Are student loans haunting you? - pg.4 | allnurses

Are student loans haunting you? - page 4

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. Visit  bbmtnbb profile page
    0
    I am planning on either a state college or a community college and those are NOT that expensive. Glad it is still an option here. WOW that is a huge amount $1500 a month for 120 months! More like community college at $2700 plus books and supplies and fees. Not more than $4000. Save for that (saving) and if 3 years at State college is $21000 for the 3 years. (also saving but looking for scholorships too) Want to keep student loans as cheap or non existant as possible.
  2. Visit  maffechr profile page
    1
    Quote from bbmtnbb
    I am planning on either a state college or a community college and those are NOT that expensive. Glad it is still an option here. WOW that is a huge amount $1500 a month for 120 months! More like community college at $2700 plus books and supplies and fees. Not more than $4000. Save for that (saving) and if 3 years at State college is $21000 for the 3 years. (also saving but looking for scholorships too) Want to keep student loans as cheap or non existant as possible.
    Why look down at someone who is paying $1500 a month? Everybody has a different life path. Not everybody has the luxury of waiting 2-3 years for a community college nursing program to open up. Some of us have not been lucky enough to find high paying jobs, so we must rack up loans. I worked 20-30 hours a week at a dead end retail store after getting my bachelors, during my masters studies. I racked up the loans not because I was lazy, but because there were no other jobs available.

    It's easy to judge people now, but walk a mile in their shoes.
    sweetnurse786 likes this.
  3. Visit  SE_BSN_RN profile page
    0
    Quote from 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!
    Yes, you can get a student loan because of bankruptcy. Go to Home | Federal Student Aid. Try there. You may not be able to get private loans, but you should be able to get a federal loan. Have you done a FAFSA? I don't know why/how your financial aid officers don't know why they can't answer your questions.
  4. Visit  SE_BSN_RN profile page
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    Quote from 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.
    Wow, that is great! Just not practical for the majority of us.
  5. Visit  Tori11 profile page
    0
    Damn! Some of these student loan amounts are scary. I have the standard amount which is about 20000 and it is still a nighmare. I had a scholarship to pay my tuition and took out loans for room and board. I almost went back to school but couldn t fathom incurring more debt. Glad to know I m not alone. That student loan ghost is a beast.
  6. Visit  maffechr profile page
    0
    Quote from lvn2bsoon

    Wow, that is great! Just not practical for the majority of us.
    Hopefully he or she realizes how lucky they are. And doesn't lecture us on the virtues of "personal responsibility".
  7. Visit  darkbeauty profile page
    0
    Hi there everyone

    I have student loans of a little over $14K from my LPN program. I'm heading for my bridge LPN-RN programme, and my plan on paying cash from my pocket. I was able to do my prereqs cash from a local Community College. The LPN program wanted its money upfront, so I had to get a loan, PLUS it was difficult maintaining fulltime employment thru' the program. For the RN program, it will cost me more than $5K a semester, and I'm saving up doing doubles and gaencies galore to come up with that kinda of money for two semesters inorder to sit for my RN NCLEX. My question to you is: If you were in my position, would you take the saved up $5K and pay the current loans and cut them down to a lower balance, and take a another loan for my RN bridge, OR would you just continue with the curent monthly payments toward the loan and pay RN tuition cash?

    Would luv to hear from you! Am looking on saving up for a house once becoming a Registered Nurse. I'd like to do that debt free. Advice, please!
  8. Visit  sweetnurse786 profile page
    0
    Hello - I have students loan of $150,000. I have some from my previous Bachelors and then I took out a lot for Nursing school. Half of it is government loans and have is from private bank. I know it sounds scary but its worth it for nursing profession. I know right now jobs are tough but soon when the elections are over, things will settle down. The good thing about federal loans is that they work around you for payments like they have graduate repayment program where you can pay a small amount for a few years and then it increases and they also have programs tailored to your salary. So government loans are best to have and if you have loans that last for 25 yrs or so, they can be also forgiven...Private loans are a pain in the butt. They are horrible to take now because when the financial industry collapsed, the banks tighten up their rules and regulations. If you can avoid private do so...in my case, I couldnt, so now I have to pay them a lot of money per month, no matter what or they will ruin m credit.

