How long do you think it would take to pay off a $18,000 loan?

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My financial aid hasn't been posted and school is almost about to start. I'm about ready to just take out a loan of $18,000. How long do you think it would take to pay it off? In Naples, Florida(where I live) they pay new grad RN's about $20-21 an hour starting off.

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Specializes in Neonatal Nurse Practitioner.

Well, think about it like a car loan. If you pay $400/month, it would be paid in about 5 years. The less you pay per month = the longer it takes + the more interest you pay.

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Oh ok. That's pretty good. I'd be able to pay about $500-600 a month.

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