How much do you owe in student loans?

NJnewRN · Mar 30, 2013

OMG I read this stuff about debt then I read the new posts from peeps who just finished another degree and are going right into accelerated BSN. They won't ever pay off their loans. Most of them will never work one day as an RN either. I don't have debt, but this all makes me sick to my stomach.[/quote']
How do you think I feel?

waufah, BSN, RN · Mar 30, 2013

0. I paid my way through school. Halfway through my masters, and paying as I go. The best decision I ever made was to go to a community college for my ASN.

BlueDevil,DNP, DNP, RN · Mar 30, 2013

I don't have any student loans, but student loans are not the problem. Car loans, credit cards, iPhones, mortgages or rent that are more than one can afford, and general lifestyle expenses are the real problem. Of all of those things, student loans are the one investment that will always be worthwhile.

Don't borrow money for depreciating assets (i.e. a car). Don't make installment payments on capitol goods, or put more on a credit card than you can pay off, in full, when the bill arrives. Don't buy a home unless you are dead certain you will live in it for a bare minimum of 5+ years and you can afford an additional 15% in upkeep and expenses every month over the mortgage, as well as saving and investing a minimum of 15% of your income. Don't buy toys you can't afford (ipads, smart phones) and indulge in a lifestyle you cannot support (restaurants, beauty salons, magazines, starbucks, etc). And here's the rub: if you owe anyone any money and aren't saving enough for retirement, you can't afford that stuff. Sorry, you can't. I get that you want it. I want stuff I can't afford too. That's life. You just have to learn to live within, and even below, your means. Do that for 10 years, and you will never have to worry about money again the rest of your life. Don't, and you will worry about money every day for the rest of your life, and very intensely in the last 1/3 of it. Don't do that to yourself.

Education is a worthwhile investment. The rest of that stuff is just stuff you won't even remember having. A house you might remember, even if only out of regret, lol. Hold off on the house perhaps, until the time is right. Definitely forget the lattes and iPhones. You really can't afford it, you just think you can/wish you could/want to pretend you can. You are borrowing from your future and bankrupting it. Be smarter. Borrowing for education = OK.

TheCommuter, BSN, RN · Mar 30, 2013

You just have to learn to live within, and even below, your means. Do that for 10 years, and you will never have to worry about money again the rest of your life. Don't, and you will worry about money every day for the rest of your life, and very intensely in the last 1/3 of it. Don't do that to yourself.

You gave some salient, sage advice.

My parents are in their mid-50s and fall into the latter category: not a penny of retirement money, living from paycheck to paycheck, intractable credit card debt, home equity debt, etc. They will definitely spend the last 1/3 of their lives with intense worries about finances.

LadyFree28, BSN, LPN, RN · Mar 30, 2013

I got my first degree in flight school, so im a helicopter pilot, with a bachelors in aviation, but couldnt find a job so now im getting my accelerated BSN-MSN so for the first degree im in the hole 130k and this second degree will be about 70...
200,000 of school debt. If i could make it into a house id be happy to pay this mortgage.
When people talk about being in debt 30k or what not i just laugh because thats only one of my many loans i have. Out of state tuition, flight school and now my masters is horribly disgusting and depressing but theres not much i can do about it now except pay my minimums and hope for the 20 year forgiveness....on the plus side i have the most amazing credit score youve ever seen haha.

^ :yes: my student loans keep my credit score AMAZING! :)

I'll bite...I just looked at my student loans last night. I'm paying interest on them this month. I don't have to start paying them back until June.

I also have a mortgage, and property, AND a retirement account (with appreciated money). I still have money to enjoy myself. If and when I go back to get my graduate degree for NP, I'm utilizing scholarships, and my job will pay for me to go back to school. I can at least pay 1 off in three years, and my BSN loan in about 6...by that time, I'll be ready for graduate school. I'm doing the income loans modification, as well as hope my facility that was once HRSA eligible for loan repayment will at least become eligible next year...not holding my breath for that one though...at least I can get the scholarship when I return to school!

I can't imagine people who are in their second third, PLUS degree; I had a co-worker who went back to school for a FOURTH career; her last career was an engineer...I am sure this is why student loans are now at a cap. Not knocking for people coming into their own to find their niche, but some people are truly going to NEVER pay off their student loans.