    Unfortunately, its the new American nightmare to be in debt for the rest of our lives but I am positive about things in life because I love my profession, I love being a nurse and I love taking care of people. That to me is worth more than money can buy....I know things will work out for me!!

    Good luck!
  9. Visit  redhead_NURSE98! profile page
    1
    Quote from maffechr
    Why look down at someone who is paying $1500 a month?
    "WOW that is a huge amount $1500 a month for 120 months!" != looking down on someone...
    brandy1017 likes this.
  10. Visit  flibbertygibbert profile page
    1
    Totally agree! I completed my RN with no loans whatsoever. I did work when I wasn't in school. I had to say no to some parties and fun times. I didn't have a new car or the newest phone. I didn't have cable. (what is the point when you are working full time and a full time student!?!) I'm not complaining about what I didn't have! I graduated debt free because of the choices I made; they weren't always easy. I don't understand why so many people (although most of the people on this forum ARE NOT an example of this - go Nurses!) think their student debt should be forgiven and that their plight is so "unfair." Do people really take out loans and think they don't have to repay them?

    My advice is to get a job and apply yourself. Suck it up for the few years you are in school. It will be well worth it in the end. If you absolutely need loans, then take other people's advice and "live like a poor student" until your loans are paid in full. Because face it: You may not be a student, but you are still in massive debt and the poor still applies!!
    redhead_NURSE98! likes this.
  11. Visit  maffechr profile page
    0
    Quote from flibbertygibbert
    Totally agree! I completed my RN with no loans whatsoever. I did work when I wasn't in school. I had to say no to some parties and fun times. I didn't have a new car or the newest phone. I didn't have cable. (what is the point when you are working full time and a full time student!?!) I'm not complaining about what I didn't have! I graduated debt free because of the choices I made; they weren't always easy. I don't understand why so many people (although most of the people on this forum ARE NOT an example of this - go Nurses!) think their student debt should be forgiven and that their plight is so "unfair." Do people really take out loans and think they don't have to repay them?

    My advice is to get a job and apply yourself. Suck it up for the few years you are in school. It will be well worth it in the end. If you absolutely need loans, then take other people's advice and "live like a poor student" until your loans are paid in full. Because face it: You may not be a student, but you are still in massive debt and the poor still applies!!
    Another privileged student. I didn't spend my money on the newest car or the newest phone during grad school. I didn't go out to parties during grad school. I was very stingy money-wise as a Grad student. Still didn't prevent me from racking up close to $65000 in undergrad and graduate debt. The bottom line is that today's jobs, especially for those of us who are inexperienced, do not cover the expenses of increasingly rising tuition.

    Now, I know you want to call us all lazy and moochers for taking out student loans, but that just isn't the truth. I worked damn hard in my dead end retail job during grad school. Didn't matter. Didn't come close to meeting expenses.

    Now, before you ask: I graduated with my Bachelors in Business Management in 2011. Now, before you say "what a stupid major", I know many people who graduated with this major years prior and are extremely successful in the workplace. Unfortunately, I graduated into the Great Recession.

    Bottom line is: don't judge. Not everyone was as lucky as you to avoid loans. The majority of people didn't take out loans because they were lazy.
  12. Visit  brandy1017 profile page
    0
    Quote from 2bsweetnurse786
    Hello - I have students loan of $150,000. I have some from my previous Bachelors and then I took out a lot for Nursing school. Half of it is government loans and have is from private bank. I know it sounds scary but its worth it for nursing profession. I know right now jobs are tough but soon when the elections are over, things will settle down. The good thing about federal loans is that they work around you for payments like they have graduate repayment program where you can pay a small amount for a few years and then it increases and they also have programs tailored to your salary. So government loans are best to have and if you have loans that last for 25 yrs or so, they can be also forgiven...Private loans are a pain in the butt. They are horrible to take now because when the financial industry collapsed, the banks tighten up their rules and regulations. If you can avoid private do so...in my case, I couldnt, so now I have to pay them a lot of money per month, no matter what or they will ruin m credit.

