How Much Nursing School Debt Are You In?

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So as I explore options for grad school I'm realizing that I may have to end up taking out a loan. I've never done it before and I was able to get through my undergrad through tuition reimbursement programs and lots of hard work. But I want to be able to have the luxury of not working like a dog at 2 jobs while I'm in school like I did for my undergrad. I'd be interested in hearing what some of you have done in terms of taking out student loans and how long it's going to take to pay them back. What kind of interest rate did you get? Federal loan or private? Etc. Thanks!

Specializes in geriatrics.

Hi lk washington :) thanks, and good luck to you. At least you are also younger than me, which helps. By the time I have finished a masters I will be about 45. I'm 37 now. Not that that really matters, but I also want to start saving again, instead of paying loans. However, considering how long we all have to work, it is investing in a future. This bad economy won't last forever, either.

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Specializes in Tele, ICU, ED, Nurse Instructor,.

Joanna73, I am only approx 3 years younger than you. I would like to finish my master in 2 to 3 years, time will tell. You have to do what is better for you, as long you finish. There is always a light at the end of the tunnel, we just don't see it. I hope we keep in touch, so we can encourage each other to succeed with our goals.

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I did nursing school at a community college. The total cost was about $7,000, and I had to borrow all of it. Including my previous degree, I have about $15,000 in student load debt.

I'm a black woman, and I didn't qualify for any government help.

what does ethnicity have to do with financial aid? anyways by the time i graduate, I will be around $70,000 in debts, four years BSN program. that's $40,000 in parent plus and the rest stafford etc.... I will be responsible for the total loans parent plus and all because there is no way my parents can afford to repay those.

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If you work for government after you graduate, you might not have to pay off your loans. Check into this before you start school, of course.

If you go into the military, you can probably get a free or nearly free education, either in the military or after you get out.

Of course, there are pros and cons of each choice.

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what does ethnicity have to do with financial aid? anyways by the time i graduate, I will be around $70,000 in debts, four years BSN program. that's $40,000 in parent plus and the rest stafford etc.... I will be responsible for the total loans parent plus and all because there is no way my parents can afford to repay those.

Some private scholarships and grants are not given to just anybody. Some are for a student of a particular race, gender, religion, child of a veteran, relative of fallen policeman, things like that.

She was responding to a poster who said he could not get free loans because he was not the right ethnicity.

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I pay out of pocket for LPN and RN associate degree programs. From RN -BSN, I took a loan of 10k. Every year when I get my tax return, 1 pay Sallie Mae 2k. I owe less than 15 hundred now which I intend to pay off with this coming year tax return. I will think of masters program when I finish paying for this loan.

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30 K +

This was my second degree and I couldn't get a Pell Grant and I had used up my GI Bill on my first degree. But I consider the 30 K an investment in my future. I have more choices of employment, more jobs available, different work schedules that I can pursue, travel nursing, education levels, etc.

I graduated at 36 and figure I have 20+ years in nursing to look into. More than enough to justify 30K.

Loving it so far!

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Some private scholarships and grants are not given to just anybody. Some are for a student of a particular race, gender, religion, child of a veteran, relative of fallen policeman, things like that.

She was responding to a poster who said he could not get free loans because he was not the right ethnicity.

I hope no one on the boards thinks I was implying that I was equating not being eligible for grants or scholarships because I was not female, a minority, or belonged to another specialized class to somehow being an injustice or the main reason for myself having to pay cash for my degree.

Nothing could be farther from the truth and I apologize if I gave that impression.

The fact is the majority of the scholarships I saw, I was not elible, and yes some were because I was not the aforementioned female, minority, specialized class but the primary reason I was not eligible for many was I could not prove "need"...as I said, wife had a very good paying job and on paper we must have looked too comfortable.

In reality we were scrapping by to feed our kids and pay for my school.

Also the school I attended was very new to my city and was ineligible for many state student grants including nursing grants and federal grants.

So again, I wish to state that I fully understand why they do have specialized grants for groups of people, and fully support such grants. Many of my fellow classmates were able to obtain some and I was always very happy for them. They used to joke with me that there should be a special minority grant for men who go into nursing (as I was the only male in a class of 30 women). But the fact is..I did pay..I graduated and have some debt but I and my family survived (very very frugaly) proving in fact that I would not have been able to prove "need" so I have no disdain for those that did benefit from grants I would not have been able to obtain.

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