How much do u have in loans?

Nurses General Nursing

Published

I am wondering if I am the only one with a large amount of student loans. I have around 70000 worth. I decided to change to nursing with 1 year left in my teaching degree. I have always wanted to be a nurse and after going to a career seminar I decided if I wanted to really do this then I need to know, or I never would. Have you made any moves to pay them off quicker, earlier. I know some people that I work with that pick up 2 extra shifts a month and use that to pay down on them. I have some that are through Sallie Mae tuition answer and the others are govt loans.

Up Vote Up Vote ×

I'm happy you posted this. I was wondering the same thing.

Right now I have about $23,000 in Stafford loans from my first bachelor's degree and master's coursework. However, I consolidated when the rates were low. So, my interest on those are very low, less than 3%. I'm not making any attempt to repay this early.

To complete my RN, I'm going to borrow about $20,000 in a guaranteed rate cap home equity loan. The rate is only capped for 5 years. I have a plan to pay it off in three years.

I'm not sure if new grads can pick up extra shifts. So, I'm going to sub 1 or 2 days per week to help pay the home equity loan off quickly.

Up Vote Up Vote ×
Specializes in psych nursing.

I have roughly 36,000 in student loans. I am going back to RN school now and have the money to pay out of my pocket to finish up nursing school. It will probably take about 15 years to pay off my loans. 9,000 of the loans is private and I plan on paying those off first. My best advise is pay off the ones with the higher interest rates first.

Jennifer LPN

Up Vote Up Vote ×

I figure I will work on paying the Sallie Mae back first bc they have the highest. I am not done with school now, but I hope to have scholarships to finish everything off. I thought people would get mad bc I asked this question.

Up Vote Up Vote ×
Specializes in SICU, MICU, CICU, NeuroICU.

Luckily enough I do not have any student loans to pay off.

Up Vote Up Vote ×

none-zero

Up Vote Up Vote ×
Specializes in acute care.

I went in w/ approx $23,000 from my prev. degree and will owe well over $100,000 when I graduate in three years...I'm trying to see if I can get a healthcare job (currently unemployed) so that I can decrease the loan amount I will need for my last two years of school...crossing my fingers

Up Vote Up Vote ×

I think I might win this one... $90,000 for a BSN in Nursing and minor in Biology!

Up Vote Up Vote ×
Specializes in Otolaryngology-ENT.

Currently I have 23,000 of stafford loans that I am currently repaying while I am in nursing school. I have low interest rate so I figured I would use it to my benefit. It is slowly decreasing.

Up Vote Up Vote ×
Specializes in Assisted Living Nurse Manager.

30,000 in student loans. I am sure I will be paying on them for a long long time. By the way how did many of you end up with 90,000 in student loans, did you borrow money for living expenses while you went to school? Just curious. I have thought about borrowing for living expenses if I go back to school.

Up Vote Up Vote ×

$110,000.

Way too much for a biology degree.

Up Vote Up Vote ×

NdMom, there has actually only been one occasion where I had enough money left over from loans to help with housing. I try to borrow exactly what I need to cover each year's tuition. Thankfully, my parents help out with books, living expenses, etc.

So, how'd I end up owing the unfortunate $90,000?

-For two years, before I decided to become a nurse, I majored in Biology and had to spend extra semesters making up for the lost credits :-(

-I go to a private university, which is a bit more costly than most public univerities.

-I don't have any scholarships and don't qualify for much aid.

You mentioned that you'll be returning to school. Congrats on deciding to further your education! My advice is to take out exactly what you need and not much more if you can avoid it. The extra money you'll end up owing in interest probably isn't worth it. Good luck!

Up Vote Up Vote ×
+ Add a Comment