How much school loan debt did you aquire?

  1. Hi,

    I know this may sound like a question that many people might not want to answer, but I am preparing to go into about 25,000 worth of school loans in order to get a BSN degree. I have already checked out grants and stuff like that and I am not eligible since I already have a degree. My husband and I are worried about this type of debt that will already be added to our existing debt with his school loans and credit cards. I can't find a cheaper way of going to nursing school than this one particular BSN program in my area. I just wanted to hear if anyone else out there is in the same boat I am!!

    Thanks,

    Rhiannon
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  2. 8 Comments

  3. by   Veke-RN2B
    I totally understand where you're coming from. This is a second career choice for me and I already have a lot of loan debt from my first undergrad degree. It is frustrating to not be eligible for pell grants and other governmental programs because of your choice to obtain a first degree. However, I am making that sacrifice because I couldn't find a job in my field with that first degree. Most companies want you to have 5-10 years experience in IT; just a degree alone is not enough in their eyes. But that is something that no one can take away from me. I earned it, as you earned yours. I used to worry about the debt over my head but now I'm going forward with my decision to get that BSN degree. If this is something you know in your heart you want to do, then go for it! I'm actually going beyond the BSN for a MSN degree in Nurse Anesthesia. Just think about it...especially if your first degree didn't land you a job as in my case. I'm tired of just working a job, I want a career. Also think about your child and wanting to finish and have a better life. I hope this advice is helpful.
  4. by   EmeraldNYL
    Yep, I hear ya. I am about $55,000 in debt as nursing was my second degree. I did one of those accelerated BSN programs that cost a FORTUNE. Try to take out as many federal loans as you can (Stafford, Perkins) but when you have capped out on those you may be forced to take out private loans. I took out a Sallie Mae Signature Loan at 4% interest, and you don't have to start paying it back until 6 months after you graduate.
  5. by   RN_Amy
    I am so lucky to go to live in Australia!

    As an Australian citizen the government pays the majority of undergraduate university costs... through an iniative called the Higher Education Contribution Scheme (or HECS)....

    I have to pay about $5,000 a year toward my tuition (not including text books and other amenities fees, etc.)... but I can defer this payment.... and am only required to pay this money back (at a max. rate of 5%) once my yearly income reaches approx. $35,000 through an increased tax rate...

    So my HECS debt currently stands at about $15,000... but I don't even realise I am paying it back as it gets taken out of my pay as tax!

    However, I am planning to undertake my masters soon.... however the fees associated with postgraduate study is not eligible under the HECS scheme... so I am my debt will soon be up aroiund the $25,000 mark.....

    Amy
  6. by   sweetyjen
    Hi! I am currently in my junior year of nursing school and by the time I am done I will have about $30,000 in student loans! I am a single mother, I get the maximum amount each year. But the good thing about these kinds of loans is that the interest rate is very low, deferred up until 6 months after graduation, they are very good about your payment amounts per month. If you are having a hard time paying, you can always defer again due to hardship. Your monthly payments can be very low, or high depending on what you want to do and how fast/slow you plan on paying them off. So yes, you may have a huge debt, but they are very flexible with you and it is worth it in the long run!!!
  7. by   tmiller027
    Between grants and loans, I'm getting around $18,000 for this fall, but tuition at the private school I'm going too is around $16,000 plus books, supplies, etc. Because we filed bankruptcy last year, I haven't been able to get any private loans yet. MOst banks won't touch us, even with a co-signer.

    The good thing is, I get $1000 a month from the GI bill, plus the school put me in for a possible scholoarship they have based on financial need. I'm also looking into a CNA job at the big hospital I want to be a nurse at. They have a great tuition assistance program.
  8. by   mitchsmom
    I just finished my first year in a BSN program, 1/2-3/4 time - by December I'll have used about $10,000. I think I'll probably be a little over $20k when I'm done. I am at a FL public university, I also use some of my money for part-time child care and for gas money (I commute 110 miles one way 1-2x/wk). My husband works, and I have to have a year of work experience before I can go to grad school, so I intend for that year to pay off the loans and save some toward the MSN if possible.
    I am the same as you, previous degree, and dh works, so I ain't gettin' nuthin' for free (grants, scholarships, etc.). My loans are gov't Stafford loans, though - very low interest, and that is with the previous degree.
    Last edit by mitchsmom on Apr 28, '04
  9. by   Sheri257
    So far, none. I go to a cheap community college. The whole thing, books and everything will cost me $5,000 with no financial aid, etc. It may not be a fancy school but, it's one of the reasons I decided to go this route. I've run up too much debt in the past which took forever to payoff, and I wanted to avoid that for the future.

    Last edit by Sheri257 on Apr 28, '04
  10. by   Lasoniamacaroni
    I went the same route as Lizz. I am getting my ADN from a community college. My classes themselves will run about 2,700. When you throw in books, suppies, etc... the total will be about 4,500.

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