How did you pay off your student debt?

Nurses General Nursing

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For those that have paid off student debt from ABSN and BSN programs, how'd you do it? Excluding those that got full ride scholarships, what plans did you stick to, to get the loans paid off? Also, I'd especially like to hear from people that took out mostly private loans. For the nurses that are working on paying it off, what's stopping you from making larger payments? And one of my biggest questions is, how long did it take you to pay it off? Also, if you have any advice on student debt, I'd like to hear it.

Did you have to take out fairly large loans? If so, how long did it take you to pay those back with the refunds?

I took financial aid and I think my total student loans was 7k at the end of my BSN. Now that's super low comparing with other people. I must add however that I went to school in Puerto Rico. Even going to a private university there is about half the price of what you'd pay here. I have family there so I sent mail there 6 months in advance to claim that I was a resident and got the in-state tuition rate. I believe is even cheaper in the UPR which is the public university. When I graduated the rates were like $65/credit for the locals. And it's accredited by the NLN and the council for higher education (or whatever it's called). So whoever has the chance of going there to get a degree in highly recommend it. You'll have a vacation while getting your degree pretty much.

As far as how I paid my loans, when I get my tax refunds I put it towards my loan. I owe 3k now and will be done paying this year when I get my refund. I pay the minimum until then. I have a 2 year old and bills to pay so I can't do much during the rest of the year.

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Specializes in Psych, Addictions, SOL (Student of Life).

I have three degrees BA in arts and letters, BA in history and As in Nursing and am currently in an BSN program and have never taken out a student loan - I just work my ass off to not be in debt - Nights, Weekends, Holidays I do them all and I am no Spring Chicken either. I am paying for my BSN off dividends we made in the stock market.

I have always been a frugal person and only last year bought my first brand new car! :) I believe that God is providing for me every day and I am fortunate to be able to have the opportunity to go to school debt free. I have four nieces and nephews who all went to private colleges in the high 5 to low 6 figures to earn BA/BS and all of them paid of their loan within 4 years by working hard at their profession plus taking extra part time work and using about half their monthly income towards student loan payment. Whatever you do don't defer payment thinking you'll get back to it later! Start paying right away. Make a tight budget and stick to it.

That's all I can say on the matter of Student Loans

Hppy

Hppy

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To those that state that I should avoid getting into debt to begin with, I want to say that if you have a degree all ready, you qualify for very little financial aid. That means that even if you were pursuing a traditional BSN, ABSN, or ADN and then later a RN to BSN, you would still need the money to pay tuition upfront. For those programs, it is important to be a full-time student, since most classes are taken in consecutive order. This leads to little time to work, while someone is in school. And, even if I pursued the traditional route, it would still come out to a total of >$30k plus room and board. That's why I'm asking all the people on these forum that have completed the many ABSN and moderately expensive BSN programs (meaning room and board, if you went to a school not located near you), how they dealt with the debt.

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I did an accelerated BSN program. My husband and I lived with roommates while I was in school. It sucked, but we did it. We also lived with roommates after I graduated. I worked a second job, and I still work a second job.

Basically, we live like college students. My degree was admittedly quite expensive. $42k total. Since July 2014, I've paid it down to 18k, also paid my car off (4k) and husband's credit card (7k). Overall, we are doing pretty ok, but it takes a LOT of budgeting and sacrifices.

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Specializes in Public Health.
To those that state that I should avoid getting into debt to begin with, I want to say that if you have a degree all ready, you qualify for very little financial aid. That means that even if you were pursuing a traditional BSN, ABSN, or ADN and then later a RN to BSN, you would still need the money to pay tuition upfront. For those programs, it is important to be a full-time student, since most classes are taken in consecutive order. This leads to little time to work, while someone is in school. And, even if I pursued the traditional route, it would still come out to a total of >$30k plus room and board. That's why I'm asking all the people on these forum that have completed the many ABSN and moderately expensive BSN programs (meaning room and board, if you went to a school not located near you), how they dealt with the debt.

Why are you doing the ABSN instead of a traditional one?

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Why are you doing the ABSN instead of a traditional one?

It would actually cost about the same for some of ABSN and BSN programs, considering the time difference and room and board. The lowest cost would be the ADN to RN to BSN route. However, less and less people are hiring ADN nurses, so it does have its cons. To MindyLane, how much more were you paying than just the principle? Did you save up with a rainy day fund?

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I'd also be curious to hear how others financed their ABSN programs

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Specializes in ED, Pedi Vasc access, Paramedic serving 6 towns.

By working my ass off...

Annie

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Specializes in CVICU.

When I graduated and started working I lived on a low budget for 5 more years. I didn't buy a house, new car, or any other expensive toys. I didn't spend a lot of money on entertainment. What I did was work OT when it was available, accepted shifts with bonus pay when available, worked some agency on the side, and I simply paid the damn things off. No magic. The formula is pretty simple make more money than you need to live on and pay the rest to the loans until they are paid.

There are two ways to make more money than you need to live on:

1. Reduce your monthly expenses

or

2. Work more hours

I recommend doing both.

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You have really given me motivation! I have about $30k worth of loans for my BSN and want to pay them off in 2-3 years. Do you think I can push for 1.5-2 being that I'm single, no kids, live with my parents, and have no bills?

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