$100,000 in student loan debt? - page 8

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

  1. by   beat2beat
    Hi Everyone,
    As I read this thread I sit here with that all to familiar sinking panicky feeling in my gut and I actually am breaking a sweat as I have so many nights laying in bed wondering how I am ever going to pay off these loans. I went to a private college. Initially I was majoring in PTA, but withdrew first quarter to go into the nursing program. My nursing program alone was $50k not to mention my prereqs which were probably close to 9k. Unfortunately I was one of those students who took out above my tuition cost to supplement my loss of income that I was bringing in prior to nursing school. Had I not been able to do that I wouldn't have been able to go to school. I only went to the private college because there are few BSN programs here and the shortest waiting list was 2 years! So, yes I panic, I really do. I am in over $150k, but I have to remind myself that that extra is what kept food on the table and paid half the rent. I'll be paying back forever, but that is o.k. I am in a career that I love and plan to further my education in. I have NO IDEA what my monthly payments will be yet, and quite frankly would like to stay in denial as long as I can. In a year or so, I will be freaking out to all of you about these loans, until then, may all be peaceful and rosey.
  2. by   eriksoln
    Quote from sunshine0509
    By college adviser I meant undergraduate adviser who has "no priority to fill seats in a classroom".
    The number simply made sense to him and myself.
    Can you explain to me how maybe they don't?

    Eriksoln- Do you have 20K+ in debt from a ADN?

    Do I have 100K for a BSN? No. I'll have 35K (more if i go straight to the masters)
    Do I think it is horrible to have it? Nope

    To some people, the experiences you can have at a 4-year university are irreplaceable.
    An "undergraduate adviser" is still loyal to their facility first. To get you in their circle instead of the school down the street, they'll give you all sorts of slants on why their degree is "the one that'll give your real earning potential in today's job market" blah blah. They are like car salesmen. The ADN school adviser will tell you "ADNs make the same as BSN", four year colleges will tell you "You'll get promoted faster with our degree". Its just a sales pitch, no truth to it (as witnessed by.......still no link to any data to support your stance. This back and forth among us could have ended many posts ago with that.........but............you dont have any data to support your stance........do you?)

    BTW, I am being critical of people spending 100K for an ADN (heck, throw BSN in there too, thats too much for a BSN even). So, why R U even rosponding to me if you only have 35K? You're not in this group.
  3. by   sunshine0509
    Quote from eriksoln
    An "undergraduate adviser" is still loyal to their facility first. To get you in their circle instead of the school down the street, they'll give you all sorts of slants on why their degree is "the one that'll give your real earning potential in today's job market" blah blah. They are like car salesmen. The ADN school adviser will tell you "ADNs make the same as BSN", four year colleges will tell you "You'll get promoted faster with our degree". Its just a sales pitch, no truth to it (as witnessed by.......still no link to any data to support your stance. This back and forth among us could have ended many posts ago with that.........but............you dont have any data to support your stance........do you?)

    BTW, I am being critical of people spending 100K for an ADN (heck, throw BSN in there too, thats too much for a BSN even). So, why R U even rosponding to me if you only have 35K? You're not in this group.

    Well to make myself even more clear, it was a undergraduate adviser who has no affiliation with the accelerated BSN. Sorry that my situation does not fit into the point you were trying to make.

    And you don't need data to show the opportunity cost lost by pursuing 2 year ADN without debt vs. an accelerated BSN with debt
    DO you have any data to support your stance?

    And actually you responded to my post, with the question "your joking right?"
    Last edit by sunshine0509 on May 18, '09
  4. by   sunray12
    Quote from chloe girl
    hi everyone,
    as i read this thread i sit here with that all to familiar sinking panicky feeling in my gut and i actually am breaking a sweat as i have so many nights laying in bed wondering how i am ever going to pay off these loans. i went to a private college. initially i was majoring in pta, but withdrew first quarter to go into the nursing program. my nursing program alone was $50k not to mention my prereqs which were probably close to 9k. unfortunately i was one of those students who took out above my tuition cost to supplement my loss of income that i was bringing in prior to nursing school. had i not been able to do that i wouldn't have been able to go to school. i only went to the private college because there are few bsn programs here and the shortest waiting list was 2 years! so, yes i panic, i really do. i am in over $150k, but i have to remind myself that that extra is what kept food on the table and paid half the rent. i'll be paying back forever, but that is o.k. i am in a career that i love and plan to further my education in. i have no idea what my monthly payments will be yet, and quite frankly would like to stay in denial as long as i can. in a year or so, i will be freaking out to all of you about these loans, until then, may all be peaceful and rosey.
    calm down.

