I've told my story on here before, but it has been on my mind again now that I'm sorting through my last year of financial aid paperwork.
I entered college when I was 17. I should have never been allowed to make such big decisions for myself at that age because I was vastly immature and did not have very good foresight. I thought I wanted to be a doctor, and decided to go to an expensive private school because my friend was going to it, and because I figured that after becoming a doctor the debt wouldn't really be a big issue.
Little did I know that the lifestyle of a doctor wasn't for me. I was able to get the grades and nearly finish my first degree in a hard science before I decided that I'd rather be a nurse.
Long story short I will be about $60-70k in debt by the time I finish. I tallied the numbers up last summer but I'm too afraid to look at it now. About $30-40k of that is in private loans and the rest are in government loans. This is just for tuition. I never studied abroad, lived the high life, etc.
I know I am stupid, and I readily admit to making this bad decision. It was entirely my choice, I was warned, and it is my fault. I accept this, and I am looking forward to how to handle this amount of debt and pay it off. I want to repay every cent. Right now, I have about $8k in savings and am hoping to retain this until I graduate next May. Hopefully this money will carry me through until I obtain a job.
I'm just wondering if anyone else has experienced this situation, or has any advice for me, or what my life will be like. Starting wages for nurses in our area is about $35k a year. I can survive on about $5k a year. Do you think if I work a few years, live in poverty, and take a bit dent out of this debt, I will be able to lead a fairly normal life afterwards?
BCgradnurse, thank you but those do not usually include RN's. Also, I tried joining the militarynurse corps, but I cannot because of a medical condition.
Try to work in whatever you can to save up some money until you graduate. Also, there are some facilities that have a nursing loan repayment program. This may not work for the loan that you accrued when you were studying to be an MD, but it may help you if you took out loans for your BSN. www.hrsa.gov/loanscholarships/repayment/nursing/
Even with my nursing pay, I still try to live frugal. If possible, I buy stuff such as toilet paper or toothpaste at discount stores such as Big Lots. Stay out of the high life for now, take advantage of coupons and eat at home instead of eating out; rent DVDs at the library instead of going out and pay $11 for a movie. Do your own manicures/pedicures. In my case, I cut my hair once a year. I learned that in this economy, you never know if you will still have a job tomorrow so might as well live as you were living in poverty. Of course, indulge yourself in moderation. The good thing is that you will have enough money saved towards your retirement.
I am able to take care of my $35,000 loan payment fairly comfortably being the sole supporter of a family of three. I'm not able to save huge amounts of money, don't drive a new car, and home upgrades are aways off, but I do have enough to cover the mortgage, utilities, loan payments, put a little away for retirement, have had several medical expenses, have to pay for kindergarten, and going to Disney... but it can be done. We don't go out to eat often, my shopping fix are yard sales, and I'll drive my little gas saving Saturn until I can't anymore.
A lot depends on your area. When I made $20,000/yr and was single I felt rich. However, there was a period during nursing school and my husband was laid off that we made $9,000 that year (with a new baby). Now that was tough times. I still live like we make $9,000/yr for some things, which makes it much easier to budget.
Hey, people who go to West Coast University pay $132,000 for the privilege, so you have company. You can do this. Check out Dave Ramsey's book and web site. If you can find it, listen to his radio program, or watch him on tv. Good luck.
I am right there with you, except my loans are a little over 100k. Our stories are similar. It really is terrifying going into your life and career with that much debt. Of course, if we could go back and change things we would, but we can't. I thought I knew what I wanted to do, and went to an expensive school without any college fund, or parental contribution. All I knew was, I wanted to go to this school and I could take out loans and my high paying job when I graduated would pay back my loans in no time. Ha! I think when you're that young, you really don't understand money and the seriousness of taking out loans. At least I didnt.
