Are student loans haunting you? - page 2

Do you ever have moments where you wish you didn't have any student loans? :mask: Having multiple student loans can be scary. For those who have multiple loans, have you thought about... Read More

  1. by   ChrisNZ
    If things continue as they are, I should actually graduate in surplus.

    I'll certainly be laughing at those who were out partying every weekend while I worked.
  2. by   Miss Lina
    I am currently considering whether or not to take out approximately $44,000 in loans, $16,000 federal loans and the rest would be private. It would be for an accelerated BSN program, I am not eligible for other aid since I am seeking a second degree and will max out my federal loans after I borrow the $16,000. Not to mention I already owe $40,000 for my first bachelor's in biology. I really want to be a nurse, it's my dream, but I'm not sure it would be smart for me to take on so much more debt. I am concerned I won't find a job with my first degree, at least not one that is rewarding and allows me to move up, but I am also concerned about taking on so much debt and possibly not finding a job as an RN, since I have heard it is not easy for new graduates.
  3. by   mary_mary
    Yes they are haunting me, I still owe like 30K and I've been out of school for 10 years!
  4. by   joanna73
    Fortunately no. I moved to a small town where I did nothing but work and sleep for 2 years. I was paying 1000-1600 per month. My actual payments are 300 a month. At that rate, I would have paid loans for 10 years, with approximately 11,000 in interest. One more payment next month and I'm debt free, with savings also.
  5. by   JZ_RN
    I graduated broke as a joke but with no debt. I worked and went to a community college to get my nursing degree. Even now my only debt is my car payment which is up to date and which I can afford to make. Eventually I will get a mortgage (probably after the car is paid off in a couple years) but I couldn't sleep at night with debt so overwhelming I couldn't afford it. Now on the other hand. I also have like no credit so...
  6. by   lockheart678
    I don't have nearly the debt that most people have, but paying that $200 a month still kills me. I remember when I first started college, all I heard about was that student loans are so low interest. That's funny because after paying on them almost 5 years now, I have just barely paid any principle still. If I had to do it all over again, I would have gotten a job a lot sooner than I did so that I wouldn't have had to borrow at all.
  7. by   Wrench Party
    To Miss Lina: There are plenty of biology jobs available in academia that are rewarding and don't require a PhD. Look at being a research tech for university and federal research institutions, as well as for pharmaceutical companies. The pay is modest in my area ($30-40K) but so is the cost of living.
  8. by   Meriwhen
    I once had to deal with student loans...they took me 11 years to pay off. Never really used the degree either.

    That's never happening again if I can help it. So far every nursing degree has been paid in full by the time I graduate(d), and I'm not starting my advanced degree until I have at least half of the tuition in the bank, plus I plan to work while in school. Any loans I do take out would be minimal.
  9. by   Miss Lina
    Thanks for the advice!
  10. by   Novo
    Student loans arent that bad if you're willing to put your life on hold for 2 years and work like a slave. My roomate had 70k in loans when he graduated from a BscN program. He made 70k in his first year working in a remote community and banked half to pay off the loans he did this for two years.
  11. by   citylights89
    Right now, I have $26k+ in student loans with my first payment looming in the next month or so, way sooner than I expected. As of right now, I also don't have a job. If i don't find anything, I will have to defer. Hopefully soon I will be able to get a job where I can afford the payments and try to pay them off in 2-5 yrs. I really don't want to give them all that extra money in interest if I can help it. That's $11k I can save for myself in the bank! It might mean living like I only make a $23-25k/yr salary, but my mom has did it all this time as medical assistant/phlebotomist, so I should be able to swing it too. Thank goodness I don't have rent or a car note!
  12. by   myelin
    Quote from Novo
    Student loans arent that bad if you're willing to put your life on hold for 2 years and work like a slave. My roomate had 70k in loans when he graduated from a BscN program. He made 70k in his first year working in a remote community and banked half to pay off the loans he did this for two years.
    This. If you live cheaply when you graduate, it's amazing how quickly you can pay down your loans - even six figure ones. Of course if you have a house, mortgage, kids, etc. then it's not as easy... but if you're young and single, just keep living like a poorish student for the first few years out and you should be able to pay down your loans readily. I think people get too eager to elevate their lifestyle upon graduate, and then get sucked into paying the monthly minimum (and tons of interest), when they could have just continued to live cheaply and paid it down much faster (and not accrued all that interest!)
    Last edit by myelin on Oct 13, '12
  13. by   tyvin
    Quote from myperads
    I can honestly say that I was so foolish with the student loans. It was not so much that I needed the money to pay for tuition, it was because they offered it and I took it. Now I owe about $70k. I hate it. I wish I could go back in time and just say "heck no".
    I hear beef is 17 years ago they were handing out loans like candy. One didn't get any counseling but when you signed the loan agreement the guy said "You know you have to pay it back" sort of talk. No serious counseling before borrowing. I'm not trying to excuse myself but I was young with a toddler and it all seemed so easy. I sincerely hope they have people attend some type of class or session before borrowing the money. It might have deterred me some if they had. Yea, I've been eating it for quite some time.

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