The Largest Student Loan Actually PAID OFF! - page 2

I am just curious about something here. I am very, very concerned and alarmed at the number of folks that I have seen on the board that have student loans of $60K $80K $100K for an undergrad. ... Read More

  1. by   Lisa CCU RN
    Isn't anyone taking advantage of the hospitals paying back the loans?
  2. by   sunnyjohn
    Quote from CRNASOMEDAY25
    Isn't anyone taking advantage of the hospitals paying back the loans?
    I personally don't like the idea of hemming myself in. I would only do I if there was a buyout clause or if the hospital did a month-by month or quarterly payout

    There are too many variables the first year in nursing for me to think about it.
  3. by   Hellllllo Nurse
    Quote from CRNASOMEDAY25
    Isn't anyone taking advantage of the hospitals paying back the loans?
    I have known a number of nurses who have done this and regretted it. Every single one I've known has paid back the money and bought out their contracts in order to escape from a bad hospital/job.
  4. by   RNin'08
    Quote from CRNASOMEDAY25
    Isn't anyone taking advantage of the hospitals paying back the loans?
    Very few in this area offer to pay back loans or give a sign on bonus these days. The most money I've found available through local hospitals will only contribute $5k of scholarship money and require a 2 year commitment...considering I'll still have well over $30k after what they would pay (and they offer one of the lowest hourly wages around) I don't think it's worth it in my situation. Although I do apply for any and all scholarships I find that don't have work commitment or other various 'strings' attached.

    DH supports us right now and we plan to continue that for the first year or so after I start working, in order to pay off the majority of my loans.

    Thanks to the OP. This thread is really interesting!

    RNin'08
    ~my reality check bounced~
  5. by   mercyteapot
    Wow, when I went to nursing school, the highest Stafford loan you could borrow was $2500 year! My school had a loan program where you could borrow another $1000 a year. Of course, a full year's tuition plus room & board only come to $5500 back then, too.
  6. by   llg
    I know of one woman who had chosen nursing as a "non-traditional" student. By the time she graduated and started working, she was in her 50's and responsible for the care of her mother who had health problems. This nurse had gone to a fairly expensive school and had racked up a little over $70,000 in loans.

    The assistance her mother needed was expensive and her own age and health made it difficult for her to work many extra shifts, leaving her unable to pay her loan fees some months and she was falling behind. The last time I talked with her (about 3 years ago), she didn't know how she would ever pay off those loans. (Think about it, at her age and not in the best of health, she would be lucky to be able to work full time for another 15 years at max. Her health would probably force her to cut back within 10 years.)

    I think about her sometimes as I read some of the posts on this bulletin board about people borrowing so much.

    llg
    Last edit by llg on Dec 5, '06
  7. by   smk1
    I know people that are borrowing to go on spring break, extra money for partying etc... I can't imagine doing that. I borrow what I need to pay for tuition, fees, books and child care, there is a little left over from that, but not much, and it usually comes in handy for a supplemental book or gas money. I really should have been applying for scholarships. I have the grades and have never done it. I could kick myself now!
  8. by   Schatzi RN CEN
    I went to LPN school and then a 1 year LPN to RN program as a single mom and took out the max amount of student loans to pay for my living expenses, while the facility I work for paid for my tuition. This left me with approx. 20k in student loans. My payments are not too bad at $ 200 a month. The ability to make a good hourly wage was definately worth taking on student loans. If I had to do it over, I would not tie myself down again by letting my facility pay for some of my schooling as it is keeping me from taking a job I really want.
  9. by   HappyNurse2005
    I think my ADN loans were 16-17K, maybe a little more. paying 190 a month. not that bad, b/c i can afford it now. cant imagine 60K in loans, though.
  10. by   BSNtobe2009
    Quote from np_wannabe
    I'm bumping....LOVE this thread, BSNtobe2009....

    What happens once you are out of school and are faced with a HUGE debt?? Do you live frugally to pay it down? Do you live it up since you are out of school, working, and making money??

    What is life like for you when you get out?

    If you paid off your loans, how did you do it?

    Great concept OP!
    Thank you!

    Just from working in lending for years, I considered taking out loans for around $50K in instead of selling my home and moving, and then I rethought it....with paying the loan back PLUS my normal living expenses...I would have been making the SAME amount of money or less than BEFORE I went to nursing school...so to me, that defeated the entire purpose of it.

    I just wanted to see if there was anyone currently in repayment and how they were making it....because even the best laid plans don't work.
  11. by   DBlack1
    I went to school with some girls that purchased cosmetic surgery with student loans. I thought it was funny, but the interest rates were better than a credit card.

    I have a bud who is 100k in debt, but that is for a Masters in Finance from LSU. He made around 60k his first year out, and could be in the six figure range in as little as 4 years. Well worth the debt.

    My aunt is a pharmacist, makes around 150K a year, and is still paying 30 year old student loans.

    I have none. I would have ate peanut butter/jelly every meal if I did need the loans.

    My brother attended The Univ. of Colorado at Boulder for a semester and stayed in the dorms. His room mate had over 100K in debt on a liberal arts degree and still had a couple semesters left. That my friends is very dumb.
  12. by   Quickbeam
    Don't know why I'm posting this but I feel moved to do so. I really have a lot of sympathy for those shouldering the tuitions of today. My first degree was 1973-1977 and I graduated owing nothing due to Residence Life jobs (RA and Hall Director). I'm no rocket scientist...it wasn't that hard to "work your way through", especially at a state school. My accelerated BSN program took all my savings but I also got out with no debt in 1987.

    Because of this thread, I called my schools.

    The tuition at my first school has increased 15 fold in 30 years.

    The tuition at my accelerated program has increased 5 fold in 19 years.

    My salary certainly hasn't seen that kind of jump. I feel lucky I went when did but I feel dreadful that the burden has gotten so horrific. Conditions being the same, I'd have not been able to go to school now. It's a crime.
  13. by   Gennaver
    Quote from BSNtobe2009
    I am just curious about something here.

    ...

    I just feel that there is a huge difference in a physician taking out $100K in loans for med school when he will probably be making that or more in his first year, than an RN who will probably be making half that figure as a new grad.

    Any thoughts.
    Hello,
    My Associates degree didn't require me to take loans, phew, However in order to complete my BA I had to borrow 65K. In total my graduate school should end up as another 65K, (42K tuition and then living costs on top of that). The total, without interest is 130K.

    So, it will be monthly payment of 1000 dollars for 15 years, (or so due to interest). That is my base amount to pay. If I can manage to do more, then I will, if not, then I will have to renegotiate. Oh wait, I forgot the Army has a loan repayment program and upon commissioning they might pay one of my loans up to 30K but, I only turned in the paperwork for one at 23K. So that lowers my total to 107K.

    It is a lot, definately. However, without the loans school would not have been an option. I wanted to go to school, to learn, not just to earn, both the learning and the earning are benefits of this costly education. I went to both private and state schools for the undergrad and associates. The private schools cost WAY more than the state schools, almost triple the cost.

    Gen
    p.s. if I remember and am still a part of this board when I pay them off I will create a thread to state the celebration.
    p.p.s. yet, I am also not done with school and plan to continue post masters, yet, I do not think I will need the loans, as before, for that

close