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 consolidating? Click Like if... Read More

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    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!
    KbmRN likes this.

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  2. 0
    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!
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    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!
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    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. So..you 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.
    sweetnurse786 likes this.
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    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.
    Meriwhen likes this.
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    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.
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    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.
    Meriwhen and joanna73 like this.
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    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.
    sweetnurse786 likes this.
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    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
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    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.


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