Anyone have a huge student loan bill?

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Hi all! Just a quick question for you. I am about to start my first semester of nursing classes...I have 5 semesters all together. I already racked up 17,000 dollars in student loans. I went to school in 99-00 then quit for four years. I changed my major to nursing and basically had to start from scratch. Anyway, will I continue to get loans as long as I am in school, no matter how much I owe? Sometimes it seems I have to get my degree just to afford repayment! I just want to make sure the money will keep coming so I can finish school! Thanks in advance! :nurse: 2008

Well I think I take the cake here-

$70,000 in school loans - 2 years Liberal Arts

4 years Nursing - BSN-private college

two scholarships-$2500.00

3 yr contract - $15,000.00

$425.00 per month x 15 years ---

Government loans maxed out at $43,000

Other loans thru Citibank

Looking to go back for MSN $4000 per yr avail assistance.

"Where there's a will there's a way"

My husband and I recently took out enough life ins. to cover our debts in case something might happen. He wasn't thrilled about paying my loans back....HB

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Specializes in OB, lactation.

I'll have about $30k to repay when I get done this Spring. Joy.

My husband's job supports us so I'm going to try to put almost all of my pay into paying it off... I'll be essentially working for nothing for a while but I'd rather get it gone... at least that's the idea now.

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

I'm not sure. I got a Perkins Loan with a University, some of the community colleges offer the loan and some do not. You can talk to the Financial Aid Dept.

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Specializes in Pediatrics.

I think a Perkins loan is federal, but you do have to ask about it. The government subsidizes the loan and the school is the lender. Many schools won't publicize the loan or put it on your award letter, but you should be able to find information on it in your school's financial aid documentation. Ask your counselor about it. You have 9 months after you graduate before you have to repay it.

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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.

I am doing that now. I had 2 Perkins loans. I just got them both canceled for this year. As long as I remain employed as a nurse, I do not have to make monthly payments. Each year, I just have to show proof of employment, and the payments are then canceled for the next 12 months...I think for a total of 5 years, then the whole loan is done. What a good program, huh? If only my Stafford loans were the same :). I am getting ready to check out a program that offers to pay 60% of student loan debt. The only thing is, there is a contract for doing this. The length of time one is under contract is not mentioned on the website.

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$77,000 in loans...never qualified for scholarships...I'll be paying for the next 30 years! :lol2:

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I took minimal loans for my education. But here are some tips for maximizing your payments.

Sign up for direct draft from your checking account. When I did this, I qualified for an interest rate reduction.

If you have a lot of loans, you can consolidate them and also qualify for a rate reduction.

Look into your financial aide office. I discovered a loan similar to the Perkins, but it was merit based, and variable. I qualified for about 8-10 thousand a year, and then just had to work in the state for 3 years to not pay it off. That was a great deal, I never heard of it, until I went to the Financial Aide office. They know all sorts of things that aren't widely advertised.

Best Wishes to all.

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Specializes in Child/Adolescent Mental Health.
$77,000 in loans...never qualified for scholarships...I'll be paying for the next 30 years! :lol2:

:lol2: me niether:lol2:

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The lovely game of financial aid. I am a 2nd degree ASN nursing student and have taken out 30k for just the 1st year. I do not qualify for any financial aid since I received a BS degree in 1988. I am trying to remain positive about the financial implications, but find it difficult sometimes when you hear on the news about the nursing shortage and yet, financial aid is being cut, loan interest rates are going up and I am not even eligible for a grant. When I get stressed, I just say to myself that it will workout in the end.

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If you are concerned about the amount of loans you have and if you are not scared to move on your own or maybe you have a friend that is willing to move with you, there are a lot of nursing jobs on Indian reservations around the country. Since this is a much needed area and you are basically being paid by the government they will pay back $10,000-20,000/per year that you work there. You have to sign a two year contract but this is a great way to knock out a whole bunch of loans quickly. My preceptor did this and nows owes nothing.

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I was told by a financial advisor that the general rule-of-thumb for student loans is not to borrow more than you'll be making annually after you get a job. That seems reasonable to me. I can't imagine having a student loan as large as a mortgage! I'd never be able to buy a house. I suppose if you have a hospital or agency paying back part of the loan, you could safely go higher. But I'd be really careful! Nursing does not pay THAT well!

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Specializes in Cardiac.

Hi

Yup, have run up $22,000 in student loans just getting an ADN in 22 months.

As far as I know, you can continue to get loans as long as you remain a student. Now as far as full/part time are concerned, I'm not sure.

Good luck!

Alisha

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