Managing money and student loans

Nursing Students General Students

Published

Hi everyone. This is my first post here. I'm going to graduate in December of this year and I'll be taking my state boards shortly after. The light at the end of the tunnel is getting brighter! The time is fast approaching when I'll have to face the real world.

One of my concerns is managing my student debt. I will be graduating with my ASN, and my student loans will be approximately $65,000. I anticipate my first RN job will pay around $28/hour, and my student loan payment will be about $750/month for the foreseeable future. Even though my income will be higher than any job I've ever had, I won't be making much more than my previous profession when factoring in my monthly payments. It's frustrating because despite all the sacrifices I've made for nursing school, my income will only go up by a small amount. I was under the false impression that be becoming a RN would dramatically improve my quality of life.

My question is this. Has anyone found a way to effectively manage their student loans without being forced to make massive payments each month? Where can I turn to for relief?

-JF

Specializes in Med-Surg, NICU.

65k for an associates?!? The CRNAS program near my house is 15k leads than that and I know of quite a few NP programs that cost 20k and under. I'm sorry you are going through this, but you should have researched prior to taking on a debt for an Associate's (which is insane!).

Pick up a ton of OT. No new cars, no vacation or house, eat in. Live like you are a broke college student.

Best of luck!

Up Vote Up Vote ×

Sounds like a very expensive life lesson! There is no easy way or short-cut to repaying your loans, just have to suck it up and do it. Try to focus on the positives though, you have your ADN degree, and I'm assuming your RN license? And you are only 18 years old so you have a lot of life and opportunities in front of you. I would say, despite the $65k in debt, you potentially have a great future and can definitely have the post-grad life you envisioned... once you pay off your debt! If this were my situation, I would do everything I could to pay that debt off as soon as humanly possible. The faster you pay down the principle, the less you will end up paying in the long run. Live at home if you can, or rent a room, and just work your tail off and pay off that debt. Once you achieve that, the world is your oyster.

Up Vote Up Vote ×

Have you looked at loan consolidation? Depending on many different factors, you can lower your payment by extending the repayment period.

You will pay more (more interest over life of the loan) but the monthly payments may be more manageable.

Up Vote Up Vote ×

ASN as in an ASSOCIATES?! I agree with previous posters, that is just an insane amount and I can't believe banks would even let you take out that much. I'm not allowed to go over 50,000 or so for my BSN, but I won't be taking out that much even. And as others have asked, where do you live? I'd like to move there to make that much money as a new grad. ;) I live in a very high cost of living city where nurses are paid more than average, but still not that high.

I recommend looking into Dave Ramsey's Total Money Makeover. I've been using that to pay down credit cards and whatnot, and can happily say I have $1,000 in my savings account and only school loans to eventually pay. I live a pretty 'poor' life, but it's worth it to not have to take out such high loans. I plan on living that way even after graduation so that I can pay of my $40,000 or so off in less than 3 years. Just put as much as you possibly can into your loans to try and get them down quickly!

Up Vote Up Vote ×
Specializes in ICU.

Why on earth did you not figure all of this out before enrolling in that school for an insane amount of money? Why would wait until near graduation? People seem to have it in their mind that becoming a nurse is the answer to all of their problems in life and here is the perfect example. I will have money to do whatever I want. They don't realize they have to pay that money back when school is done. Are you even going to be able to secure a job? Is this insanely expensive school a for profit non-accredited school by chance? I can't even say anymore. It is just crazy that you are coming to this realization now. Nursing does not make you magically rich.

Up Vote Up Vote ×
Specializes in NICU, ICU, PICU, Academia.

OP??????

Up Vote Up Vote ×

Op isn't coming back.

Up Vote Up Vote ×

I paid $35k for my BSN.

Double that for a lesser degree? Makes zero sense.

Up Vote Up Vote ×
Specializes in hospice.
Op isn't coming back.

