Student Loan Spinoff: How much?

  1. This is a totally personal post about money, so feel free not to reply!

    Is anyone else taking on a lot of debt to go to school? I'll admit, in order for me to not work these 3 years while I'm in school, I'm going about $25k in debt. This is SUCH a huge amount to me, I'm having a hard time justifying it. Unfortunately though, I have no other way to stay afloat and pay tuition. I have never owed any money on anything other than a car loan. I feel guilty going into debt, and I sure hope that I'll be able to pay it off easily when I'm all done.

    So, here's my question, what's the normal amout of student loan debt for people in the nursing profession?

    (Again, totally personal finance question, please feel free to tell me to mind my own business.)
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  2. 27 Comments

  3. by   aegirl
    Just remember this....some employers pay back a certain amount of student loans as an incentive...and some student loan money can be forgiven for nurses. I know what you're going through. I already have $8500 in loans and have nothing ot show for it. I'm starting college on monday to get my LPN or RN and will have $3000 in loans to pay back just for the summer session. Til i'm finished who knows how much I'll have to pay back...but it will be worth it in the end. Just think of it that way!
  4. by   manna
    Unless my other scholarship comes through, I will have around $25K in student loans by the time I graduate with my BSN. I have about $17K in loans right now, and I'm guessing I'll take out about $7-8K by the time I graduate.

    I'm not very pleased about it, since I've adopted an otherwise debt free philosophy on life (ala Dave Ramsey), but it was either this - or stick it out trying to support my kids and myself with my dead end job for goodness knows how much longer. I think it'll be worth it in the long run, but I definately intend to live frugally and try to pay those debts off as quickly as possibly once I'm out in the working world again.
  5. by   TopCat1234
    that was just for my bachelor's degree in finance.

    the msn will probably take another $50,000 - $25,000 for school, $25,000 to live.

    aegirl, i sure hope i get one of those jobs, i'm gonna need it!:chuckle

    topcat
  6. by   purplemania
    I worked full time through all my degree programs. I HATE owing money.
  7. by   GracefulRN
    For my biology degree and I still have 2 years for my BSN. OH boy, guess I'll be singing "hi ho,hi ho...its to pay for school I go" a long time after I get that RN behind my name. :chuckle
  8. by   schooling girl
    Quote from purplemania
    I worked full time through all my degree programs. I HATE owing money.
    So what kind of job did you work full time? Was it in hospital or it is office job?
  9. by   jzprple
    $50,000 here...(25K for living 28K for school)

    Accelerated BA-BSN program's aren't cheap but I figure I'm only having to lose a year's worth of salary and when I graduate w/ a BSN hopefully I will manage to double what I was making. I hate owing money too and have just about paid off my first degree, but what I'm learning about people in the medical field is that everyone ins pretty much in the same boat. We are all scraping by on loans so I'm finally starting to realize I gotta just buck up and bust my butt so I can justify taking out all this darn money!!
  10. by   ChrisA
    Look, $25,000 is what new cars cost these days. While a car will be junk after a decade, this degree will be responsible for you earning more for the rest of your career. It's worth it.

    And the tuition reimbursement/loan relief options in nursing? Fantastic news.
  11. by   TLC RN
    Quote from ChrisA
    Look, $25,000 is what new cars cost these days. While a car will be junk after a decade, this degree will be responsible for you earning more for the rest of your career. It's worth it.

    And the tuition reimbursement/loan relief options in nursing? Fantastic news.
    Thanks ChrisA...this is such a good way to look at it
  12. by   bbear
    Yeah, mine is pretty nasty too. I presently owe $31,000.00 in undergrad and I'm heading to Vanderbilt this fall so I'll be tacking on an additional $37,000.00 to that for my graduate training. Of course, by going through Vandy's accelerated program I'll end up getting my NP certification after a total of 5 years of school (3 undergrad/2 grad), so the extra year(s) of wages will make up for the money I've borrowed.

    One thing I did was consolidate all of my undergrad loans, thereby locking in a very low 2.82% (reduced to 1.82% after 36 initial on-time payments) fixed interest rate on the $31,000.00 I owe so far. I would HIGHLY recommend consolidating now if you can. But I generally would not advise you to consolidate your Perkins loans as they can often be forgiven (but there are times when it is a good idea). Student loan interest rates are going to change on July 1, so do it quick.

    By the way, I took a semester off of school and worked for Nelnet Student Loan Consolidations as a loan advisor, so I know A LOT about student loans and the ins and outs of consolidation. So if you have questions for me, please feel free to PM me.
  13. by   twarlik
    I'll have about $30K when I graduate next spring. It's a lot, but I'm doing something I really love and I don't have any regrets about it. I just hope I can find an employer who's willing to pay a little of that $30K off for me...
  14. by   shel_wny
    I took out my first little student loan this semester for $1000. I took out just enough as I am also working full-time as well since I'm only going through prereqs. I freaked out about the loan but I understand that if I've got to stop working full-time once I get into the hot and heavy nursing stuff, that's just what I'll have to do! It's subsidized which means I don't have to pay interest on the money. That's pretty nice.

    I'm was so shakey about the whole idea because my parents got into HUGE amounts of debt for no good reason. I can justify getting into debt for my education though. I've pounded into my head that it's different.
    I'm also lucky to have a 110% supportive awesome husband and no children of my own. (He has 2 that we help support as well but they live with their mother.) I admire each and every one of you moms out there with kids and a home to take of. It gives me strength and motivation and I hope that when I am settled in and in a good financial situation years down the road, that I can create a small scholarship of some sort at my local community college to help a poor little nursie-to-be!

    Shel

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