Student loan taking forever to pay off...

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jaymurse1

1 Post

Just starting.. when I started School all the facilities around me were paying off student loans. Now they are barely paying off the bill for breakfast at meetings.. lol

LVN/RNBridge

262 Posts

We are all in the same boat. It seems as though with the low interest loans, we should not be paying 10 years later :-( I certainly can't speak for everyone, but here is what I have done personally. Just food for thought :)

Trade the car payment for more down on the student loans. I double my payments each month and my husband and I will drive our old cars until the wheels fall off. We may have car repairs from time to time, but those repairs do not even come close to a car payment and high insurance rates because the car is newer. If you average a $300 a month car payment and of course insurance is twice what you pay for a ten year old car, you are realistically talking $450.00 that could go toward student loans. My husband and I calculated what our cars cost us on average and it is under $100.00 per month, so That is $350.00 plus my normal payment of $120.00 for my student loans. each month. Whoop Whoop. I just started my payment this year, but my 10,500 loan will be paid within 5 years if not sooner. I may even pick up one additional shift per month and put that shift toward the loans too :-)

RNewbie

412 Posts

Specializes in Trauma-Surgical, Case Management, Clinic.

Does anyone have information on consolidating loans? Is it worth it? Do you end up with a higher interest rate? I have like 3-4 different collection agencies calling and harassing me for student loan payments. I did not know that federal student loans could be sold to collection agencies but mine have because there is always different collectors calling for payments. I need more info on consolidating because when I look at my credit report each individual loan is listed separately and I have like 10 separate loans; it's hard to keep up with. I was making payments when I first finished school but I have now ruined my credit by not being able to make the payments for months.

allnurses Guide

Nurse SMS, MSN, RN

6,843 Posts

Specializes in Critical Care; Cardiac; Professional Development.

If you default on student loans your license can be yanked. I'd get that mess straightened out fast.

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Rose_Queen, BSN, MSN, RN

6 Articles; 11,663 Posts

Specializes in OR, Nursing Professional Development.
Does anyone have information on consolidating loans? Is it worth it? Do you end up with a higher interest rate? I have like 3-4 different collection agencies calling and harassing me for student loan payments. I did not know that federal student loans could be sold to collection agencies but mine have because there is always different collectors calling for payments. I need more info on consolidating because when I look at my credit report each individual loan is listed separately and I have like 10 separate loans; it's hard to keep up with. I was making payments when I first finished school but I have now ruined my credit by not being able to make the payments for months.

Keeping in mind that this is from several years ago, I consolidated all of my student loans shortly after I graduated with the exception of a small personal loan (federal loans fell a little short for my last semester, so although it was an "education loan" it still didn't meet the parameters), to an interest rate around 2%, a good bit lower than the interest rate on the separate loans. I also have an interest reduction for making 6 on time payments in a row (one time only but won't be late and lose it) as well as another interest deduction for setting up automatic payments. My current interest rate is 1.65%. Not sure what today's interest rates are, but you might want to look into the possibility, but keep in mind that not all of your loans may qualify. Making one payment each month (2 for a short time but I busted my butt and got the one paid off within a year) is much better than making so many individual payments. You also may not be able to consolidate loans if you are considered to have defaulted on them. Perhaps there are loan counselors that could assist you in? Check resources listed by your current loan holders.

Specializes in Cardiology and ER Nursing.

I've taken out $0.00 in student loans.

KeyMaster

71 Posts

Specializes in OR, CVOR, Clinical Education, Informatic.

Wow. I couldn't even begin to imagine. Makes me even more thankful for the good old Diploma program days. I received a stellar education with tons of hands-on clinical time, passed "boards" with ease (like 99% of my class) and went on to work at the hospital associated with the nursing school. Thanks to their "loan forgiveness" program for every month that I worked part of my school loan was paid. After working full time for a little over three years my loan was repaid in total with no impact to my take home pay. Basically, my nursing education was completely free. I have worked at the same hospital ever since - in fact my office is now in one of the old school of nursing dorm rooms :) A couple of years ago I went through an RN to BSN program that was mostly paid for with a tuition reimbursment program.

It really makes me question how the media and the public can buy the story about the "nursing shortage". My education was free because the hospital could justify the cost of educating a nurse who would fill a position - if there was such a dire shortage today how come people are having to pay such an outrageous price for their education?

Specializes in NICU, OB/GYN.

I graduated from my second-degree program owing around $55,000 total in loans (with my first and second degrees' loans combined, mind you) :yawn:. It's not something that I'm proud of. It caused me some stress at first, but I knew what I was getting myself into when I took on the responsibility, and getting my BSN was important to me. I immediately started paying down my loans when I got my first pay check about one year ago (even though my loans weren't in repayment). I now owe around $43,000, and I make extra payments more often than not. At the pace I'm going, I could finish paying off my highest interest (and also biggest) loan within the next two years :w00t:.

lockheart678

118 Posts

Specializes in OR.

When I had to take that step and look into student loans when my parents couldn't afford my schooling (yet they made too much for me to qualify for any grants), I kept hearing about how low interest they are. After reality hit and I had to start paying back the loans, I realized that was the biggest joke I had ever heard. I still owe $15K on my loans and it'll take forever to pay off. The only reason I won't put extra money toward them right now is because it's more beneficial to put extra money on my credit card bill since student loan interest is deducted on taxes. Once I have no car or credit card payment, those student loans will be the next thing to go. It sickens me every month that I log on to make that payment to see how much I've been robbed over the past 4 years on a "low" interest loan.

PMFB-RN, RN

5,351 Posts

Specializes in burn ICU, SICU, ER, Trauma Rapid Response.

i remember hearing other students complaining that it really wasn't fair that my nursing school was paid for by the gi bill. "just cause you were in the army you get your school paid for?! that's hardly fair when i have to barrow all this money" my comment that the same option was available to her went right over her head

allforthekidds

101 Posts

After reading all of the other posts, I'm feeling blessed that my school has been giving me grants through all of my pre-req's(except for my first semester which is about $1500), and they just gave me another grant which will pay for my first year of nursing school:)

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