How did you pay off your student debt?

Nurses General Nursing

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For those that have paid off student debt from ABSN and BSN programs, how'd you do it? Excluding those that got full ride scholarships, what plans did you stick to, to get the loans paid off? Also, I'd especially like to hear from people that took out mostly private loans. For the nurses that are working on paying it off, what's stopping you from making larger payments? And one of my biggest questions is, how long did it take you to pay it off? Also, if you have any advice on student debt, I'd like to hear it.

Lucky. We always owe taxes. :facepalm:

I like jadelpn's advice. I try to pay ahead as well. I have about $7,000 left on my RN to BSN.

All these responses sound like they pertain to lower debt (

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All these responses sound like they pertain to lower debt (

Not sure if many nurses know this or not, but if you work for a non profit (ex. Hospital), you can make your student loan payments over 10 years and anything owed after that is forgiven. That is what I'm doing. It's an income based repayment plan so you have to give them your income details yearly. Also, this is only for federal student loans, not private loans. Sadly I owe about $50k in private loans so not sure what I'm going to do about those. They don't like to work with people which is very frustrating.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
All these responses sound like they pertain to lower debt (In a previous post, you indicated that new nurses in your area earn starting salaries of about $50k annually. Most financial experts would advise a person to avoid borrowing $50k-$60k if the anticipated earnings during the first year of nursing are only going to be $50k.

Also, if you have any advice on student debt, I'd like to hear it.
My advice is to find a more affordable program, even if it will take longer.
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Specializes in geriatrics.

I owed 38,000 for my BSN. Working permanent nights and saving, I was able to pay my loan in 2.5 years.

At 4.5 years post BSN, l bought my first home with a 25 percent down payment. The key is tracking your monthly budget and living well below your means when debt of any kind needs to be paid. Some months, I made a loan payment of 1600 instead of the required 380.

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Not sure if many nurses know this or not, but if you work for a non profit (ex. Hospital), you can make your student loan payments over 10 years and anything owed after that is forgiven. That is what I'm doing. It's an income based repayment plan so you have to give them your income details yearly. Also, this is only for federal student loans, not private loans. Sadly I owe about $50k in private loans so not sure what I'm going to do about those. They don't like to work with people which is very frustrating.

What's your plan for overcoming that debt? How much are planning on paying per year? To @TheCommuter, unfortunately, that is what ABSN programs usually cost. That salary is more along the average starting salary for new grads or nurses with only a few years of experience. Even for a BSN, you're looking to pay around that kind of money for private or out-of-state. For an in-state school, it might be less, but that is assuming you pay for room and board and other hefty expenses.

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What's your plan for overcoming that debt? How much are planning on paying per year? To @TheCommuter, unfortunately, that is what ABSN programs usually cost. That salary is more along the average starting salary for new grads or nurses with only a few years of experience. Even for a BSN, you're looking to pay around that kind of money for private or out-of-state. For an in-state school, it might be less, but that is assuming you pay for room and board and other hefty expenses.

i don't have a plan yet since they don't want to work with me. The monthly amount they want me to pay is outrageous. On a side note, I got my BSN thru . Paid roughly $20K. Something for folks to look into. Excellent program, 100% first time pass rate on NCLEX. I'm a success story as well as my entire graduating class. Campuses in several states. Online University | Online Degree Programs | WGU

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OP, you keep asking about paying off student loan debt like there's some secret to it that someone here could tell you. There's no particular secret. Take out absolutely as little in loans as you can manage, in the first place. Live as cheaply as you possibly can while you're in school -- like, cheapest apartment you can find, beans and ramen, no cable, no Starbucks, no new iPhone, noanything extra cheap. Keep living the "starving student" lifestyle after you've graduated and started work, don't take on any additional expenses that you can possibly avoid. After building up some savings for emergency expenses, make the biggest payment you can possibly afford each month on the loan.

There are a bunch of "experts" with books and TV shows about budgeting and reducing debt. I'm not personally familiar with any of them, but Dave Ramsey is a name I seem to hear a lot, and there's also someone named, I think, Suzy somebody, that talk about programs for reducing debt and who are apparently well-respected. You could look into their recommendations.

Another option might be to skip the accelerated BSN and go through a traditional BSN program that would take a little longer but would cost less and would allow for you to work part-time during the program. That would reduce the amount of debt you would need to take on in the first place. It's the same content, and same eligibility for licensure, either way -- the accelerated program crams all the content into a shorter time span that makes it difficult to work, and charges you a premium for getting done quicker.

A lot of traditional BSN programs are set up as two years of general ed and two years of the nursing program, so you would be able to complete the program in two academic years (and be able to work full-time during the summer in the middle) instead of the 12-18 months of an accelerated program. Not that much longer, but it might make a big difference financially.

I'm no expert on debt, but it seems obvious to me that the best way to deal with debt is to avoid getting into it (any more than necessary) in the first place. Every dollar you don't borrow to go to school is a few dollars you don't have to pay back later. If it were me going through this process (again), I'd be less focused on ideas on how to pay off the debt, and more focused on how to minimize the amount of debt I would have to take on. Not a criticism, just a thought from someone who has already been down this path. Best wishes!

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I worked during school to keep my loans as small as possible. I also lived with my parents to save on expenses--I stayed there through school, and then for the first year after graduation. I paid off what remained of my loans then ($15k) and saved up about 7k before moving out. It cost a certain amount in pride and independence, but it was absolutely worth it.

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Specializes in Specializes in L/D, newborn, GYN, LTC, Dialysis.

Good ole GI Bill.

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Specializes in Med Tele, Gen Surgical.
OP, you keep asking about paying off student loan debt like there's some secret to it that someone here could tell you. There's no particular secret.

Exactly elkpark. Go to bankrate.com and look at their debt calculators. If you know the loan amount and interest rate, you can create all the scenarios you are asking about and see what the numbers look like. Its not a mystery. Don't go into debt if you can avoid it. Acquire as little debt as possible. For any debt you do acquire, get the best interest rate. And if you have debt, ALWAYS pay more than the minimum!

Good luck to you. You are smart for at least thinking about the element of cost and learning more.

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Specializes in Cardiology, Cardiothoracic Surgical.

Worked part time through school, applied for all the scholarships I possibly could and applied my tax refunds to my tuition. Took my pre-reqs at the local community college (great teachers, btw) on the cheap and went to the nearby affordable 4-year university for my BSN. Maybe not the best education in the state, but it was the best I could afford.

Result: no loan debt from nursing school, paying off my student loan debt from my first degree this year (

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Specializes in geriatrics.

There's not a secret for paying loans. It doesn't matter how much is owed, or how much you make.

Managing debt is about distinguishing needs from wants. Setting a realistic budget and staying within that, living below your means. Don't borrow more than you can afford to pay in the first place. Work out the loan payments BEFORE you accept the loan.

Cable tv, expensive groceries, take out, clothing, vacations and nights out......do without the frills and notice how quickly that debt is paid.

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