Private Loan Debt Stressed Out New Grad! HELP!

Nurses General Nursing

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hi everyone. i was hoping for some perspective regarding and issue that has caused me so much stress over the past couple of weeks.

im a new grad struggling to find employment, as im sure most new grads are currently experiencing. i attended a private school a private school for 5 years. why 5 years? nursing programs are extremely impacted in california so i was waitlisted. while yes..you have a choice in which schools to attend due to the impactedness of nursing you almost go where you are accepted. to keep my spot open i had to take courses at this private school. i kept it to a minimum and took only the classes i needed to at the school while waiting to start the program (i also worked part time). i was waitlisted for 2 years and did not require full attendance, however, i was expected to take a few classes to be kept on the waitlist. when i started the program 2 years later thats when i quit my job. i come from a middle class family in which my parents didnt make the best decisions financially so i was left to pay for school on my own. federal loans weren't enough to cover the cost of tuition so i took out private school loans. since i quit my job i took out enough to cover rent, cost of books, clinical fee, food, and gas (i travel all over for clinicals sometimes crossing 4 different bridges in which it costs more than $3 each bridge). i did not live lavishly and took out bare minimum just to survive and get through school. in the end i racked up 80k without the interest. while 80K is alot of money the yearly cost to attend my university is $32,360. i also had a scholarship of 7500 that is divided into 2 semesters. so as you can see i did not take money out recklessly. my private school loans was offered at an 8% variable rate due to my good credit. i factored my payments after school. i lived frugally like a student. i sacrificed just to put myself through nursing school. my grace period has ended. sallie mae is asking for close to $1200 of which i cannot afford! i am actively seeking employment in any field (receptionist, caregiver) but no one seems to be hiring. im willing to relocate as nurse.. do anything for experience so i can pay off my loans..if only to be given a chance!

im am deeply depressed about my financial issue. its not that i dont want to pay.. believe me i want to start paying right away! its just that i dont have the money to do so.

ive done extensive research on this matter & disheartened that theirs not many consumer rights offered with private loans compared to federal. no income based consideration. ive talked to army recruiters about the army nurse corpse (impacted as well with that now having a waitlist. 50 were chosen this year alone due to meeting quota). looked into public health nursing (requires experience and im only a new grad). it seems that forebearance is an option but overrall im sinking deeper and deeper into depression. interest will accrue with forebearance, even if i pay how much will first go towards interest and not the principal amount, therefore i just feel like im in this cycle that i cant seem to get out of. i dont expect my education to be free and understood the commitment of years of paying after school but what i did not expect was wages garnished..tax refund witheld.. etc etc. i am so extremely fearful thats its paralyzed me emotionally. moreover, im a new grad.. how soon will i find a job? its just hard for anyone to give us a chance.

i sacrificed to change the quality of my life but im almost regretful on days where i can seem to get out of bed. before doors could open they may close. am i the only one going through this? i feel so hopeless.. so powerless.. so worthless!!

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Nursing schools are getting expensive. College overall is getting expensive and an average income has not risen much to compensate for the rising costs.

Have you considered the federal loan forgiveness program for nurses? It helps pay some of your loans back if you dedicate to working at an underserved facility (it will be a challenge to find a job first.. but these could be in rural areas where not much new grads may look).

Good luck, you are not alone! The nursing program I went to did not offer any scholarships and most classmates borrowed heavy loans for the education.

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Specializes in Ortho / Nuro / ICU Step Down.
Nursing schools are getting expensive. College overall is getting expensive and an average income has not risen much to compensate for the rising costs.

Have you considered the federal loan forgiveness program for nurses? It helps pay some of your loans back if you dedicate to working at an underserved facility (it will be a challenge to find a job first.. but these could be in rural areas where not much new grads may look).

Good luck, you are not alone! The nursing program I went to did not offer any scholarships and most classmates borrowed heavy loans for the education.

How do I get information on these programs? Where do I call?

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First of all, BREATHE. Close your eyes, take a deep breath in through your nose and out through your mouth, and relax for a moment. (I'm serious - do this.)

The next step is to go to:

https://www1.salliemae.com/after_graduation/manage_your_loans/postpone/

From here, you will be able to find information on deferring your payment and/or lowering your payment.

If you feel yourself slipping into depression, the next step includes a trip to your doctor's office. Tell your doctor how you feel and the symptoms you're having. An antidepressant may help. This is situational depression, so you may only need it short term until things pan out. Remember that you won't function as well or have as much energy while you're depressed, so it's best to get this under control right away.