    1) first of all you should have had payment estimate(s) during loan counseling by your financial aid office before and after each of your schools. if you don't recall them then call your fa office asap and they can probably point you in the direction of where you can get your estimates (they're available online).

    2) consolidate your loans as soon as you finish nursing school. it will make life easier. if these are govt loans for the most part, then most servicers offer graduated payment plans so that you will start out with lower payments while you're fresh out of school and still getting your feet wet in the profession. then later on when you get more established in the profession you'll be able to pay more. they do have forbearance and deferement options so if you run into a lean spot and are unable to pay you won't lose the farm. and if you take certain jobs you can get loan forgiveness.

    3) 150k/over ten years is only about 15k/year plus interest which isn't a huge price to pay for a professional license where you can expect to earn six figures in about five years if you position yourself well and hustle. e.g., get your msn. when you're working as a nurse you can get your employer to pay the tuition and the msn will qualify you to teach. online teaching is especially attractive because you have a nice little side-source of income that you can earn in the comfort of your own home.
  5. by   eriksoln
    Quote from sunshine0509
    By college adviser I meant undergraduate adviser who has "no priority to fill seats in a classroom".
    The number simply made sense to him and myself.
    Can you explain to me how maybe they don't?

    Eriksoln- Do you have 20K+ in debt from a ADN?

    Do I have 100K for a BSN? No. I'll have 35K (more if i go straight to the masters)
    Do I think it is horrible to have it? Nope

    To some people, the experiences you can have at a 4-year university are irreplaceable.
    An "undergraduate adviser" is still loyal to their facility first. To get you in their circle instead of the school down the street, they'll give you all sorts of slants on why their degree is "the one that'll give your real earning potential in today's job market" blah blah. They are like car salesmen. The ADN school adviser will tell you "ADNs make the same as BSN", four year colleges will tell you "You'll get promoted faster with our degree". Its just a sales pitch, no truth to it (as witnessed by.......still no link to any data to support your stance. This back and forth among us could have ended many posts ago with that.........but............you dont have any data to support your stance........do you?)

    BTW, I am being critical of people spending 100K for an ADN (heck, throw BSN in there too, thats too much for a BSN even). I'm not being critical of getting a BSN or Masters. I'm going back for my BSN next Feb. But there are MANY ways to do that without spending 100K. Too many to justify it. A lot of them discussed already (get ADN, let the hospital pay for the BSN etc).

    I see it this way. How many people you hear about who really have very little money but are told they make too much to get FA? I know a lot. The middle income family, who can not pay for college out of pocket, gets crunched. So, you have to be dirt poor or filthy rich to go to school. Why are the FA funds all dried up like that? I wont say people who borrow recklessly to the tune of paying 100K for a 10K degree are the only reason, but they are a major reason.

    Its simple math. 500K given to a school for FA. Some students need 10K, others 15K.........whatever, to get their degree. They in turn go out to the work force and return the investment. Where in that equation does it make sense to give someone 100K..................to get the same return on the investment. To give that one person their 100K...........5 or 6 other students are told "no".
  6. by   eriksoln
    Why did my post........post twice?
  7. by   Lovely_RN
    I didn't realize that it was even possible to borrow this much money. I thought there was a cap on the amount of money that could be borrowed?

    15k a year in payments is $1,250 a month and that's w/o interest. I hope you live in an area that pays nurses a lot. If not then you may need to re-locate and work a LOT of OT for years to make your payments. If you live in IA or FL you simply will not make enough to pay this kind of debt.

    I hope you aren't going to have to borrow anymore?!

