Anyone have a huge student loan bill?

grentea · Dec 31, 2005

You can probably get more in student loans, although there might be a limit placed on much you can borrow in federal student loans in a lifetime for an undergraduate degree. With 17,000 borrowed previously, I doubt you hit that limit, but check with your school's financial aid office about everything. I was in a similar situation going into nursing school, and I took out some federal loans and I had to supplement it with some private loans. I have quite a whopping amount of student loan debt, but I'm able to support myself now and make the payments on my student loans, so I really can't complain. I consolidated my federal loans before interest rates went up so I suppose that will help. I always have my eyes peeled for debt repayment programs but I haven't really found any good ones yet. I thought there were so many out there but I guess I was kind of wrong. I kind of traded working for a hospital that would pay back some of my student loans for working at a hospital that will cover all of my expenses if I go back to school. There's one for the state of PA but it's pretty much a drop in the bucket in comparison to my debt but every little bit helps. Don't worry you're not alone, and I'm sure we'll all get it paid off at some point. Happy New Year! :)

dreamBIG · Dec 31, 2005

Thanks alot! I just want to make sure I will be able to finish nursing school with loans...I do not work and we are strapped for cash most of the time. I also get grants every semester, but I think they run out before the loans do. :sniff: I get more than I need for tuition, most of the time I have to pay off bills and buy my books and other academic purchases. I am just grateful I have the opportunity to go to school. I thank God fot the government everyday!!!!(I probably should not say "God " and "government" in the same breath!!!!!):chair: Good luck to you!

QuilterLPN · Dec 31, 2005

You know, it might be worth your while to look into loan re-payment programs for your state. There are many places (like my area), that if you work full time as a nurse, the gov't will repay your nursing school loans. Sometimes it is a state program, sometimes it is a federal program. It would probably not cover your prior student loans. I took out Perkins loans with that specific intention - but I'm not working full time so I can't get my loans forgiven (only $2000 anyway).

Good luck.

QuilterRN

MikeyJ, RN · Dec 31, 2005

$17,000 is nothing. :) I will personally graduate with approximately between $35,000 and $40,000 in debt, but I figure it is well worth it. It is very hard to actually exhaust your available funds for school.

You may exhaust your government loans, but there are always private loan companies who are more than willing to shell out private educational loans.

dreamBIG · Dec 31, 2005

Who would I contact to find out about private loans? :cool:

MikeyJ, RN · Dec 31, 2005

Well the easiest way would be to go to your financial aid office, and I am sure they have some sort of list and would be willing you help you out.

But the company that I have had the best results with is CitiAssist, which is a branch of Citi Bank. http://www.citiassist.com is the website.

They offer student loans (even health care loans), which are deferred until you graduate. I choose to pay the interest while in school, so none of the interest accrues. I know another company is Sallie Mae. Also, check out your bank to see if they offer loans. I go through Wells Fargo and I know they offer student loans. Best of Luck! :)

smilin_gp · Dec 31, 2005

The financial aid officer/s at your school might be a great resource in helping you search for private lenders. They want to get paid

RainDreamer, BSN, RN · Jan 1, 2006

For private loans I would definitely recommend Education One through Chase (Bank One). You can get up to $30,000 per year and $130,000 total lifetime max.

I used the Education One loans for what wasn't covered by my government loans (you get more government assistance as you go .... i.e. you get more as a senior than you do as a freshman). The thing I liked about the Education One loans was that the check was sent directly to me, not to the school. I was able to use the money for tuition, books, living expenses, etc.

http://www.educationone.com/foryou/undergrad.html

I have so much student loan debt, I'm just now starting to pay it back ..... but I've got a good job, making pretty good money .... it's not too bad. Good luck to you!

TheCommuter, BSN, RN · Jan 1, 2006

I attended LVN school during '04 and '05 for 12 months. The one-year tuition was $20,000 and I financed it all with a Sallie Mae student loan.

My huge student loan bill currently stands at a little over $20,000 and I am repaying at the rate of $275 monthly over 10 years.

texastraveler · Jan 1, 2006

Ask about a Perkins Loan. It is a loan for nurses, police officers and teachers. You get a certain amout each semester ($3000.00?? i think). If you work as a nurse for 5 cons years after graduating, you do not have to pay it back. There is paperwork to fill out every year for verification of employment.

Taxminia0311 · Jan 1, 2006

Ask about a Perkins Loan. It is a loan for nurses, police officers and teachers. You get a certain amout each semester ($3000.00?? i think). If you work as a nurse for 5 cons years after graduating, you do not have to pay it back. There is paperwork to fill out every year for verification of employment.

Does that also count as a LPN or LVN???