New RN w/$99k debt - Pay Off Plan
- 0Apr 26, '10 by sozoFYI - seems like good advice; agree or disagree? anything left out one should consider?
Financial planner Deborah Levenson designed a three-part plan that would help newly licensed registered nurse Amanda Johnson pay off her $99,000 school-loan debt more quickly while still having enough money to build an emergency fund and save for retirement.
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- 1Apr 26, '10 by Jules ACall me skeptical but as someone who worked the entire time, went to a community college starting with my LPN and paid for school completely out of my pocket I just can't imagine this story is even true, and she bought a new car? Was there a therapist fee included in that budget.
- 2Apr 26, '10 by ParrotletloverWhile $99,000 does seem like a huge amount of money for a degree, it sounds possible. The school I attend charges about $36,000 per year and if you don't get any or much financial aid, you would owe nearly $144,000 after four years. (Thankfully my tuition bill isn't nearly as much.)
But yeah, it seems possible.
- 0Apr 26, '10 by Jessy_RNI went to a private college (very expensive) in CT and have nowhere near that amount of student loans. Although very well possible in her case. I still think these must be combined with maybe a previous degree and nursing could very well be her second degree? That or she failed and re-took MANY classes.............confused
- 3Apr 26, '10 by llg GuideI think it is irresponsible for the paper to publish that hogwash. The vast majority of people who graduate with a BSN and over $100,000 in debt will NOT be able to breeze through it as easily as they suggest it will be. And note ... the nurse in the story has NOT successfully accomplished this loan repayment yet. The numbers they are giving in the article are not numbers she is actually seeing yet.
I'd like to re-visit that story in another 5 years and see how well she is doing While though I do wish her the best of luck, I doubt things will be as rosy as the newspaper suggests. They make it sound like it is perfectly fine to accumulate so much debt while in school and that it is easy to pay it off. That's irresponsible.