I have 60 grand of student loan when I finished BSN

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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!

Specializes in Weight loss, geriatric/SNF, Rehab.
Can you give a link? I've looked into it but hadn't seen that part. I haven't taken my boards yet but it was the route I was hoping to take to help with my loans.

http://www.hrsa.gov/loanscholarships/repayment/nursing/guidance.pdf

Go to page 5 or 6 for the list of ineligible things. It's toward the bottom of the list at 11, I think.

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Specializes in Med/Surg, Ortho, ASC.

85 replies and nada from the OP.

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http://www.hrsa.gov/loanscholarships/repayment/nursing/guidance.pdf

Go to page 5 or 6 for the list of ineligible things. It's toward the bottom of the list at 11, I think.

Ok I think I misread what you wrote. The OP had their ADN and just graduated with their BSN. I thought you meant if they had been a LVN. I am an LVN but just graduated with my ADN and waiting to take my boards.

The link you looked at I THINK is for Scholarships not the Loan Repayment. They have multiple types of nursing school help, pre-graduation and post graduation.

copied/pasted:

Eligibility-


  1. Have received a baccalaureate or associate degree in nursing (or an equivalent degree), adiploma in nursing, or graduate degree in nursing;

  2. Be employed as a full-time RN, working at least 32 hours per week, at a public or privatenonprofit CSF (see page 8); OR, be employed as a full-time NF member at a public or private,nonprofit, eligible school of nursing (see Definition for Eligible School of Nursing);

  3. Have outstanding qualifying educational loans leading to a diploma or degree in nursing;

  4. Have completed the nursing education program for which the loan balance applies; and,

  5. Have a current, full, permanent, unencumbered, unrestricted license to practice as an RN in theState in which they intend to practice, or be authorized to practice in that State pursuant to theNurse Licensure Compact. Applicants who intend to practice as Federal employees, oremployees of a tribal health program (see Definitions) in a State in which the tribal healthprogram provides services described in its contract/compact under the Indian Self-Determination and Education Assistance Act (ISDEAA), 25 U.S.C. 450 et seq. (e.g., IHShealth center),onlyneedtobelicensedasanRN,inanyState.



Ineligible-

1. Work for nurse staffing agencies or travel nurse agencies;

2. Work on an as needed” basis (this includes PRNs, Pool Nurses, or other RNs who are not scheduled in a full-time capacity, as defined by NURSE Corps LRP);

3. Have a temporary or inactive RN license;

4. Are a licensed practical or vocational nurse;

5. Are self-employed;

6. Have failed to apply all NURSE Corps LRP funds previously received towards thequalified educational loans;

OR

7. Work at a for-profit health care facility or school of nursing.

Heres a link for a site that I have saved that kinda gives the differences and their due dates

Loans & Scholarships

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Specializes in Weight loss, geriatric/SNF, Rehab.
Ok I think I misread what you wrote. The OP had their ADN and just graduated with their BSN. I thought you meant if they had been a LVN. I am an LVN but just graduated with my ADN and waiting to take my boards.

The link you looked at I THINK is for Scholarships not the Loan Repayment. They have multiple types of nursing school help, pre-graduation and post graduation.

copied/pasted:

Eligibility-


  1. Have received a baccalaureate or associate degree in nursing (or an equivalent degree), adiploma in nursing, or graduate degree in nursing;

  2. Be employed as a full-time RN, working at least 32 hours per week, at a public or privatenonprofit CSF (see page 8); OR, be employed as a full-time NF member at a public or private,nonprofit, eligible school of nursing (see Definition for Eligible School of Nursing);

  3. Have outstanding qualifying educational loans leading to a diploma or degree in nursing;

  4. Have completed the nursing education program for which the loan balance applies; and,

  5. Have a current, full, permanent, unencumbered, unrestricted license to practice as an RN in theState in which they intend to practice, or be authorized to practice in that State pursuant to theNurse Licensure Compact. Applicants who intend to practice as Federal employees, oremployees of a tribal health program (see Definitions) in a State in which the tribal healthprogram provides services described in its contract/compact under the Indian Self-Determination and Education Assistance Act (ISDEAA), 25 U.S.C. 450 et seq. (e.g., IHShealth center),onlyneedtobelicensedasanRN,inanyState.



Ineligible-

1. Work for nurse staffing agencies or travel nurse agencies;

2. Work on an as needed” basis (this includes PRNs, Pool Nurses, or other RNs who are not scheduled in a full-time capacity, as defined by NURSE Corps LRP);

3. Have a temporary or inactive RN license;

4. Are a licensed practical or vocational nurse;

5. Are self-employed;

6. Have failed to apply all NURSE Corps LRP funds previously received towards thequalified educational loans;

OR

7. Work at a for-profit health care facility or school of nursing.

Heres a link for a site that I have saved that kinda gives the differences and their due dates

Loans & Scholarships

No, I'm on the right one. If you look at number 4, it says "Are a licensed practical or vocational nurse", so that takes me out of the running. I don't see anything about being a licensed RN, so you're probably fine.

