Should I get another loan?

llg, PhD, RN · Dec 4, 2014

A general guideline that a lot of experts use is this: The total amount of student loan that you have should not exceed you can reasonably expect to earn the first year after you graduate. That is assuming you do not have other debts of significance (such as car loans, mortgage, etc.)

So look at the big picture. If you could be sure that you won't have to borrow any more money for nursing school, then you could afford to increase your loans a bit now. However, I doubt you will get the rest of your education paid completely paid for by some other source. So I would wait until you absolutely have no other choice before you take out any more loans. Also, the loans taken out early in your studies -- and don't even start paying off for a couple of years -- accrue a lot of interest that can add an enormous amount to what you will eventually have to pay back.

Do yourself a favor now, while you can. Get a job and save up money for your pre-req's. While you're at it, pay down your existing debt to reduce the interest you will have to pay in the long run. It will delay your nursing career a bit -- but it will help you avoid crippling yourself financially for decades. It may not be "fun" now, but you will thank yourself later.

tbird88 · Dec 4, 2014

Thank you llg

sandy144 · Dec 5, 2014

Don't take out more than 50% in student loans than you would expect to make during one years salary. For example, if you expect to make 60k as an RN in your area, you should not take on more than 30k in loans.

tbird88 · Dec 5, 2014

This would be 30k in addition to the $20,000 I already have?

RunBabyRN · Dec 5, 2014

This would be 30k in addition to the $20,000 I already have?

Total

ParkerBC,MSN,RN, PhD, RN · Dec 7, 2014

Never put tuition onto a credit card. The interest rate on a credit card is higher than a student loan. Also, you don't want to charge up past 30% of your total credit line. This will cause your credit score to begin dropping. In the event you need to apply for credit in an emergency situation, you may not get approved. I do agree with llg about taking out debt. I recently paid off my vehicle, but still have a mortgage and student loan debt. The only time I ever charge anything is if I am getting 12 or 18 months interest free and even then I do not hog wild.

Unfortunately, colleges and universities have experienced a significant decrease in state and federal funding. This is why students are seeing tuition rates increase exponentially. A state school in Indiana is about $6,500 per semester (this is only tuition and fees). Without any financial aid, if it takes the student five years to complete the degree, she will be $65,000 in debt. This does not include textbooks, nursing equipment, ect.

I am not going to disclose how much my student loan balance is, but I will say a person can buy a really nice house. BUT, I would not be in the profession today had I not made that investment. I don't encourage people to unnecessarily take out debt, but for education, I do not discourage it. There are also multiple repayment plans available. Although my balance is high, my payments are based upon my salary. After ten years, the balance will be forgiven. Here is a link about that information https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service#what-loans-are-eligible

Good luck to you!

tbird88 · Dec 8, 2014

Thank you for your response. Student loans may be my only option or put off college until I can save up the money. I don't want to wait much longer.

tbird88 · Dec 9, 2014

I spoke with the financial aid office again and I was able to get a state grant. I still have a small need for books but the state grant has helped a lot with tuition. Does anybody know of any grants for books only in Washington state? Thank you in advance.

ThatOneDude822 · Dec 9, 2014

I also have a state grant that covers tuition, so I pay about $400 a quarter for student fees, plus my parking permit and books. I don't know of any book grants (esp for WA, since I'm in CA) but I get my books used on Amazon and usually don't exceed $200-300 a quarter taking 4 classes at a time (for prereqs at least). It's pretty doable if you plan a couple months in advance.

tbird88 · Dec 9, 2014

I will go on Amazon and see if my books are cheaper there. Thank you for the advice.

tbird88 · Dec 22, 2014

Well I was able to get a small personal loan to take care of my first quarter, Winter quarter. Yeah!