I have 60 grand of student loan when I finished BSN

Nurses General Nursing

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I had my ADN in 2014, then I went back to school two months later for BSN, now I just graduated from BSN, and the student loan I owe is little over 60 grand..Oh load. I had to pay over 600 a month for 10 payment. That seems a lot to me. Any suggestions? any programs that can reduce or forgive my loan? Thank you very much!

When you did your financial aid exit there should have been various repayment options that you could click through to see which style of payment plan would work for you. Some start off low and then build to high payments later, some are high all the way through. Go back to the website and see about changing your payment plan.

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Specializes in ICU.
oh yeah. well 600.00 a month x 10 years is 72,000. Oh well.

That looks about right. I was assuming that the $600/month payment included interest, which would of course put the amount OP repays at way above $60,000, because we all know the balance is accruing interest and growing over the course of the years.

OP - have you looked at the interest rates on your loans? If any of them are outrageous, and your credit score is decent, maybe you can refinance for a lower interest rate and/or consolidate your loans.

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Just save as much money as you can. Cook at home, don't go shopping unless you need to, use coupons. It's doable, but things will be tight. Just tell yourself it's only for a year :)

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I work for Indian Health Service and lived on a reservation for 8 years. They provide housing, which you pay a nominal fee for but then can deduct it on your taxes. They offer loan forgiveness. Many healthcare professionals do this and it's a great experience. Also, please check out Commission Corps, which is the uniformed branch of the U.S. Public Health Service. Good luck to you.

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Specializes in geriatrics.

I owed 48,000 for a 4 year BSN. That's standard tuition for Canadian universities, excluding living expenses.

My loans were paid in 2.5 years and I had savings in the bank. I worked full time and as much overtime as I could handle.

More importantly, I lived on a tight budget with cheap rent. I have always lived on a budget, and that is key. Write out your monthly expenses to determine where you can cut back.

Allow for the occasional splurge, but aside from that, pay as much as you can toward your debt. Some months I paid 1600 or more to get rid of the debt. If you receive an income tax refund, pay your loan with it.

Also, I don't believe in living on credit. I won't use a credit card unless I already have the cash to pay that bill.

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She had a four-year degree completed by 19? Remarkable! I see a lot of posts about Philippine graduates having to do extra classes, take more courses because their BSN degrees aren't considered adequate nursing education to get a state license. it's good your girlfriend's school prepared her well because it looks like there are a lot of foreign schools that don't!

More importantly, often times, it is based on the individual: the student.

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Specializes in Emergency, Trauma, Critical Care.

I feel your pain and it is possible. I made some bad as well as some right but expensive decisions. I started with 35k for a private RN program (not stupid because my husband was very ill and I needed a better income ASAP) and went right back for my BSN, (not necessarily stupid, more job opportunities after) but maxed out on loans to pay a mortgage on a house I couldn't afford that I lost to foreclosure anyway (really really stupid). So I accrued another 30k on a program that really only cost like 12k..... And then another 10k on interest on the first loan because I deferred it while in my RN to BSN. I'm shaking my head as I type this because of an extra 28k of debt I really could have avoided. Ugh

as others said, drive a cheap car, live in a cheap place or at home with your parents if you can.

put all your money towards those loans

try to live in a high pay low cost area, work overtime and throw all your money at them. My debt is very slow to be paid off because I have 2 kids and a husband. I work OT a bit, but really haven't been motivated however I need to be when I get back. I just miss my kids too much. If you are single, do what I can't and bust it all out. You won't regret it.

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Just save as much money as you can. Cook at home, don't go shopping unless you need to, use coupons. It's doable, but things will be tight. Just tell yourself it's only for a year :)

If she did she'd be lying to herself, how do you think it's only a year? She has 60,000 in student loans plus interest. If you can afford to pay off about $70,000 in debt in one year by cutting back and using coupons lol I want your job!

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I owed 48,000 for a 4 year BSN. That's standard tuition for Canadian universities, excluding living expenses.

For me the shock wasn't that it cost her $60,000 for a BSN, it's that she already had an ADN so spent $60,000 for what usually amounts to about a year or so of completer courses. Starting from scratch and getting a four year degree for $60,0000 is still too high for what tuition costs in the US but at least it's a complete 4 year education. This was an amazingly high overpayment for what she got.

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Specializes in OB, Case Management, Nurse Navigator.

Hi!

I am in a very similar boat, but I did an accelerated nursing degree after getting my first bachelor's degree. I have found through researching that you can apply for Public Service Forgiveness. It requires you to pay per income-driven repayment for 10 years on-time and then it is forgiven. Also, what is nice is that it only figures your own income and will not exceed the payment of a standard repayment plan. Hope this helps!

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Hi!

I am in a very similar boat, but I did an accelerated nursing degree after getting my first bachelor's degree. I have found through researching that you can apply for Public Service Forgiveness. It requires you to pay per income-driven repayment for 10 years on-time and then it is forgiven. Also, what is nice is that it only figures your own income and will not exceed the payment of a standard repayment plan. Hope this helps!

I know about this plan and it might not be exactly what you think. First you have to work for a qualifying government agency, not all government work qualifies. If you are not using the Income-Driven Plan, the standard plan requires you to make 120 regular monthly payments, never late, which is 10 years of prompt payments in full each month. After ten years of those payments and if you are still employed at the same government agency the balance is forgiven. Most people find that they have already paid off their loans by that time!

The Income-Driven plan you are talking about limits your payments to a certain percentage of your salary but it is for 20-25 years that you are making those payments, never late, and if you still qualify at the end your loan balance is forgiven. And as you might have figured out after 20-25 years you've probably already paid it off too!

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Wow.. Thats some scary student debt. I'd say do some research on student loan forgiveness and as stated look for employers that can assist. Otherwise.. Save what you can, Coupons, Shop cheap, And grind buddy.

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