Student Loan Scariness.....What can be done to make things easier?

Nurses General Nursing

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I just passed NCLEX and am busy looking for employment. It is very hard to find jobs in NC right now for nurses. I have HUGE private student loans, at least $100,000. I attended a private college and nursing program that was very expensive. I just applied for a private loan consolidation.

My dad was my cosigner and that was a huge help. Are there any tips or advice you guys can give about working on paying these off? Any programs to use? We do not make a lot of money and my dad could never afford these payments alone. I will be getting a job of course ;)

Any advice would be great!

Specializes in Critical Care, Education.

OMG - what a huge added burden at the beginning of your career; a time that is already stressful. I'm sorry but I don't have any insight on how to make things easier. However, as a parent of children who also had to rely on loans (none of which I co-signed) I hope that your dad doesn't have to pay ANY of this loan. He is not the beneficiary of this education and should be trying to prepare for his own retirement rather than subsidizing your loans.

It is reprehensible that any college would charge so much for a nursing degree because this amount of debt is disproportional to the expected salary of a nurse. Have you looked into any loan repayment programs such as those offered to nurses who agree to work in IHS (Indian Health Services) hospitals?

I will be looking into loan repayment programs as I hunt for employment. I dont want my dad paying anything on it. My consolidation will help out with things. My school was VERY expensie and did not offer very much financial aid. Tuition kept rising as I attended.

Specializes in Home Care.

I know hindsight is 20/20, but what were you thinking?

$100k amortized over 30 years at 6.8% interest makes your payments around $650 a month. And if you try to pay it off over 10 years your payments will be $1100 a month.

Perhaps you should look at nursing in the military, Indian health service, or something along those lines that may have student loan repayment assistance.

Or disappear

This is why people need to think long and hard about the school they choose. That amount of debt is just crazy!

ok, any education nowadays is super expensive I myself have a ton of federal loans and private loans and I was subsidized with grant money. Without my parents help with a parent plus loan I never would have been able to go to college at all, let alone go on to the RN program I'm currently in. Most people I know with students loan are paying upwards of 1000 dollars a month. OP, I know for federal perkins, stafford loans you can say you are not making enough money (with a ton of valid proof) and they will allow you to defer (I've done it, and my brother has). I would talk to the bank you have your private loan through about repayment options they may be willing to work with you but technically since your dad cosigned I'm sure they will be relying more on his financial ability to repay than solely on yours. I would be careful about how you cosolidate your loans as this may make you ineligible for loan repayment programs later. Most loan repayment programs work only for the healthcare training portion of your loan, so if you have debt from another degree that won't be repaid through the program. I would double check but my understanding is that you need to keep the costs separate to get the qualifying loans repaid. Good luck!! Let us know how it goes!

Specializes in pulm/cardiology pcu, surgical onc.

My only advice is to get any kind of job and start paying this loan asap.

I do have loans and always pay extra towards the principle monthly.

You might try what previous posts suggested about repayment assistance but I've not seen facilities offering loan assistance since the economy took a downturn.

I really dont need criticism. I am ineligible for the military *I am a severe asthmatic*. I will look into Indian hospitals. Most physicians end up in at least $250,000 of debt and struggle upon getting out of medical school.

I am going to work hard and do what I can to get on top of these loans.

Read Dave Ramsey's books. Any of them. Get out of debt today.

Travel nursing comes to mind, and frankly it might pay similarly well enough to pay off your loans pretty quickly, if you get some marketable experience first.

Kudos to you for expecting to pay off your loans rather than looking to your dad.

Good luck.

Specializes in Nursing Professional Development.

I would also consider living at home with you parents for a few years and saving on rent. (Pay them some rent, but it would be less than living on your own.) Almost every penny you make for the next few years has to go towards those loans -- at least until you get them below $50K. If you defer them, the interest will skyrocket the total amount you owe very quickly.

Specializes in Med/Surg, Academics.
I know hindsight is 20/20, but what were you thinking?

My alma mater for my first round of school prided itself on being an "affordable four-year university," and it still does. It's one of the cheapest bachelor's degree-conferring schools in the state.

Based on their website, the "annual cost of attendance" is $20K and change. That's $80K for four years, in-state tuition, at a no-name school.

Education in the 21st century ain't cheap.

Read Dave Ramsey's books. Any of them. Get out of debt today.

Travel nursing comes to mind, and frankly it might pay similarly well enough to pay off your loans pretty quickly, if you get some marketable experience first.

Kudos to you for expecting to pay off your loans rather than looking to your dad.

Good luck.

Thank You for the advice. In no way to I expect him to pay...they are my responsibility and something I want to take care of.

I would also consider living at home with you parents for a few years and saving on rent. (Pay them some rent, but it would be less than living on your own.) Almost every penny you make for the next few years has to go towards those loans -- at least until you get them below $50K. If you defer them, the interest will skyrocket the total amount you owe very quickly.

I live at home now. It is just me and my dad. Oh believe I will be working hard to get them GONE ;)

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