Worried about paying off student loan debt

[metallicaman1031]

Hi all,

I thank you in advanced for any replies to my post.

As I further into my BSN degree, I find myself collecting more and more student loan debt. By the time I am finished with my degree, I will accrue approximately $100,000, and this worries me- a lot. My question is:

Would anyone be able to give me some faith that I won't be killing myself paying off this huge sum? I hate to go through all of this, only to find a job that will just allow me to get by in life when trying to pay down this debt.

Is anyone going through/went through the same sitaution?

Any comments would be appreciated!

Thanks

Some background information: I live on Long Island which isnt known to be particularly cheap!

[intothecosmos]

Two girls I work with got into nursing school at the same time as I did. I got into an ADN program at a community college while they accepted private colleges with BSN programs. In 8 months, I will be done with an RN for under $4000 and then bridge over to BSN for another $4000 while they will be going to college for 4 years paying about 85K. I'm paying as I go so I won't be worrying about any student loans. Definitely think I did it right.

[alltherowboats]

KelRN215 I am so with you; I don't feel it's right to tear the OP down because they are in so much debt, as if they can undo it. What's done is done and they can't change it. All they can do is make the best of it. I applaud you for the advice you've given and being a glimmer of hope.

I plan on paying $2500 a month towards my loans once I graduate and secure a job. My goal is to have them paid off completely within 5-10 years. It will take lots of hard work and sacrifice, but I have no choice, as I got myself into this situation as a naive 18 year old with little guidance. Taking on debt was my only option if I wanted a better future for myself; sure, I made poor choices re: original major and going to an expensive school, but I thought that's what you *had* to do to get a good job. Anyway, all you can do is move forward and better your future, take responsibility, and do your best.

I plan on living much below my means of what I could've done, had I had no debt. It's doable. I know how discouraging it is facing that huge amount of debt staring you in the face. It's quite scarey. Best of luck to you.

Edit: and I should mention that I'll be able to pay so much towards my loans because I have a supportive family who will let me live with them rent free should I need it, and a long time boyfriend who's with me on living frugally until my debt is paid.

[ParkerBC,MSN,RN, PhD, RN]

Here is a link to the Department of Education regarding repayment options. Repayment Plans | Federal Student Aid I would encourage you to thoroughly review the website. First, there is the public service loan forgiveness program for federal loans only. That program entails you working for a non-for-profit organization for a period of 10 years while making monthly payments on your student loans. After ten years, you may apply to have the loans forgiven. The information is provided on the website. The majority of hospitals are non-for-profit, so they would meet the public service requirement. Using their calculator, I typed in $150,000 in student loan debt with an interest rate of 6.8%. I calculated how much the monthly payments would be using the Income-Based repayment method. The total monthly payment is $597.00/month. This is based upon an annual adjusted gross income of $65,000/year and 1 member in the household. Of course, this would not apply to private loans; only federal loans.

I have about 140K in loans currently and still adding to them. I am currently working on my PhD. PM me and I will tell you how I am handling the debt load.

[ParkerBC,MSN,RN, PhD, RN]

I think what we have here is the next financial crisis.

default of student loans.

Not exactly. This thread is a good example of the number of people who have no idea of the financing options available. Several are talking about payment in excess of $1,000 per month. Sure, if you want to finance the loans for 10 years, then yes, a payment would be the amount. However, government backed loans offer multiple repayment option, one of which is an income-based repayment plan, that is based upon one's yearly adjusted gross income. If a person is unable to make a payment that covers interests and principle, the amount is added back to the loan. If the person decides to use the public service loan forgiveness option, the fact that money is added back into the principle doesn't matter. Also, the maximum time a person is legally required to pay on federal student loans is 25 years. After that time, the balance is forgiven.

There is no reason why a person should be defaulting on federal loans. If a person is unemployed, all the person needs to do is show proof that she/he is unemployed. The payments are then placed into forbearance. Private loans of course are a different animal all together.

[ParkerBC,MSN,RN, PhD, RN]

Not sure if it matters what degree you are earning but loan repayments went from 20 year plans to 10 year plans.

Based upon loan amount. This is not entirely true.

[ParkerBC,MSN,RN, PhD, RN]

I had 90k+ student loans by the time I graduated. I've been working for almost a year and a half now and have paid off about 30k. It could have been more if I didn't have an addiction (shopping) lol. But my advice is if you're fairly young and your parents are willing to let you stay with them for a few years, then by all means stay with them for a few years while you pay off your debt. Just make sure you contribute to the household expenses. :)

What is your income, $130,00 a year? Do you have a spouse who contributes to the household income? I am trying to figure out how as an RN you paid 3,500 a month on student loans.

[Marsha238612]

What is your income, $130,00 a year? Do you have a spouse who contributes to the household income? I am trying to figure out how as an RN you paid 3,500 a month on student loans.

She says she's been working a year and a half and paid off 30k roughly.

30k/18 months = $1600/month approximately.

Not $3500 a month.

* I can see that if she's leaving with her parents, minimal "rent expense", maybe no car payment, no children, and a full time job picking some overtime, seems plausible :)

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[Marsha238612]

She says she's been working a year and a half and paid off 30k roughly. 30k/18 months = $1600/month approximately. Not $3500 a month. * I can see that if she's leaving with her parents minimal "rent expense", maybe no car payment, no children, and a full time job picking some overtime, seems plausible :) Sent from my iPhone using allnurses.com[/quote']

*living

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[Dakeirus]

What is your income, $130,00 a year? Do you have a spouse who contributes to the household income? I am trying to figure out how as an RN you paid 3,500 a month on student loans.

I don't know what kind of calculations you made, but martina is right. Depending on my spending habits, I pay off 1500-2500/month. My parents won't let me give them more than $500/month because they want me to pay off my loans ASAP. I take the train to work. I have no children. I guess if I was really good, I could have been paying $3000+/month. But I'm not. Otherwise I could have chucked out more than half of it already.

[ParkerBC,MSN,RN, PhD, RN]

It's clearly that new math! :-) I misread the information. Thanks for pointing that out.

She says she's been working a year and a half and paid off 30k roughly.

30k/18 months = $1600/month approximately.

Not $3500 a month.

* I can see that if she's leaving with her parents, minimal "rent expense", maybe no car payment, no children, and a full time job picking some overtime, seems plausible :)

Sent from my iPhone using allnurses.com

[ParkerBC,MSN,RN, PhD, RN]

I suppose you would make more money on the east coast. Also, you have the ability to live with parents, which helps you out a lot. It's cool they extended that offer to you. I misread your post. I thought you had a balance of $30,000. I was thinking of what kind of home a person could afford for $3,500 per month.

I don't know what kind of calculations you made, but martina is right. Depending on my spending habits, I pay off 1500-2500/month. My parents won't let me give them more than $500/month because they want me to pay off my loans ASAP. I take the train to work. I have no children. I guess if I was really good, I could have been paying $3000+/month. But I'm not. Otherwise I could have chucked out more than half of it already.

[Dakeirus]

I suppose you would make more money on the east coast. Also, you have the ability to live with parents, which helps you out a lot. It's cool they extended that offer to you. I misread your post. I thought you had a balance of $30,000. I was thinking of what kind of home a person could afford for $3,500 per month.

It's ok. I WISH $30k was my balance. lol