help re: debt panic

Hoosier_RN, MSN · Dec 22, 2015

Make a budget. Pay it.

direw0lf, BSN · Dec 22, 2015

I'm glad you love the choice you made now! To mentally cope, keep thinking so positive like that, but since you're having trouble sleeping maybe make your financial plan now not after graduation so you'll see the concrete numbers and how much you'll be paying off as an RN. Sometimes (for me anyway) seeing it for real like that, while it won't change that number, will help you sleep better..

umbdude, MSN, APRN · Dec 22, 2015

Not paying your debt is not cool and it's definitely a mistake (not "probably"). It is highly irresponsible and unethical. Until you realize that you won't be able to dig yourself out. $80k alone isn't a terrible amount of loan, but bad credit (especially if you have loans in collection) can really hold you back from renting an apartment to employment.

Talk to staff at the financial aid office and clarify what kind of credit you have and how you can repay debt. The best way to fix this is to significantly cut your expenses during the first few years to pay off a chunk of it and start rebuilding your credit. There are no magic fixes and these are student loans so you can never default to make them go away.

Good luck

nagem_ · Dec 22, 2015

I'm sorry if I came off as feeling "cool" but I literally said repeatedly that this keeps me up at night. I'm well aware of the amount of debt I'm in and know exactly where I stand financially. I'm looking for advice, not to be patronized.

meanmaryjean, DNP, RN · Dec 22, 2015

I'm sorry if I came off as feeling "cool" but I literally said repeatedly that this keeps me up at night. I'm well aware of the amount of debt I'm in and know exactly where I stand financially. I'm looking for advice, not to be patronized.

But you said this "Spent two years "finding myself" and not paying back any of my debt. Mistake? Probably, but it was pretty cool.". So you can understand our confusion perhaps.

But as a PP said, you get a job, (or two) work your butt off, live WELL below your means and pay it back.

ThatBigGuy · Dec 22, 2015

When you get into your nursing program, put any previous loans in deferment. You will continue to accrue interest, but you won't have to make any payments as long as you are in school.

Focus on getting through your accelerated program. Becoming an RN is your only chance at getting out of this, and you cannot fail nursing school.

When you get a job as an RN, you need to make a budget and stick to it. Work OT, throw all your extra cash at your loans. Use your tax refund to knock a chunk out. Unless you stay focused on making these payments, you will be messing with these things for 15 to 20 years.

How much do you owe from before your nursing program?

Editorial Team / Admin · Dec 22, 2015

Make a budget and stick to it. Perhaps look into Dave Ramsey. Perhaps speak with a financial advisor.

My plan, currently, is to pay a debt off and then put that money towards another debt in addition to what I'm currently paying on it. So, right now I'm paying an extra $200 on my grad school loans ($200 per month schedule payment so total of $400), which is my current highest interest rate (a little deviation from Dave Ramsey). Once that's paid off, that $400 will be added to my current car payment total. Then, once that's paid off, it's on to my mortgage. I live well below my means, don't use credit cards except for when I can use it for a discount and then pay it off in full as soon as the transaction posts, save up money for the things I want that are extra when it's available, and also budget a little fun time in- I can eat out once a month and spend $20 on iTunes, whether it's a movie or paid apps.

LPNtoRNin2016OH, LPN · Dec 23, 2015

How did you get away with not paying your student loans for two years? I was late once on Sallie Mae for my LVN loan and they stalked me all the way to my grandma -- not kidding.

Between my LPN and RN bridge loans, I will be about $50K in debt. I have never taken a break or took classes I never needed either, also attend community college. But it took me a few years to do my pre-reqs because of kids etc so it's ended up costing me more than I had anticipated.

My husband and I will be dumping our entire tax returns every year into my loan until pay off, we will attempt to double the payments every month, but with three kids sometimes financial things come up so that may not always happen. I will pick up one or two shifts of overtime a month to dump that will go to the loans as well. I have been paying my LPN loan while I am in RN school so I am hoping to have that paid off by the time I graduate in 18 months.

LPNtoRNin2016OH, LPN · Dec 23, 2015

BTW some loans (not sure which one it is, all through FASFA for me) will let you pay interest in loans while your in school to reduce some of the total amount due upon graduation, we had this option for one of my loans and pay the interest every month.

db2xs · Dec 23, 2015

I am back in school for a graduate degree and have a new debt looming over my head silently. The best thing to do is while you're in school, pay off the interest that is accruing. It will make your debt at the end much cheaper. There are calculators online that will show you how much you will be saving (or not saving, depending on which route you end up taking). Best of luck. Unfortunately, the United States is Number One in the most expensive education as well as Number One in Let's Be In Debt Forever.

BuckyBadgerRN, ASN, RN · Dec 24, 2015

Well, first of all, quit thinking it was "pretty cool" to ignore your student loan debt for 2 years while you were busy finding yourself.

Now the only thing to do is pay it. 80K was your debt JUST for nursing school? Sorry, but anyone that assumes that kind of back-breaking debt for this job needs a psych consult