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?
Oh and it does not affect your credit score if you welch out of it. I did and all it did was add a loan. If anything it helped my credit by showing consistent good payments but that's not enough to lose your deal which was way better than mine
I'll be fulfilling my contract... I was just thinking 2 years is such a long time for 9k.
I stupidly misunderstood when I originally signed the agreement, and I thought the amount of time I owed would be prorated. I transferred classes into the school, so that lessened the amount of school the hospital would be paying for to only 9k.
OP another way to think about this contract, is that this is $4500 in employee benifits, on top of any other benifits that you may be eligible for during those two years of employment there. Two years will go by quickly
I'll be fulfilling my contract... I was just thinking 2 years is such a long time for 9k.
I stupidly misunderstood when I originally signed the agreement, and I thought the amount of time I owed would be prorated. I transferred classes into the school, so that lessened the amount of school the hospital would be paying for to only 9k.
You will also get a paycheck, on top of that tuition forgiveness, don't forget that. If you get a tiny, cheap apartment and minimize expenses, you could probably make quite a dent in the loans you already have, as well. Look at it as an internship for the rest of your life.
Good decision, and I think when you look back on it, you'll be glad you kept your word.
I know what you're going through, in another career I signed a contract, they paid for my schooling and I got paid on top of that and travel paid for getting to and from the school. It was a 2 year contract and I thought I would never be able to finish it out. I would have to pay back $3000 to $4000. I ended up sticking it out, doing my 2 years and even stayed on after that for another 2 years (voluntary). I know a girl who did quit during the contract and it really limits her job opportunities and she doesn't get a good reference. It's ok to be frustrated and feel trapped, but you have to realize you need to stick to your commitments and it'll work out! Good luck!
Don't think of it as "only" 9k. It's actually 19k plus $10,350 (9k+15%) plus interest = 29,350+ that you'll have to start paying straight out of the gate, whether you have a job or not, and it's highly likely you won't have one right away. That's not including the shaky ethics of signing a contract in bad faith.
That's vs. leaving your guaranteed job after 2 years with debt of 19k minus whatever you paid down during your first two years of work. Plus, you kept your promise and returned value for value to the other party in your contract.
FWIW, I think you made a very good decision. As you progress through school and slog through your two years, feel free to come kvetch here. We can be a great cheering section.
Specializes in orthopedic/trauma, Informatics, diabetes.
I finished my 2 years this past Feb. Similar situation. It went by fast and it paid off my loans. I have other loans to worry about. I am getting ready to start another program that will pay as long as I stay for x amount of years (likely 3). I don't have to stay in a particular unit.
At your age, 2 seem like a long time, but I promise, as an older person, you will not regret it in the long run.
Definitely stay! It's experience, so hard to find a job with no experience! Plus it's a hospital and not a bad one. Maybe you'll have good coworkers, make friends and the city won't annoy you so much any more!
Also, imagine your employer finds out you didn't stick to your contract, it may seem like you're not a loyal person, not a man of your word. Definitely don't leave.
I'll be fulfilling my contract... I was just thinking 2 years is such a long time for 9k.
I stupidly misunderstood when I originally signed the agreement, and I thought the amount of time I owed would be prorated. I transferred classes into the school, so that lessened the amount of school the hospital would be paying for to only 9k.
Great decision, having less debt would make it easier to obtain other thing such a house , car etc . My rn - bsn is going to cost me $10,000 so any help would be greatly appreciated.If I could get an opportunity such as yours, I would take it.
Two years will go by fast. You will have the benefit of your first job being in a hospital you are very familiar with, this is a huge plus! Keep studying just as though you were in school every day after work to grow as a professional. Do this for two years and you will then be able to go anywhere and do almost anything and feel confident doing it. Those are all huge benefits for a new nurse, never mind the financial pluses that come with signing that contract. Cancel it and you are looking at not only having to pay back that money but there will be attorney fees you will have to pay and at $450-$600 an hour they will add up fast. No lawyer is going to help you for free unless its a family member. There may even be a financial penalty for reneging on the contract you would be liable for in addition to it's fave value.
and possibly no experience b/c you can not find a job
yeah...thats a no brainer.
2 years is nothing! You're young, have nothing to tie you down...get as much knowledge and experience as you can from this GUARNTEED job. After that, fly away..be free..you'll be more marketable and will have a much easier time finding a job in the city/state you land in.
This fiscially responsible adult in her 40's (46 to be exact) with a child in their mid 20s says in her most stern mom voice...Do what you promised to do! Don't fall victim to the 'I want to blow out of this town' mentality'! You will regret it.
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That Guy, BSN, RN, EMT-B
3,421 Posts
Oh and it does not affect your credit score if you welch out of it. I did and all it did was add a loan. If anything it helped my credit by showing consistent good payments but that's not enough to lose your deal which was way better than mine