Well, it's hard when you realize you've saddled yourself with 3 to 4 times as much debt you needed, and it may take you decades pay it.

I think young people just starting out (and some older folks too) have no idea of the giant millstone-around-your-neck feeling of debt. Every decision you make is hamstrung by something from five, ten, or more years ago. Want to take your kids for an awesome Hawaiian vacation before your oldest leaves for college? Can't. (My personal situation.) Need a new car? Can't fit another payment in your budget. Medical issues? Sure would be nice to have all the money going to debt payments to help you deal with them.

It FREAKING SUCKS, so I try to discourage people from taking on debt if they can help it. I don't even have the consolation of mine being for something valuable like a degree, but end of the day the financial impact is the same either way.

I hope OP takes some of the advice on this thread and gets it paid off ASAP. Being single with no kids is a huge opportunity to do that.

Up Vote Up Vote ×

I appreciate all the comments and thoughts and I apologize for my delayed response. I will graduate with my ASN in December of this year. My last nursing class will start next week. I live in New York and the cost of living here is higher compared to most places in the US. My perception of monetary value is probably different from most of you for that reason. Entry-level RN jobs in my area typically pay around $25/hour, higher or lower depending on the agency. I aspire to become an ER nurse, and the agency I have my sights on offers $28/hour to graduate nurses. I feel my income expectations are realistic because this is what's advertised by nursing recruiters in my area.

The College that I am currently enrolled in is extremely competitive. Before I could apply to the nursing program, I needed to complete all the pre-requisite classes first. It took me about 5 semesters to complete all the pre-requisite classes, and then after that, the nursing program itself lasts 4 semesters. I also took a semester off of school for personal reasons. Overall, it will take me 5 years from start to finish and this entire time my loans have been accumulating interest because most are unsubsidized federal loans. I actually borrowed a lot less than $65,000, but that is the amount I will have to repay because accumulated interest is combined with the principle.

I obviously understand and agree with the notion that it is better to complete school with minimal debt, but I can't really see any other way I could have gone to school otherwise, considering my personal circumstances. I am not 18 years old, actually closer to 30 with a wife and a young child. I admit to not having everything figured out when I first applied to school, but then again, who really does? I played the cards I was dealt with and this is the end result. I think that overall, my decision to go to school will benefit me in the long run. The debt is just another obstacle to tackle. I only need a realistic plan to get there.

Up Vote Up Vote ×
Specializes in Forensic Psych.

The best advice I can give you is to make a budget, pick up overtime or an extra job, and pay that sucker off.

Yes, you'll feel broke. No you won't be living a lavish life with your new job. But you also didn't accidentally get into debt. You requested the money and took it and spent it. Don't drown in it.

Put money aside for emergencies and then go full force and pay it off.

I paid $4500 for my associates degree and covered it all with a scholarship, so that was debt free, but I do have 24k in loans from my stupid younger days during my first degree. I'll be driving my paid off car for god knows how long and sinking every last extra penny I have into paying off my loans. Then I can enjoy the fruits of my labor!

Up Vote Up Vote ×

Jfulton006, congratulations on approaching your final semester! Thanks for the clarification on your age, marital/parental status, residence, and the fact it's a very competitive school. Plenty of good advice has been shared already.

I, too, have 65K+ in student debt, most of it from an attempt at cemetery (oops, seminary). I was able to consolidate some loans. I'm not sure, but I seem to think that maybe Pres Obama signed some sort of bill that may forgive some loans after 20 or years of timely payments? I've always claimed forbearance or deferment, and now there is some type of income-based repayment plan. Of course, right now I'm a CNA, thinking of LVN school at age 50+. If there is a "medically underserved area" a portion of the loans can be forgiven.

Here is a link to a relevant story: http://www.fool.com/investing/general/2014/06/15/student-loan-relief-is-coming-to-those-who-need-it.aspx

Other folks with more knowledge, please chime in. Good luck to you!

Up Vote Up Vote ×
+ Add a Comment