And the results are in....

[NickiLaughs]

My student loan payments, with consolidation, and everything else I've managed to do are still going to be a whopping 770$/month.

Seriously, don't go to a private school, ever.

I'm a working (thank God) RN, but that would hurt anyone's budget.

Alright, too late for me, but save yourselves!

[OCNRN63, RN]

Is 'not paying your loans' an option? Aren't there some serious consequences for this?

You mean like wage garnishment, income tax refunds garnished, non-stop calls from collection agencies, etc.?

[Meriwhen, ASN, BSN, MSN, RN]

Sorry about the big loan payment...I know it's too late for you but hopefully others will heed your warning :/

After my first experience with paying off student loans--a painful 11-year experience--I decided that I'm avoiding any future loans if I can help it. So far nursing school has all been paid-in-full with no loans but a lot of creative budgeting.

I decided to start stashing money away now for NP school. I'm not going for several years, but when I do go it'll be nice to have all--or at least a good part--of the tuition in the bank.

[netglow, ASN, RN]

Susie Smith - licensed registered nurse (xxx-xxxxxx) placed on

indefinite probation after defaulted on an Illinois educational loan.

I can go search my state's site and see a lot of defaulted loans for every kind of healthcare edu., from nurses to docs to pharmacists unable to get work, or unable to get a job making enough to live and pay off student loans, and now losing their licenses. Some of the entries state that they have entered a repayment program. This has probably been sharply increasing.

So, in Illinois you get nailed if you don't get hired quickly enough and don't make enough money in order to start paying those loans. You will lose your license. I feel so bad for these people. Nursing is a double edged sword that way.

If you apply for a license in IL, you will be asked if you have defaulted on any educational loans, or child support.

[CrunchRN, ADN, RN]

Is that only an IL thing or do other states do that? I hadn't heard about that. Scary!

[netglow, ASN, RN]

I remember reading it when I first applied for my license and thinking omg. But I can google the subject and up pops information from our licensing body listing all who have been nailed for default. How sad to be drawn and quartered in public.

Probably a state specific thing?! IDK.

[RNewbie]

I'm in the same situation. I only owe around $40,000 in student loans total but I have found it hard to make the monthly payments along with my other bills. I would suggest that anyone who is having trouble making payments contact the company and get the loans deferred for a while. I did not originally get the loans deferred and just stopped making payments for 6 months because I couldn't afford it. Now my credit is ruined. I seriously don't have to worry about ever having a loan again because with my credit I don't qualify for anything! Good news is this month is my last car payment so I will have that extra money to put toward student loans. I also plan to pay down some of the debt with travel nursing.

[pinkfluffybunny]

My loan payments are about 450 and I am an lvn. At 18/hr after taxes that is almost a whole pay check. I try to work a lot of overtime but every month I still feel like I an getting no where. My daughter goes to college in 4 years and I won't have my loans paid off. I am trying to find another job for my days off.

I think private school is good if you are young and have time to pay off the loans. And definitely call the loan company if you can't make the payments they will work with you bc they want you to not default.

[newohiorn, BSN, RN, EMT-P]

You are smart to warn people. Community college, community college, community college. I know there are waiting lists but you generally don't come out buried in debt. To my mind it is worth the wait to get into community college to avoid paying years of very high debt. We all take the same licensing exam and get paid very, very similar or exactly the same regardless of where we went to school.

[cindyloowho]

Have you looked into the new federal income based loan repayment program for federal loans? Check it out, it not. Saves my husband a ton of money each month.

[That Guy, BSN, RN, EMT-B]

Holy crap that is my mortgage payment! Deferred payments are the two sweetest words I ever signed next to ha.

[trauma_lama, BSN]

thank goodness for my cheap community college!

[anotherone, BSN, RN]

next step in the economy will be when the education bubble bursts and mass default occurs in student loan repayment........