The Largest Student Loan Actually PAID OFF! - page 4
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
Dec 6, '06My preceptor graduated with just around $50k in student loans, with her BSN. She told me she went through about 3 years undergrad and then decided to do nursing, so it was a total of 5 years. During that time she worked awful jobs that may have paid for food, but not much else. The one job she had that was decent was nursing assistant on the floor where she eventually precepted me. Also, she was very young and said her choices weren't always smart.
Anyways, she worked 4 day weeks instead of 3 days (12 hour days) for several years. Her husband was in school also, and she dedicated something like $1k per month to paying off school loans. Knowing that, when he graduated with his doctorate, they'd be making a LOT more, but would be again saddled with some outrageous amount of school loans for him. Her goal was to pay hers off before he graduated.
I'm contributing her story 'cause I had zero debt, and also just about zero money, when I graduated with my ADN. I'm floored by the costs that I estimate to get my BSN and I don't want to do it right now! I'd like to buy a house first, really. In my first year and a half, I have become the breadwinner, sent my hubby back to school (that I'm paying for, still no debt), paid off our car, bought a second one (payments lower than the first car, thankfully), moved to an adequate apartment, added a dog and cat to our household, and saved up about $5k towards a house downpayment. Although we would like to just keep a cushion of that much, I do count it as a substantial chunk of a downpayment. All that on 3 day work weeks with occasional call, nightshift differential and charge pay.
I think it was well worth being broke for several years.
Dec 6, '06i know in my last hospital the residents were only makine 45 grand a year... wild isnt it? I'm not sure what they make at my current hospital..
Dec 6, '06Nursing is also a second career for me, I owe $40k from my first BA and MS and now $50k for my BSN. Not to mention credit card debt, car loans, etc! And I have an upcoming wedding to help pay for. I'm now in an MSN/MPH program but I lucked out because I was hired as a researcher at my school so all my tuition is paid for going forward. I also am working part-time at night as a nurse. I've actually come up with a budget plan so I can be debt free by the time I graduate. I think the day I pay off my last loan will probably be one of the most happy and liberating days of my life.
Dec 6, '06Quote from MissionAre you saying you owe a total of $90,000 or that you added 10k to the beginning total?Nursing is also a second career for me, I owe $40k from my first BA and MS and now $50k for my BSN. Not to mention credit card debt, car loans, etc! And I have an upcoming wedding to help pay for. I'm now in an MSN/MPH program but I lucked out because I was hired as a researcher at my school so all my tuition is paid for going forward. I also am working part-time at night as a nurse. I've actually come up with a budget plan so I can be debt free by the time I graduate. I think the day I pay off my last loan will probably be one of the most happy and liberating days of my life.
Dec 6, '06My family was pretty poor when I was growing up and my parents didn't help me prepare for college in anyway. They didn't go so I guess they didn't really see it as a possibility for their children. I finally decided at the age of 23 to go to college and I started at a local community college that was covered 100% by financial aid because I was a single mom and independent by then. However, once I graduated from that 2 year school and went on to a four year college I had to leave the lower cost public system because the major I wanted was not available. I went to a private college and accumulated 29k in loans by the time I received my BA. I am glad I did it because I never would have graduated if it had not been for my loans. Before I went to college I was making $8.50/hour as a CNA at a hospital and I was trying to make it in New York City where the cost of living is sky high. After I earned my Associates degree I got a job making $14/hour...still not enough money to make it in New York. Once I received my BA I began to teach (not what I went to school for but that is another thread) and my starting salary was
39k, more money than I have ever made in my life. I went back for a graduate degree in education and took out another 7k but left the program (now that was a mistake because I should have made sure I wanted to stick with teaching before going to grad school) After I left teaching and moved into the corporate world (doing what I had majored in) my salary never went below that 39k again.
I don't think it's wise to accumulate debt if you have another way of funding your education but sometimes you have to do what you have to do.
Dec 6, '06Quote from timdmbYup, they sure do. A huge amount of pre-med students are actually going through on scholarships for undergrad. I'm not talking about doctors still in residency...I'm talking about ones during their first year of practice out of residency.physicians arent making 100k in there first year and there usually taking out more than 100... not to mention there undergrad
Residents...make less than an RN in many ways...because they are usually putting in about 70 hours per week.Last edit by BSNtobe2009 on Dec 6, '06
Dec 6, '06Quote from CRNASOMEDAY25Are you saying you owe a total of $90,000 or that you added 10k to the beginning total?
