How Much in Student Loans Do YOU Have?

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:twocents::twocents::twocents::twocents:Just an assessment of how much it costs for a nursing degree these days. How much do YOU have in student loans??? The whole bit: living expenses, books, clinical fees, all the physicals, etc. :bugeyes::twocents::twocents::twocents::twocents::twocents::twocents:
Specializes in SRNA.
The great thing about economists is there are alot of them and they all have different views. You'll find one to pick you.

I would love the person who insists eduction be paid in cash to walk up to the average 18 year old who isn't getting financial help from mummy and daddy and tell them they should pay cash. They'd probably cry.

I'd love to tell those who seek to be physicians that they need to save up 200K to do undergrad and medical school before they start :coollook: But, enough of this really, its can be quite a touchy subject.

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Specializes in Hospice / Ambulatory Clinic.

Everyone needs to do what is in their best interest in order to achieve a better life for themselves and their family.

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Specializes in Family Nurse Practitioner.
Who has ever claimed that in this thread?

Seems to me that you did:

I'm glad that this thread hasn't turned into something it could have, a few folks on their high horse about not taking loans and looking down on those who do (I'm being sincere).

Seems to me that "a few folks on their high horse, looking down on people" and snobs are pretty synonomous. How would you have liked if I wrote that I was so glad this thread didn't turn into something with a few people that are too *good* to work while in school but would rather load up on debt? Neither way sounds very nice or would be accurate.

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There is NO such thing as GOOD debt. Purchase a reasonable house with a big down payment and fixed interest on fifteen years

Isn't having a mortgage to pay off still considered debt and "good" debt at that (so long as it's considered an asset not a liability)?

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Specializes in ob/gyn med /surg.

let's say i'll be paying until i'm 100.... i'll be working with a walker ...

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let's say i'll be paying until i'm 100.... i'll be working with a walker ...

Hee-hee! Nice to see some lightness in this thread! :yeah:

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Specializes in Family Nurse Practitioner.

For those of you that feel I am "preaching" feel free to skip this but I wanted to clarify how I came to my decision not to quit work and live off my savings when I wanted to start school for those that may be comtemplating how they are going to manage school.

I was in school for 3 years between my pre-reqs, LPN and RN programs. I did cut back to a min of 30 hours a week. I ended up making about $30,000 a year with the reduced hours so if I had quit work and used savings, not even counting the cost of interest and yes I know they are low but they aren't free it would have been $90,000 from lost wages for 3 years plus about $60,000 worth of living expenses so my nursing degree could have cost me $150,000. :no:

FWIW I graduated in the top 5% of my classs so working is possible. Just something to think about if you are considering quitting work to "focus on school".

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Specializes in Hospice / Ambulatory Clinic.
Isn't having a mortgage to pay off still considered debt and "good" debt at that (so long as it's considered an asset not a liability)?

As long as you don't get upside down on your loan and don't take out equity at the rate you gain equity. In general a house will increase in value at a rate greater than inflation.

For example in 1967 my parents bought a house for $6000 on a 30 year mortgage that would come to term in 1997. Obviously by then the house was worth more than $6k and they had paid the mortgage off many moons ago. The key is to find a house you can live in for awhile as if your constantly moving you'll never build up wealth.

I class mortgage as good debt if it helps you achieve more than you could without it in the long run.

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Specializes in Family Nurse Practitioner.
Isn't having a mortgage to pay off still considered debt and "good" debt at that (so long as it's considered an asset not a liability)?

I would say it is a necessary debt but not a good debt and not even a necessary debt when people purchase above their means. :) There is a difference, imo, if only in the mindset because labeling something as good might not encourage someone to think of alternative ways to accomplish the goal.

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Specializes in SRNA.
Seems to me that you did:

Seems to me that "a few folks on their high horse, looking down on people" and snobs are pretty synonomous. How would you have liked if I wrote that I was so glad this thread didn't turn into something with a few people that are too *good* to work while in school but would rather load up on debt? Neither way sounds very nice or would be accurate.

Yes, and I believe my statement was that I'm glad it didn't turn out that way...but that statement did indeed precede what has been said by a handful of individuals. Its quite a good thing I didn't wager anything on it staying peaceful.

Oh...and as an aside, as your point seems to be that those of us who are taking on debt while in school aren't working, you may assume that if you choose, but I will certainly be working and have an income. It certainly isn't a black and white issue.

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Specializes in SRNA.
I would say it is a necessary debt but not a good debt and not even a necessary debt when people purchase above their means. :) There is a difference, imo, if only in the mindset because labeling something as good might not encourage someone to think of alternative ways to accomplish the goal.

I would argue that both a home and an education are assets, thus both are valuable to many and worth having debt associated with acquiring them.

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Specializes in Hospice / Ambulatory Clinic.
For those of you that feel I am "preaching" feel free to skip this but I wanted to clarify how I came to my decision not to quit work and live off my savings when I wanted to start school for those that may be comtemplating how they are going to manage school.

I was in school for 3 years between my pre-reqs, LPN and RN programs. I did cut back to a min of 30 hours a week. I ended up making about $30,000 a year with the reduced hours so if I had quit work and used savings, not even counting the cost of interest and yes I know they are low but they aren't free it would have been $90,000 from lost wages for 3 years plus about $60,000 worth of living expenses so my nursing degree could have cost me $150,000. :no:

FWIW I graduated in the top 5% of my classs so working is possible. Just something to think about if you are considering quitting work to "focus on school".

See this is what I mean by doing the math. You earnt a good living (depending on area) for your 30hours of work and that allowed you make the best use of your situation. I ran my own business before deciding to become a nurse and the sale of my business will allow me to enter school pay cash and not be a financial burden on hubbie. However I don't regret my former student loans as that gave me the skills necessary to be able to start said business.

We all have to make the best of our own situations. In an ideal world we would never have to take out loans for school but unfortunately things are what they are. I took as much as I could at a community college paying as I went before I had to move on to the school I took a loan out for.

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