student loans

  1. 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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  2. Visit nursepotter05 profile page

    About nursepotter05

    Joined: Dec '04; Posts: 208; Likes: 11
    er nurse @ 2 critical access hospitals
    Specialty: 4 year(s) of experience in er, pediatric er

    3 Comments

  3. by   Sweetpea00
    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.
  4. by   Gompers
    Quote from TNnurse05
    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!
  5. by   begalli
    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/student...erkinsloan.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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