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I had alittle over $50,000 after bsn. Had cash in hand to pay but opted for loans knowing could get large part forgiven. 1st and most impt sign up for income based repayment plan. Will lower payments per month. After 10 years making "payments" loan balance forgiven on fed loans. Keep income low by having two pay periods each year with little income. Can keep payments to $0 every month for 10 years and then no requirement to pay afterwards. This is a little tricky, some timing involved and most be s nurse for all 10 years. Next for private loans apply for nursing loan forgiveness at both state and nationsl level. As have high loan debt should qualify, hells if work in low income area. Impt part here is when get accepted into loan forgiveness program make sure u ask for private loans to be paid off with funds provided. Remeber paying little to nothing on fed loans from income based repayment plan so makes sense to pay off private with loan forgiveness funds. Other grants and optiond eill further reduce debt repayment. Tell everyone to max out all loans if in nursing. If a little creative and persistant will pay off very little of debt in end. :)

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I am appalled at the responses here, I have $100k in debt for my BSN and I'm adding an additional $30k for my MSN. Why so much? Because when you live with your family in an urban area where the schools are all so impacted by foreigners and you get put on wait lists of 4 years, and then you start core and have to repeat your core sciences because they expire in 5 years, and those classes are all impacted so you have to wait and re-apply. The situation isn't ideal, which is why all of these private schools have opened up that offer no waiting and accelerated programs. Why am I upset? Because the OP was asking for help, not be told they are a fool for incurring debt. We don't know the reason why they chose the schools they did. I thought as nurses we are to assess first, isn't there something in the code about beneficence? I'm sure not seeing it here in a lot of these posts. When I graduate, I can easily make $80-100k a year, isn't it better to take on that debt than to sit around waiting for a program to open up? Regardless, a lot of people incur huge debt for school. It's all over the news, it's even a part of political platforms. Criticizing someone for a decision made in the past is not helping them, it's going to prevent them from seeking help in the future.

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Specializes in Med/Surg, Ortho, ASC.
I am appalled at the responses here, I have $100k in debt for my BSN and I'm adding an additional $30k for my MSN. Why so much? Because when you live with your family in an urban area where the schools are all so impacted by foreigners and you get put on wait lists of 4 years, and then you start core and have to repeat your core sciences because they expire in 5 years, and those classes are all impacted so you have to wait and re-apply. The situation isn't ideal, which is why all of these private schools have opened up that offer no waiting and accelerated programs. Why am I upset? Because the OP was asking for help, not be told they are a fool for incurring debt. We don't know the reason why they chose the schools they did. I thought as nurses we are to assess first, isn't there something in the code about beneficence? I'm sure not seeing it here in a lot of these posts. When I graduate, I can easily make $80-100k a year, isn't it better to take on that debt than to sit around waiting for a program to open up? Regardless, a lot of people incur huge debt for school. It's all over the news, it's even a part of political platforms. Criticizing someone for a decision made in the past is not helping them, it's going to prevent them from seeking help in the future.

My take-away from your post: How, exactly, are your local schools "so impacted by foreigners"?

And seriously? If OP was truly requesting help, why hasn't he/she been back in 80+ posts?

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Where did you complete a MSN for $9,000.00?

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The next big bubble is the student loan debt. $60,000 is actually a small amount compared to what others I know have accumulated.

There is relief!! Public Service Loan Forgiveness | Federal Student Aid

Please be mindful Not to be Late or Miss a payment it will disqualify you. A friend has automatic payments through her bank just for that purpose. Good luck🍀

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I understand about having expensive loan repayment as I have $62,000 I owe for my MSN. If you are ok with relocation then the Indian Health Service (IHS) may be for you. I did loan repayment for my BSN with the IHS and it was awesome. You can go to Loan Repayment Program | Indian Health Service (IHS) and check out the information. They give you $20,000 per year for a 2 year commitment and then you can stay for a 3rd year if you want to get the last $20,000 paid off. You can search for a job here Job Opportunities | Nursing. I did my loan repayment in Gallup, NM and am getting ready to go back to do loan repayment for my MSN but there are many other locations to choose from. Good luck!

Lorrie White, MSN, FNP-C

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As I'm sitting here reading through the various comments, all I can say is that I'm glad patience is a virtue. I am an LPN, and I'm currently enrolled in an LPN-RN Program that is 3 semesters long. Each semester costing me $1852, my books were one time fee of $812.77. We're using the same books all 3 semesters. Uniforms, 2 of them, 121.39. Because one of the Universities has an agreement with most of the community colleges, 1. I am guaranteed admission into the RN-BSN Program and what ever the tuition rate is when I enroll, it will remain the same for 4 years. The RN-BSN is 11 months on line. Right now the tuition for that program is $12,717. There are cheaper ways of getting education if people would stop with the gotta have right now mentality. And, for my transition program, there is not a waiting list. Once they have chosen the students for the semester, it's back to the drawing board. For the transition program there are only 24 seats available, increased from 8 about three years ago. And, the hospitals in my area will accept ADN who graduated from my school before they'll accept a BSN.

Now, does this help the PO any? No, it doesn't. But for everyone who's furthering their education, before you go and accumulate another 30,000+ in student loan, slow down and shop around. Sometimes doing things the old fashioned way will save you a lot of grief and money. When I'm finished with my BSN, I will have graduated with absolutely no student loan debt what so ever. People just really need to slow down some. This why these For-Profit schools have become so popular; fast track education with degrees that usually end being useless (depending on the degree).

To the PO, chalk it up as a hard and expensive learned. Check to see if the loaner offers a discount for automatic payment. That usually cuts the interest rate, not by a whole lot, but something is better than nothing. Also, pay extra each month, but make sure you tell them that you're paying towards the principle of the loan, if you don't specify that, any extra money will be eaten up by the interest.

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Specializes in Psych.

I don't know where you live, but in California, 40k doesn't go very far and you would be giving up a lot more than lattes. That is a stiff chunk of change for anyone to handle let alone a new grad. The 10 year plan that was suggested earlier makes a lot more sense and you would be surprised at what areas qualify.

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