Can a LPN make minimum payments of $50 if your 39,000 in debt?

Nursing Students LPN/LVN Students

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After I graduate, I'll have around 39,000 in debt (maybe more). I've made poor choices (I know it's a lot). Can I make minimum payments that are anywhere from $50-$200? I know that my payments should be like $400 but can I pay less? $400 is like a whole paycheck and I don't want to worry about that if I go to RN school or PA school. I don't care if I have more interest to pay. All I care about is affordable payments. Any advice?

They have graduated payment plans that start lower and go up every 2-5 years. Everyone is different. You will just need to go to the website of whomever is billing you for your loans (for me, that is Great Lakes) and click on the payment area.

I had my payment go from almost $400 to $180 for the next 3 years. Then as I pay off my current debts, make more money, bank more overtime during this time, and re-plan a new budget, I will better be able to afford the increase.

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I can say that my expenses will cost roughly $1100-$1500 a month. Is $200 good enough for a payment? Once I get my RN I will focus on making bigger payments

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When you go to your student loan website, your options will be there. The US government is very lenient with payback options. 10 years is standard and that is what your current payment is based on. They will show you other payment plans that may give you up to 25 years but you will pay more in interest in the long run.

Best thing to do is call your student loan provider or go to their website to see what they can do for you.

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Also, if you are actually enrolled in school at least 1/2 time, your student loan payments are automatically deferred until 6 months after you graduate.

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Wow, really? I guess I'm lucky to be taking it part time then

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Specializes in Leadership, Psych, HomeCare, Amb. Care.
Also, if you are actually enrolled in school at least 1/2 time, your student loan payments are automatically deferred until 6 months after you graduate.

But interest will continue to accrue even if deferred.

OP, you can extend your payments up to 25 years, but it looks like you need to better understand your financial options. Don't make any more poor choices that will cost you a lot more money in the long run

https://studentaid.ed.gov/repay-loans

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Specializes in Transitional Nursing.
$400 is not a whole paycheck, unless you are flipping burgers and dropping french fries into the deep fryers for minimum wage at McDonald's.

Or, if you're a CNA. :(

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
Or, if you're a CNA. :(
CNAs at my workplace earn $900 to $1,000 after tax deductions every two weeks (base rate of $11/hourly plus shift differential plus weekend differential). I do not know of any CNAs in my area who earn paychecks that amount to only $400.
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Specializes in OB-Gyn/Primary Care/Ambulatory Leadership.

My 16yo son takes home $400 paychecks for his part-time minimum wage job.

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CNAs at my workplace earn $900 to $1,000 after tax deductions every two weeks (base rate of $11/hourly plus shift differential plus weekend differential). I do not know of any CNAs in my area who earn paychecks that amount to only $400.

They are making more than me. As a RN I am making $890 every two weeks after taxes, 6% retirement, and health insurance- and this is the highest paying hospital of the area. It makes a huge difference that these hospitals only hire nurses for 32 hrs/week. The plus side is after orientation I am told that there are tons of shifts open and all of them pay an extra $3-$7 per hour for picking up.

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Are there already other deductions? Wage garnishments? Child support? Back taxes? Be patient. Make better choices. Get financial counseling. Don't take on more than you can handle in terms of school, more loans, etc. That s why you are where you are. I know I have lots of debt too and not from school!

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While it may seem tough, you can defer while you're off for the semester and once you're back in school it goes back to being a normal student loan situation. That said, especially with the amount of loans you have, make some payments. It'll save you money in the long run. It's a really sad statement of the way our society works, but if you end up defaulting on your loans, you can lose your license. Do what you can to keep your payments lower after you graduate and look into jobs that have loan forgiveness programs.

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