Loans, loans and more loans

[Jennyfour]

Hello all,

This is more of a "freak out" moment for me to say the least. I recently graduated with my BSN and will start to pay back my loans. As I gathered all my papers, I realized that for the 5 years I went to college, I bulit up over $100,000 in loans, which makes me sick to my stomach. I don't have a house, a boat, a car or anything to show for that debt but my BSN. Wow. To add to the dilemna, nursing wasn't my dream career, so aside from being miserable at my job (which I AM greatful to have one, dont get me wrong), constantly stressed, constantly crying...I have this wonderful debt to pay off at 23 years old. I wanted to go back to school (not sure for what, which is more frusterating), get out of hospital nursing (those jobs are hard to come by, ugh..), I wanted to retire one day but all these things seem impossible and I feel quite "stuck" where I am, which is a miserable feeling. Feeling pretty hopeless to say the least...Any words of wisdom or advice? I could use some at about this time.

Thanks.

[KimberlyRN89, BSN, RN]

OP you mentioned going back to school. I think this scholarship is geared toward those who want to pursue a degree in nursing education & help repay their loans

http://www.hrsa.gov/loanscholarships/repayment/nursing/index.html

[crr277]

Don't freak out! You may be able to pay off this balance within 5-6 years, 10 years being the being the maximum because interest is going to eat you alive after that.

I had that amount of debt after attending law school and nursing school. After my RN diploma, I saved up enough cash to pay for my BSN. Two months later, I got an even better job opportunity! Nursing is a great profession that even if you don't love it, there are many avenues available and you may find something you like. Plus, there are always opportunities for overtime or a second job.

Make a budget. How long do you want to pay on these loans? I wanted to do it for five years. I'm a second degree student and I don't have forever. So that's $20,000 a year or $1670 a month. Believe it or not, it's doable. Live like a student during those years. Cut back on eating out, entertainment, expensive cell phone plans, don't buy a new car. Live below your means. Even though my original goal was five years, I've decided to go back for my MSN and pay cash for that. I plan to work 2-3 PRN shifts a month to help save up for a year. Unfortunately, this will push my loan payoff date by another year, but I'm okay with that. I will be debt free in 2015, one year before I complete my MSN!

Consolidate your federal loans and/or your private loans so you can reduce your payment.

Check out Dave Ramsey and Suze Orman. They give great advice for getting out of debt.

When you start chuncking away at the debt, it's a great feeling!

I hope some of this helps. If you want more information on my personal, monthly budget, please feel free to send me a PM.

Good luck! :)

[Nishacat03]

Don't freak out! You may be able to pay off this balance within 5-6 years, 10 years being the being the maximum because interest is going to eat you alive after that.

I had that amount of debt after attending law school and nursing school. After my RN diploma, I saved up enough cash to pay for my BSN. Two months later, I got an even better job opportunity! Nursing is a great profession that even if you don't love it, there are many avenues available and you may find something you like. Plus, there are always opportunities for overtime or a second job.

Make a budget. How long do you want to pay on these loans? I wanted to do it for five years. I'm a second degree student and I don't have forever. So that's $20,000 a year or $1670 a month. Believe it or not, it's doable. Live like a student during those years. Cut back on eating out, entertainment, expensive cell phone plans, don't buy a new car. Live below your means. Even though my original goal was five years, I've decided to go back for my MSN and pay cash for that. I plan to work 2-3 PRN shifts a month to help save up for a year. Unfortunately, this will push my loan payoff date by another year, but I'm okay with that. I will be debt free in 2015, one year before I complete my MSN!

Consolidate your federal loans and/or your private loans so you can reduce your payment.

Check out Dave Ramsey and Suze Orman. They give great advice for getting out of debt.

When you start chuncking away at the debt, it's a great feeling!

I hope some of this helps. If you want more information on my personal, monthly budget, please feel free to send me a PM.

Good luck! :)

How weird I noticed that u posted 11/11 at 1:11

[lperez89]

I graduated with my BSN as well, and like you I have a little over $100,000 in Student loans because I attended a small private school to get that degree instead of going to a cheap state school. I only had one job offer when I graduated, in the OR...which I knew I would hate before I even accepted the position, and of course I dread going to work every single day because I'm not meant to be an OR nurse, and I dream of working in Critical care or the ED. However I signed a contract that if I break, I will owe my institution $5000 as restitution for my training, but often I think to myself "What's another $5000 to this massive amount of debt?"

I too want to go back to school to become a Nurse Practitioner, and I'm not sure when that will be feasible because right now I'm living paycheck to paycheck and my loan payments are crushing me.

However I do have some advice, because as a 23 year old in the same exact boat as you, have learned that leaning on friends and family for support, even just to vent about it (I have to scream about my awful job and how little money I have at least once a week) Also there is a program through HRSA.gov that if you qualify will help repay some of the student debt you accrued depending on what type of hospital you work at, they have an application you can fill out, which opens up each year in the fall, and have you talked to your lenders about lowering your payments for the time being until you are able to get on your feet, or possibly consolidation if it will benefit your situation?

I feel your pain! you will get through this!

[PatMac10,RN, RN]

I agree that you might need to seek financial planning assistance. You can get it for free at the State Employee's Credit Union here in NC, or at least in my area. I have heard people say it really helped, even if your not in debt. I might look into it myself.

I wish the best for you. I've never heard of someone spending that much money on a undergrad degree unless it was at a private school, or Ivy League school. I know schools like Vanderbilt University and Georgetown are ridiculously expensive, but they put out knowledgeable and good grads.

Me on the other hand, I started at an ADN program at a local CC, haven't had to take out any loans, my pell grant money covers my all my tuition and I got 2 small scholarships to help with extra costs like uniforms etc.. I am thankful I made the decision to go this route. My total nursing education will approx $11,000.

I started nursing school at 18, and people said I shouldn't have wasted my time with my ADN and should have went straight for my BSN, but it has worked out in my favor. I'm graduating in May 2013 with $0 in debt and have a job waiting on me (as most of my classmates do). I will be completing my BSN online and will not even have to pay $10,000 for that. The program will take me about a year and I will still be eligible for financial during that year, plus employee assistance, so I doubt l have to take out a loan for my BSN.

I will graduate with my BSN a few months after all of my friends who went directly for their BSN, but I'll have almost a year of experience with my new BSN!