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

vintagemother, BSN, CNA, LVN, RN · Jan 25, 2015

If they are federal loans, they have many different payment plans . You can choose lower payments in the beginning if you want.
Before repayment starts you can go to the website of the loan carrier and look at your options.

Yup! What fgreen said!! There are "graduated" repayment plans. They're not ideal, as they will cost you more in interest than your initial debt, however, the payments are low. I have more debt than you and my payments have been under $200.

lovinglife2015 · Jan 25, 2015

I deferred loans for 2 years without payment and I wasn't in school.. All you have to do is go online and fill out the statement.. You can declare financial hardship or a few other options. They really don't even ask for proof.

Nursing pursuit · Jan 25, 2015

Thanks guys. It's been worthwhile reading your comments. Just one question, can you switch payment plans without any penalty?

Kooky Korky, BSN, RN · Jan 25, 2015

It is understandable that you would want to compare notes with others who've traveled this road, maybe glean some knowledge from others.

But for real answers about what your lender(s) would allow you to do, you need to talk to them. Also, read up on the law regarding paying back student loans. They are pretty lenient, especially if you are not earning or have minimal income.

One key thing that I am aware of is that the interest accrues to your account but doesn't post to it if you aren't working. I think.

Please get solid advice and info from the right sources. And maybe you can get scholarships or grants for your RN. Or maybe an employer will pay at least something toward your RN studies - like one or two classes per semester, with the stipulation that you attain at least a B average and work for the employer for a certain length of time.

brandy1017, ASN, RN · Jan 25, 2015

If they are govt student loans you can put them into deferment or forbearance, but interest will probably accrue, capitalize and the loans will become even higher. You should probably go on income based repayment as soon as you graduate and if you work in a non profit as most nurses do you can actually get them forgiven in ten years, otherwise it is 15 or 20 depending on when you took the loans out. Since you can't bankrupt student loans and will have to pay them off till you die if it takes that long it is smarter to just put them into income based repayment and get the clock going toward either paying them off or the debt being forgiven at the end. Standard repayment is over ten years, but many people take longer either due to deferments, forbearances or consolidation. You can only consolidate one time and that locks in the interest rate at the prevailing rate, otherwise it changes yearly. We are currently in relatively low interest rates now, who knows what the future will bring.

How did you end up with so much in student loans for a year long program? Just curious?

Nursing pursuit · Jan 25, 2015

Hi Brandy. Thanks for your input. I started at a private school. I switched majors and spent a lot of money due to changing majors, also I failed 3 courses and I withdrew from a course last semester and they took my money without a refund. My family doesn't know anything about saving money for college or at least starting at a community college so I went to college ignorantly.

brandy1017, ASN, RN · Jan 25, 2015

Thanks guys. It's been worthwhile reading your comments. Just one question, can you switch payment plans without any penalty?

If these are govt loans then I don't think there would be a penalty. However if they are private like Sallie Mae they are notorious for tacking on fees such as $150 for every three months of deferment or forbearance, at least that is what I've read they have done to others. Only govt loans offer income based repayment. Private student loans have very little flexibility and it's best to avoid them if you can.

The govt has been pressuring the loan servicers to make an effort to inform students of all their options to avoid default and to offer income based option. Prior to that, most didn't bother explaining all the options and were happy to put people into deferment/forbearance because they are making money. Those options should only be used if really necessary because they will cost you more money in the long run and are time limited. Whatever you do, don't ignore your loans and don't let them go into default. If that happens, they get to charge up to 25% more than you owe in collection costs. The govt is pressuring the loan services to do more to prevent defaults as it only hurts the students and obviously is profitable to the services since many own their own collection agency where they will garnish wages and take tax returns to get their money!

ComeTogether, LPN · Jan 26, 2015

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.

Around here starting pay is 9.50. When taxes and insurance come out it's about 400. There are no shift or weekend diffs unless you're lucky enough to work at the hospital. I was lucky enough, and even there my take home was around 600 every 2 weeks.

My take home was 500/wk, after taxes when I was in retail management making 17.50/hr.... If the CNAs you work with average that, they are LUCKY, and I am jealous!!

The mean salary for a CNA in this country is a whopping 24k a year.

vintagemother, BSN, CNA, LVN, RN · Jan 27, 2015

Yup as a Cna I earned $9-$11.20/ hr on call'

Lmomma · Jan 28, 2015

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?

Is this 39,000 student loans from LPN school?? I'm gonna hope it's not, that sounds like an insane amount of money for LPN. You said it's student loans, but from LPN school or something different?

Nursing pursuit · Jan 28, 2015

I started out in the RN program and I couldn't finish it, then I took some pre-radiology courses and left the radiology program and now I'm here doing LPN.When I graduate I'll have around 39,000 in debt, sigh.