Got first nursing job but can't afford loan payments - page 3
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... Read More
1Apr 15, '13 by ProfRN4, MSNQuote from rita359I second this.Sounds like it is time for some professional advise from Suze Ormon or somebody like her.
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).
5Apr 15, '13 by ProfRN4, MSNThe 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!)
0Apr 15, '13 by julz68Quote from overthecliffThanks 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...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!!!
Also, have you considered loan forgiveness programs? This is also through the federal government. http://www.hrsa.gov/loanscholarships/repayment/nursing/
0Apr 15, '13 by redhead_NURSE98!Quote from rita359True 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!!!" LOLKnow 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.
OP I like The Dollar Stretcher's email updates, lots of hints on saving money, making your own stuff, etc.
0May 4, '13 by elprupI did not read all of your posts but check out studentloan.gov "Pay as you Earn" program. I just filled out the application and was able to link my 2012 IRS tax return and just got word from sallie mae that my $275 monthly payment will be $0 until next year!!! OMG. So, application is based on your last years taxes. So, if that is low theycan help you too...I hope. Good luck