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

Posted
by sunshine100 sunshine100 Member

Has 1 years experience.

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beckster_01, BSN, RN

Specializes in MICU. Has 12 years experience. 1 Article; 499 Posts

Wow, I'm surprised by these monthly payments! I had about $20,000, and after consolidating my loans my payments are about $150. I think I was paying about $250/mo before I consolidated. I am not sure how most loan companies work but if I overpay on mine, it rolls over and counts for my next bill. Not sure if that makes sense, but basically since I have been overpaying for a year now my next check isn't due until next May. Which is nice in case I run into trouble, one less thing I would have to worry about anyways. But at the rate I am going I have about 2 more years left, so here's hoping I can keep it up!

KalipsoRed

KalipsoRed

Specializes in Telemetry. Has 3 years experience. 215 Posts

Well I have $47K in subsidized and unsubsidized Federal Loans which is $532 a month for 30 years. I also racked up debt by credit card and other things while trying to live on my own while going to school out of state. The first 3 years out of school I've managed to pay off all my debts except for my federal loan. My federal loan is my next goal.

WindyhillBSN

WindyhillBSN

Specializes in Telemetry/Cardiac Floor. 383 Posts

Student loans.... what a nightmare...not looking forward to start paying back.

evolvingrn

evolvingrn, BSN, RN

Specializes in Hospice. 1,035 Posts

My advice is not take out everything they let you just what you absolutely have to and then paying it back asap. I have no regrets about taking out a school loan but i paid it back in a year. It wasn't always fun but it was worth it to me .

heartflutter

heartflutter, ADN, BSN

Specializes in Psychiatry, corrections, long-term care.. Has 3 years experience. 107 Posts

With a 6.2% interest rate and about 10k in loans from the government, I pay $86 a month with a "graduated repayment" plan that increases the monthly payment every two years.

Anonymous2

Anonymous2

32 Posts

Wow, I'm surprised by these monthly payments! I had about $20,000, and after consolidating my loans my payments are about $150. I think I was paying about $250/mo before I consolidated. I am not sure how most loan companies work but if I overpay on mine, it rolls over and counts for my next bill. Not sure if that makes sense, but basically since I have been overpaying for a year now my next check isn't due until next May. Which is nice in case I run into trouble, one less thing I would have to worry about anyways. But at the rate I am going I have about 2 more years left, so here's hoping I can keep it up!

Doesn't the intrest build up each much though?

beckster_01, BSN, RN

Specializes in MICU. Has 12 years experience. 1 Article; 499 Posts

Doesn't the intrest build up each much though?

I'm sure it would, but if for some reason I lost my job or ran out of money I wouldn't default on my loans. I'd just end up paying a lot more. Obviously the more I pay now the less total interest I will have to pay.

FitMommyRN

FitMommyRN

97 Posts

It's a slippery slope. I would advise you to stay as FAR AWAY AS POSSIBLE from private loans. Those are nightmares. Don't even look in their general direction. If you see one, drop to the ground and be as still as possible, it's your only defense. I don't speak from personal experience but I have watched the financial demise of several friends who accepted private loans. Also, I'm an avid Clark Howard listener and if he says they're financial poison, I listen. He also says NEVER graduate with more in loans than you could expect to make in salary your first year. He's wise, that guy.

I have about 20K from grad school that I was paying around $200 a month. Since I've been back for nursing I've accrued around another 15K for my millions of pre-reqs (previous degrees were in music. Music majors are barely even required to take a math or a science lol). Had I been a smart girl about it, I'd have done my pre-reqs at the cheapest community college I could find. Now that I've taken far more pre-reqs than needed for an ADN program (wanted to do BSN, but ADN is financially a breeze), I'm desperately waiting to hear from one for which I applied. We'll be able to pay for school out of pocket (OMG, IMAGINE THAT!!!) HOWEVER, we've discussed taking out loans while I'm in an ADN program, tossing every penny into our higher interest savings account, and having it just in case. Then whatever isn't used (which should be all of it) will be paid back in full as long as I'm paying the interest payments while in school.

So yeah. It's a lot to think about. Do you have any financial wizard type people in your family or arsenal of friends?

VioletKaliLPN, LPN

1 Article; 448 Posts

my advice would be to look into the least expensive nursing school options, such as community colleges and state schools. many have payment arrangements, like payment plans, where you can pay a little bit each month during the semester.

NurseNatashaRN

NurseNatashaRN

Specializes in Best care giving possible. Has 9 years experience. 15 Posts

Be careful. From experience, the student loans can be with you for a very long time. Check to see if you qualify for any grants first before committing to a loan. FYI - Good luck!

TheCommuter, BSN, RN

Specializes in Case mgmt., rehab, (CRRN), LTC & psych. Has 16 years experience. 226 Articles; 27,608 Posts

I have two Stafford loans and have borrowed a combined total of $12,700. One loan is at 5.6 percent and the other is 6.8 percent, and my combined payment is $170 monthly.

NurseNatashaRN

NurseNatashaRN

Specializes in Best care giving possible. Has 9 years experience. 15 Posts

I can relate to the student loans and debt. Fortunately I had the correct advise after school and learned how to pay them off as fast as possible, and now I'm thankful. Hint - Don't pay the minimum balance only, pay as much as you can, even if it means working overtime or foregoing something else in your life. It's a discipline you will be thankful for later when the debt is gone.