$Student Loans$

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    How much debt do you all feel is reasonable for a nurse to owe in student loans (in the north east US - salary roughly 50k - 70k)? If I go to a private college I may rack up $45k in loans. This is in addition to the sizable debt I owe for my first (relatively useless) bachelors degree. Many people - not nurses - have advised me that the debt is worth it for a job that is steady and pays well. I'd like some opinions from others who are considering the same and anyone else. Thanks!
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  3. 6 Comments so far...

  4. 0
    Before applying for any loans, do the Fafsa and find out exactly how much free money you can get first, even if you received financial aid for a previously completed degree. Start in the nursing program office and find out what kinds of nursing scholarships and grants are available. Call some city hospitals and find out about scholarship programs that are available. Also check out websites like discovernursing.com to find out about nursing-specific scholarships. Apply for loans as a last resort, especially if you already owe a lot.

    My personal opinion is that a good education is worth paying for, even if its a bit expensive. Is there a reason though that you couldn't do the program in a community college or public university where the tuition would be much lower?


    Quote from echinacea
    How much debt do you all feel is reasonable for a nurse to owe in student loans (in the north east US - salary roughly 50k - 70k)? If I go to a private college I may rack up $45k in loans. This is in addition to the sizable debt I owe for my first (relatively useless) bachelors degree. Many people - not nurses - have advised me that the debt is worth it for a job that is steady and pays well. I'd like some opinions from others who are considering the same and anyone else. Thanks!
  5. 0
    A good rule of thumb - is one years salary - the salary you expect to get AFTER graduation, use a low end estimate.

    I agree with the previous poster - fill out that fafsa and see if you can get free money first, then talk to the nursing depts at each school and see what scholarships are out there, Finally, do a google search for nursing scholarhips, see if a hospital will repay your loans for you in the form of a sign on bonus, or if they will pay your tution for you in exchange for agreeing to work for them afterwards.
    Last edit by gauge14iv on Oct 20, '05
  6. 0
    Student Loans are definitely worth it! I will have around $30,000 in Student Loans. Make sure you do your FAFSA though. I will have $30,000 because my parents make too much for me to receive any 'free money', but more so because I will need to take out around $12,000 alone when I start my nursing program due to my inability to work for 16 months.
  7. 0
    I will owe about 35000, my husband makes too much for free money. I did get a scholarship so if you don't qualify for grants still apply for scholarships. Many financial experts say that the only good debt is a mortgage and your education. I have been in school for 2.5 years and have another year to go, things are getting so tight around here after me not working a lot for over 2 years. I just grit my teeth and do the best I can with what we have and know in a year things will be better.
  8. 0
    I will owe about $35,000 by the time I am done (heck, maybe a bit more). I can't worry about. I DO get a Pell Grant and OTAG but I still have to take out loans as well. I just try not to think about it...lol Its either I take out the loans or I don't go to school at all and that to me is not an option.
  9. 0
    Quote from marilynmom
    I will owe about $35,000 by the time I am done (heck, maybe a bit more). I can't worry about. I DO get a Pell Grant and OTAG but I still have to take out loans as well. I just try not to think about it...lol Its either I take out the loans or I don't go to school at all and that to me is not an option.
    I'm with you on that one..... I figure mine will be about $25,000


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