How long will it take to pay off your student loan? How long will it take to pay off your student loan? | allnurses

How long will it take to pay off your student loan?

  1. 6 School costs are increasing every year. Heck, some even take out a loan just for the books. I still remember how I felt when I purchased my first book - . $300 is a lot of money for a book! That was a wake up call. By the time you finish school, what do you think will be your total school loan costs (estimate)? How many decades do you think it will take to pay it off?

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  2. 16 Comments

  3. Visit  douxmusique profile page
    #1 1
    I dont even want to say what my loans will be but I plan on being able to pay them off within my first 1-2 years working. We have lived on one income for long eniugh another few years to pay off all school and car debts will not be difficult for us. Then ill be saving for my kids colleges. Never ending cycle.
  4. Visit  TheCommuter profile page
    #2 2
    I completed an LPN-to-RN (ASN) completion program in May 2010. I borrowed $12,700 worth of federal student loans and they went into repayment status in October 2010.

    I currently owe about $1,500 due to paying extra money on the principal at every opportune moment. I hope to pay off the $1,500 balance by the end of next month.
  5. Visit  JoseQuinones profile page
    #3 0
    I hope to graduate from the Bachelor's program with no debt, since I am studying at night and working full time during the day, and my wife is also working. We were able to pay cash for my enrollment this year, after help from Uncle Sam . Later during the Master's I may not be so lucky. It pays to shop around and see where you can pinch pennies, especially for the Bachelors. My university is a lot cheaper than many. I plan to get the BSN and Masters at this university and then, if God provides, eventually go for a doctorate from a more prestigious place down the line to balance out cost/benefit. I would hate to be forced to make future decisions based on debt I rack up today. Of course, nothing is set in stone and the job market will dictate much how much, if any, we need to borrow in future.
    Last edit by JoseQuinones on Jul 28, '13 : Reason: clarification
  6. Visit  JoseQuinones profile page
    #4 0
  7. Visit  KelRN215 profile page
    #5 2
    I graduated with close to $90k in debt. Been paying it off for six years and still have around $40K left.
  8. Visit  Student Mom to Three profile page
    #6 0
    Nada. My ADN cost less than 10k which I paid out of pocket. If I do an online RN to BSN (which I am resisting with every fiber of my being) it will only be another 6k as I already have a bachelor's in another field. Good deal!

    School is so expensive. My oldest graduates from HS this year and I am so nervous about what is in store for him!
  9. Visit  Swellz, BFD profile page
    #7 1
    Quote from KelRN215
    I graduated with close to $90k in debt. Been paying it off for six years and still have around $40K left.
    WOW you are paying that off like a BEAST. Congrats on your hard work!
    I will have about $70k (includes my loans from my BA and my BSN). I can't wait to start making serious payments and get that down to zero.
  10. Visit  catman88 profile page
    #8 0
    We have saved enough to pay for my ADN out of pocket, assuming I'm accepted. For the RN-BSN bridge, I'm not sure how much it'll be. Hopefully I'll be working then and can pay as I go, but only time will tell! Would love to stay debt free, obviously, if possible.
  11. Visit  csmcj profile page
    #9 0
    I'll finish with around $85K in debt. Add to that my wife's debt from her degree and we have enough student loan debt to buy a small house (around here, anyway. I know in other areas of the country the same amount would buy a much larger house down to a small apartment). I'm hoping that I can get a decent enough job to pay that off ASAP, and my family has hinted that upon graduation they'll help with my loan debt, at least a bit, but every bit helps.
  12. Visit  swansonplace profile page
    #10 0
    I too used a loan to get my education, and will be looking into working with an area where the loan debt will be brought down. I am also considering volunteering in certain areas to get the loan amount down.
  13. Visit  BSNbeDONE profile page
    #11 1
    Just under 30 grand when the BSN is done. Afterwards, I plan to treat it like a car payment and be done within 5 years....unless a lottery falls on my lap.
  14. Visit  VampyrSlayer profile page
    #12 0
    Volunteering to lower loan payments? You can do that?