here (all with AUS, US and UK instructors). I've thrown in the towel at the US education system (unless your employer will cover it). Capitalism at its finest-capitally imprison people with credit cards and loans.
    sweetnurse786, KbmRN, SE_BSN_RN, and 1 other like this.
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    it bites to have to take out so much in loans but it seems like for most people it is the only way they can go to school. I know once I start the program I won't be able to work very many hours, if at all(that's what the school recommends). Currently I work full time and I will have to take out the max for loans in order to survive and supplement my lack of adequate income.
    Seems like we have a horrible system for college students. If you don't have the cash to pay for school you have to borrow and be willing to pay back your loans. A lot of people think of it as "free money" because they can't see the future consequence of having to pay back the debt. It is important to have a "loan plan" ahead of time.
    SE_BSN_RN likes this.
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    Quote from joanna73
    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.
    So it took you 2 years to pay off how much in loans? And, the typical loan repayment amount is based on 10 years, unless you have the one that goes by your income, and that one takes longer to pay off, even though monthly payments are less.


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