$100,000 in student loan debt? - page 10
I keep reading about new nurses saddled with $100,000 worth of student loan debt. I'm curious about this. Are these students using their loans to live off of while they attend school or are they... Read More
May 19, '09Joined: Apr '09; Posts: 531; Likes: 495Quote from eriksolnAt the bottom of each post there is a "quote" button--hit it instead of reply.Teach me that quote thing. Everyone does it. I want to too.
As for the mindset, I get what you are saying. However, the restrictions and requirements are the same for everyone and you have to remember everyone isn't coming from the same situation. Not everyone can get hired at a job that will accomodate their school schedule or family obligations. Or perhaps they simply don't have the means to get to and from a job.
The videogame thing doesn't bother me, again it comes down to choices. If I choose to live off campus and use money that should be applied to rent and food to purchase an xbox, beer, computer, whatever, then I have that much less money to use for essentials. The school won't give me more money just because I spent what I was given, I'll just have to make other living arrangements or not eat till the next semester.
And that's not to say people who don't qualify for need based aid can't get loans they just don't get the same loans. They can get private loans and there are federal loans that aren't need based (per the link I posted).
I think it's great that some have worked their way through school. If I were to go back to school now, I would most likely do the same. However, there are situations where that really isn't feasible. What's the alternative to allowing people loans? Remove the need based aspect? That already exists with certain loans. Force everyone to work? I think that would be difficult to do considering the current job market! Plus, not everyone is in a situation where they can't work for a variety of reasons (family obligations, transportation issues, whatever).
Also, I don't think the system punishes those who choose to work. They graduate with less debt! You chose to work through school so you payed then and don't have the debt now. I chose not to work through school and now I'm paying for that choice. I didn't feel bad for people who chose to work through school instead of getting loans nor do I expect those people to feel bad for me now that I've got a loan payment. But I also don't think it makes me reckless or irresponsible because I made a different choice. I don't own a car or a house because financially, those would be poor choices that aren't worth the trade off to me but I certainly don't think less of folks who do!
May 19, '09Occupation: NSICU Specialty: Neuro ; From: US ; Joined: May '09; Posts: 56; Likes: 15I'll have about ~$12k when I'm done and that is for four years. I've taken out every loan I could but get lots of grants andtoo.
May 19, '09Joined: Apr '09; Posts: 531; Likes: 495Quote from cardiacRN2006The economy isn't tanking because people borrowed money to go to college. You want to jump on the debt destruction bandwagon, be my guest! But there are far worthier targets than people who take out loans for their education.Yes it is needless! If you have the ability to work for yourself, instead of borrowing money to eat, then it's needless and reckless! God forbid anybody work when there is perfectly good money to borrow~!
How bout the idiots who paid insane prices for their homes and are now facing forclosure? Or the people who have racked up thousands in credit card debt they can't afford to pay? Those are the reckless and irresponsible folks who are now filing bankruptcy to get a clean slate without paying that money back. Student loans get paid back one way or another--the government will keep tax refunds and garnish wages (I know someone who was in this situation) if you don't pay voluntarily but one way or another, those of us with student loans are paying them back.
May 19, '09Joined: Jan '05; Posts: 4,765; Likes: 2,554Quote from persThe economy isn't tanking because people borrowed money to go to college. You want to jump on the debt destruction bandwagon, be my guest! But there are far worthier targets than people who take out loans for their education.
And my point, that you missed, is that yes, your choices do affect those around you. People don't live in a bubble.
May 19, '09Joined: Jan '05; Posts: 1,146; Likes: 1,897Why is there an assumption that the majority of people are spending their student loan money on frivolities? I'm sure that some people do but with tuition being what it is at a lot of schools it is possible to borrow a whole lot w/o wasting it on nonsense or using it for living expenses.
I paid for some of my nursing school out of pocket and I worked almost full-time as an LPN during the last year of school but I still had to borrow some money. I needed my income to help pay household bills and feed my children so I was limited in the amount of income that I could use for tuition. During the first year of school I didn't work at all because the program entailed going for 5 days per week from 9am-4pm. There were to write, tons of studying to do, and of course I sill had two children and a husband to interact with...although on a somewhat limited basis because of all I had to juggle.
The assumption that everyone who borrows for school is living in dorms, traveling to France, and paying their rent with the money is beyond me. Not to say that some people don't do this but to assume that the majority do is rather insulting. Even when I was a single mom making less than 15k/year and living with my parents I wasn't receiving much money from FA.
The maximum Pell/Tap/SEOG grant paid less than half of my tuition. Where was I to come up with the rest? Not easy for a person making 15k or less per year to come up with 10K/year to pay for school expenses when they have a child. Guess I shouldn't have went to the school I went to but I believed in the promise that a degree would bring me a good stable job with an income that I could support myself and my child on.
If I hadn't worked at all and applied welfare then I would have received an almost free ride but I always had too much pride for that. So working and going to school can sometimes work against a person because it increases the EFC and reduces the amount of FA a person is eligible for.
May 19, '09Specialty: Cath Lab, OR, CPHN/SN, ER ; From: US ; Joined: Feb '04; Posts: 1,782; Likes: 617Quote from persAnd the one next to it with the plus sign and quotation marks is a multi-quote. If there is more than one post in a thread you'd like to quote, click that button, and when you click "post reply", they'll all show up.At the bottom of each post there is a "quote" button--hit it instead of reply.
May 19, '09Joined: Apr '09; Posts: 531; Likes: 495Quote from cardiacRN2006I didn't miss it, I simply disagree. Can you give me an example specific to the student loan situation?And my point, that you missed, is that yes, your choices do affect those around you. People don't live in a bubble.
