Are student loans haunting you?

  1. 16
    Do you ever have moments where you wish you didn't have any student loans?

    Having multiple student loans can be scary. For those who have multiple loans, have you thought about consolidating?



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    Aleonard13, GitanoRN, xoemmylouox, and 13 others like this.
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  4. 63 Comments so far...

  5. 10
    I had over 65K in student loans from a piece of undergrad and law school. The 30 YEAR PAYMENT PLAN still cost about $450 a month on that amount, and after 9 years of payments and 2 years deferring them to go to nursing school (mistake #2: deferment) I paid them off, ONLY by grace of selling our home and doubling our money on it. The amount owed when I paid them off was STILL over 62K.

    Please PLEASE consider these things when you're incurring such large amounts of student loans. It's like having a vacation house that you have to pay a mortgage on, but you don't know where the house is and never get to use it!!!
    Jessy_RN, KbmRN, MBARNBSN, and 7 others like this.
  6. 0
    Oh wow, that is CRAZY!!! I shudder when I hear about kids taking the max b/c its like a little bonus if they don't use it all on tuition that semester.

    Quote from redhead_NURSE98!
    I had over 65K in student loans from a piece of undergrad and law school. The 30 YEAR PAYMENT PLAN still cost about $450 a month on that amount, and after 9 years of payments and 2 years deferring them to go to nursing school (mistake #2: deferment) I paid them off, ONLY by grace of selling our home and doubling our money on it. The amount owed when I paid them off was STILL over 62K.

    Please PLEASE consider these things when you're incurring such large amounts of student loans. It's like having a vacation house that you have to pay a mortgage on, but you don't know where the house is and never get to use it!!!
  7. 5
    Don't borrow if you don't have. I look back and I really didn't need all that but I pay now. I like the vacation house analogy but mine is more like a small island.
    KbmRN, MBARNBSN, opossum, and 2 others like this.
  8. 12
    I just did direct loan consolidation with my federal loans, locking in a 6.8% interest rate & qualifying me for income-based repayment. I recommend it for anyone with federal loans. There isn't much I can do about my private loans though. My student loan ghost looks more like the attached photo. I call her "Sallie Mae".
    Name:  StudentLoans.png
Views: 831
Size:  310.2 KB
    LoyalWeim, loanprison, Jessy_RN, and 9 others like this.
  9. 1
    If you can get a Perkins, take it! You can have them forgiven for working as a nurse over a 5 year period. No payments will be due during that time. Also, look into IBR (do a search for ibrinfo to find an eligibility calculator) to reduce you payments. If you qualify for IBR and work for a non-profit (many hospitals fit this) you can have the excess of your loans forgiven after 10 years of working for the non-profit.
    SE_BSN_RN likes this.
  10. 3
    Quote from mariebailey
    I just did direct loan consolidation with my federal loans, locking in a 6.8% interest rate & qualifying me for income-based repayment. I recommend it for anyone with federal loans. There isn't much I can do about my private loans though. My student loan ghost looks more like the attached photo. I call her "Sallie Mae".
    Name:  StudentLoans.png
Views: 831
Size:  310.2 KB
    I can relate. Sallie Mae is ...well I don't think I can say it on here. Hang in there! I'm hoping by the time I'm 60 I can get a mortgage...
    scottrho, SE_BSN_RN, and mariebailey like this.
  11. 2
    I have heard that at West Coast University BSN program costs 133 k , I am wondering how do people pay this.
    Jessy_RN and redhead_NURSE98! like this.
  12. 2
    Quote from nowitzki
    I have heard that at West Coast University BSN program costs 133 k , I am wondering how do people pay this.
    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.
    Twinkle007 and VickyRN like this.
  13. 7
    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".
    lelafin, LaRoseRN, Elladora, and 4 others like this.


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