Student Loan Forgiveness Programs
- 0Nov 27, '06 by rngrad06Does any AR nurses know of any student loan forgiveness programs available post-graduation, yet still in the grace period? I went to the arsbn site but only found info. avail. to current students. I took the advise of others and borrowed $ while I was in school and was told it would be "the cheapest $ I would ever borrow"......I about fainted when I received my repayment notice and saw how much my payments were going to be. I thought the loans were going to be based on the interest rate the loan was incurred, not the interest rate when repayment began. The interest rates where much lower when I took out these loans. I am continually receiving offers to consolidate my loans but am afraid they might be a scam. Any advise would be greatly appreciated!!!
- 0Nov 27, '06 by CHATSDALEI don't know if this is current but i know that a friend of mine [this was like 10 years ago] worked in a inner-city clinic in nyc and they paid a large
% of her school loan...
she had horror stories so you might not be interested
good luck..don't know about the consolation depends on whether interest rates go up or down go to the school you graduated from, their advisors might be able to advise you
- 0Nov 30, '06 by RazorbackRNQuote from rngrad06Thanks for the reply.... I think I will contact the ARSBN tomorrow and see what info they can give me.
Arkansas Children's Hospital will pay back loans for 1st time employed RN's. They will pay back up to 20,000 over a 5yr period. You are disbursed a certain amount each paycheck, so there are no contracts involved.
- 0Nov 30, '06 by BSNtobe2009Be careful on loan consolidation companies. If your interest rate is not lowered to a FIXED rate by a minimum of a full 1%, then it's not worth it.
You have already paid for origination and school fees, commissions, etc, on the loans you already have...refinancing ANYTHING regardless of what it is always costs money (you have to pay origination fees all over again)...may make your monthly payments lower but RARELY save you money...the payments are just stretched out and in the end, actually cost you more money ie. debt consolidation loans that are so popular in the last few years.
This year was the first year that new student loans were issued at a fixed rate of interest for the life of the loan. That is a GOD-SEND to students. They used to be figured on prime plus whatever margin was included into the loan, so this fluctuated year after year, so in essence, what you had was an adjustable rate loan.
What you saw in your paperwork was the RATE change...the prime rate has increased dramatically in the last 2 years, and that is why you have seen the change. However, you probably have a varying interest rate loan (that fluctuates with prime), and if you do, you need to seriously consider consolidation, but ONLY if you can get a fixed rate.Last edit by BSNtobe2009 on Nov 30, '06