May 19, '09Joined: Nov '08; Posts: 1,198; Likes: 652I worked all throughout undergrad and still had to take out loans. Sure, I could have put in more hours, but it still wouldnt have been enough to completely pay for my tuition in its entirety. My loans went directly towards my tuition and books. It did not pay for rent, parties, beer or other "frivolous," material things. Like those of us in the minority here have said, SL are necessary in some cases.
My total SL debt wont be $100k, but it will be around $70k...but thats with my Masters. I am a 2nd degree nursing student, so my BS was in another field.
Oh and a nice thing about SLs is that you can deduct interest paid on your tax forms. Its a nice lil write off.
My SL are not going to hurt me in the end, and I have 0 debt otherwise. I consolidated my undergrad loans (all federal...none private...same with my grad loans), and the payments when I was working were absolutely manageable. And if they become hard, then I can defer if need be. The lenders really work with you and dont try and put you out on your butt.
Saying SL are contributing to the downfall of our economy is simply not true. Blame that on people people buying more house than they could afford and predatory lending practices. Oh and CC companies extending the credit line of those who really shouldnt have received the extension. Oh and the massive cost of the war that we are in. Etc. etc.Last edit by melmarie23 on May 20, '09
May 19, '09Joined: Jan '05; Posts: 4,765; Likes: 2,554Quote from persNo, I dont' need to do that. Please use common sense for Pete's sake.I didn't miss it, I simply disagree. Can you give me an example specific to the student loan situation?
We didn't have any specific instantances in housing until the economy fell either.
I stand by what I've said all along. 100,000 dollars for a RN degree is reckless. And I have yet to see, "a specific example" otherwise.
May 19, '09Joined: Jan '05; Posts: 4,765; Likes: 2,554Quote from melmarie23Huh. When I'm done with my masters my debt will still be zero. I take classes as I can afford them. For instance, I nixed summer classes this semester until I can pay all of them upfront. Some semesters I only take 8 credits or less. For when I want/need full time study I actually save (gasp) money ahead of time for the tuition.
My total SL debt wont be $100k, but it will be around $70k...but thats with my masters. I am a 2nd degree nursing student, so my BS was in another field.
Plus, I wanted a summer vacation and we decided to spend some more money on my house.
All while working more than full time. And being married. And owing a home, and two cars.
Somehow, it can be done. Easily. And for nowhere near 100k!
May 19, '09Occupation: New Grad From: US ; Joined: May '09; Posts: 37; Likes: 11Quote from ~Mi Vida Loca~Amen to that last statement. I am one of the seriously in debt loan holders, but I too will just face the music. The lenders were good enough to invest in me and make the money available to me, one way or another they will get payed back, but I certainly am not going to lose my mind over it. I too am in the same boat with battling two previous suicide attempts 18 years ago, so I thought that was kinda out of line too. But to each his own. We all have different circumstances, different realities, and different opinions. Sometimes we have to agree to disagree, and mostly whether we agree with each other or not, I think it is important that we try to walk in each others shoes and be supportive of each others struggles. We are after all a community of nurses. We are individuals, but we are one.Excuse me???? When did I ever suggest ANYONE kill themselves?? Or mention a Time Machine??? You will live and learn, it's all anyone can do. That is all I have ever said. Do I think it's absurd to rack up so much debt for a ADN-RN or a BSN-RN Absofreakinglutely, I don't care what the justification is. 100,000 thousand plus dollars for these one of these 2 degrees, I think is absurd. That is MY OPINION. BUT like I have stated many times, it's not my debt, it's not my problem in the end. I simply gave my opinion on the topic.
You ask what you should do??? Pay your debt, you already incurred it so it's a little to late for advice. So all you can do now is pay it. Or don't pay it and get in trouble. Either way, it's not my problem.
I do think quite a few posters are wearing some rose colored glasses about the seriousness of this amount of debt that will be found out later when it's time to pay back and you have all lifes other bills to boot. But hey, what can you do, it is what it is.
Please don't accuse me of saying things I did not, such as killing yourself over debt. No amount of money is worth somones life. As someone who has battled suicide many many years ago (not due to money) I don't take comments like that lightly.
May 19, '09Joined: Nov '08; Posts: 1,198; Likes: 652well...good for you! I however made the decision to take all my classes at once and get the program done and over with as soon as I can. I can focus my all my time on my studies and wont be pulled elevently billion directions. So for me, this was the better choice.
May 19, '09Joined: Jan '05; Posts: 1,146; Likes: 1,897Basically this is what it all boils down to.
Again I ask what is the point of this discussion? Is it really to warn future nursing students about the pitfalls of SL debt? If so then why is it in the general nursing forum and why is the question being asked of people who have already acquired the debt? Why isn't someone with a 100k debt going into the pre-nursing or the other student forums and posting about their experiences and warning others to not go the same route? Why hasn't someone who managed to go to school with no debt accumulated gone into the pre-nursing/general student forum and explain in explicit detail how they did it?
No that would actually be helpful. Rather this thread is full of post from people who want to browbeat adults about their choices.
Quote from chloe girlAmen to that last statement. I am one of the seriously in debt loan holders, but I too will just face the music. The lenders were good enough to invest in me and make the money available to me, one way or another they will get payed back, but I certainly am not going to lose my mind over it. I too am in the same boat with battling two previous suicide attempts 18 years ago, so I thought that was kinda out of line too. But to each his own. We all have different circumstances, different realities, and different opinions. Sometimes we have to agree to disagree, and mostly whether we agree with each other or not, I think it is important that we try to walk in each others shoes and be supportive of each others struggles. We are after all a community of nurses. We are individuals, but we are one.