Federal Student Loan Debt..options?

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Hi all,

I am a senior nursing student. I will graduate in May with my BSN, I am 27 and will be 28 years old when I graduate. I started out at a community college and took all my core classes. I decided to go into a BSN program at a local private school that would allow me to get into clinical right away without being wait-listed. I thought it would only take 3 years to graduate as I had all my core classes completed. But instead it took me the full 4 years because I was required to take religion, art, history, statistics and even a gym class. I have remained at the top of my class and received academic honors the entire time I have been in college.

Now that I am approaching graduation my federal loans are maxed out. My subsidized and unsubsidized loan balance is $53,000 something. Interest is $4000 something with a total balance of $57000. I just received an e-mail that my loan repayment will be around $600 per month. I still have one more semester in school which will be about ($13000). So this is likely to increase along with the interest by the time I graduate. I am so concerned because I am going to be 28 in May and I want to get married, buy a house and have a family. I fear this debt will prevent me from doing any of these things. I'd also like to go back to school and become a nurse practitioner, but this will only lead to further debt.

I have looked into loan repayment programs such as the nurse corps loan repayment program in which you work in a high need area to have your loans forgiven. But according to the eligibility you have to already be employed full-time in a high need area and even if you apply there is no promise you will get into the program. I don't want to be in over head working in a dangerous area either...I just don't know what to do. Does anyone have any advice or know of any options for me? I am terrified that by having this debt my life is going to slip away from me. :(

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Specializes in Pediatrics, Emergency, Trauma.

Work with the loan service and use the income-based repayment plan. You have 6 months post graduation for a deferment; use that time to apply for that plan.

My total loan balance for my BSN and my PN education is would've been about the same; I applied for deferment and have been quoted to pay 1/3 of that amount for both loans, so it's doable. :yes:

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I applied to the Nurse Corps loan repayment program and was accepted my first time applying. I ended up working for about a year before I found out I was accepted and started getting money. For that year I simply used the loan payment option that gave me the lowest monthly payment. Now that I'm getting the money I can pay extra toward the loan.

There are lots of options for loan repayment programs, especially if you are willing to relocate, at least temporarily. Look at both the state and federal programs to see what's available.

Good luck.

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Specializes in Family Nurse Practitioner.

If you don't have a job now, get one. Doing something to offset your debt asap is better than just letting the bills pile up.

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Be a travel nurse. You have to obtain some staff nurse experience first, but you could wipe out that entire loan balance in one year if you play your cards right as a travel RN.

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Specializes in ICU.

My sister graduated from PT school with her doctorate from an expensive, private college with around $250k of debt. It's a ton, but she makes great money. She did a traveling program for about a year where she made awesome money and they paid for her housing and utilities. She met her husband while traveling through California. She worked in high need area but those places for her anyway were, Bakersfield, San Diego, and Venice Beach. Not too shabby.

Then, she renegotiated the terms and consolidated to 15 instead of 30 years. She lives back on the east coast now, she is married, and just had her first baby. They live in an apt, as they can't afford a house yet, but they are working on it.

This truly should have been planned for when you took on the debt. It shouldn't be coming as a surprise to you. It's up to you to plan to knock it out now and there are ways to do it. Good luck!!!

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Hi, when you say you applied for deferrment and were quoted to pay 1/3, what exactly does that mean and how did it work? I thought deferrment was just for when you postponed payment?

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I have definitely been thinking about traveling nursing. I looked into it and found I have to work for a year first but I am glad it pays well and that it would be a good option. thank you!

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Specializes in Prior military RN/current ICU RN..

Did you not add up what school was going cost before hand? Yes you are responsible to pay back what you owe. Who else do you expect to pay it?

Pay as much as you can towards your debt and pay it off ASAP. Not sure what else you can do.

Next time pre plan with debt...if you are borrowing money understand what you are doing. It is easy to get loans, but difficult to pay off.

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You can get married. Just don't have a lavish ceremony and spend a ton of money. Get hitched at the courthouse and have a small dinner outing with immediate family. Buying a house is overrated unless you have a stable job and you like the area. Plus student loan repayments go on your credit report just like any late credit card payments. You also might have to wait to have any children until you have a stable job and have enough savings to live comfortably on your spouse's income.

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Yes..I agree with you. After I transferred from the community college and was going to my private school for about year I had the realization that this going to be EXPENSIVE. I called my mom worried..I thought I should just get my associates instead of my bachelors. But she urged me to keep pushing on and that it would be worth it. But as I am approaching graduation I am getting worried. But you are right, I owe what I owe and that is all there is to it.

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Specializes in Emergency, Trauma, Critical Care.

I was already married when I went for my RN. Student loans can be overwhelming. The first year after you obtain a job do am IBR. Then as others suggested do travel nursing. Live cheap, work as much as you can and throw all your $ at them.

i am paying off a ton, but I was lucky enough to move to a high wage, low cost area. (Sacramento) which is another option, but I think if your single traveling allows you to make out better. Don't buy a new car, don't get credit cards, don't take a trip. There's time for all that after you get this cloud from over your head.

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