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I feel like I've made a mistake signing this contract.

Posted

I'm about 60% sure I'm just being emotional about this... Because I still can't think of a better choice I could have made.

I go to a hospital affiliated nursing school and I signed a "tuition forgiveness loan", the hospital will pay for my education if I returned to work for them for two years once I graduate.

Well, I'm graduating and I feel so trapped. If I break the contract, I have to pay them back $9,000 + a 15% fee.

I didn't have to pay anything out of pocket for my nursing degree.

But I already have 19k in previous school loans.

I want to leave the state, and I don't want to wait 2 years....

Would it be stupid of me to break my contract?

I know it probably would be... And it's not like it's a bad hospital system, it's great, in the top 10 of the country... But I just can't stand this city.... I'm in my mid twenties and I already have spent my entire life here.

Will a fiscally responsible person talk some sense into me please?

emmjayy, BSN, RN

Specializes in ICU, CCRN. Has 3 years experience.

Dear god, it would be incredibly stupid to leave this program. Two years of work for a hospital, gaining valuable skills and experience, getting a nice paycheck, and having $10k+ in loans being forgiven??? If you don't want it, I'll take it. Two years is literally a drop in the bucket. Stick it out, don't be ridiculous.

You have a guaranteed job and no debt from nursing school. Stick it out.

mrsboots87

Specializes in Neuro, Telemetry. Has 6 years experience.

It would not be smart to pay out of this contract for multiple reasons. Being tired of your city is not a good enough reason to trump the bad reasons. You can easily move to another city and just have a longer commute to work. But the Hospital just gave you 2 years of free education. If you were to break contract, you will likely severe any possibility of being hired with that hospital network in the future. What if you move back later? What if this hospital system owns facilities in other states? You are limiting your future employment options. Second, you are now pretty much guaranteed a hospital job when you graduate. Do you know how many new grads are unemployed for 6 months or longer? on average, more than 25%. You could easily move to an affected area and have no job to pay back your student loan debt or hospital debt. Even if you find a job before you go, what happens if you get fired? Thats now TWO hospital systems you can't get hired with.

Badically, suck it up buttercup. You just got a free ride through nursing school with a job at the end of the line. Work your 2 years to gain experience, then you can go pretty much anywhere after that.

heron, ASN, RN

Specializes in Hospice. Has 40 years experience.

Two more years won't kill ya. Then you'll be able cruise off to wherever you are able to find work with only 19K to worry about, which is a hunk less than a lot of new grads are carrying. If this job pays enough to allow you to start paying on the previous loans, it would be silly to blow it off. Would you prefer to be paying $28K off right out of the gate? If you could even find a school that would cost that little to qualify for a license.

That Guy, BSN, RN, EMT-B

Specializes in Emergency/Cath Lab. Has 6 years experience.

You say that you want to leave the state, where would you go and what is the market like there? How long would it take you to pay off your debt if you took a job somewhere else? How difficult is it for new grads to get jobs?

If the above are all positive than go for it, if not I would REALLY think about what you want to do. You are in your twenties. You have plenty of time to live after the 2 years of getting this amazing deal that would put you ahead down the road.

I still to this day want to strangle my mother in law (among other reasons) for talking my wife out of a full ride scholarship to a school that would have virtually eliminated 20k of debt. Take the advantage while you can!

Also, if you walk on this contract it will be a major, major hit on your creditworthiness. Think you might want to take out a car loan, mortgage, or a credit card? Boooooom. And most employers check credit scores as part of the interview process, yes they do. And of course, if you don't pay it back immediately, they can go after you legally.

Put a calendar up on the kitchen wall and cross off the weeks as they go along. At the end, pat yourself on the back for being a grown-up with that much less debt.

Red Kryptonite

Specializes in hospice. Has 3 years experience.

It's only two years. I know at your age that feels like forever, but having just watched my oldest child graduate from high school and turned 40, I can tell you right now two years is NOTHING. Blink of an eye. For the benefit you'll get in paying off your education and NOT taking all the personal and professional consequences of breaking the contract, it's worth sticking out. And besides, then in two years when you move, you'll be an experienced nurse who is much more valuable in the job market! There are new grads two years out who've still never found a nursing job. Be grateful for what you have. Use it wisely and set yourself up for a lifetime of success.

OrganizedChaos, LVN

Specializes in M/S, LTC, Corrections, PDN & drug rehab. Has 10 years experience.

Trust me, 2 years flies by so fast. I've been an LVN for 5 years! Sign it, I would & I'd fiscally responsible.

heron, ASN, RN

Specializes in Hospice. Has 40 years experience.

Furthermore, even a heathen like me thinks twice before welching on a promise. Not good mojo at all.

Deep breath.

2 years exp in a top 10 hospital & essentially free tuition vs *I don't wanna*

Dig in your drawers, find your big girl pants, put them on and suck it up! You got this ;)

Stop being bratty and stay where you are. You have a GUARANTEED tuition reimbursement and job upon graduation. Just search on this site about individuals who have huge student loans amounts with no job and you will see how lucky you are.

la_chica_suerte85, BSN, RN

Specializes in Pediatric Hematology/Oncology.

Two years is going to go by so fast. Give yourself time to make peace with the decision and reframe your perspective. Think about all the money you're going to save no paying back loans that is going to help you relocate somewhere really well, where you can go and make more money since you racked up 2 years of awesome experience.

There is nothing bad about this decision whatsoever. You're being emotional because that commitment is scary. But it's only 2 years. Seriously. If I could do that, I would. STAAAAHHHHP.

la_chica_suerte85, BSN, RN

Specializes in Pediatric Hematology/Oncology.

You have a guaranteed job and no debt from nursing school. Stick it out.

THIS!

So, so, so, SOOOOOOOO many people do not have this kind of set up. It could be so much worse.

windsurfer8, BSN

Specializes in Psych/Military Nursing. Has 14 years experience.

View it as two more years of school. 1. Paid for. 2. You get two years experience. Basically your first couple years out of nursing school ARE like school. After that you can apply as an experienced nurse anywhere in the country. You will be MUCH more of an asset and you will have many more doors open.

When you get to my age, you will find that two years ain't nuttin'.

View it as two more years of school. 1. Paid for. 2. You get two years experience. Basically your first couple years out of nursing school ARE like school. After that you can apply as an experienced nurse anywhere in the country. You will be MUCH more of an asset and you will have many more doors open.

Excellent way to look at the situation.

NurseGirl525, ASN, RN

Specializes in ICU.

I'm not big on the town I live in right now, I'm ready to move back to the city, but dang if I had your setup, I would stick it out. Think of how much of an advantage you will have when looking for a job in your new city with 2 years of experience under your belt.

Two years is really not long. I know sometimes, my year until I'm out seems like a long time but then I think about how it's been 2 years since I've started school and it has flown by. Good luck and just remember it will be here before you know it.