2 full-time jobs?

[anna225]

Hi! I am wondering how likely and doable it is to work two full-time jobs as an RN?

I am currently in nursing school and will be graduating with over $200,000 in student loan debt (before interest) because of some stupid financial decisions I made. I chose to go out of state for a different major and took the wrong route on changing it. Rather than transferring back to an in-state school or even community college, I stayed out of state and somehow wound up in a private nursing school. Long story short, I am doomed when I have to begin paying my loans.

I am terrified of not being able to make my ~$2000/month loan payments working as a nurse, and I know I would not be able to live a sustainable lifestyle this way. I will be moving back in with my parents and throwing almost my entire paychecks towards loans, and I am afraid that after bills I will not have enough to make these payments. I would do absolutely anything to be able to have these loans paid off within ten years but it'll be nowhere near possible with one job in nursing.

My situation being as stressful and complicated as it is, I am having a difficult time wanting to keep going and graduate, but I know I won't be able to afford to pay off my current loans without a degree. Due to all of this, I was wondering how possible and doable it is to work two full-time jobs as an RN? I plan to work in the DFW metroplex, and my preference for my first job would be in a pediatric ER but I am open to anything, just because of my situation.

EDIT: I am still unfortunately 3 years out from graduating but am stuck in the situation I am in. I am a first generation so nobody in my family understood what I was getting myself into, so please don't judge too hard!

[AnnieOaklyRN, BSN, RN, EMT-P]

Hi,

I find it hard to believe a community college will not accept your transfer credits!! That sounds rediculous, as most of the classes like A and P are standardized. I would try again, or find a different school to transfer into. You will not be able to afford the cost of living in addition to 2000.00 a month for student loans. I don't even pay that much for a mortgage!!

I would seriously reconsider going to this private school and go to a community college instead. They will take some of your credits.

There is no way you could work two nursing jobs full time even with 12 hours shifts, you would just be exhausted and you would not be able to match schedules. That is crazy!

Annie

[Swellz]

Have you spoken to your parents about this? Or maybe an older friend/relative who has done the whole college/in debt thing? I don't mean to condescend. They just might have a different perspective and know your situation better.

If you decide to do the less expensive program while living at home, I'm pretty sure your loans would be deferred while you are taking classes. Additionally, when they come due, you can pay based on your income. You need to communicate with who carries your debt - they would rather get some money from you than no money. And what about public service loan repayment? Not every hospital fits that criteria, but you could target hospitals that do and apply to them. Travel nursing is an option down the line, but keep in mind that you really need to be in a specialty to make the big money there. I do well enough as a MS/tele travel nurse, but if I did this for the sole purpose of paying off large debt, I'd want to be in the OR or L&D.

I paid 68k off in 3 years as a staff nurse, working nights and OT. But I lived with someone and split bills. If you are already living beyond your means, which I assume you are since you said you aren't covering your rent, you need to make changes now. Stop the bleed first.

[Chrispy11, ASN, RN]

Six figure debt seems overwhelming to me. In your shoes I would try and create as little as possible at this point, since you already had $90K prior to starting this semester. Look for a program where you can live home and maybe go for an ADN first. Community College is much cheaper. I was able to put mine on a credit card and pay it off each semester before the next semester started. Once you get through and pass the NCLEX, you can get a job that will pay for your BSN or a portion of it and you can begin paying off the $100K. Staying home and commuting is definitely going to be cheaper. I think the key is to not dig yourself into a larger hole than you're already in. I'm cringing at $90K for gen eds. I remember someone telling me it doesn't matter where you start, but rather where you finish. Always better to get the gen eds at a local community college, look at the articulation agreements they have. I wish someone had counseled you to do this in the first place.

Best of luck to you! :)

[chacha82, ADN, BSN]

I am not judging, I am giving you advice since you asked. You are 3 years away from graduating. Do not take on this debt! Get down to brass tacks and start paying off that 90K. You can return to nursing in the future when you are in better fiscal shape and won't be taking on such stress. I would also suggest getting a different apartment to help cut costs. Work full-time and pick up a part time job if you have to. Be reasonable. It makes MUCH more sense to pay off that 90K now then decide 3 years from now you will work 2 full-time jobs.

[Swellz]

And what about public service loan repayment? Not every hospital fits that criteria, but you could target hospitals that do and apply to them.

I just read a couple articles about public service loan repayment and how people thought they would qualify but are finding out their applications have been rejected because they didn't meet varying criteria. Something to think about. If I had read them first I wouldn't even have included it as a suggestion.

Also, this lead me to the USPHS Commissioned Corps, which is how one of my old nursing school friends got his nursing school paid for. It was highly competitive. Their website also has the program for working with the Indian Health Service, where the government pays 20k/year on your loans for a 2 year commitment. I do not know how any of that works and what "qualifying" debt is, but it is something else maybe you'd want to explore.

