Loans, interest, decisions, oh my!! Help!

[JustKeepSmiling]

Trying to make a big decision here. I tend to over analyze things, so I'm hoping some of my fellow SNs can help me out.

I have about 10k in student loan debt as of now. I attended a 4 year school, pursing a biology degree, and I took out a good bit towards that degree... didn't finish it because I decided on nursing.

I am in my program and have 3 semesters left.

I currently bartend 2x week but I'm absolutely sick of the place. I make good money but its putting a lot of wear and tear on me and I really need to quit. Like really, its not optional at this point.

I'm not sure I want to find another job.

Here's the deal..

How bad is student loan debt!? Do you let it bother you? Are you worried to? Are you confident you'll snag a good loan repayment contract when you graduate?

How much debt do you have? (Give me some comparative insight to help calm my nerves) how do you cope with it if its a lot!?

Now, I also have 2500 in credit card debt. So I'm in 12,500 debt totally - 10 of which is student loans (all subsidized stafford).

I'm thinking about taking out the unsub loan max for this year (revising my aid package a little late in the game) and banking that to live on.

Am I blowing this out of proportion? Is this the norm for us student nurses? How many of us are in the same boat?! How are we going to every get out of debt!

[CrazierThanYou]

I am in the same situation myself but with a twist. The nursing program to which I was admitted is extremely expensive. I received their email on financial aid but there is still a gap that is north of $20,000 that I am expected to cover on my own - not going to happen. I've been turned down for loans even with a solid cosigner. I am trying to do some research but I fully expect to have to call them within the next week and forfeit my deposit and tell them I can't come. It sucks but I don't see another option. Loan repayment is one thing, getting loans is quite another. My advice to you would be to do everything you possibly can to keep your loans down. Consolidate, make interest payments, stay in your job if possible (depending on any other opportunities you may have in your area). Loans suck, make no doubt about it.

Where the heck do you go to school???

[want2banrn]

Nowhere right now. I've been admitted for this fall but it's almost certainly not going to happen. Scholarships are limited and I have no options as far as family, or other private loans. I guess it wasn't meant to be.

[CrazierThanYou]

Couldn't you find a cheaper school? My school is $50 per credit hour plus $30 a semester for "fees". I only have to have the actual nursing courses so I'm looking at around $2700-3000 if there is no tuition increase. That doesn't include books and other costs. But still, not that bad.

[want2banrn]

That's pretty enviable. All I can say is that I would have to try other places. But as we all know, it isn't easy getting accepted anywhere. So I dunno.

Sorry to the OP if I hijacked your thread.

[CrazierThanYou]

That's pretty enviable. All I can say is that I would have to try other places. But as we all know, it isn't easy getting accepted anywhere. So I dunno.

Sorry to the OP if I hijacked your thread.

Are you planning to attend one of those career colleges that are advertised on TV. I know they usually offer nursing and are usually pretty expensive.

[MyLove4FL]

Speaking from experience....... unfortunately..........I am the type that couldn't work during nursing school(2006-2007, accelerated course) because it is easy for me to get distracted and off track, so like a dummy I took loans out thinking I could pay them back since I would be making great $$ as a nurse. Well, yes.....at the time as a new grad and working nights I was making almost $36/hr....in So. CA....where of course cost of living is higher so you have to weigh the pros and cons of the hourly rate vs where you live and bills and such. Anywho, a couple of months into working as a new grad RN, I was diagnosed with Lupus and Scleroderma. I'm not so convinced yet on the Scleroderma but the Lupus I am because of a lot of tests and my symptoms and so fourth. Needless to say it hasn't affected me where I can't work at all but with being tired a lot and so fourth and things kinda spiraling downwards in other aspects of life at that time too I was like "Holy crap, I can't afford my student loans!"

So, a word of advice...........I thought I was going to make a great amount of money, even with OT I would make great money but one doesn't always take into account other things in life that can happen. I was stupid and reckless at times living off my credit cards because I thought I could pay em off with being a nurse soon.....well all that backfired when I was diagnosed.

I personally think student loans are a bad idea if you take more than what you really really need. I was dumb, I can admit that now, but it takes it's toll on you.......emotionally, physically & psychologically because your new job is stressful enough, but the student loan people are horrible if you miss even a payment. I honestly think and hope Obama does something to help those being screwed by the loan crooks. Yes, I take responsibility to being dumb but on the other hand they hand it out(or a few years ago) like it was nothing. They didn't look that you already had a big amount taken out, they just kept giving out and giving out loans. So, it's my fault too bigtime but it's like the housing loans people are being screwed over with.......the balloon payments, the interest, the late payments and more all add up til you literally unplug your phone. It's sad but if I could go around and lecture students today I would say if there is any other way to obtain money before student loans I suggest that way first. You can't always think scholarships will be there because there are only so many and for the work they require it's very little money, you might as well work a shift at work to obtain that money. I'm not trying to downplay you obtaining loans, but if you keep it under a particular amount and stick by it then you'll be fine.

But even being a CNA for so many years then finally a Nurse, sometimes I wish I wasn't a Nurse after all.........why........because it always has and always will be a money game with all administrators and any healthcare organization. I am Pro-Patient and Pro-Staff and Con-Administration. You will understand when you work for a while but even now it's still hard being a nurse when you're simply a pill and IV pusher. I miss the time at the bedside with my patients and it's just not there anymore. It's all about short staffing, getting more out of everyone for less money and after a while it really takes it's toll on a person.

Having Lupus doesn't help because of the stress and working 3 days in a row kicks my butt. The next day I am in bed all day and never leave the house the day after a long week. I love being a nurse, I truly do but there are many many days that being a Walmart greeter doesn't sound so bad!!!! lol lol lol So, not only do I have that to contend with but the loans so yes yes yes it's very overwhelming and finally I had to seek legal help to help from being taken to the cleaners by creditors on my loans. So, should you use student loans........only what you absolutely NEED and nothing more. I have researched this loan thing and it's sadly a HUGE HUGE problem today with any student in college. There needs to be a cap in what is allowed and a cap on interest and etc. It's terrible. I've read stories on people moving in with family (I almost did but overall it wouldn't have helped because the money I would've made in their hometown was too low to live on even as a nurse) and other sad stories....just Google "Student Loan debt stories and yo'll be amazed how sad some stories are. I mean there are people who have degrees from other careers and then seek a new career and carry that debt so it's all so overwhelming and creditors DO NOT, I repeat DO NOT care about anyone's personal stories.

So, a long story short, be wise and IF IF you truly need loans only get what you NEED not what you WANT!!!

Good luck!!!!

[tfleuter, BSN, RN]

I'll probably be about $15K in debt once I'm done. I'm not counting on any loan forgiveness or repayment from employers, I just think that's really risky to assume. Take out the loans if you absolutely have too, but just be careful, like others have said. You really don't know what the future holds. Better to plan for the worst, and hope for the best.

[LiliaBSN]

Grand total for my four year BSN was $68,000, which doesn't count the $20,000 or so that were grants and scholarships. Admittedly, I went through an exceptional program that has a very good track record in the area, so USUALLY nurses didn't have a hard time finding jobs. As of now, I'm working LTC for barely over $20 an hour, soon to get a new position making almost $30. I won't lie, just thinking about it makes me sweat and more than a little nervous, but if you keep at it, eventually you will pay it down. Depending on where you work, you could qualify for what's called the LEAP (leveraging educational assistance program) that forgives up to 65% of stafford loans if you work in an 'under served' area of nursing, which means rural areas, nursing homes, etc. Where I live is fairly rural, so I just have to hold on for another 18 months.

[Jahna]

Might I suggest some options that worked for me:

One is called the Workforce Initiative Act. You can inquire about the details at your local Dept. of Labor office. Basically, this program paid for tuition, books, and gave a stipend towards childcare and transportation.

Also, the college that I attended had a very helpful financial aid office, and the school had a very good scholarship program that I also took advantage of. The scholarship was about half the semesters tuition and the money from the Workforce Initiative Act covered the rest.

Since I already had a 4-yr degree, this option didn't work for me, but if you live in a state that has the HOPE Scholarship or a similar program, you should explore this as well.

I also tried straightforwardmedia.com and fastweb.com. Those never panned out for me, but it may be worth a shot for you.

Good luck.

[NancyPie]

I put some of my tuition and all of my books on a credit card, thinking I could pay it off completely throughout the next two months. Then I lost a significant portion of my hours at work! Plus I had to put new tires on my car, the tread was almost gone and I had a blow-out of one tire. I borrowed money from my mom to pay the rest of my tuition, and this semester (my final semester!) I took out a student loan. I'm going to use the money to pay off my mom and my credit card, and then I'll pay the student loan over time, the student loan has a MUCH lower interest rate than my credit card (especially after they bumped it up to 32% because of two consecutively late payments). So, the student loan is going to be WELL WORTH it in the end. I'm currently looking for a new job because one day a week at minimum wage really isn't cutting it. Without my mom & the student loan money I'd be in serious trouble. I wouldn't even be able to finish school.

[traumatizedRN]

The good thing about federal loans is the low APR and the length of time to repay them. My identity was stolen when I started my program, so I only qualified for 40%. I had to work full time to pay for the rest, which left me broke X 3 yrs. I attended a private school and each unit was more than $400 and the price rose steadily each year. The great thing about it is that by the time I graduated, 60% of tuition was already paid, and now I only pay $200 per month (X 10 yrs) which is almost nothing compared to how my income increased once I graduated. It may sound silly but stressing about the money right now should be your last concern; try to think of it as a monthly expense like rent or utilities.

[reganette]

This is hilarious. Don't worry! You;ll be a nurse you can do it. Where I come from, people are graduating with 100k in debt. It gets paid off. It's a choice, a lifestyle. You knew signing onto this, don't let it get you down now!