How much do you owe in student loans?

[MJB2010]

I want to go back to school but I can't justify the cost since I am still paying on my loans. But, if I wait, the degree won't have much of a return on investment.

[GrumpyRN, NP]

11 hours ago, myoglobin said:

Also, I don't ever plan to "retire" and my current "retirement" plan is to end up in a Medicaid nursing home or to set out in the wilderness on my own to meet my fate. Also, I figuring having "nothing" is a pretty good insurance policy against any malpractice suits that might arise. 

Oh man that's bleak. 

[Swellz]

On 10/21/2020 at 8:19 PM, yoginurse29 said:

I owe 60k from BSN and MSN. Trying to work on my DNP but the money and debt is really making me hold back to some degree. I will be in debt forever and I don't think the return on investment is worth the debt to be honest. I won't make more money or be considered for other positions. I do leadership projects plus do advanced practice now and I do not have a DNP.

Yogi, I gotta ask - why are you trying to get your DNP? You make such a great argument not to

[myoglobin, ASN, BSN, MSN]

5 minutes ago, Swellz said:

Yogi, I gotta ask - why are you trying to get your DNP? You make such a great argument not to

The only great reason that I can think of for possibly gong back for a DNP might be to teach in my "golden years", however a PhD would probably be the route to go if I was serious about that endeavor.

[TheDudeWithTheBigDog, ADN, RN]

On 10/17/2020 at 3:06 PM, MJB2010 said:

I want to go back to school but I can't justify the cost since I am still paying on my loans. But, if I wait, the degree won't have much of a return on investment.

I'm in one of the most expensive states in the country.  Because I went to school before, I have about $60,000 in loans.  I can do a 10 year repayment plan for about $500/month.  With that repayment plan, I can still afford to buy a house and will be saving for a down payment over the next 2 years, on top of paying rent. This is with rent being almost $2,000 / month in my area. My student loan payment is 1 overtime shift per month. It's really not that hard if you're able to be proactive about it.  Student loans become a problem when people are forced into low paying "entry level" jobs that leave them unable to pay on their loans.

[myoglobin, ASN, BSN, MSN]

8 hours ago, GrumpyRN said:

Oh man that's bleak. 

Not perhaps as bad as it might be for some. I'm fairly "Asperger's" so its not like I have friends or family to socialize with and my work gives me purpose. There is even some data to suggest that working in to one's older years may provide some benefit against dementia. Also, there is a reasonable chance (if I am able to maintain or improve on my current income) and taxes don't increase too much that I should after all be able to pay the government back. It is a good thing that they limit payments to about 10% of income so that even if one cannot ever pay it back entirely it's not like the days of Dicken's poor houses or more modern debtor prisons (that would be more akin to child support or back taxes in some cases).  The "loans" meant I didn't have to work as much when my son was young and I got to experience more of his growing up and it helped ensure that my SO was able to get through her RN and NP programs with a bit less stress.  I am grateful that these resources existed (although I would have preferred not to have needed them). 

[SarahMaria, MSN, RN]

Sadly, I owe $167,000...but I did receive 5 degrees from that.  

[caliotter3]

On 10/20/2020 at 11:55 AM, GrumpyRN said:

Also meant to add this bit; 

Nursing and midwifery students’ bursary will rise to £10,000, First Minister Nicola Sturgeon announced today.

All eligible students, who currently receive £6,578, will benefit from an interim increase to £8,100 in 2019/20, rising to £10,000 in 2020/21. This rise of £3,422 a year will help cover accommodation and living expenses during their studies.

£10,000 is equivalent to $12940.15

It's great to be Scottish.

Apparently the Scottish appreciate an educated populace.

[Jan Van Landeghem]

Quite schocked here?. I owe nothing.

In Belgium where I live it's 4 years of school. Total 3200 dollars for the 4 years. 800 for an extra year for critical care nurse.

In some case the fee for the school is totally free e.g. when you want to change job to nurse.

Greetings, 20y MICU nurse here

 

[mmc51264, BSN, MSN, RN]

too much as I made a bad  mistake getting a Masters in Teaching. I am now in the Public Service Loan Forgiveness program. Thank goodness my are all Fed Loans and I work for a non-profit. I am an older new nurse and if all goes right, they should be forgiven the year I am eligible to retire ?

 

[alice1902]

Around $45k. My wife owes over $150k (RN, career changer). We’re both planning to go back to school in a few years and continue education. I feel like loans are just a sacrifice you have to make in 95% of cases if you want something better in life

[Swellz]

On 10/29/2020 at 8:34 PM, alice1902 said:

I feel like loans are just a sacrifice you have to make in 95% of cases if you want something better in life

I respect this is your opinion, but I implore others, especially younger people, to consider another way. Literally any other way, if you can. My generation is crippled with debt and I hate to see it happen to anyone.

[myoglobin, ASN, BSN, MSN]

Loans are less than optimal, but if 50K in student loans will increase your income by 50K per year that seems like a relatively straight forward mostly good deal. Especially, since they limit payments to no more than about 10% of your income. Thus, even if I never pay off my loans and I "retire" with 200K in student loans and my social security income is $2000.00 my payments would be "capped" at around $200.00 per month (actually less because you can deduct certain living expenses from that calculation).  Considering that many people have care payments over $400.00 per month that doesn't seem like to bad of a deal especially since they are given without regard to credit scores or collateral.