[LPN1118]

If you really need a second job - a Baylor position would be good to help pay debts. You work 24 hours and get paid for 32. The exact hours may vary but you get paid for more hours than you work.

[Neats, BSN]

I would look into student loan repayments. Alaska is always looking for new nurses and you could follow your pediatric pathway you want. For each year they can deduct a certain amount. If you choose to stay and work with native people say after 3 years those have a bigger reimbursement student loan repayment. Lastly the military will cover up to I think $60,000.00 this is a big chunk and for 4 years of service you may have student loans but they would be more manageable.

I am paying for my kids grad school (1 year each child) and wow I feel for you.

[brandy1017, ASN, RN]

If your classes won't transfer to other colleges I assume you are in a for-profit unaccredited college. Are you sure you will even be able to get a job when it's all said and done?

One drastic remedy that is worth considering is joining the military they have excellent tuition reimbursement and help you get out of the hole you are in. I don't think you should continue on this path at this expensive for-profit college where your credits won't transfer anywhere else, that alone is a red flag!

I really think you should stop now before you are $200,000 in debt, move back home, get a job and start paying back your loans. Then seriously consider joining one of the branches of the military or the reserves to help pay off your loans.

Read up on personal finance, take a class at a community college or look for free info at a credit union, do not keep attending this exorbitant private college!

Student loans have no consumer protections or bankruptcy options, they will garnish your wages if you default and you default in only 9 months if unpaid! Some states will withhold your nursing license and your car license if you default which will make it impossible to work! This is too serious an issue to just keep blindly going forward knowing you will have $200,000 in debt! And come to think of it you live in Texas where the Texas Rangers are breaking down the doors of student loan defaulters and hauling them into court. Seriously don't do this! You will regret it. Your parents will most likely be forced to cosign and could very well find their social security garnished if you default on the student loans and I just don't see how you could possibly pay back $200,000 on a nurses salary! I don't think it is possible.

[brandy1017, ASN, RN]

I'll try again, but you seem dead set of mortgaging your future to continue on this ill-advised path.

Loan repayment per month for $200,000 at 4% interest:

10 years: $2,024.90

20 years: $1,211.96

30 years: $954.83

I can't imagine working 80 hours a week for years. And those loans don't go away, even if you are injured on the job and can't work.

Student loan interest rates are higher than 4%. The federal change yearly and most likely will go up every year and I can only imagine what the private student loan interest loan rates are, I've heard as high as 18%. The Parent Plus loan rates are also higher don't know the exact rate but closer to grad rates.

As to refinancing the Parent Plus loan under her own name, I highly doubt this would be allowed because common sense they would realize she did not have the income to pay back the loans, plus they were made out by her parents who have the ultimate responsibility to pay them back and no they do not come with income based repayment. Sadly they do not do even basic credit check or income verification to make sure the parent can actually afford to repay the loan. The govt really doesn't care because they will get the money one way or another and will simply garnish social security if it comes to that, sad to say!

[brandy1017, ASN, RN]

I do have a job but it only covers my bills, gas for my car, and half of my rent for a month. I didn't have luck finding a roommate for this year.

You have a job so you might as well start repaying your loans under the income based repayment option, rather than staying in an expensive private school over the excuse that you can't make the loan payments. That is foolish and is only increasing the debt you will eventually have to repay and will almost inevitably default on in the end if you do not stop and change course!

[rnhopeful82, ASN, RN]

I know on a post with so many comments, it's so hard to sometimes read them all, but the amount of comments saying join the military after Anna said she can't. Guys, an army medic sounds awesome but some people can't join. I can't join, she can't join, people may have a myriad of reasons to not want to join or be able to join. It's a good idea, but she can't. We have given Anna plenty of viable options, that is not one.

[brandy1017, ASN, RN]

I know on a post with so many comments, it's so hard to sometimes read them all, but the amount of comments saying join the military after Anna said she can't. Guys, an army medic sounds awesome but some people can't join. I can't join, she can't join, people may have a myriad of reasons to not want to join or be able to join. It's a good idea, but she can't. We have given Anna plenty of viable options, that is not one.

I didn't read thru the posts and didn't know she was ineligible for the military, but the most viable option she has right now is to turn back and stop digging an insurmountable student loan hole for herself instead of continuing on her present path at the exorbitant probably for-profit and unaccredited private college she is going to. There will be no going back when she is $200,000 in debt.

This sadly reminds me of an article a few years back about a young college grad Laura Baker who decided to go back for her Masters in Strategic Communications at the University of Denver and graduated $200,000+ in debt because all she could get at the time was a star bucks job with her BA. I watched her on linked in and the last time I checked she was working as a teller at a credit union. No way was she going to be able to be pay off her student loan debt. Default seems inevitable. Does anyone remember this story?