    Unfortunately, its the new American nightmare to be in debt for the rest of our lives but I am positive about things in life because I love my profession, I love being a nurse and I love taking care of people. That to me is worth more than money can buy....I know things will work out for me!!

    Good luck!
    Well I hope your right that things will work out for you. Good Luck, you will definitely need it! OMG I wouldn't be able to sleep at night with those kind of loans! That's a mortgage without a house and will leave you without the flexibility to buy a house, get married and have children!

    I'm not putting you or anyone else with monster loans down. It's too late for you, but I am hoping to warn others not to take the same path!

    Be aware you cannot discharge your loans in bankruptcy, you have no consumer protections, you cannot default on your loans. If you do, they will take away your license to practice nursing. Any other job that requires a license even something like beautician or realtor will not be an option if you are in default.

    I suggest you make paying off the private loans first priority as they are the worst and get a life insurance policy to pay off the loans if you have family that co-signed the private loans! You can put your govt loans in income based repayment and after 20 years they will be forgiven if you still qualify! I don't know if you are disqualified if you make too much income, I would suggest you check it out! Many govt programs have an income cut off as does the student loan interest deduction.

    But really $100,000-150,000 loans should only be taken out by those who are going to be making a six figure salary ie doctor or pharmacist. Good Luck to you!
  13. Visit  brandy1017 profile page
    0
    Quote from maffechr
    Another privileged student. I didn't spend my money on the newest car or the newest phone during grad school. I didn't go out to parties during grad school. I was very stingy money-wise as a Grad student. Still didn't prevent me from racking up close to $65000 in undergrad and graduate debt. The bottom line is that today's jobs, especially for those of us who are inexperienced, do not cover the expenses of increasingly rising tuition.

    Now, I know you want to call us all lazy and moochers for taking out student loans, but that just isn't the truth. I worked damn hard in my dead end retail job during grad school. Didn't matter. Didn't come close to meeting expenses.

    Now, before you ask: I graduated with my Bachelors in Business Management in 2011. Now, before you say "what a stupid major", I know many people who graduated with this major years prior and are extremely successful in the workplace. Unfortunately, I graduated into the Great Recession.

    Bottom line is: don't judge. Not everyone was as lucky as you to avoid loans. The majority of people didn't take out loans because they were lazy.
    I don't think you are stupid or lazy, just misinformed. You are right salary is not rising with tuition costs. Too many people are being bamboozled by the high schools and colleges that push the dream at any cost! Everyone is pushed to go to college and to do whatever it takes with the promise you will get a good paying job. That is just a pipe dream for most people today! This allows the colleges to charge whatever they want and the corp big shots to continue to underpay and mistreat their workers. College is not for everyone! If you can't afford it, rethink your plans! The hospital or business company doesn't care how much you paid for your education and how many student loans you have! They will hire people as cheaply as they can and too bad for the poor fools that are drowning in debt! That is the truth! America has been pushing the college dream ie MYTH instead of pursuing unionization that would help workers with pay and working conditions. We are going down the wrong road! It only helps the people at the top. Business management is not a good degree if you look around you will see corp are cutting their management to the bone, you are competing with many other experienced managers who've been laid off. Can you start a business using the knowledge you learned from college? That is your best bet at this point, something practical like landscape or lawn mowing, pet sitting or you name it!

    If you go to school you need to take practical classes, skilled classes, you would have been better off getting an accounting degree. That said even the skilled professionals are being outsourced to India so even with an accounting or computer degree there is no guarantee that you will be able to get a good paying job! The checkout person at Walgreens had a BA in marketing making $12/hr and was planning on going back to school for a nursing degree. That is why we all of a sudden have so many nursing students because they have other degrees but can't get a decent job. Good luck to you all because you will have an even harder road with the outsized student loans and the hospital/nursing home cutbacks making the working conditions even worse!
    Last edit by brandy1017 on Oct 18, '12


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