take out school loan even if I do not need to??

  1. Hello,
    I am wondering I can afford to go to college without taking out school loans.
    I would be going for my associates' degree.
    However, I have been wondering should I take them out anyways and then try and get my employers to pay for them.
    Since there is such a shortage of nurses.
    Anyone's thoughts?
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  2. 40 Comments

  3. by   P_RN
    Wrong.....why on earth would an employer pay for a loan you took?

    If you don't need the money.....DON'T get in debt!
  4. by   stellar
    You could take out the loans, invest the money you have, and see if an employer would pay your loans as a condition of employment. Many institutions are paying loans for hired nurses if they promise to work for six months or more. With the nursing shortage--it may work. Otherwise you have invested your money, made interest, and can use it to pay off your loans before you pay any interest.
  5. by   SandyB
    I know someone who took out student loans cuz the interest is so low and used it as a downpayment on a condo (after graduation). Student loan interest is low..even if no hospital is willing to pay it off for you, you can put the money to work for you!
  6. by   sunnygirl272
    take out a student loan ,then get the gov't to pay it back...
  7. by   2banurse
    I probably would recommend that you don't take out the loans if you don't need it. Although it may be possible to get the loan paid off by a future employer, there is no guarantee and then you will be left with it hanging around your neck. Even though the interest rate isn't too high, this is one loan that cannot be not paid off. It'll chase you around. Plus, why borrow money now when you don't need it. If you decide to go forward with a graduate degree and actually need assistance, you won't have to worry about paying back money you borrowed earlier.


    Kris
  8. by   susanmary
    I would not take out loans you don't need -- whether you are in school or not. You don't know what your future will bring -- loans/credit cards have a way of adding up. You haven't started nursing school -- who knows where you will be in 2 years -- or if you will even be in nursing. True, some institutions will "forgive" loans. On the other hand, you might take the loan .. and end up buying things with it that you don't really need. Remember the saying "when the gold is gone ... the gold is gone ..." I love that saying. Stay out of debt.
  9. by   bagladyrn
    Keep in mind also that if a hospital "repays" your loan, you are then obligated to them for a period of time. This means whatever shift, schedule, unit, etc. they want to give you, you are at their mercy. If you quit them before the specified time period you would have to repay them (usually the full amount) immediately. Do you really want to give an employer this kind of hold over you?
  10. by   colleen10
    If you really don't need the money I wouldn't take it out.

    Student Loans are at a really low rate of interest but they are very strict about paying it back. And since no one knows what the future holds I wouldn't get stuck in paying it back.

    Plus, I have investigated the loan re-imbursement statutes for states and at least here in PA, it doesn't appear that they will re-pay the entire total of your loan, just a percentage up to a certain amount of money. Plus, you have to stay at a particular facility for a particular length of time and you never kow what type of place you will end up workig in, so maybe it's better to let yourself have some leeway at the beginning of your career.
  11. by   katscan
    "get your employer to pay for them?" Sorry, sounds very egocentric to me. If you want further education you need to "own " your own loan first and foremost. Then you can promise to work for a medical provider who may offset the loan-but as said above you will be in debt to them. The way the climate is in the hospitals nowadays, you may HATE working for them, and you will be rihgt back where you started from-having to repay your own loan.
  12. by   purplemania
    why don't you contact local hospitals and ask about loan or tuition reimbursement or sign on bonuses? Then call the financial aid person at the nursing school (s) and get REAL info. Maybe you qualify for a grant or scholarship.
  13. by   fergus51
    I think it's a mean thing to do. There is only so much financial aid to go around, so if you don't need it you shouldn't use it.
  14. by   essarge
    I know that the government offers loan forgiveness on certain loans if you work in a critical shortage area. I believe that they are the Perkins loans. I live off my loans while I'm in school and need them so that I don't have to work full time to make ends meet.

    Take a look "down the road" to figure out if you may need them. If you don't, don't get them. They will affect your credit rating even if they are not in repayment status.

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