I owe $90K, I know...it's even scarier when you see it on an itemized bill with interest charges
Dec 11, '06I have a lot of student loans right now. I am in an Entry Level Masters program. I have previous loans from my undergrad of about 25K. I honestly try to keep it off my mind and focus on the fact that I will have a good job soon to help pay. I have also heard that sometimes there is loan forgiveness, meaning if you work for some places they will pay up to a certain percentage of your loans off for you. Thats what I am hoping for in the end. Good Luck everyone
Dec 11, '06I have about 45,000 in student loans and I don't regret it for a second. In my opinion, borrowing money for an education is one of the only acceptable forms of debt. I only graduated last month, but I have already started paying back my loans. I have low payments stretched out over many years but I plan on paying them back in 3-4 years max.
I am lucky, my husband makes enough for us to have a comfortable life with 4 kids and for me to be a stay at home mom (but not enough to finance a college education out of pocket). I knew I wanted to be a nurse, so I went back to college (have already paid loans off once) after being a stay at home mom for 12 years. Going back to school was the best thing I have ever done for myself or my family, it was worth every penny. We won't be changing our lifestyle much, we will just use my money to save a little more than we have been saving and pay off my loans and a few other debts, like braces on 3 kids. We were going to move to a beautiful new home, but decided that we would stay put, our house is beautiful, but older, but we knew we would never get ahead if we kept buying bigger or 'better' things for the heck of it.
When I get my Masters, my employer will pay for it, it is a benefit of the organziation I will be working for.Last edit by Imafloat on Dec 11, '06 : Reason: clarity
Dec 18, '06This is a really great post and is seriously giving me something to think about as I start my first semester of nursing school come Janurary. I am switching careers and have about $16,000 worth of debt from my first BA. That doesn't sound too bad, but considering my salary wasn't much and I was a struggling single mom at the start I barely had enough to make ends meet much less pay off my loans. It would've been less since I was attending state university, but the last 2 years I took out a bit extra to help with living expenses during my divorce.
Now that I'm starting school again at an expensive private college (~$16,000/yr) I worry much more about money and how I'll pay for it after leaving school. I've made it a point to apply for scholarships, and have so far only been awarded one for $3,100. I'm married now and while my husband doesn't make a ton he makes enough to cover our living expenses so I won't have to take out any more than I need to cover tution. I plan to pay for books and any other essentials out of the part-time job I have.
I encourage those who already have some debt to pay whatever you can towards it while you're in school. I made the mistake of not doing this last time around, and really regret it. I plan to take advantage of every opportunity I can to keep my debt as low as possible because you never know what will happen down the line.
Dec 19, '06I am in school right now. I am going to complete my Bachelor's in Graphic Communications next Fall, and complete my ASN.
By the time I finish, I should be around $40K in debt, with two degrees. Our school won't let us take out more loans than the equivalent of our estimated costs of attendance, unless we take out private loans. I figure I don't need anymore than what the university estimates, so I stay away from private loans. I plan to funnel as much money as possible into paying off the loans when I get my first job. I have been living off of about $11,000 a year from financial aid and scholarships for 3 years now, and will for 3 more..So for me, being frugal when I graduate to pay down those loans quickly won't be any big adjustment. I have an apartment, I have a fairly new car (2005) which should serve me well for atleast 3 more years, and I live comfortably off of what I get in financial aid. No plastic surgery or trips to Disneyworld LOL...But I get by. And I know with a sacrifice now, I will be better off in the future.
I will have to pay about $750 a month to pay it off in 5 years, but I will probably try to pay about $1000 a month.
Jul 29, '08I was admitted to an Ivy league MPH program in hospital management. To make a long story short, I didn't go and a year later I cannot tell you how happy I am that I did not do that. I was admitted last fall and with what has happened to the economy, the thought of having paid $45K for an MPH would have sickened me.
Loans are justifiable, to an extent, if you are doing an MBA at Harvard or Yale, law school at a top school, or med/dental school. The rest is a waste in my opinion.
Jul 30, '08Here is my advice....Do not pay off your student loans. The government interest rates are so low that you are better off making the minimum monthly payment. Get over the fact that you have loans and just deal with it. Student loans are an investment in your future, and if you didn't take them, you most likely would not have been able to go to school and become an RN. I would only payoff a loan if the interest rate was over 8%.