Anyone have a huge student loan bill? - page 2

Hi all! Just a quick question for you. I am about to start my first semester of nursing classes...I have 5 semesters all together. I already racked up 17,000 dollars in student loans. I went to... Read More

  1. by   mitchsmom
    I'll have about $30k to repay when I get done this Spring. Joy.
    My husband's job supports us so I'm going to try to put almost all of my pay into paying it off... I'll be essentially working for nothing for a while but I'd rather get it gone... at least that's the idea now.
  2. by   texastraveler
    Quote from Goyaman
    Does that also count as a LPN or LVN???
    I'm not sure. I got a Perkins Loan with a University, some of the community colleges offer the loan and some do not. You can talk to the Financial Aid Dept.
  3. by   HisTreasure
    I think a Perkins loan is federal, but you do have to ask about it. The government subsidizes the loan and the school is the lender. Many schools won't publicize the loan or put it on your award letter, but you should be able to find information on it in your school's financial aid documentation. Ask your counselor about it. You have 9 months after you graduate before you have to repay it.
  4. by   pie123
    Quote from texastraveler
    Ask about a Perkins Loan. It is a loan for nurses, police officers and teachers. You get a certain amout each semester ($3000.00?? i think). If you work as a nurse for 5 cons years after graduating, you do not have to pay it back. There is paperwork to fill out every year for verification of employment.
    I am doing that now. I had 2 Perkins loans. I just got them both canceled for this year. As long as I remain employed as a nurse, I do not have to make monthly payments. Each year, I just have to show proof of employment, and the payments are then canceled for the next 12 months...I think for a total of 5 years, then the whole loan is done. What a good program, huh? If only my Stafford loans were the same . I am getting ready to check out a program that offers to pay 60% of student loan debt. The only thing is, there is a contract for doing this. The length of time one is under contract is not mentioned on the website.
  5. by   jesshopper12
    $77,000 in loans...never qualified for scholarships...I'll be paying for the next 30 years!
  6. by   hollykate
    I took minimal loans for my education. But here are some tips for maximizing your payments.

    Sign up for direct draft from your checking account. When I did this, I qualified for an interest rate reduction.

    If you have a lot of loans, you can consolidate them and also qualify for a rate reduction.

    Look into your financial aide office. I discovered a loan similar to the Perkins, but it was merit based, and variable. I qualified for about 8-10 thousand a year, and then just had to work in the state for 3 years to not pay it off. That was a great deal, I never heard of it, until I went to the Financial Aide office. They know all sorts of things that aren't widely advertised.

    Best Wishes to all.
  7. by   mona b RN
    Quote from jess78911
    $77,000 in loans...never qualified for scholarships...I'll be paying for the next 30 years!

    me niether
  8. by   Nancy Nurse 07
    The lovely game of financial aid. I am a 2nd degree ASN nursing student and have taken out 30k for just the 1st year. I do not qualify for any financial aid since I received a BS degree in 1988. I am trying to remain positive about the financial implications, but find it difficult sometimes when you hear on the news about the nursing shortage and yet, financial aid is being cut, loan interest rates are going up and I am not even eligible for a grant. When I get stressed, I just say to myself that it will workout in the end.
  9. by   SamNurse80
    If you are concerned about the amount of loans you have and if you are not scared to move on your own or maybe you have a friend that is willing to move with you, there are a lot of nursing jobs on Indian reservations around the country. Since this is a much needed area and you are basically being paid by the government they will pay back $10,000-20,000/per year that you work there. You have to sign a two year contract but this is a great way to knock out a whole bunch of loans quickly. My preceptor did this and nows owes nothing.
  10. by   GermPhobe
    I was told by a financial advisor that the general rule-of-thumb for student loans is not to borrow more than you'll be making annually after you get a job. That seems reasonable to me. I can't imagine having a student loan as large as a mortgage! I'd never be able to buy a house. I suppose if you have a hospital or agency paying back part of the loan, you could safely go higher. But I'd be really careful! Nursing does not pay THAT well!
  11. by   LeashRN
    Hi
    Yup, have run up $22,000 in student loans just getting an ADN in 22 months.
    As far as I know, you can continue to get loans as long as you remain a student. Now as far as full/part time are concerned, I'm not sure.
    Good luck!
    Alisha
  12. by   carolinapooh
    Quote from Nancy Nurse 07
    The lovely game of financial aid. I am a 2nd degree ASN nursing student and have taken out 30k for just the 1st year. I do not qualify for any financial aid since I received a BS degree in 1988. I am trying to remain positive about the financial implications, but find it difficult sometimes when you hear on the news about the nursing shortage and yet, financial aid is being cut, loan interest rates are going up and I am not even eligible for a grant. When I get stressed, I just say to myself that it will workout in the end.
    Is this only because you're in an AD program? I'm applying to ABSNs and BSNs, and because it's a health professions degree I'm eligible for Staffords, but not grants (I have a BS already).

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