student loans

Nurses General Nursing

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Specializes in er, pediatric er.

I graduate in May. I have somewhere around 25,000 in student loans. I was wondering how much your payments are on similiar amount of loan?

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I have around $30000 in loans I conslidated them once I graduated and choose the graduated income plan...where your payment increases about $20.00 every two years and my payments are $100.00 to start and they max out at about $250.00....you should go to some of the loan conslidation websites and use one of their payment calculators....they usually have several different plans to choose from.

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Specializes in NICU.
I graduate in May. I have somewhere around 25,000 in student loans. I was wondering how much your payments are on similiar amount of loan?

I had a Stafford loan and am paying back through Sallie Mae. Your payments will probably be around $250 a month for 10 years if you choose the standard repayment option. It actually gets a little lower each year (like a few dollars a month) because there's less money owed for them to tack interest onto.

I know people who tried to pay theirs off right away to get rid of them and not end up paying all that interest, but I was more interested in saving for a car and a down payment on a home. So long as your payments aren't late, it doesn't hurt your credit - actually paying on time increases your score over the years!

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Specializes in Critical Care/ICU.

If you have a Perkins Loan don't forget that there is a cancellation available to you when you are employed as a nurse.

Visit this website for more info:

http://www.studentaid.ed.gov/students/publications/student_guide/2003_2004/english/types-fedperkinsloan.htm

You can have 100% of the loan canceled as long as you can prove that you are working full time. Even if you work part time, a percentage of the loan can be canceled.

Worked for me!

Also, if you meet eligibility requirements, (eg: commit to work in a critical shortage facility) you may want to check out the Nursing Education Loan Repayment Program:

http://www.bhpr.hrsa.gov/nursing/loanrepay.htm

I know you asked what repayment amounts you might be looking at, but don't forget that you may have some options to reduce what you must pay back.

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