How much student loan debt and how much is it a month to pay back?

TheCommuter, BSN, RN · Jul 4, 2011

Click on the link below to get to a computerized student loan calculator:

http://www.finaid.org/calculators/loanpayments.phtml

Type in the loan amount, the number of years that the loan amount will be financed, the interest rate, and so forth. The calculator will instantaneously give you a rough estimate of a monthly payment. Good luck to you!

NeoPediRN · Jul 4, 2011

Hi. I have about $30,000 and my monthly payments are $506.

sunshine100 · Jul 4, 2011

Thank you both. $506 is alot, I'll have to be careful. (At least right now it seems like alot). I'll check out the website link...Thanks Commuter.

Lissa,RN · Jul 4, 2011

Thats a bit like asking "how much does a house cost". Depending on where you go, you could spend a lot or a little. My lpn cost me eleven thousand and I pay one thirty a month on those loans. RN was a lot more.

sunshine100 · Jul 4, 2011

Well,I know how much I will have to take. I was just trying to figure out if I should take out extra for living expenses. I think I will just take what I need and keep working my current schedule if it doesn't get to hard.

sa[RN]ah · Jul 4, 2011

I agree with Lissa,RN.. its really going to depend on where you go. not only that, but what type of loans you get. I graduated with about $42,000 worth of debt for my BSN from a public university (one of the cheaper ones in the state).. half of that was subsidized loans through the department of ed. and the other half was furnished through private loans which game with an ungodly interest rate. All in all, now that all my loans have gone into repayment, my monthly payments run me in the ball park of $550-600 a month..for now.

sunshine100 · Jul 4, 2011

Thanks. Looks like no matter how much I take, the payments may vary. I see what you guys mean now. I suppose before I take anything I get the details from where I get the loan. I didn't realise that there were so many different types of student loans until now. I better make an appointment with financial aid at school. Thank you. :up:

divaRN* · Jul 4, 2011

my loans were $25000-$30000. I pay $268/ mo and $250 quarterly. Not bad at all. I know some RNs who pay $1000/ mo for their loans :eek: Your best bet is to go to a state college and take out the least amount you can. You will end up with the same position as someone who paid 4X more than you did, have a HUGE loan payment, making the same amount of money. In the end you win :)

umcRN, BSN, RN · Jul 4, 2011

Funny you ask this as I just paid my bills for the month and was tallying up how much i've paid/how much I have to go

I graduated in 2009 from a large state school, got a great job right out of school that I had to relocate states for - so I am also paying my rent/food/utilities/car/etc

I have two "official" loans; I also send my dad about $600/month for "dad loans"

I pay more to the smaller loan in hopes of getting that one done faster, right now I pay $500/mo for it but the minimum payment is $116/mo

I pay $300/mo to the other loan which no longer gives me a minimum because I am overpaid

In two years I have paid $14171 out of $31670, I am hoping to have them paid off within the next three years. I am soon moving to a slightly more expensive apartment so I will probably back off on the amount I pay each month until I get my new finances figured out but I think i'm off to a good start. So long as you pay attention to the loans, how much your min is due, it is pretty reasonable, and when able you can pay more to speed things along

AlisRN · Jul 5, 2011

I have 22K in student loans from my RN schooling - it's about $220/month. I have another 8K from a previous bachelor's degree left, cost is about $62/month, so just under $300/month for 30K in student loans.

Alissa

cheesewhiz, LPN · Jul 5, 2011

I may have to take a loan for school. Just curious how much student loan debt you had after school and how much a month is it to pay back?

Depends on where you go, how much you take out, etc etc. I am just starting my nursing program at a 2 year college (and not taking out loans), but for my 4 year degree from a large public institution in the midwest, I owe about $23,000 and my monthly fee is set at $248-- with a 10 year payback period (hoping to pay it all off in about half that time though!). I am not paying on my loan now since I am in school again. My loan amount would actually be lower, except I took out extra one year to pay my rent in an apartment.