LadyFree28, BSN, LPN, RN · Mar 30, 2013

I don't have any student loans, but student loans are not the problem. Car loans, credit cards, iPhones, mortgages or rent that are more than one can afford, and general lifestyle expenses are the real problem. Of all of those things, student loans are the one investment that will always be worthwhile.
Don't borrow money for depreciating assets (i.e. a car). Don't make installment payments on capitol goods, or put more on a credit card than you can pay off, in full, when the bill arrives. Don't buy a home unless you are dead certain you will live in it for a bare minimum of 5+ years and you can afford an additional 15% in upkeep and expenses every month over the mortgage, as well as saving and investing a minimum of 15% of your income. Don't buy toys you can't afford (ipads, smart phones) and indulge in a lifestyle you cannot support (restaurants, beauty salons, magazines, starbucks, etc). And here's the rub: if you owe anyone any money and aren't saving enough for retirement, you can't afford that stuff. Sorry, you can't. I get that you want it. I want stuff I can't afford too. That's life. You just have to learn to live within, and even below, your means. Do that for 10 years, and you will never have to worry about money again the rest of your life. Don't, and you will worry about money every day for the rest of your life, and very intensely in the last 1/3 of it. Don't do that to yourself.
Education is a worthwhile investment. The rest of that stuff is just stuff you won't even remember having. A house you might remember, even if only out of regret, lol. Hold off on the house perhaps, until the time is right. Definitely forget the lattes and iPhones. You really can't afford it, you just think you can/wish you could/want to pretend you can. You are borrowing from your future and bankrupting it. Be smarter. Borrowing for education = OK.

^AGREED..education IS the most worthwhile investment...even if you have to borrow for it...I'm just nervous for the ones who invest and STILL don't know what they want to be when they "grow up"....

NotMyProblem MSN, ASN, BSN, MSN, LPN, RN · Mar 30, 2013

Rest assured, it's not just nurses. A couple of years back, there was a doctor in Georgia whose private practice was foreclosed on and he had to get a job working FOR the hospital that he admitted his patients to BECAUSE he couldn't afford to repay his student loans. For a couple of nurses that I know, the pursuit of advanced degrees is just to get the government off their ***** for a while...Hey if you can't pay 'em back right now, get back in school and get more loans. (That's what they're doing.) if you start this process later in life, then don't worry. I'm sure the government will get the address to your coffin and stick a mailbox over it. You will definitely get the bill.

SnowboardRN · Mar 30, 2013

About 55k. I went to school four years before deciding on nursing, so then I added on two more.

My payment is $260 a month which we easily afford.

But when I go back for my bachelors I'm hoping to either pay out of pocket or tuition help from my hospital.

SnowboardRN · Mar 30, 2013

Also wanted to add my husband got a full scholarship for his schooling so it helps that we have never owed anything for him.

dt70 · Mar 30, 2013

You just have to learn to live within, and even below, your means. Do that for 10 years, and you will never have to worry about money again the rest of your life. Don't, and you will worry about money every day for the rest of your life, and very intensely in the last 1/3 of it. Don't do that to yourself.

Agree with you on this :)

I don't remember all the models of dvd players that I had, but I do remember my entire trip to Europe in 1980.

Experiences and travel is more important.

Had a boss that made over $300K and drove a $5K car.

Another friend of the family are multi millionaires, drive 10 year old cars and clip coupons.

Banks are another SCAM, with low interest rates and increasing inflation you are paying them way too much money to have them hold it for you.

SleeepyRN · Mar 31, 2013

I've been going to school on and off since I graduated high school in 2005. I finally finished all of my pre-req classes this last December at the community college. I also got my LPN in 2011. At the moment I am looking to get into an LPN to RN bridge program.
I work for the veterans affairs and I know that they help with student loans after you've been working there for a year. I was just counting up how much I owe...which is over 43,000. I laughed to myself...but this was the only way I could make it to where I am today. I'll apply for some aid from work after my 1 year point but it just has me thinking....
How much do you guys owe in student loans? What is the average?

I'm seeing thousands and thousands. Ahh, I'm so glad I got my ADN first. I payed it out of my checking account as I went along. To finish my BSN, its only going to be 8000. However, I still have 9,000 left from my first degree.

Mandy0728 · Mar 31, 2013

I still have 2 years to go until my BSN and I will owe around 60k...ugh. I plan on getting on the longest payback plan