Need Advice - page 2

Hi All, I need advice. I have my ASN, 1 year experience, and $81,000 in school associated debt (please, I already know the mistakes I've made....sigh, it's the only debt I have, only being a relative word here). I actually... Read More

  1. 5
    Quote from LandD_RN_chica
    We will always be in debt. Everyone in this world will be.
    Untrue, and this type of thinking really bothers me. Debt is not something everyone 'has to have', nor is it a good thing. Living paycheck to paycheck also is not how it has to be. Having debt means having to pay additional interest and not having spare money for emergencies and future options. Generally extra school is a good thing but not when your debt is as large as it is already. If more school is what you want to do then do it slowly by taking up to the 3k/year your hospital offers you.
    Sammie7, dishes, TheCommuter, and 2 others like this.

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  2. 2
    Thanks for the input guys! I guess I needed some validation for my decision. I plan to only do classes up to 3k a year, maybe a little more (that I can afford).

    I disagree with "everyone has debt." I'm pretty crazy and check my loans daily. I pay FAR more than the minimum, I've paid off 14k since January. My goal is to pay my loans off within 3-5 years. I have NO other debt and refuse to buy a house until my debt is substantially lower. If I could go back and change my loan decisions, I 100% would! You live, you learn.
    llg and dishes like this.
  3. 0
    It's a good idea what you're planning to do. Move into a smaller apt and eat Ramen for a year. I mean - throw everything you've got at that loan. But...that debt is too large to tack more on top of it.
    Debt is slavery.
    You have a job. Enough to knock out $10,000 in 5 or 6 months, at that.
    How ever more they're paying at this other hospital for a BSN canNOT be worth an extra $20,000 in student loans. LOL
    I don't even think we have to 'do the math' for that one.

    Good luck to you. Seems like you're going to come out on top having learned a powerful lesson. LOL But, hey - you're not the only one. I made mistakes at the cusp of adulthood, too. That's why I (and others) can speak on these issues.
    Until I buy a home, I have no debt and it feels darn good.
    My money that I've earned goes to me.
  4. 0
    Pay down your debt.

    There's lots of accredited online schools, and even more local colleges that would offer a Rn-BSN. Apply for local scholarships. Does your high school have alumni scholarships? Do any of the local colleges have scholarships? I would not take any more courses than what a scholarship will pay for. Period. IF your hospital says "you have to get your BSN in xx amount of years" usually (well sometimes) with that comes a "we will pay 1/2" or some other incentive to do so. Your current job in the community hospital is giving you much needed experience, a steady income, the means to the end. If your goal is to work in the city, then you can speak to your student loan people about consolidating, ask if it is feasible to put an extra $100 a month on the principal of the loan, make extra payments, and be SURE there's no penalty for paying off early.

    Be careful with tuition reimbursement. You have to pay up front, they reimburse you BUT you have to be sure that they approve your course of study first. (and there may be other rules, check with HR). Speak to your nurse educator on suggestions for programs. You are in no rush. I would hesitate to take on a full course load and attempt to work full time to pay down debt.

    Another thought is to see what some of the local colleges can do for you. A state school as commuter status is a good thought. Speak to their guidance counselor. See what they can offer you.

    When you do a federal financial aid form, it will tell you what you qualify for in loans. It may also give info on grants. So just be mindful of that. To avoid any more loans right now.

    Oh, also, if you are able to do 10K in 6 months, I would still speak to the possibility of even $500 a month going to the principal of the loan. The rest, to your payment and interest. Leave yourself enough money only for living expenses (gas, food--and I am assuming you are not living on your own at this point).

    Good luck in your future endevours.
  5. 0
    I would pay down the debt first.
    I went to WGU, they are only around 3k a term and a term is 6 months long. You work at your own pace, you could finish your BSN in less than a year depending on what classes you are able to transfer in.
    5 months after getting my BSN I finally got hired from a LTC to a hospital in my chosen specialty which got me a $15 an hour pay incease.
    I dont know about what other posters have said about WGU credits not transfering as I havent looked into it, but if getting a higher degree later on is what you want then I would check it out, but I would pay down that debt 1st

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