Worried about paying off student loan debt

  1. 1 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!
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  3. Visit  metallicaman1031} profile page

    About metallicaman1031

    Joined Feb '13; Posts: 14; Likes: 10.

    109 Comments so far...

  4. Visit  sali22} profile page
    9
    That's insane. You will be killing yourself. Please don't take on that much debt. Please go to a cheaper school.....
    JrRnNycole, Everline, mebe5, and 6 others like this.
  5. Visit  krisiepoo} profile page
    2
    How is this costing $100k? I don't understand that at all!

    You ARE going to be killing yourself to pay it all off, yikes!
    JrRnNycole and 3rd watch like this.
  6. Visit  Stephalump} profile page
    3
    Holy moly!
    I'm sorry, but I can't comfort you about that one. I haven't done the math, but I'd imagine you'd be repaying at a rate of at least $1500 a month.

    At this point, however, you don't really have choice. Time to learn so great budgeting skills!
    JrRnNycole, Kipahni, and Esme12 like this.
  7. Visit  metallicaman1031} profile page
    0
    Ah, I guess no one has attended a private school on long island lol.. At 25,000 a year for four years...you end up with something like this unfortunately
  8. Visit  smalltownhero} profile page
    6
    wow. makes me feel great about the 20k i will owe when i graduate.
    mebe5, antania31, coolinbysound, and 3 others like this.
  9. Visit  Suey816} profile page
    1
    It's too much, especially b/c a significant amount of those loans must be private loans b/c you'll be over the limit for federal undergrad student loans. That would mean income based repayment and other options won't be avail to you in the future for a big chunk of those loans. Also, if you want to further your education you'll have a hard time doing it b/c of the debt accumulated for your bachelors.
    CPhT2RNstudent likes this.
  10. Visit  KelRN215} profile page
    5
    I graduated with over $90K in debt. All my federal loans are long paid off and I have just under $40K in private loans left. I am six and a half years out of school. My payments have never been anywhere near $1500 a month- half that at the most.
  11. Visit  metallicaman1031} profile page
    5
    Quote from KelRN215
    I graduated with over $90K in debt. All my federal loans are long paid off and I have just under $40K in private loans left. I am six and a half years out of school. My payments have never been anywhere near $1500 a month- half that at the most.
    ...ah so there is some hope! That sounds almost literal to what I will owe.
    ICUman, gerbilqueen, bebbercorn, and 2 others like this.
  12. Visit  wirehead} profile page
    1
    Yikes, Scary Monsters!!! Must be an IVY League school? IF not run for the hills. I went the route of LPN diploma, LPN to ADN, now I'm going for my BSN online, in total, I'll have spent about 50K. What makes this worse is that jobs are getting harder and harder to find for new graduates! You're better off going to a NP program, there will be a huge demand for them with the new ACA in place, and a better salary as well. As an RN, you will be paying that off forever!!
    antania31 likes this.
  13. Visit  na-na} profile page
    0
    yeah that is a lot of student loans. How many more years do you have left to go? good luck, it's really difficult to find a job these days.
  14. Visit  metallicaman1031} profile page
    0
    Quote from na-na
    yeah that is a lot of student loans. How many more years do you have left to go? good luck, it's really difficult to find a job these days.

    I have two years left after the upcoming semester,and I know, but it was either do that, or don't go to school, and stay at my current job making 24k a year. And as far as finding a job- I assume it has a lot to do with location? I hear so many differing opinions on the matter.
  15. Visit  Madras} profile page
    5
    Ok hiiii fellow long islander here I can relate. Not in student loan debt relate but I understand where you fall.

    SUNY schools are outnumbered by private schools here on Long Island. So truth be told there's not many choices and fierce competition. You really end up going wherever you are accepted whether it be ADN, BSN, 20k/year, 10k/year. Really if you want to be a nurse on LI you take what you can get. Or if you can put up the fight you try for a CUNY school in the city where the tuition is cheaper BUT the competition is EVEN WORSE, and you incur tons of commuting costs. it's a double edged sword. And honestly even in Long Island the commute isn't too pleasant unless you live in the same town as your school.

    Now that that's said. I can guess in less than three tries what school you go to. These private schools are severely inflated with tuition costs.

    The question really is. What's kinds of loans do you have? Private bank? Federal Sallie Mae? Perkins from the school? Because all of this matters. I encourage EVERYONE to read their master promissory notes on their loans. You'll find quite a nice surprise. Nurses qualify for loan cancellation of up to 100%. Their are conditions but at least you know there are options. And also look into state facility jobs when you graduate. There are programs where if you work x amount of years in "under served" communities (pretty much any where in the five boroughs) or community based nursing will qualify you for reductions in loans per year. This is all usually for federal loans, private loans your on your own mostly.

    So yes 100k is a crazy amount. Do you feel that it's worth it? Average nursing salary on Long Island runs 65-70k, could you manage? I think so. It might not be ideal but its a choice you make.

    And honestly I don't think you should feed everyone the "long island is expensive bit". I fare much better out here than in the city and I'm definitely not rich. People automatically assume that long islanders have money just because we have some well known areas out here that are known for THEIR money.

    So you have two years left. My suggestions? Start applying for scholarships ASAP!! Anything you can get. Apply for the HRSA/Nurse Corps scholarship (google that). If your working try to put some obey towards your tuition every semester. Ask for textbooks for school for Xmas and birthdays or whatever. But you need to start cutting costs NOW!
    JrRnNycole, think_pink, Margotrita, and 2 others like this.


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