Hi everyone! It has been so nice having this site to go to with questions, you all are so helpful and kind!
I have a question about student loans. For the start of my college career (I majored in something unrelated at a state school and am transferring to a nursing program), I paid out of pocket. However, my parents now are encouraging me to learn more about student loans due to the chance of a percent of my loans being repaid by a future employer etc.
Unfortunately, I don't qualify for grants this year due to my parent's income. However, they still believe it would be best to pay for loans rather than pay out of pocket. I have a meeting with financial aid at my school in a few weeks but wanted to seek other advice on here due to my own anxiety about it.
Is this the wrong choice? Is there even any chance of my student loans ever being repaid? If I have the opportunity to pay out of pocket, is that what you recommend? I'm sorry if any of this is unclear or if I haven't given enough information.
Thanks so much in advance!
I'm not so sure about employers paying back previous loans, the only ones I was told about are if you can get into a less than desirable location and work for pretty much free for a few years and then the loans are forgiven. I h ave heard of employers offering tuition reimbursement, but I thought that was if you were pursuing higher education while employed (I may be wrong). I am unsure if you have any credit established, if so and you are able to pay for school out of pocket, it may be worth it to take a small student loan with low interest out and pay it back to establish credit. My parents took my loans out the first time I went to school and put them in my name while they (very VERY nicely) paid them. I graduated with A-1 credit and haven't had any issues in getting any new loans for anything since (I have obviously been paying everything ever since for the last 14 years on my own). Just an idea.
Thank you so much for this information!! I really appreciate it! I definitely didn't think there was any ways many employers would pay back loans. Thanks!
You can take out subsidized and unsubsidized federal loans in your name. Hospitals aren't really paying back school loans anymore, this whole nurses shortage controversy is very inaccurate in many states. So many incentives are no longer available, such as a job paying back school loans, huge sign on bonuses. I have heard of entities such as nursing corps who would possibly repay loans back if you work in underserved communities but its not guarantee.
I'm currently paying for college with subsidized and unsubsidized loans, and I was scared at first but honestly, it's not so bad as long as you're not borrowing crazy amounts.
You don't want to borrow (in total) more than you'd make in a year after graduation - this can be around the $40-50,000 mark depending on where you live (we'll just not talk about CA lol). Only borrow the minimum amount to cover your tuition and books if you need assistance with textbooks, and you'll be fine. You don't have to pay anything back until you drop below part-time enrollment, or graduate (and then you have a few months reprieve after graduation to find a job etc).
Think of them as an investment - I could pay my expenses out of pocket, but if my car dies between now and graduation, I'd be royally screwed. Loans give me the option to build my credit history while I study.
As long as you're responsible with them, loans can be a wonderful resource to those seeking to complete their education.
Depending on where you would eventually like to work, there may be the possibility of loan repayment for working in underserved or disadvantaged communities.
does have some information as to programs, but it is a year old, and with all of the legislative upheaval and excitement from our congresscritters, some programs may not be available. You can also consult Ye Olde Google and do a search for your location and "underserved communties" + "nursing" and see what pops up on Teh Internetz. From there, maybe look at taking a part-time job at one of those locations in order to make a nice transition post-graduation.
Best of luck!
I am a second degree student - I still have previous student loan debt (paid it off once, went back to school and I'm paying again... now going to school again!). You CAN pay them back as long as you have your priorities straight.
For me, I am actually choosing to take out student loans as well - not because I necessarily need them, but because I don't want to need money for an unexpected expense and not have it since I won't be able to work as much. The $$ is in a savings account and when I graduate, I will pay whatever I have left in that savings account on those loans. Student loans are only disbursed at the beginning of the semester. God forbid something happens to my car (I live over 60 miles from school) I have to be able to repair it to get to clinicals (I also have rental insurance and tow insurance just in case). If I am able to work at all, it won't be enough to cover the cost of repairs and my parents don't have any money to lend me. So for me its more about ensuring that I can cover my expenses while I'm at school (I'm a single mom to a kid also in college and have a mortgage - my fella will help but there is only so much he can do - bills gotta get paid for those 16 months).
Sometimes it eases a lot of anxiety. I do not recommend taking on more debt than you can pay back in 1 year. For example if your monthly estimated expenses are $2000 thats $24,000 a year. If a new nurse where you live gets paid $50,000 a year then I wouldn't take on more than $26,000 in debt. I'm not saying you would have to pay it back in a year, but if you were frugal, you could nearly pay it back in a year - 2 at the most. I certainly wouldn't be taking out loans for upwards of $100k - unless it still fit into that payable in 1 year category. That's just my own personal little formula based on my personal comfort level with debt.
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