Got first nursing job but can't afford loan payments - page 3

by venousr3tuRN

7,023 Views | 30 Comments

Hello AN! Hope I'm posting this in the right section. So 6 months after graduating nursing school, I was finally able to land my first nursing job. It's in LTC and although not my ideal, after being there for almost a month I... Read More


  1. 3
    Sounds like it is time for some professional advise from Suze Ormon or somebody like her. Options seem to be 1. get a second or third job 2. cut expenses to the very minimun 3. cook at home (eating out is expensive) 4. no gifts to others because you can't afford it. You would be surprised what you can do without or get by with that is cheaper. Furnish your apartment from yard sales or swap meets.

    Know that those loans in forebearance are only INCREASING as time left in forebearance increases. That is an option that isn't an option if you want to get out of debt.
  2. 2
    You have to realize that your loan payments will be high taking on 80,000 in debt. As others mentioned, try to cut back wherever you can.

    When I was in nursing school, I cut my grocery bill in half, few nights out, no cable for four years, and a cheap cell phone. Drastic? Maybe. But well worth it, because I didn't want an overwhelming debt.

    Find as many ways as possible to conserve. In the long run, it will be worth it.
    NevadaFighter and Meriwhen like this.
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    Your tax refund should be high from the large amount of student loan interest, so pay it down using the tax refund as well, that should help
    joanna73 and Meriwhen like this.
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    Quote from tnmarie
    With all of the budget cuts (not to mention rampant MST), I'd be careful with this one. Civilian pay is also generally higher for most jobs (with the big BUT being if you can get civilian jobs). Otherwise, I cant really add to all the other excellent advice (budget, work with creditors, etc).

    Good luck.
    Also, the military branches are cutting back on the number of candidates they accept since they don't have the funding they used to...plus the fact that the bad job market is causing many active duty to continue to stay in instead of discharging to take a chance in the civilian world. In addition, they are overwhelmed with applicants (again, a result of the bad job market) that competition is exceptionally tight. Definitely look into it though, but don't expect it to be a sure-fire thing.
    joanna73 and TheCommuter like this.
  5. 0
    That payment seems really high to me, even at the loan amount you have. I would check into federal student loan consolidation, you should be able to consolidate down into a lower monthly payment. Here's a link to ed.gov: Direct Consolidation Loans - Welcome!!!

    A
    lso, have you considered loan forgiveness programs? This is also through the federal government. http://www.hrsa.gov/loanscholarships/repayment/nursing/

    G
    ood luck!
  6. 2
    Quote from Esme12
    The next financial crisis that will make the housing market look like child's play. Nurse corps is good suggestion.
    Nursing Education Loan Repayment Program - HRSA

    Too scary, and too, too true.
    joanna73 and HouTx like this.
  7. 1
    Quote from rita359
    Sounds like it is time for some professional advise from Suze Ormon or somebody like her.
    I second this.
    A lot of people font like her "brutally honest" approach, but everything she says makes perfect sense. She HATES private student loans. Se also hates when people spend thousands of $ on a degree that is useless (not the case here, thank God). The damage is done, regarding taking out the loan, but she gives very good advice for people who have to pay back. She had a woman on this past week in a similar situation, but she was mooching off of her parents.

    There are many people in the same boat as you. Loan companies may be a bit sympathetic, but not overly (because they hear it every day). The best advice is to tackle it now. Not sure how old you are (assuming you are young), but chip away as much as you can now, Before you decide to start a family or they to buy a house (it is an eyesore on your credit report).
    redhead_NURSE98! likes this.
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    The other thing (not for the OP because its too late ), but there are way too many people buying high-priced educations, with no forethought about how they will pay it off. If they were Harvard or Yale educations, at least you'd have that name on your resume. But many of them are not. I've seen people in the pre-nursing forums nonchalantly talk about how they'll "figure it out, I just want to get into a program". No concept of what that monthly payment will be (adding in that they may not even get a job!)
    joanna73, DizzyLizzyNurse, elkpark, and 2 others like this.
  9. 0
    Quote from overthecliff
    That payment seems really high to me, even at the loan amount you have. I would check into federal student loan consolidation, you should be able to consolidate down into a lower monthly payment. Here's a link to ed.gov: Direct Consolidation Loans - Welcome!!!

    A
    lso, have you considered loan forgiveness programs? This is also through the federal government. http://www.hrsa.gov/loanscholarships/repayment/nursing/

    G
    ood luck!
    Thanks for these suggestions! Although my loan is 1/2 that of the OP, I also need help as I have 4 kids and live in a state with the lowest nursing pay in the US! ugh...
  10. 0
    Quote from rita359
    Know that those loans in forebearance are only INCREASING as time left in forebearance increases. That is an option that isn't an option if you want to get out of debt.
    True dat! I paid off my law school loans with the proceeds from our house sale. I got so frustrated waiting for the money to be available at the bank, and I said "This loan is accruing 10 BUCKS A DAY while I wait for the money to pay it off!" My husband said, "Hmm, it didn't bother you accruing 10 bucks a day for the last 10 YEARS you've had it!!!" LOL


    OP I like The Dollar Stretcher's email updates, lots of hints on saving money, making your own stuff, etc.


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