So 2012 I graduated with my BA in Speech Pathology, got into grad school, but decided that WASN'T what I wanted to do.
Spent two years "finding myself" and not paying back any of my debt. Mistake? Probably, but it was pretty cool.
Anyway, last year I finally decided to go back to school for nursing. So now I'm projected to graduate from a BSN/RN accelerated program in August 2017 with about $80k in debt. A lot of money? Yeah, I know. But there's absolutely nothing I can do about that now, that's just my number. But it's a worry and a burden and something that literally keeps me up at night.
I work as a PCA at a hospital that is most likely willing to hire me on after graduation [already had a conversation with the nurse manager] and I love nursing so much, I wouldn't change my decision for the world. But does anyone have advice on how to cope with debt? Especially while you're in school and can't do much about it? I'm sure that after graduation I'll be able to figure out a financial plan to pay everything back, but for now I'm just always vaguely terrified.
That was the EXACT word you used. Not sure why you're all butthurt now that posters are quoting you?
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.
I have a ton of debt and I am not happy or proud about it but it is what it is. Life happens. I am not going to let credit rule my life. I am actually great with my finances, too. I live modestly. My biggest advice is to get knowledgeable about your school loans - who you owe money to and how much. Get in contact with these institutions and explore the options for repayment or deferment if need be while you go to nursing school. Write down all your other bills - cell phone, car payments, and whatever else. Stay bon top of these bills and see if you can cut down or cut back on some things.
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
I'm pretty sure that 80k included her speech pathology degree too. I'd want to work in that field while going to nursing school honestly..that would help the debt.
I think enough about my financial future without any loans out though. I wonder if my nursing career will be enough to support myself in a nice middle class suburban neighborhood never mind with debt.
I'm pretty sure that 80k included her speech pathology degree too. I'd want to work in that field while going to nursing school honestly..that would help the debt.
I think enough about my financial future without any loans out though. I wonder if my nursing career will be enough to support myself in a nice middle class suburban neighborhood never mind with debt.
I think you can live a pretty comfortable middle class suburbs life with a degree in nursing as long as you don't spend outrageous amount of money on house and cars. It's unlikely for nurses to be rich because there's pretty much a cap on how much they can make, but nurses do get paid well in an absolute sense (I think they're underpaid when you consider the ridiculously strenuous schooling and work).
I think you can live a pretty comfortable middle class suburbs life with a degree in nursing as long as you don't spend outrageous amount of money on house and cars. It's unlikely for nurses to be rich because there's pretty much a cap on how much they can make, but nurses do get paid well in an absolute sense (I think they're underpaid when you consider the ridiculously strenuous schooling and work).
Oh yeah I knew going in I wouldn't make a lot of money as a nurse! I have kind of high hopes though. I want a little house with a yard in a safe neighborhood, I want to foster kids, and I want an RV at some point in the distant future. :) I want to earn my MSN and maybe PhD too.
Two words. Dave Ramsey. You need to look into his programs, it will change your life.
How you got away with two years of not paying back debt is beyond me. If I was ever even late, the calls started. Plus, guess who pays for that down the road? All of us, plus you. It's why interest rates are the way they are right now. People thinking its "cool" to escape debt. It honestly really ticks me off that I pay for people like you to "find themselves". Find yourself while being an adult.
You are in for a rude awakening with nursing. You have a lot of debt that equals a house payment in many areas. Nursing won't make you rich. Forget about a house in the suburbs. I'm assuming there is other unresolved debt also.
Also be aware that most companies do credit checks before hiring people. With crappy credit you will be considered irresponsible this not a good hire as you will be irresponsible on the job.
Oh yeah I knew going in I wouldn't make a lot of money as a nurse! I have kind of high hopes though. I want a little house with a yard in a safe neighborhood, I want to foster kids, and I want an RV at some point in the distant future. :) I want to earn my MSN and maybe PhD too.
You can do it!! I want all those things too minus the foster kids and PhD. But good for you to want to adopt and pursue PhD!
Specializes in Nephrology, Dialysis, Plasmapheresis.
So I never put off my loans, but I did have quite a load after graduation. I had $64k in student loan debt, $3k in credit cards, and $7k on my car. That totals $74,000. As soon as I graduated and got a job, I started looking for a second job. Within 6 months I got a per diem gig. I worked 2 jobs for almost 3 years and paid a lot of my debt down. I had gotten engaged and paid for my wedding myself also from savings. Of course my husband helped but he makes less then a nurse, so I did it on my own for a long time.
Fast forward a couple more years. So here I am, I have worked 2 jobs since the get go, after graduation. Everyone says I'm nuts or that I'm just young. I have paid off $53,000 in student loan debt, also paid off the $10,000 in car and credit cards. I gave that car to family members in need and bought myself a new car, which is already halfway paid off. I also have gone on numerous vacations, traveled a ton, and paid for my wedding. All in 5 years of working my absolute tail off! I'm almost there.... Being debt free!!
What got me motivated? Dave Ramsey. I haven't followed him to a T because I have done a lot of fun things in there too. But working 2 jobs in nursing for this long isn't easy, but you have to sacrifice. I'm currently working to save for a house, which I hope to put a very large down payment on. I am also heavily paying into my car loan and hope to never buy a car with a loan again. Next time will be cash.
Good luck, it can be done but you're going to have to work very, very hard to get it done quickly.
You "cope" with it by paying it off. Expect to be paying around 900 a month for 15 years ish. You are also paying interest so well over 100K. You should be terrified..and not vaguely. This is REALITY. Those two years you were not paying were adding interest.
In the future understand how much you are borrowing and what your payments are beforehand. That way you have the knowledge to make educated decisions. Good luck.
If you didn't pay your undergrad loans for 2 years, you may be in default. I'm not going to condemn you for that, but many states will not issue a professional license to someone who has defaulted on their student loans. It would be pretty infuriating to get through nursing school, then not be allowed to take the NCLEX due to defaulted loans. If your loans are in default, contact your servicer about repayment.
For financial advice, I'm a big fan of Michelle Singletary. I can't stand Dave Ramsey; way too much God talk. Even Jesus hated mixing religion and commerce.
Maybe I'm the only one who read it this way but I don't get the sense that the OP defaulted on her loans over the past 2 years but was somehow able to defer paying them off because of whatever she was doing. If you default on student loans, you're screwed.
I graduated with over $90K in student loan debt. 8 1/2 years later, I still have about $35K left. All I have left is private loans now, I was able to pay off all my federal loans and those I was given by my school. Pay more than the required amount every month if you can. On months where you are paid 3 or 5x (depending on if you are paid weekly or biweekly), use that extra money to pay a little more on your loans.
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.
Well, Megan, the fact of the matter is that you sounded pretty darned cavalier about how you got into this predicament.
Spent two years "finding myself" and not paying back any of my debt. Mistake? Probably, but it was pretty cool.
In my opinion, you "cope" by making paying off your loans your highest priority. You have had your fun, and you can't change the past, but that is over for now. If you are REALLY aggressive with loan repayment, you can get it done. You are probably going to have to pick up extra shifts, work nights, and lots of holidays in order to generate the extra cash. Eventually, you'll get these paid off and you can start living a normal life. And when you are dead on your feet and can't imagine working another 12 hour shift, you'll have to remind yourself that this lifestyle is what you bought yourself with your choices. You will likely never again borrow money without considering the long term effects it will have on your quality of life.
BuckyBadgerRN, ASN, RN
3,520 Posts
That was the EXACT word you used. Not sure why you're all butthurt now that posters are quoting you?