Considering living off student loans my final semester (or two) - Advice??

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Specializes in ICU, Military.

Hey all!

I used to be a pretty active member of the forum but I'm now in my final year of FNP school and seeking some advice.

I currently work full time (I'm single, so the only income I have). This job has me working mandatory overtime almost weekly. So far I have been able to manage it and am about to begin my 2nd round of clinicals. But as the final semester approaches (next spring), I have to be in clinical 3 days per week which will be practically impossible with my current schedule (my employer is not giving me the option to work weekends only).

I am seriously considering quitting my job and living off student loans and the money I have saved. As an FYI - I am a Navy Veteran and I am using my GI Bill so through 2 years in this program i have 0 debt, as the GI Bill has paid for every dime. So I do not have ANY student loans yet.

With that being said, what are yall's thoughts on living off student loans for a semester (or 2). The debt would be minimal, my only concern is health insurance and I'm not sure how to get around that one (advice please!)

Thanks all!

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I would, and we have been using part of the student loans for some living expenses so that I could go casual at work and concentrate full time on school. I need to give my full attention to my studies, I owe that to my future patients. The last two semesters were a beast with 3 days of clinicals, 4 classes and now our independent study and studying for boards. If I were you I would absolutely do it.

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Specializes in Adult Primary Care.
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Can you get health insurance through your school?

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Specializes in ICU, Military.
1 hour ago, AnnieNP said:

That is a great question. I am healthy so I'd only need something for emergencies and enough to meet the obamacare requirement. I'll definitely look into this

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Specializes in Psych/Mental Health.

Obviously it's a personal choice. But if I were in your shoes, I would take the loans and get as many NP clinical hours as you are able. Nothing worse than working full-time RN and squeak by NP clinicals, and then feeling completely lost as a new grad.

Yes I think you can get healthcare from your school. I know students can in my state as long as they're enrolled in a degree program.

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“Id rather be a nurse with debt than not a nurse at all”. I’ve said that sentence to myself so many times throughout my nursing school education. I received a FULL scholarship to school... and I have still taken out around 15k in student loans to help keep me afloat during this time. If you are good with your finances I wouldn’t worry about taking on some debt. Make school as easy for yourself as possible, cut back your hours. It’s only for a little while.

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Specializes in Psychiatric and Mental Health NP (PMHNP).

You can apply for Medicaid if you have low/no income as a student.

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The above answers are great. Here are my thoughts:

1) Because you have not accrued student debt to this point and the maximum you will likely be able to take is ~ $6,000 per semester, your end student debt will be quite manageable. It's always preferable to have zero debt but not at the cost of your mental health, etc.

2) I also have gotten through nursing school with the GI Bill. My school (like most), a public 4-year university, offers student health insurance through Blue Cross / Blue Shield. The post-9/11 GI Bill covers this (in full) just as it does tuition - keep in mind that you get the same benefit (measured in time) - regardless of whether the tuition bill is $1,000 or $50,000 a semester. Nothing will be deducted from your monthly stipend because you elected to take the student insurance. Consider it to be part of your benefits. I did this for one semester but decided it was wasteful, since I can get all the care I need through the local VA Medical Center.

3) I have been told I would qualify for Medicaid, but have opted not to apply for that, again since my care is through the VA. For some, depending on their health care needs or the quality of their local VA or providers there, they may opt to have additional insurance.

If I were in your position, I'd feel more comfortable with a little more freedom in those last semesters (by not working in addition). But that is a personal preference.

Good luck and congratulations!

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Specializes in PMHNP-BC.

Others have already mentioned this, but many schools offer health insurance at a reduced price. I would encourage you to contact your advisor or your schools health office to inquire. My undergrad school had a health office with a staffed NP throughout the week, I would imagine many schools offer something similar.

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I cut back to casual during NP school and did NP clinical full time. Knowing what I was doing as a NP was more important to me. You can pay off loans. I had ~3000 hours of clinical time in school and when I graduated I had multiple job offers from essentially every rotation I did (5), and when I started my job I hit the ground running, no problem. 500-800 hours doesn't cut it.

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Specializes in ICU, Military.
12 hours ago, Medic_to_BSN said:

The above answers are great. Here are my thoughts:

1) Because you have not accrued student debt to this point and the maximum you will likely be able to take is ~ $6,000 per semester, your end student debt will be quite manageable. It's always preferable to have zero debt but not at the cost of your mental health, etc.

2) I also have gotten through nursing school with the GI Bill. My school (like most), a public 4-year university, offers student health insurance through Blue Cross / Blue Shield. The post-9/11 GI Bill covers this (in full) just as it does tuition - keep in mind that you get the same benefit (measured in time) - regardless of whether the tuition bill is $1,000 or $50,000 a semester. Nothing will be deducted from your monthly stipend because you elected to take the student insurance. Consider it to be part of your benefits. I did this for one semester but decided it was wasteful, since I can get all the care I need through the local VA Medical Center.

3) I have been told I would qualify for Medicaid, but have opted not to apply for that, again since my care is through the VA. For some, depending on their health care needs or the quality of their local VA or providers there, they may opt to have additional insurance.

If I were in your position, I'd feel more comfortable with a little more freedom in those last semesters (by not working in addition). But that is a personal preference.

Good luck and congratulations!

Thanks for all the awesome advice! Unfortunately EKU doesnt offer student insurance unless youre an international student for some reason. I did my undergrad there 15 years ago and they offered it then, but now the only coverage they offer is a link to KY's medicaid.... It would be awesome if my GI bill would cover a basic policy, i'd do that in a heartbeat. I dont receive VA healthcare, I never filed a claim and have no chronic conditions. Its a difficult decision for me and I dont even know how much money I'd be able to get out on loans anyway as I am very unfamiliar with that territory

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