Financial Aid and $165,000.00 debt

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Hello-

I have a lot of student loan debt from my previous career in Business which adds to $165k but thats with interest that has acrued through the years.

I want to get my BSN with Chamberlain and know there program is expensive, but at this point its my only choice. Is it possible to get additional loans?

Anyone 2nd career students that are going through this situation?

Thanks so much.

My goal is start in Jan 2017

I'm sorry that just sounds like too much debt, my head is spinning. Can you file for bankruptcy on some of it? The private loans? I just can't comprehend paying that much for an undergraduate degree. Definitely go to a community college or somewhere where the program is inexpensive.

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Specializes in PACU.

Chamberlain is not an option for you if you even remotely feel like you want to keep your head above water. You are talking about adding $100k to an already 6 figure debt.

It's recommended that your total loans not exceed you expected first year salary. Nurses do not make $265k their first year (or subsequent years).

You need to look I to community college or cheaper public college programs.

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Specializes in NICU, ICU, PICU, Academia.

OP:

You cannot afford to go back to school for nursing. Period.

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I'm sorry that just sounds like too much debt, my head is spinning. Can you file for bankruptcy on some of it? The private loans? I just can't comprehend paying that much for an undergraduate degree. Definitely go to a community college or somewhere where the program is inexpensive.

Not if he is then going to apply for more loans.

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Specializes in NICU, ICU, PICU, Academia.
I'm sorry that just sounds like too much debt, my head is spinning. Can you file for bankruptcy on some of it? The private loans? I just can't comprehend paying that much for an undergraduate degree. Definitely go to a community college or somewhere where the program is inexpensive.

OP should try and pay them off - OP borrowed, OP pays. That's how loans work. Bankruptcy leaves someone else holding the bag for OPs terrible decisions. Bankruptcy is for those unable to repay- not for those unwilling.

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Not sure how much OP values our opinions considering they haven't come back, but...

If I were you, I wouldn't be considering another degree right now. I would be working 3 jobs to get that loan balance down to a workable amount.

If you take out anything more at this point, you are going to be financially devastated and a slave to the loans even more than you already are now.

I'm not saying this to sound humble braggy, but my husband took out ~120k to finance his PA education. Making 100k or so a year for several years, he paid it off in less than 3. He lived at home, drove a 15 year old car, and did NOTHING but pay those loans. I can't imagine if it were 165K+another 100. Or even anything at all. Going back to nursing school, I vowed to be as close to debt free as possible because it took a lot of sacrifice to dig out.

I highly recommend you get as many jobs as you can that pay decent and grind it out for a few years before you consider this decision. six figures of debt really limits you, even when you are making great money. 200k+ debt on a nurses salary would be no life at all.

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Specializes in Leadership, Psych, HomeCare, Amb. Care.

WHY do you say Chamberlain is your only choice?

I 3rd the suggestion to go to community college for at least the pre-reqs, but preferably for a whole program. Being 40ish & over $200,000 in debt when you start your new career is definitely not a sound business decision.

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Specializes in Leadership, Psych, HomeCare, Amb. Care.

Den,

i took a look and see that you've earned an MBA, but have been going back and forth about schools in different states for about 7 years now. I assume you are working and have benefits? Are you married, did you have those kids you talked about wanting? What does hubby have to say about all this? I respectfully suggest that you contact either EAP or seek counseling services through your employer. You really need to sit down and talk to someone about what is driving you, and what it is that you really want to do with your life.

Best st wishes to you in your journey.

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Almost sounds like the person I went to school with that moved on to the next degree, having never started any kind of a work record. Pushing 30 and still living with her parents. A form of "failure to launch".

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If your dream is to become a nurse, then large previous debt should not be the end of that. However I would tread carefully. Community college will be your only option and if you are able to save the money you'll need for that tuition in advance that would be even better. Don't give up on the idea but your best bet is to finance the CC tuition as you go. The reality is that your previous debt will not leave you. Nurse or not. The goal is to keep the newer endeavor from adding to it.

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Specializes in NICU.
I'm sorry that just sounds like too much debt, my head is spinning. Can you file for bankruptcy on some of it? The private loans? I just can't comprehend paying that much for an undergraduate degree. Definitely go to a community college or somewhere where the program is inexpensive.

Student loans are not dischargeable in Chapter 7 or 13 bankruptcy.

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