Are student loans haunting you? - page 3

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   bbmtnbb
    I have a question regarding Sallie Mae loans...Are they 'private' or can I consolidate them? They are actually my husbands but I will probably end up with a small amount of them. Planning on not too much, as going to pay for tuition and only borrowing what I come up short. My husband has some subsidized each year and some not subsidized. I am clueless as to what this means and his are still deffered. He is finishing school this next week. He is already employed with a good job and just finishing an MBA to get ahead. I still have along ways to go in nursing. So I worry. Does anyone know if Sallie Mae will allow the consolidation and limit the payment to the income levels? THANKS!!
    I would seriously consider going to school abroad. There are international accredited schools in many countries for about 1/10th the price here. My kids will be going to an Asian school accredited at 3 Universities here (all with AUS, US and UK instructors). I've thrown in the towel at the US education system (unless your employer will cover it). Capitalism at its finest-capitally imprison people with credit cards and loans.
  3. by   HThornie
    it bites to have to take out so much in loans but it seems like for most people it is the only way they can go to school. I know once I start the program I won't be able to work very many hours, if at all(that's what the school recommends). Currently I work full time and I will have to take out the max for loans in order to survive and supplement my lack of adequate income.
    Seems like we have a horrible system for college students. If you don't have the cash to pay for school you have to borrow and be willing to pay back your loans. A lot of people think of it as "free money" because they can't see the future consequence of having to pay back the debt. It is important to have a "loan plan" ahead of time.
  4. by   SE_BSN_RN
    Quote from 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.
    So it took you 2 years to pay off how much in loans? And, the typical loan repayment amount is based on 10 years, unless you have the one that goes by your income, and that one takes longer to pay off, even though monthly payments are less.
  5. by   SE_BSN_RN
    Quote from 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.
    Yeah they aren't low interest. Mine are 4.5 and 6.8. I understand a person can get a small business loan at a lower interest rate. Even with Obama's loan stuff coming out (the interest rate was supposed to be lower) it's not. At least mine aren't. They are still the same!
  6. by   SE_BSN_RN
    Quote from 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.
    Does your area offer the Perkins Loan? Might be worth looking into!
  7. by   pattieann
    I am having a different sort of problem with student loans! I got my first bachelors degree a few years ago, and like many others wasn't explained the whole student loan thing...don't take more than you need to, there is a cap on Federal borrowing...etc. Well, I was a newly single parent and used the excess of loan money to help my family through the rough times. When I graduated, I realized that my true passion is nursing. Now why I didn't do that to begin with is beyond me..actually it was thanks to an advisor that wasn't much of one, but that is another story. Long story short, I had to file for bankruptcy and was discharged 2 years ago. I used the remainder of my Fed money on my pre-reqs. I am now in my Sophmore year in a BSN program and can't get a student loan because of my bankruptcy. The Finacial Aids office answer to me.."We never had a student like you before, I don't know how to answer...have you tried..", Yes I have tried many sources, and with a qualified co-signer! Still NO! I am going crazy, I am only about 55 credits away from my BSN..I am a excellent student. I can't work any more than I already am ( yes, they recommend 15 hours, my family can't live on 15 hours, I work 46 hours along with full time school and full time mom and maintain excellent grades). I don't know where to turn for answers. I actually sold most anything of value to pay the first payment of this semester. The next payment is due..the Credit Union I talked to assured me they do student loans with a co-signer just told me they changed their policy! I feel like a dog being kicked when it's down! I had to do a bankruptcy because of medical reasons at that time along with an ex who lost his job so no child support!! I am not looking for anything but hoping someone out there has some information or first hand knowledge of this kind of situation. Thank you in advance!
  8. by   windsurfer8
    One other thing to think about. Accelerated BSN programs for second degree students are great, but the downside is there is almost no way to work. So for a year or a year and a half you are living on either savings or loans. are paying tuition, but you also have to eat and pay rent. I had about 25K in savings to live on while in school and made it through my ABSN program only owing 10K at graduation. Debt was gone in a year. The bottom line is student loans are nasty. Another way I have seen it done..get a ADN..start working and getting paid then do BSN online. ADN is much cheaper and you can actually be working and getting paid while getting the BSN. I don't know, there is no easy solution.
  9. by   joanna73
    Quote from myelin
    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!)
    While some people cannot pay more than the minimum, if you're able to afford it, definitely pay more than the minimum monthly payment. Paying only the minimum means it could take years longer and thousands more in interest. Why give your money away? As I mentioned in an earlier post, it would have cost me 11,000 more in interest, had I paid my minimum only. That money equals savings, perhaps a small car, or a partial down pasyment on a property. Do the math on your loans so you are aware of the hidden cost of borrowing.
  10. by   rnmama999
    Definitely don't borrow if you don't have...I know many people swimming in debt because they went to a private institutions for their LVN and RN. I think medical school costs more lol. After passing both nclex exams they cannot get hired anywhere due to having no experience as a new grad. Nor Cal is very tough and competitive.
  11. by   multi10
    I received my BSN from a state university and my dad paid my tuition. I worked summers as a waitress and paid for my books. I also lived at home with my parents while in nursing school. 7 years later (still in my 20s), recognizing how physically taxing nursing is (among other things), I applied to law school. I was accepted and called my dad. He refused to pay for my law school. Okay. I respected that. I took out student loans and signed on the dotted line(s).
    After I graduated and passed the bar exam, my dad wrote checks for all of my student loans. He had been testing me to see if law school was just a flash in the pan.
  12. by   retiredlady
    Be sure to tell your co-signers that if you can't pay for the student loans that they will have to pay them for you. The best advise is DON'T co sign anybodies student loan! unless YOU have lots of money.
  13. by   Twinkle007
    TheCommuter------$1,500 monthly for 10 years WOW ! I am pre-nursing student and thinking about loans but $1,500 its just wey too crazy