Anyone else worried about maxing out student loans?

  1. I'm planning on taking everything ($$ wise) that my school is willing to give me once I start my actual nursing classes, I want to work as little as possible. I'm projectng that I'll have at least $35k in loans when I graduate.

    I know some hospitals will pay back part of your loans, as will some government programs, but at the same time I don't want to count on that, ya know? Is anyone else worried?
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  2. 17 Comments

  3. by   Chevelle
    I just wanted to let you know that you are not alone! I am finishing my A.S. business (only because I started it and do not want to walk away with it unfinished) will probably never use it and really should consider just taking what I need for my nursing curriculum. I have loans from a previous school plus take loans now. My fin.aid covers everything but my husband and I are building our house ourselves, and the refunds are a real help. After this I will have to take more loans for nursing school just to help offset the cost of me not working...and this is just for the A.A.S. nursing. I still plan on a bachelor's in biochemistry and would like to eventually achieve my masters and Ph.D.

    Even though I know I will be pretty much guaranteed work in this field and that there are programs that help you, I worry about it all the time. I hate the thought of racking up so much debt! Yes, the interest is low and the payments are not that bad, but I don't like having it hanging over my head.

    So you are definently not alone!
    Last edit by Chevelle on Jun 26, '04
  4. by   Energizer Bunny
    My school maxes out at $6,000 a year since tuition and fees are only $1795 (of course there is all the extras). Because of childcare needs, I have had to ask for $5100 and will probably need the same, if not more, for the second year. In repayment, it isn't so bad, but yes, I'm worried. What if I don't make it through? What if I don't pass boards? What if? What if? What if? The what if's will kill ya! LOL!

    FAILURE IS NOT AN OPTION HERE!
  5. by   CaterpillarGirl
    My annual cost of attendance is around $17000 (incliding everything from food to transportation). I typically get about 5k in grants which leaves the rest for loans/work. The monthly payments aren't too bad if I take 15 years to pay it off, but I don't want it to take that long!!
  6. by   Energizer Bunny
    Oh gosh...you mean you wanna hear my total of what I need to live? LOL! No, you don't...let's see, it's somewhere around $40,000/yr. and dh makes nowhere near that! LOL!

    But, I also have three kids and have to pay for all their needs, including childcare. I can't believe you are getting off that cheap in Vegas! Seems you must have some good deals going...are you living in dorms?
  7. by   lisamc1RN
    I get all shaky and break a sweat every time I read these loan amounts! :lol We are still paying off my husbands school loans and it will be several years before we are finished! Thankfully, my grants take care of almost everything! I decided not to get any loans. I make a check out for $80 a month to cover the rest of my tuition. *whew*
  8. by   CaterpillarGirl
    Quote from CNM2B
    Oh gosh...you mean you wanna hear my total of what I need to live? LOL! No, you don't...let's see, it's somewhere around $40,000/yr. and dh makes nowhere near that! LOL!

    But, I also have three kids and have to pay for all their needs, including childcare. I can't believe you are getting off that cheap in Vegas! Seems you must have some good deals going...are you living in dorms?

    Even if I got the full 17k in financial aid I would still need to work a little bit. I can't live on campus because I have a child. Thankfully her kindergarten is full day so I don't have to worry about daycare while I'm in school. My fiance and I both work at night, but on different days so there isn't any childcare needed then either.

    Thankfully the cost of living isn't a whole lot in Vegas, and tuition is pretty inexpensive, even though we're out of state. I'm hoping that I'll start receiving child support regularly from my daughters father by the time my nursing classes start, as then I would only have to work 2 nights aweek as opposed to 3.
  9. by   Energizer Bunny
    I didn't know you had a child too! Fit that into the equation and it always makes things more difficult huh? I was under the impression that Vegas was pretty expensive when my grandfather lived there and I was wondering how everyone was able to afford to move there (one of the fastest growing cities). Now I know the truth! LOL!

