How much debt would/did you incur for school?

CHATSDALE · Nov 30, 2004

if you borrow that 10g continue to be very frugal because money can slip away quickly and you still have that debt...see if you can get some work on the weekend and increase your load a school...and continue to check in with your school for programs to for loans and/or scholarships...not familiar with canadian level of pay but in here that is not an outrageous debt..my dtr incured that much and it took nearly 3 years to pay off even with husband working full time...but she will say it was money well spent..it will pay for children to go to school and has greatly increased standard of living

Fiona59 · Nov 30, 2004

Are you sure you don't qualify for student loans even at the provincial level?

My LPN cost me about $11,000. Paid it back in under two years.

Remember your tuition and full time student tax credits. If you don't need them, transfer them to hubby's taxes. Use the refund to pay down the debts.

People spend more than $20K on a car and take upto 6 yrs to pay for it. How long does a car last? Your education lasts for ever.

Nalini · Nov 30, 2004

I will hopefully have under 5000 when I finish getting my LPN. However, I would still do it if it needed more. Think about how you will pay it back... I don't know salaries for your area, but consider income, interest, and maybe even go fulltime to school for a while to speed things up. Good luck and best wishes :)

One more thing, be careful not to work to much. If your grades slide cut back at work, at least if you have the loan you would be able to work less.

Trauma Columnist · Nov 30, 2004

I'm unsure if this is a good corellation or not - so please disregard if it doesn't concern you. In the US - I took out $30,000 in order to finish a BSN and get an MSN. It is a lot of money. I work full-time (I'm already an RN) and go to school full-time too. However, I figure that my income will more than make up for the loan expense. If you are young, that is a good way to figure it - how much more you will be able to make over the long haul. Good luck...hang in there. BTW if you took out a loan, could you then quit one of your jobs?

saskrn · Nov 30, 2004

I am in my third year of school, with one more to go. I have been attending part-time, and worked at an office job until January of this past year, when I was laid off
I have been working as a PSW (CNA in the US) ever since, and my income has dropped dramatically. Of course, to help bump it up, I work more hours. I work from 7AM til 11AM, then an evening position at another location, 3-10. I am off three nights per week, two of which I attend school.
The CNA work is backbreaking and exhausting, though I love my residents. I am exhausted constantly. My grades are slipping - used to be an A+ student, now a B. My marriage is suffering, I never see my husband. I am depressed and anxious, very unhappy.
I cannot see myself doing this for another two years. I have serious concerns about surviving. I come home crying, my house is a mess, my husband is supportive of school but will not do housework and doesn't seem to mind the mess the house is in. I can't do it!!! Tonight I was supposed to be at a lab, I came home, fell asleep on the sofa at 5:30, and woke up twenty minutes ago.
I am considering taking out a $10,000 loan to finish school and lighten up my workload. My husband is very supportive of this, I am terrified of being in that much debt! I do not qualify for any student loans, but I have an unused line of credit that has a low interest rate. I am already in personal debt of almost $10,000 due to previous school expenses and my drop in income. We have cut expenses to the bare bones, live very frugally, but live in a high rent area of Ontario and cannot move due to husbands job.
Is $20,000 a ridiculous amount of debt to have hanging over your head? I fear that if I don't do it, I won't make it at all, and I will be a low paid, unhappy, divorced CNA for the rest of my life.
What would you do? Thank you for the opinions.

Your marriage, sanity and quality of life are priceless. I have $30,000 of student loan debt. From what I hear, it is a way of life for alot of students.

Take out the loan, breathe deeply, and then spend a little time with your husband.

mom2michael, MSN, RN, NP · Nov 30, 2004

People drop all kinds of money for cars and things that don't "last a lifetime" your education and sanity however do last a lifetime.

Good luck!!!:)

gauge14iv, MSN, APRN, NP · Nov 30, 2004

Figure that if you come out in debt that is less than what you will earn your first 12 mos out of school, you will be doing FINE!!!!!

It's hard to suck it up and take out those loans, but they are really are worth it.

This is an investment in YOURSELF!

Worthy · Nov 30, 2004

Thank you for your replies.

If I take out the loan, I will be able to quit one job and cut the other down to one shift each day on weekends and one evening per week.

If I take out the loan, I will be able to go to school full time, and finish 7 months earlier.

The amount of my loan together with personal debt will be $20,000. I anticipate a starting income of around $35,000, at the least.

I know it is an investment, I know it's the right thing to do, so why do I feel so sick about it????

gauge14iv, MSN, APRN, NP · Nov 30, 2004

I know it is an investment, I know it's the right thing to do, so why do I feel so sick about it????

Perhaps because it is one of the biggest investments you will ever make?

Think of it this way - you will get out of school 7 mos earlier - at 35k per year, that is about 2900 per month - multiply that by 7 and you get 20900. Thats 20900 in additional lifetime income you will not have earned if you dont graduate 7 mos earlier.

That loan pays for itself twice in that 7 mos ALONE!!!!!! GO FOR IT!

wannabee · Nov 30, 2004

Ditto for the above responses. I still owe $$ from my first degree and now I'm borrowing more for my BSN. Unfortunately, that's just one of the downfalls of going to school in the US and I guess in Canada, too. It stinks, but like everyone else is saying, you are worth WAY more than that! After all - IT'S ONLY MONEY!

Fiona59 · Nov 30, 2004

It's guilt, we're Canadian. We're supposed to be responsible. Look at how much money the Federal government blows on stupid grants! They don't worry about being billions in debt.

Good Luck