Were your school loans an investment or a burden?

[Jmiami]

Lets put a ball park number of 20k out there. Would you feel the risk of taking on student loans of this amount would outweigh the reward? Some see it as an investment in your future career. I would be a single mom of a 4 year old when I got out of school. With the job market being as tough as it is right now I am hesitant to take out this amount. You never know if you're going to get hired after school, and those loans will still be due. To be blunt, right now my income is about 23k working a mcjob despite having a BA in Theater (yeah I know, great choice of majors - what a waste, I was clearly young and dumb). I receive foodstamps and medicaid for my daughter. I want to follow my dream of being a nurse along with being able to provide a stable life for her. The entry level income of nursing in our area is barely enough to cover all our expenses (along with insurance etc. since we wont qualify for medicaid which will be great!) along with the loan repayment amount of about $230/mo (yes I've researched!). However I would like to go on for my bachelors and masters which will allow me to expand my role as a nurse as well as raise my income. Have you found that it was worth it? I don't want to end up on the other end of nursing school with 20k in loans/$230 per month to repay and winding up back at the ole mcjob because the opportunity for new grad nurses have dried up.

[Katie71275]

My husband and I have 4 kids and Im halfway through my program. We will have about 25k in loans.

If Im not mistaken, there is a period of time where you do not have to pay back loans while you are waiting on a job. So you would not have to pay until you are employed...BUT it depends what type of loan you have. Also there are some hospitals that will pay your loans off.

My aim is to get employed with a hospital that will assist me in loan payoff so that there will not be as much burden!

[JustBeachyNurse, LPN]

Yes but the interest still accumulates so that can easily double your capital amount. The grace period is 6 months post graduation or your last full time (or part time >6 credits depending on your loan) where in subsidized loans the US gov't pays your loan interest. Forbearance (pretty much most deferments when you are not in school) your interest still accumulates and is capitalized. There are alternative, income based payment plans that can make repayment easier but again that is something to consider. There are federal loan repayment programs for those gaining a BSN or advanced degree in exchange for working in specific areas of need through HRSA

[BlueDevil,DNP, DNP, RN]

I never borrowed money for my education, but if I had to, I would not have chosen nursing. I would not recommend borrowing money to fund a nursing education. The pay off is just too small. I was taught never to borrow money to purchase/fund a depreciating asset, and in these economic times I think RN education definitely falls into that category.