    Quote from chloe girl
    Hi Everyone,
    As I read this thread I sit here with that all to familiar sinking panicky feeling in my gut and I actually am breaking a sweat as I have so many nights laying in bed wondering how I am ever going to pay off these loans. I went to a private college. Initially I was majoring in PTA, but withdrew first quarter to go into the nursing program. My nursing program alone was $50k not to mention my prereqs which were probably close to 9k. Unfortunately I was one of those students who took out above my tuition cost to supplement my loss of income that I was bringing in prior to nursing school. Had I not been able to do that I wouldn't have been able to go to school. I only went to the private college because there are few BSN programs here and the shortest waiting list was 2 years! So, yes I panic, I really do. I am in over $150k, but I have to remind myself that that extra is what kept food on the table and paid half the rent. I'll be paying back forever, but that is o.k. I am in a career that I love and plan to further my education in. I have NO IDEA what my monthly payments will be yet, and quite frankly would like to stay in denial as long as I can. In a year or so, I will be freaking out to all of you about these loans, until then, may all be peaceful and rosey.
  8. by   pers
    I think people are confusing federal loans ,private loans and grant money. Federal loans (Stafford for example) have limits and 100k exceeds what you can get for an undergrad. Those limits are for everyone and the school doesn't "run out" of money to give, the loans are available to all eligible students. My taking out the max every year has no influence on someone else's ability to also get a loan.

    There are a variety of private loans available that a financial aid office may help a student set up that don't have the same requirements or limits.

    Grant money however, does run out but it's an entirely different beast. That's money that isn't paid back and is almost always based entirely on financial need.

    Found a link for those curious about federal loans that has an easy to read chart regarding the different types. Just keep in mind that while you may not get 100k in federal loans, you certainly can get that much (or more) once you add in other loan sources available to students. http://studentaid.ed.gov/students/pu...fFSA_loans.htm
  9. by   Freedom42
    No one should have to incur $100,000 in debt for any degree. But not everyone equates education with a pay check or a credential. Some people incur heavy debt to attend a school that offers an excellent education -- along with a nursing degree -- because it will enhance their quality of life and leave the door open to greater opportunities in the future. Boston College, for example, comes to mind. There's a big difference between a four-year degree at BC and a two-year degree at a community college. Yes, we all sit for the same boards in the end. But not all of us go to college strictly to earn a nursing license. It's about the bigger picture, and it's an individual choice.
  10. by   imalilteapott
    think you will notice a similarity in all the posters that think 100+ thousand in debt is no biggie which when you look at that, there isn't nothing you can say or do to shine the light, it will be a live and learn thing and be glad it isn't your debt. I agree with everything you have said though.

    Well then I have to ask.What should I do?
    According to you I can:

    1) Kill myself due to my debt
    2) Build time machine.

    Guess I'll go work on that time machine
  11. by   Bortaz, RN
    Quote from imalilteapott
    think you will notice a similarity in all the posters that think 100+ thousand in debt is no biggie which when you look at that, there isn't nothing you can say or do to shine the light, it will be a live and learn thing and be glad it isn't your debt. I agree with everything you have said though.

    Well then I have to ask.What should I do?
    According to you I can:

    1) Kill myself due to my debt
    2) Build time machine.

    Guess I'll go work on that time machine
    Helllooooooooooooo, McFly!
  12. by   tfleuter
    Some people incur heavy debt to attend a school that offers an excellent education -- along with a nursing degree -- because it will enhance their quality of life and leave the door open to greater opportunities in the future. Boston College, for example, comes to mind. There's a big difference between a four-year degree at BC and a two-year degree at a community college. Yes, we all sit for the same boards in the end. But not all of us go to college strictly to earn a nursing license. It's about the bigger picture, and it's an individual choice.
    Sorry, I'm not getting your point here. In what way does attending a prestigious school "enhance their quality of life" or make a significant difference in the opportunties that they will come across (as it pertains to nursing that is)? Quality of life does not come from the school you attend and I have yet witnessed anyone give a specific circumstance where a hospital turned down a new grad from a community college and gave preference to the expensive private school grads. Some places want BSN of course, but you don't have to attend a 20K+ per year university to obtain that. I'm pursing a BSN at a state university and in state tuition will put my degree at approx $14k, including all pre-reqs. Obviously your mileage will differ depending on what state you live in.

    I have no ill feelings towards those who have accumulated massive amounts of student loan debt in the persuit of their RN. I just hope that those who are in the beginning of their schooling pay attention and learn from other's experiences, good and bad. Choose your school, degree and loans wisely.
  13. by   ~Mi Vida Loca~RN
    Quote from imalilteapott
    think you will notice a similarity in all the posters that think 100+ thousand in debt is no biggie which when you look at that, there isn't nothing you can say or do to shine the light, it will be a live and learn thing and be glad it isn't your debt. I agree with everything you have said though.

    Well then I have to ask.What should I do?
    According to you I can:

    1) Kill myself due to my debt
    2) Build time machine.

    Guess I'll go work on that time machine

    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.

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