The Largest Student Loan Actually PAID OFF!

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This is a really great post and is seriously giving me something to think about as I start my first semester of nursing school come Janurary. I am switching careers and have about $16,000 worth of debt from my first BA. That doesn't sound too bad, but considering my salary wasn't much and I was a struggling single mom at the start I barely had enough to make ends meet much less pay off my loans. It would've been less since I was attending state university, but the last 2 years I took out a bit extra to help with living expenses during my divorce.

Now that I'm starting school again at an expensive private college (~$16,000/yr) I worry much more about money and how I'll pay for it after leaving school. I've made it a point to apply for scholarships, and have so far only been awarded one for $3,100. I'm married now and while my husband doesn't make a ton he makes enough to cover our living expenses so I won't have to take out any more than I need to cover tution. I plan to pay for books and any other essentials out of the part-time job I have.

I encourage those who already have some debt to pay whatever you can towards it while you're in school. I made the mistake of not doing this last time around, and really regret it. I plan to take advantage of every opportunity I can to keep my debt as low as possible because you never know what will happen down the line.

Naima

sockmonkey70

60 Posts

I am in school right now. I am going to complete my Bachelor's in Graphic Communications next Fall, and complete my ASN.

By the time I finish, I should be around $40K in debt, with two degrees. Our school won't let us take out more loans than the equivalent of our estimated costs of attendance, unless we take out private loans. I figure I don't need anymore than what the university estimates, so I stay away from private loans. I plan to funnel as much money as possible into paying off the loans when I get my first job. I have been living off of about $11,000 a year from financial aid and scholarships for 3 years now, and will for 3 more..So for me, being frugal when I graduate to pay down those loans quickly won't be any big adjustment. I have an apartment, I have a fairly new car (2005) which should serve me well for atleast 3 more years, and I live comfortably off of what I get in financial aid. No plastic surgery or trips to Disneyworld LOL...But I get by. And I know with a sacrifice now, I will be better off in the future.

I will have to pay about $750 a month to pay it off in 5 years, but I will probably try to pay about $1000 a month.

I was admitted to an Ivy league MPH program in hospital management. To make a long story short, I didn't go and a year later I cannot tell you how happy I am that I did not do that. I was admitted last fall and with what has happened to the economy, the thought of having paid $45K for an MPH would have sickened me.

Loans are justifiable, to an extent, if you are doing an MBA at Harvard or Yale, law school at a top school, or med/dental school. The rest is a waste in my opinion.

brunclex129

19 Posts

Here is my advice....Do not pay off your student loans. The government interest rates are so low that you are better off making the minimum monthly payment. Get over the fact that you have loans and just deal with it. Student loans are an investment in your future, and if you didn't take them, you most likely would not have been able to go to school and become an RN. I would only payoff a loan if the interest rate was over 8%.

richardjboro1

253 Posts

Here is my advice....Do not pay off your student loans. The government interest rates are so low that you are better off making the minimum monthly payment. Get over the fact that you have loans and just deal with it. Student loans are an investment in your future, and if you didn't take them, you most likely would not have been able to go to school and become an RN. I would only payoff a loan if the interest rate was over 8%.

I HOPE you mean don't pay them off quicker than required??? I do agree it is an investment, but if one is able, why not pay off the loan and then enjoy being debt free?

brunclex129

19 Posts

I HOPE you mean don't pay them off quicker than required??? I do agree it is an investment, but if one is able, why not pay off the loan and then enjoy being debt free?

Financially it is smarter to hold a low interest loan, and use the money to invest instead of paying the loan balance off or making double payments. Payoff high interest loans like credit cards and cars instead, if you have other debt.

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