If you don't have insurance, Google free clinics in your area. They will be able to evaluate you and prescribe the right medication. There are lots of antidepressants on pharmacy "cheap lists" (ie. Walmart, Target, Kmart, etc) and many assistance programs that provide help paying for medications (sometimes they're even free, like samples directly from the company).

I hear the panic and depression in your post & I'm concerned for you. Please seek help from a doctor if you need it.

Once you get all of the above straightened out, you will feel a weight lifted off your shoulders and you will be able to focus on your job search again. It's hard to see it now, but I can assure you that everything always works out. Hang in there!

Best Regards,

Amanda

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Worthless is one thing you are not for sure. You did what most will do to reach a goal. Hang in there, it may be hard to be employed as a new grad, but it will happen eventually, never give up, you are over with the hard thing which is finishing school. just keep looking and someone, somewhere will offer you a job...Good Luck!

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You are in good company. Sorry I dont have any advice, just know you are not alone. So many people in other fields besides nursing are struggling to pay off loans and find work after graduation. Good luck, some of the above posters have good ideas.

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Specializes in medical surgical.

Please try to not get depressed. If you feel you need help then talk to your medical provider. Help is available for those who are suffering from depression. I am doing clinicals for my NP and trust me, we are seeing multitudes of individuals who are depressed as a result of the economy: job losses, foreclosures, divorces resulting from finances, ect. Do not let your financial matters ruin your health. Keep in touch with Sallie Mae and let them know what is going on. If you cannot pay them, so be it. We have now reached a level where student loan debt exceeds consumer credit card debt. Many others are in the same situation.

What state are you in? If you are in the southeast I can possibly guide you to some facilities that may be hiring. They do not pay much, however, you can get your feet wet. After 1-2 years you can travel nurse. Hopefully at that point the economy will have picked up and positions will be more readily available.

Next, you need to call your congressperson and let them know that you do not agree with HB1929. Please google this. Some people believe there is a nursing shortage and want to import 20k persons to fill vacancies. We need to train our new nurses rather than import others (flame away!).

Please let us know how you are doing. I have children who are entering college very soon and this topic is dear to my heart.

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Can you consolidate the private loans? That's the best route to take to give yourself a smaller monthly payment, plus the consolidation process generally puts loans in forbearance and buys you a little time. Consolidate your federal loans through Direct Loans at https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp. I know you can't consolidate private and federal loans together, but this will still help lower the payments and you only have to deal with two entities/two bills this way. Contact your private loan lender to find out how to consolidate. Also, they usually have income-based repayment plans or extended payment plans, so ask about that, too!

Good luck!

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Specializes in medical surgical.

I just reread your post and realized you are in Cali. I do want to reiterate, there are positions in the southeast. Again, they do not pay much, but the experience is invaluable. Also, you may want to see what is available in rural Cali. Rural areas always are harder to staff.

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Hi. You are indeed in a very difficult situation. I may not have any advice to offer but I will surely remember you in my prayers. Whatever happens, don't give up.

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i am no longer covered through health insurance :( what i plan to do is go to therapy sessions a church i use to attend offers. its based on a sliding scale but even if i cannot pay its ok as they have funds for the MFT's that are working.

unfortunately, sallie mae does not consolidate loans. i only have two loans to pay for 1) federal 1) private. the private one is what im heavily burdened with.

i am from california but willing to relocate anywhere! any help with hospitals hiring i would sincerely and truly appreciate.

i have yet to take my nclex.. i didnt pass the first time so my depression started there and has spiraled since..i cant seem to focus because im so completely overwhelmed with all of this. :( i cant seem to focus on this step of just passing boards because 1) loan situation 2) no jobs for new grads.. while my mind frame should be "one milestone after another" its become "one burden after another" with this loan issue. i cant seem to prioritize or take a step at a time because im so deeply paralyzed by all this.

i just desperately want to care for patients (while paying off the max amount im able to after employment).. to be there during a most vulnerable time of illness because i know what it feels like to feel alone and how far a kind word and tender care can do for a patient. i sacrificed to do this but i feel like was it even worth all this & at the prospects of my loans screwing me in the future?

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There are two websites that I think will at least help:

Indeed.com-best job search engine, nationwide

daveramsey.com-changed our lives, helped me feel in control of my financial future

The cost of college nowadays is outrageous and it is shameful that students are burdened with ridiculous student loan debt. Please don't lose hope, there are brighter days ahead.

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