    Good luck! The whole school scenerio for me is sooo crazy and my childcare worries are driving me much more insane than taking out the school loan!
  10. by   CaterpillarGirl
    Quote from CNM2B
    I didn't know you had a child too! Fit that into the equation and it always makes things more difficult huh? I was under the impression that Vegas was pretty expensive when my grandfather lived there and I was wondering how everyone was able to afford to move there (one of the fastest growing cities). Now I know the truth! LOL!

    Good luck! The whole school scenerio for me is sooo crazy and my childcare worries are driving me much more insane than taking out the school loan!

    Vegas is growing REALLY quickly. Last I heard, the houses have appreciated between 20 and 30% over the last year. However, it's still cheaper than where we live now. The apartment we're getting there for $785 would cost us at least $900 here.

    I'm just thankful we were able to find a kinderarten that was full day. OUt of the 100 elementary schools in the district, there are only 20 or so that offer the full day program. I don't know what we would have done if we had to pay for 1/2 day childcare (before/after school). Most places I found wanted $400+ per month, something we definately could not afford.
  11. by   RedSox33RN
    I'm worried about repayment, though I know with some of my loans, part will be "forgiven" in exchange for going into nursing. Not a bad deal.

    I'm bringing in loans from my other, much-less-expensive school, to my new, private Catholic, $22k/year school, and that has me worried somewhat. Though I will be settling my mother's estate late this year, which will certainly be able to pay everything off and leave me comfortable. But I do still hate the thought of borrowing all that money. Not only the money, but all the terms and conditions for each loan and remembering the rates, the paperwork - it all gets sooooo confusing!
  12. by   manna
    I'm worried about my student loans - not necessarily maxing them out and running out of money.. but I'm to the point in my life that I'm pretty anti-debt (Dave Ramsey is getting to me :chuckle )

    By the time I graduate, I think I'll have around $20K in loans. Fortunately, over the next 2 years of my nursing program I'll only have to take out around $5,000 of loans (the rest is scholarships and grants to the tune of about $15K/year). The other $15K is money I've borrowed along the way while I was doing pre-reqs for the past 5 years.

    It's just incredibly scary to me to face graduating with that amount of debt, but right now there's no other option than to just do it.
  13. by   CaterpillarGirl
    Quote from wannaBEanRN
    I'm worried about repayment, though I know with some of my loans, part will be "forgiven" in exchange for going into nursing. Not a bad deal.

    I'm bringing in loans from my other, much-less-expensive school, to my new, private Catholic, $22k/year school, and that has me worried somewhat. Though I will be settling my mother's estate late this year, which will certainly be able to pay everything off and leave me comfortable. But I do still hate the thought of borrowing all that money. Not only the money, but all the terms and conditions for each loan and remembering the rates, the paperwork - it all gets sooooo confusing!

    If we would have stayed in Seattle, that's how much I'd be paying per year at a private college as well. The odds of getting into the Universtiy of Washington's program was so slim I didn't even want to apply. I guess thinking about it that way puts some perspective. My tuition in Vegas will on;y be 5k per year as opposed to 20k. I'm still borrowing the same amount, reagrdless, but it will at least allow me to work less.
  14. by   susanna
    I know...I have a lot out know and my counselor at my finacial aid office told me they can only give me 5,000 more in Stafford so I'm pretty close to maxing out the preferable education loan. Then, I'll have to take out other kinds of loans.

    And then I know I'll be in a pretty big debt if I go to grad school after this, too.

    Here's how I cope with it: Almost everyone pretty much who goes to college or further has loans. The majority of the population was not born with silver spoons in their mouths. So, I know that I am not alone. Plus, it makes me happy to know that if I died or if something else really bad happened to me, my student loans would me cancelled and wouldn't be put on my family or spouse. So, its not like I'm risking anyone else's fortune, only my own.
    Other times, I pretty much wail and worry that I'm taking out too much money and won't be able to pay it back. Don't worry. You're not alone.

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