~Ways to pay off your nursing loan/debt ?

I plan to work 7 days a week and maybe two Nursing Jobs to pay off my debt

There are some government programs that will repay your loans or provide a scholarship +stipend - but they usually entail that you commit to a certain # of years of service in return. Here are some websites you can look at:

http://bhpr.hrsa.gov/nursing/loanrepay.htm

http://bhpr.hrsa.gov/nursing/scholarship/default.htm

http://bhpr.hrsa.gov/nursing/aid.htm

Good luck!

Be extreemly wary of those Federal Government programs. Read things very carefully and fully understand all the implications. Unfortunately, I wasn't as thorough as I should have been. Consequently, I chose one that turned-out to have some very hefty tax implications.

I am considering the Federal Government Indian Health Services. My nursing debt is about 25 grand. What was wrong with the government program you enrolled with?

Patty, GN

IHS (Indian Health Services) would be a good thing to check out. There's plenty of opportunity there.

You might also check Public Health Services programs.

They do require a certain commitment of time. And you'll want to be aware of grants and such - they can affect your taxes. If you're really concerned about that talk to a tax consultant. For the most part people find the "loan forgiveness" programs offered to be a great way to gain experience and get out from under debt.

Just know that you will have to complete the time commitment to really be cleared of the debt.

Also... the various military services are a possibility. Depending, of course, on your age, health, and personal convicitions. Just thought I'd mention that option too.

dave ramsey

debt snowball ~~~ it works. we have paid (or gotten rid of) about 20k in debt, while in nursing school, while living on 1 income. now that i have loans coming due (went to an accelerated bsn program and owe 48k in loans for 15 months of private university tuition)..... we will once again start the debt snowball. loans should be paid in about a year.

first of all, you must make a budget (on paper, not in your head)

then, you need to commit to stick to the written budget

if you are trying to get out of debt, refuse to charge anything else. use cash. you would be amazed how much less you spend on groceries when you pay cash... because it hurts to spend actual dollars. don't even use a debit card - pay with cash. i can't explain it, but you will spend what you budget (or less than you budget) when you use cash.

make sure to include in your monthly budget the things that you buy once or twice a year... like new school clothes, taxes on your house if you don't escrow, car insurance, christmas (budget for it -- it happens every december)

track where you spend money - you would be surprised where you can scrape an extra $50 each month for an additional payment on your loan. watch the cokes, and eating out. we were spending about 150 a month on eating out --- my goodness. that is crazy!

every additional dollar you can scrape together, send it in on your smallest payment to get that debt paid off. then, when it is paid, use that allottment of your budget (what you were paying on that debt) and add it to the next debt (next largest balance). pay off the smallest debts first, then add those monthly payments to start paying off your next debt... that is the debt snowball....

order/buy (at the used bookstore -- be cheap).... get dave's books: my total money makeover, financial peace. they are great and give a lot of details. listen to dave on the radio or download the pod-cast. go through fpu (financial peace university) -- it is an awesome program for getting out of debt. we are in the class now and we are planning to teach it next year. it works, you can do it. there is no quick fix, just living within your means and eating beans and rice for a while.

pm me if you have specific questions - and i have a computer program that i can send you to see when you payoff your debt based on your interest rate, term, and you can vary the amt of additional payment each month. it is a cool program and it is free (you can download it from microsoft if you enter "microsoft and template" under any search engine).

lifelongstudent

I am planning on working extra shifts at least twice a month to have extra money to pay off debt. I'm taking home $1000 a month more than before I became a nurse, but I am still in the habit of not spending over my old budget. The way it is working out, I have one paycheck each month that I can use to pay off debt (just paid off my smallest loan woo hoo!). I am also saving money because my boyfriend and I owe money to his parents (they helped us buy our house, but it was just a loan!) so we're saving and trying to get that out of the way so we can finally get married. :)

I would try eating out less, pay off small bills first (it's a great feeling of accomplishment), work a little extra here and there (don't burn yourself out though!) and try not to impulse buy. Ask yourself, "do I really need this?" before you buy anything. Good luck!

This might be a good sticky. :wink2: