I have 60 grand of student loan when I finished BSN

Nurses General Nursing

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I had my ADN in 2014, then I went back to school two months later for BSN, now I just graduated from BSN, and the student loan I owe is little over 60 grand..Oh load. I had to pay over 600 a month for 10 payment. That seems a lot to me. Any suggestions? any programs that can reduce or forgive my loan? Thank you very much!

Extra Pickles

1,403 Posts

I'm so sorry this is costing you so much because you could have gotten that BSN for a bare fraction of that cost if you had come here to ask about it beforehand rather than trying to get out of it afterward! does your employer pay a little more in wage for the bsn? it usually isn't much but it might help eventually. you still have to pay off the loans but maybe you will earn a little more than you did with the ADN?

cleback

1,381 Posts

Are you willing to relocate for work? Some employers offer loan forgiveness programs as part of benefits. Mine did that until 3 years ago. I think there are also some federal programs set up to attract nurses to medically undeserved areas.

Emergent, RN

4,242 Posts

Specializes in ER.

My suggestion is, get on a tight budget. If you pay off 15,000 a year, it'll be gone in 4 years plus interest. The faster you pay it down, the less interest.

Don't take out any other loans until you get this paid off. That means, drive an old car that you pay cash for.

For more info, get Dave Ramsey's book The Total Money Makeover

Alternatively, you can stay in debt your whole life, being a slave to bankers...

PinayUSA

505 Posts

Wow

I was putting a gf in school in PHilippines I was paying $700 per semester

Extra Pickles

1,403 Posts

Wow

I was putting a gf in school in PHilippines I was paying $700 per semester

probably would be better to compare apples to apples, not Philippine schools to US schools, but it still doesn't have to cost anywhere near what the OP paid.

allnurses Guide

Nurse SMS, MSN, RN

6,843 Posts

Specializes in Critical Care; Cardiac; Professional Development.

Wow. That is insanity. Where did you go that your BSN cost you $60K in student debt??? I am finishing my MSN in a month and a half and barely have $9K.

I do not know what to advise you. It was a bad monetary decision and I don't know of anyone that will pay off that kind of money. Hopefully others have some resources for you.

Specializes in ICU.

I did a traditional brick and mortar BSN and it cost me $3k/semester. I worked full time during it so I could pay as I went and graduated with no loans. It's too late to go back and do your research about where to go that you wouldn't pay an arm and a leg for, pr tell you to get a job to pay for your education, obviously, but hopefully your story will serve as a warning to others.

Buy from the non-English-speaking grocery stores (they tend to be cheaper), get a roommate or two, and work a ton of overtime. Just remember to put enough money aside that you have an emergency fund, too.

Specializes in Critical Care, Education.

No need to beat up OP for something that has already been done.

Best options would be to look for employers who offer loan repayment benefits or hook up with HRSA loan forgiveness benefits for working in an underserved area. There's another long-term option for governmental loans (not private) .... if you make regular payments for 10 years & work in a "public service" (tax supported) setting, you can apply for loan forgiveness. So far, I heard that about 40k people have filed initial paperwork for this option.

In the meantime - for heaven's sake, stay current on your payments. DON'T default!!! In most states, defaulting on student loans will mean inability to renew your nursing license.

Emergent, RN

4,242 Posts

Specializes in ER.
Wow. That is insanity. Where did you go that your BSN cost you $60K in student debt??? I am finishing my MSN in a month and a half and barely have $9K.

I do not know what to advise you. It was a bad monetary decision and I don't know of anyone that will pay off that kind of money. Hopefully others have some resources for you.

Of course people pay off debt.

Let's say OP was living off $35,000 prior to racking up this debt. She's now an RN and can make $60,000. She can live off $40,000 for a few more years, apply the difference to the debt, after building up an emergency fund.

These are rough figures of course, there's taxes, etc. It just means, no more lattes, frappes, eating out, just like billions of people in the world do without.

PinayUSA

505 Posts

probably would be better to compare apples to apples, not Philippine schools to US schools, but it still doesn't have to cost anywhere near what the OP paid.

She graduated with a BSN, sent off for CES per Texas BON they determined it same a US BSN.

She had her BSN done at age 19, got her RN in Texas at age 20. I saved a lot of apples.........

Specializes in HH, Peds, Rehab, Clinical.

Did you get as good a deal on your nursing degree? =)

Wow

I was putting a gf in school in PHilippines I was paying $700 per semester

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