Do you have a lot of Debt to pay off

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Of course everyone has SOME student loan to pay off. But what is the average debt load?

I am thinking of going to further school for an ADN. It will be at least 2 years.

I know that it will cost me a MINIMUM of 20 k.

*anxiety*

Specializes in Forensic Psych.
thanks guys for the info on excelsior. I am more confused then ever

about accreditted schools!

Check your state's BON website....might be some info there, or you can shoot them an e ail if you have a question about a particular program. Are you from me Kentucky? If so, they accept Excelsior grads because the program is approved in NY.

http://kbn.ky.gov/education/pon/ponfaq.htm#online

I saw you posted in that forum...if that isn't where you're from, ignore me :)

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Specializes in Pedi.

I graduated 5 years ago and have just under $50k in student loan debt. I had around $90k when I graduated.

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KelRN-- I'm so relieved to hear that I'm not the only one with massive outstanding debt. I received no monetary assistance from parents, etc. and had to rely on my own income, loans, and a few scholarships to get me through. I have a BA in theatre (mistake, but whatever), an MS in addictions counseling (expensive and haven't officially practiced yet), and am now in a very expensive, but awesome, accelerated BSN program. I will graduate in December with about $120,000 in debt. Yup, that many zeros! Am I scared? You bet! But, at this point, I can't hop in my time machine and undo the past, so I'm gonna have to deal with it. The good news is that it will be much easier to pay off with a nurse's salary than as a medical secretary (former job) or even mental health counselor. I could've made better decisions, but sometimes the education outweighs the cost. If I could do it over, I would've gone to nursing school straight out of high school, but like I said, the past is past. One thing is for sure -- I'm not paying for my advanced nursing degree(s) when the time comes. From now on, I'm getting tuition help from any employment I have!

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Specializes in Critical Care.
I know you are partly joking in the quote above ... but I still find it sad. Too many people don't see anything wrong with living off other people's money that they know they will never pay back.

Well while your still here among the living the student debt has to be paid back and if not paid by retirement you can count on your social security being garnished 15% at the present time. Also private student loans with co-signers could live on after your death and the co-signer would still be on the hook for the loan!

FYI grad loan interest will no longer be deferred and will capitalize while your in school and the grace period for undergrad loans has been eliminated with the recent congressional act to keep federal student loan interest rate the same.

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Specializes in Oncology.

I graduated in May. I have $52,000 in loans, $29,000 of it in Direct Loans from the government that I will be consolidating at under 6%. The other ~$20,000 are private loans. Long story short, I withdrew from school in the second semester of my freshman year, took W's for 15 hours out of the 30 I had taken, and was not allowed to get federal loans due to not making reasonable academic progress.

If it's at all possible, STAY AWAY FROM PRIVATE LOANS. I was lucky in that my interest rates in both of my private loans are under 8%, but some of them out there are ridiculous.

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Specializes in Labor and Delivery.

I start my ADN program in August. I was gifted most of my books from a new grad coworker. I'm attending my local community college. My first year will cost approximately $1700 and I will have that paid off before December with my school's no interest payment plan. The hospital I work at has a tuition reimbursement plan but I'm not wanting to commit to the two years.

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Specializes in Pedi.
I graduated in May. I have $52,000 in loans, $29,000 of it in Direct Loans from the government that I will be consolidating at under 6%. The other ~$20,000 are private loans. Long story short, I withdrew from school in the second semester of my freshman year, took W's for 15 hours out of the 30 I had taken, and was not allowed to get federal loans due to not making reasonable academic progress.

If it's at all possible, STAY AWAY FROM PRIVATE LOANS. I was lucky in that my interest rates in both of my private loans are under 8%, but some of them out there are ridiculous.

My highest interest rate on any of the private loans I have is 4.75%. The majority of mine are 2.75%-3.25%.

I graduated 5 years ago and have paid off all my federal loans (Stafford and Nursing loans, Perkins loan is being canceled because I'm a nurse)... all I have left is my private loans and I have not had any trouble paying them off. If it's the only way to finance your education (as it was for me), private loans are not a completely terrible option.

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I start my BSN program in August, and I am fortunate to have the Post 911 GI bill to cover my tuition; therefore, I won't have any tuition debt.

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I have 18g's to pay off from a previous bachelors. My current LPN program is mostly free. I am planning to use my husbands GI Bill to bridge to RN. If that doesn't work out, I imagine I will have a crap load of loans to pay if I go for RN.

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Specializes in NICU, ICU, PICU, Academia.

I completed my LPN (1977) AAS (1980) BSN (2011) and MSN(2012) debt-free. I have owned ONE new car in my life, taken exactly three vacations, never had a manicure/ pedicure, have owned two coats in the last two decades. I have worked full-time and attended school full-time - which sucks btw.

Oh, and my husband has never earned more than $30k / year - so we are not wealthy. We also have four children -two have gotten through college debt free (one an RN!) and have two more to go.

Not judging ANYONE'S choices/ circumstances - just saying that it CAN be done.

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We won't owe anything when I graduate. My boys (one is a college senior and the other a college freshman) won't owe anything either. We promised them if they went to school that we would pay for it. We failed to save anything while they were growing up so we're paying out of pocket for everything since we don't want loans but they'll graduate college debt free, as will I!

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So far I have about 28k in loans. By the time I am done I am guessing I will have about 40k in loans. I had alot of prereqs to do. Plus while I have been on the waiting list for my schools nursing program I have done some of the classes I need for a BSN later. I am just going for the ADN at the moment but I will finish out my BSN when I transfer from my community college to the local university for the rest of the degree. I had to take a couple classes twice because I did not quite get the grade I needed the first time around in chem and phys. But, it is all worth it for me to acheive my dream of being a nurse. Besides I heard a quote that I love it was "Get your education, it's the only thing you can take with you when you go". Don't know who said it but I like it.

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