Terrified about student loan debt. ADVICE

Nursing Students General Students

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It has always been my dream to be a nurse and I'm hoping to one day become a nurse practitioner or CRNA (nurse anesthetist). Right now I'm in my second year of college, but I will probably be in school for three more years for my BSN due to some unsatisfactory grades and immaturity my freshman year, and I wasn't able to get a scholarship. I have been financing my education solely on student loans. Tuition and living expenses add up to about 22K per year. My parent's income is too high for me to get grants, but they can't afford to fund my education because they're in debt and only one parent is employed. I tried getting a job but it was just too overwhelming with the difficult classes, and the money didn't amount to much. I also am unable to live at home due to some family problems, won't go into detail but it's really not an option. I've been trying to get good grades to get this full ride nursing scholarship, but there's no guarantee it will work out. I'm currently about 30K in debt, if I finish school solely on loans it will be 130K in debt. This idea makes me cringe and I don't know if I should stay in school or it's just a bad idea! I'm trying to get an education ad achieve my dream of becoming a nurse, but I don't want to ruin my life! :banghead:

Your loan may have very different terms. The best way to find out what YOUR payments will be is to contact whoever issued your loan and ask them.

I'm aware that I can call. But thanks for stating the obvious lol

+1 for (old) Britney. :yes:

Am I the only one not worried about school loans? You pay it off after you graduate and you'll be making payments like any other bill until you pay it off. In return you have a great career and making money.

Specializes in EMS, ED, Trauma, CEN, CPEN, TCRN.
Am I the only one not worried about school loans? You pay it off after you graduate and you'll be making payments like any other bill until you pay it off. In return you have a great career and making money.

For most people, I'm pretty sure $130,000 is not like any other bill, it's more like a mortgage. There are often less expensive alternatives that will allow people to reach their educational goals without inflicting this much pain on their finances down the road. Some school loan debt is reasonable, but when you're approaching or exceeding six figures ... ugh.

What I am doing is going to the community college, taking loans out for nursing school, and getting my ASN first. I will work off my debt after I graduate, or start to, and then bridge to my BSN and bridge on to masters. I can relate though. I already have a 3,500 loan out that I used to pay for my last two semesters(I didn't need that much...prolly only half that but...its a long story) and I haven't even started my nursing classes yet. (I do this fall and im taking summer off) Im already really uneasy about it(the debt). I just remind myself, I have to pay for it somehow and thousands of others go into debt, for exactly the same reason. I won't let it stand in my way.

Specializes in Oncology; medical specialty website.
Thanks for your responses. I figured a student loan was a student loan whether it came from the government or from a bank. I was aware of all of these stipulations however I didn't know that they applied to private loans only. Unfortunately I have applied for, been denied, appealed and have still been denied for federal loans so I don't really have a choice but to get a private loan or quit school. I didn't know that the government can give you a loan and you could default on it due to hardship without major repercussions. Maybe that's part of the problem in our wonderful country. But that's a topic for a different forum :)

You can't default on a federal loan without major repercussions; they're going to get their money back one way or another. It's just that federal loans give you some options for repayment if you are having trouble paying it back.

For most people, I'm pretty sure $130,000 is not like any other bill, it's more like a mortgage. There are often less expensive alternatives that will allow people to reach their educational goals without inflicting this much pain on their finances down the road. Some school loan debt is reasonable, but when you're approaching or exceeding six figures ... ugh.

No, I totally understand $130,000 loan. I was more regarding to a 60-70k.

Specializes in L&D, infusion, urology.
No, I totally understand $130,000 loan. I was more regarding to a 60-70k.

That's still a lot. I'm concerned with my $30K that I have now that I've graduated. The job I have lined up is per diem (as are many new grad positions), and you never know what you can count on for income. I need to be able to plan to pay ALL of my bills on months when the hours are thin. One less bills (of several hundred dollars) would be nice. Student loan payments need to be a top priority.

I don't understand the nonchalant attitude toward student loan debt, but maybe you don't understand the repercussions of it or the permanence of it over other debts. I don't mean that in a mean way, I mean that in a you-need-to-do-your-research-before-you-rack-up-that-much-debt way.

Specializes in Critical Care, ED, Cath lab, CTPAC,Trauma.
No, I totally understand $130,000 loan. I was more regarding to a 60-70k.

On a student loan of $70,000.00 with an interest rate of 6.8% for 120 payments (10 years) Your payment WILL BE $805.56/month. Your total interest will be $26,667.47. It is estimated that you will need to make $120,000.00/year for this to be affordable.

Student loan repayment calculator

Specializes in Critical Care, ED, Cath lab, CTPAC,Trauma.
That's still a lot. I'm concerned with my $30K that I have now that I've graduated. The job I have lined up is per diem (as are many new grad positions), and you never know what you can count on for income. I need to be able to plan to pay ALL of my bills on months when the hours are thin. One less bills (of several hundred dollars) would be nice. Student loan payments need to be a top priority.

I don't understand the nonchalant attitude toward student loan debt, but maybe you don't understand the repercussions of it or the permanence of it over other debts. I don't mean that in a mean way, I mean that in a you-need-to-do-your-research-before-you-rack-up-that-much-debt way.

YOu should be fine...use the calulator your payment shold be around $350.00
Specializes in L&D, infusion, urology.
YOu should be fine...use the calulator your payment shold be around $350.00

I know I should be, but I want it GONE. I'm hoping to make $1,000 payments to knock it out asap. Not a fan of having debt! :)

On a student loan of $70,000.00 with an interest rate of 6.8% for 120 payments (10 years) Your payment WILL BE $805.56/month. Your total interest will be $26,667.47. It is estimated that you will need to make $120,000.00/year for this to be affordable.

Student loan repayment calculator

HOLY CRAP!!!!!!!!!!!!!!!!!!!!!!

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