Are student loans haunting you?

Esme12, ASN, BSN, RN · Oct 13, 2012

People finance this staggering tuition with a mixture of federal and private student loans. Also, some present and former students have mentioned that their costs are somewhat reduced by transferring prerequisite courses and other credits from local community colleges.
The folks who pay the entire amount will end up with a payment of $1,500+ monthly if they finance over 10 years at a 6.8% interest rate.
MusicEMT
an addendum to this.. i just recently spoke to the financial aid officer at the school and this was before i transferred my pre-reqs and they gave me a break down of everything.. i was eligible for 45k in sub/unsub federal loans.. but the rest of the 85K id have to privately finance.. with sally mae or other banks.. i applied for a sally mae loan for 45k.. they wanted 11.5 fixed interest it costs about 750 a month and the ending balance with interest would be about 140K (15yr) for a 45k loan.. Talk about loan sharking right there.. thats straight up ridiculous (mafia style interest)
anyways i did the calculations if i can get most of my pre-reqs transferred i can knock the 133k tuition down to 70k or so..
which then would cost me about 40K in private loans (maybe more) and I plan on shopping around.. I hope i dont have to go with the price gouging sallie mae..

UNBELEIVEABLE.......The next financial crisis.

ChrisNZ · Oct 13, 2012

If things continue as they are, I should actually graduate in surplus.

I'll certainly be laughing at those who were out partying every weekend while I worked.

Miss Lina · Oct 13, 2012

I am currently considering whether or not to take out approximately $44,000 in loans, $16,000 federal loans and the rest would be private. It would be for an Accelerated BSN program, I am not eligible for other aid since I am seeking a second degree and will max out my federal loans after I borrow the $16,000. Not to mention I already owe $40,000 for my first bachelor's in biology. I really want to be a nurse, it's my dream, but I'm not sure it would be smart for me to take on so much more debt. I am concerned I won't find a job with my first degree, at least not one that is rewarding and allows me to move up, but I am also concerned about taking on so much debt and possibly not finding a job as an RN, since I have heard it is not easy for new graduates.

mary_mary · Oct 13, 2012

Yes they are haunting me, I still owe like 30K and I've been out of school for 10 years!

joanna73, BSN, RN · Oct 13, 2012

Fortunately no. I moved to a small town where I did nothing but work and sleep for 2 years. I was paying 1000-1600 per month. My actual payments are 300 a month. At that rate, I would have paid loans for 10 years, with approximately 11,000 in interest. One more payment next month and I'm debt free, with savings also.

JZ_RN · Oct 13, 2012

I graduated broke as a joke but with no debt. I worked and went to a community college to get my nursing degree. Even now my only debt is my car payment which is up to date and which I can afford to make. Eventually I will get a mortgage (probably after the car is paid off in a couple years) but I couldn't sleep at night with debt so overwhelming I couldn't afford it. Now on the other hand. I also have like no credit so...

lockheart678 · Oct 13, 2012

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.

Wrench Party · Oct 13, 2012

To Miss Lina: There are plenty of biology jobs available in academia that are rewarding and don't require a PhD. Look at being a research tech for university and federal research institutions, as well as for pharmaceutical companies. The pay is modest in my area ($30-40K) but so is the cost of living.

Meriwhen, ASN, BSN, MSN, RN · Oct 13, 2012

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.

Miss Lina · Oct 13, 2012

Thanks for the advice!

Novo · Oct 13, 2012

Student loans arent that bad if you're willing to put your life on hold for 2 years and work like a slave. My roomate had 70k in loans when he graduated from a BscN program. He made 70k in his first year working in a remote community and banked half to pay off the loans he did this for two years.

citylights89, BSN, RN · Oct 13, 2012

Right now, I have $26k+ in student loans with my first payment looming in the next month or so, way sooner than I expected. As of right now, I also don't have a job. If i don't find anything, I will have to defer. Hopefully soon I will be able to get a job where I can afford the payments and try to pay them off in 2-5 yrs. I really don't want to give them all that extra money in interest if I can help it. That's $11k I can save for myself in the bank! It might mean living like I only make a $23-25k/yr salary, but my mom has did it all this time as medical assistant/phlebotomist, so I should be able to swing it too. Thank goodness I don't have rent or a car note!