Anyway, my loans are still in deferment for a few more months and I was lucky enough to get a job right after I passed boards, but I live in a state with one of the lowest wages for RNs in the country, so that doesnt help. I am engaged and my fiance and I have discussed this at length, and right now, our goal is to be able to put all of my salary- every single dollar I make- into loan repayment, while trying to live off of his salary. Basically, try to pretend like my income doesnt even exist. I am all for paying off the debt as fast as possible, because if you choose a long repayment plan, sometimes you end up owing as much or more in interest that has racked up over the years! Anyway, this is what I'm doing. Otherwise, I recommend going the live with your parents route. Hit the loans hard for a few years, and make big dent at least.
I know it totally sucks and you will hear lots of comments like "what were you thinking??" "why would you do something so stupid??" "I wasnt that stupid when I was young" etc etc. Although they might be right, those comments certainly arent helpful. Just know you're not alone. There are other "stupid" people out there suffering right along with you. I hope you are able to pay off your loans as fast as possible, and be able to live your life with more financial freedom! Kill the loans!
you will be ok, just make a budget without depriving yourself of everything because it can also lead to depression sometimes. treat yourself once a weak if you cant go for a big dinner go out for a pizza and make it a bill you pay every week. I call it the sanity bill . it gives you a little something to look foreward to all week for working hard and budgeting so take that sanity bill and have a date night out with your bf once a week that's reasonable. then cut the corners with other stuff. trying to do all or none is not the best way, moderation with a priority may make it better. my daughter came out of nursing school after high school with the last year in a 30,000.00 loan and since she has married and had 2 children, paying off as able...at least she has a family now, a home struggles within the norm as most with a young family & mortgage but she is 35 years old and could not put her entire life on hold either. many many others are with you. research ways to help you lessen the burden for yourself or you will give yourself worry ulcers. your status is not uncommon, do it in moderation with a priority and enjoy your life and your relationships...life is too short for worry induced ulcers, enjoy and good luck to you
you will be ok, just make a budget without depriving yourself of everything because it can also lead to depression sometimes. treat yourself once a week if you cant go for a big dinner go out for a pizza and make it a bill you pay every week. I call it the sanity bill . it gives you a little something to look forward to all week for working hard and budgeting so take that sanity bill and have a date night out with your bf once a week that's reasonable. then cut the corners with other stuff. trying to do all or none is not the best way, moderation with a priority may make it better. my daughter came out of nursing school after high school with the last year in a $30,000.00 loan and since she has married and had 2 children, paying off as able...at least she has a family now, a home , struggles within the norm as most with a young family & mortgage but she is 35 years old and could not put her entire life on hold either. many many others are with you. research ways to help you lessen the burden for yourself or you will give yourself worry ulcers. your status is not uncommon, do it in moderation with a priority and enjoy your life and your relationships...life is too short for worry induced ulcers, enjoy and good luck to you
Same problem, except I started my undergrad for nursing through my journey I chickened out. I realized my junior year that I wanted to go back to nursing but, i only had one year left to complete BA. I completed my BA with a 2.6. So now am in a bind. I have debt up to 32k and I want to go back to complete my BSN. I have taken all the pre with the exception of Pharm. I have applied to OU-Duncan nursing school for spring 2012. It will cost me 32k. Is it a bad decision to go there? I am worried it will put me into more debt. I would love to find a school that is inexpansive,accelarated and start fall 2011 or 2012. Sombody help me!
I never understood why people went to expensive schools like NYU or GW- both $40,000 a year. If they got amazing scholarships, or their parents could fork up the money I could understand. This is why I went to CC and then a state university.
Thank you for the reassurance Canchaser. I just get nervous. What are you planning to do once you graduate? How do you feel about your debt?
The only real "unnecessary expense" that I have is my chronically ill pet. We rescued her when she was older, and should have never taken her on, but she is part of my life now and I adore her. However she has a chronic, progressive illness that we discovered after rescuing her, the vet bills are expensive but I can't help but feel I have a sense of responsibility for her and don't want to just abandon her. However her lifespan is projected to be shortened by this illness.
I just want to give you extra kudos for taking care of your pet. :redbeathe:redbeathe I believe your caring and compassion will come back to reward you someday. Good luck.
cogath
172 Posts
BCgradnurse, thank you but those do not usually include RN's. Also, I tried joining the militarynurse corps, but I cannot because of a medical condition.