Are BIG student loans the norm?

NJNursing, ASN, RN · Dec 7, 2005

I took out a subsidized stafford loan, so I'm lucky that I don't have to pay the interest until after I graduate (8 months after graduation is when my first payment has to be made by). I'm going to go on for my BSN/MSN and I plan on working full time and doing school part time and every hospital in my area does tuition help (about $5k a year) and the school I want to go to isn't cheap either (about $500 a credit hour). I've also got a Pell Grant as well which covers most of my tuition and the loan picks up the rest and then the balance gets refunded to me to cover the cost of books and daycare. I'm taking out $3500 a year in the loan and my grant is $3000 a year so it more than covers my annual tuition.

Does any of this help?

jhawk07 · Dec 7, 2005

So far I have around 10,000 in loans from my last 2.5 years of school. Mentioning that I did switch majors from political science to nursing after the 1st, but it only put me back one semester. I have been a dependent so far and my dad has amassed some loans as well on my behalf. I am getting married in January and starting next fall I will be an independent then and since neither me of or my fiance can make any money (we are both in school) we have to live off gov't grants, loans, and to some extent my parents. My fiance will have a good paying job when he graduates (he'll join the Navy as an officer when he graduates) so I know that we will be able to pay off all of our loans within 5-8 years I hope. He has student loans too I might add. So it is a normal unfortunate part of life, and it doesnt help that the gov't just recently decreased some funding for those loans (to go to Hurricane Relief-which i dont really agree with taking from Peter to pay Paul (both students and the victims are in need, I think they could have taken it from other places besides higher education-buts that another story). Just keep a tight budget and work during the summers and maybe once a week on a Sat or Sun. I cant work during Nursing School either, but I plan to try to work full time as a CNA/Med Tech (which you can do after your 1st sem of nursing school) during the summers. They make about 10-12 an hour so if you work full time that amounts to about 1600 a month (with taxes taken out it would be about 1400 mattering on the taxes in your state (I figured taxes of national and state to be about 15-20%). Good luck.:Present1:

RedSox33RN · Dec 7, 2005

I'll have about $45K in student loans when I graduate, and that's just for my ADN. I go to a pricey Catholic college. Each nursing credit is about $670, so......

I'll be looking for some place that will help pay those off when I go to work! LOL

JaneyW · Dec 7, 2005

I am lucky enough to live in California and chose to attend a community college for the ADN. It was an excellent program that trained me well and was $11 a unit at the time. I think they are running about $27 a unit right now. My biggest expense was child care. I have a BA from earlier in life. My DH and I are both state school grads. I am now going for my MSN at a state school and paying about $2,000 a semester. It's all about choices. Those loans are real and may mean you buy a house later, etc. The most expensive schools aren't always the best.

OTOH, nursing has many opportunities for tuition reimbursement and loan forgiveness right now because of the shortage so keep your eyes open for those. However you get there, good luck.

futureRN07 · Dec 7, 2005

I'm also attending nursing school in Portland, OHSU, and will owe around 40K when I graduate. I had about 10K in loans when I finished up my prereques. I get a lot of grants and a couple of scholarships but I'm a single mother of two so most of my loans are just to cover living expenses and day care costs. I try not to think too much about how much I will owe because there isn't really any other alternative. Hopefully I will be able to find a job where they will help part of my loans back. Cross my fingers :).

bowkerj · Dec 8, 2005

I am lucky enough to live in California and chose to attend a community college for the ADN. It was an excellent program that trained me well and was $11 a unit at the time. I think they are running about $27 a unit right now. My biggest expense was child care. I have a BA from earlier in life. My DH and I are both state school grads. I am now going for my MSN at a state school and paying about $2,000 a semester. It's all about choices. Those loans are real and may mean you buy a house later, etc. The most expensive schools aren't always the best.
OTOH, nursing has many opportunities for tuition reimbursement and loan forgiveness right now because of the shortage so keep your eyes open for those. However you get there, good luck.

Thanks for your story and info. Actually, the hospital which my BSN program is affiliated with offers $8000 tuition reimbursement if you work full time for them when you graduate. Also, the governor in Oregon just okayed a new tuition reimbursement program for people who sign 3 year contracts in Oregon - they'll pay back up to 60% of your tuition depending on where you decide to work (ie, if it is a shortage area, etc). So I guess there are many options - I was freaking out thinking of all the loans I'm building up! :uhoh3:

Thanks for your thoughts!

J

Cococure · Dec 8, 2005

Hey bowkerj,

I am also in the same situation as you as i'm sure many of us are....here is my plan and it is working so far. I too am single and I have all the bills that come along w/ living alone...rent, care note etc I have to work full time to meet my obligations... I work nights 11p-7am at a local hospital as a PCT/CNA and go to classes in the evenings i also get loans and plan on getting scholarships for nursing school the college i want to go to luckily has an evening program so i can still work full-time. Since you can't work i would suggest looking into alternative student loans cuz your school is so expensive...a friend of mine took out a loan for $25000 to cover all her expenses for the next 2yrs but she moved into a smaller cheaper apartment, paid off her small credit cards, lives by a strict budget and works part time at the hospital for extra cash.

good luck

coco

RN and Mommy · Dec 8, 2005

I attend a pricey private college. I graduate in May with my ASN and I have so far accumulated about $25,000 in student loans. I still have another year for my BSN, so add around 10-15,000 for that. It is not pretty, but I will have reached my goals!