I know it's horrible to live off loans but...

Buyer beware, BSN · Jul 12, 2016

OP: I understand your compulsion to want to retain as much dignity as possible under the circumstances, but if you want the benefit and wisdom of folks who have been there you have to be more forthcoming with the circumstances of what sounds like a real mess.

There is a lot of information of a specialized nature that you will need going forward. At this point I can only guess at the details but you need to know you are not alone in this matter. Your situation will be carefully considered and you should know not the topic of idle chatter. It's up to you but try not to miss the chance to help yourself as well as others.

Buyer beware, BSN · Jul 12, 2016

If you do decide on accepting loans, don't go the private loan route. Federal Student loans offer repayment options and repayment doesn't start until you have been out of school for 6 months. No private loans offer these options, and I'm not aware of any of them offering any repayment flexibility.

The student loan thing is a total disaster in this country. "It's not free money and very expensive at that. Read the fine print to see they are a life altering trap. The for-profits colleges especially love loans because up to 90% of their income is derived from them. They take the money, you take the rap.

With just about 1.3 trillion dollars in outstanding student loan obligations many people are and will be in a position of falling victim to what has been termed debt peonage. This will affect their ability to buy their first home, get married and have children. The three things most people believe are the core motivators of life. So loan money no matter what the source should never be thought of as something you can indulge in and then forget about like a modern day Scarlet O'hara because if not used sparingly and judiciously the devil will soon enough be there to claim his cut.

blondy2061h, MSN, RN · Jul 12, 2016

If I had to do it all over again, I would climb the ladder systematically. Get a full time job as a CNA while going part time to become an LPN. Get a full time job as an LPN while going to school part time to become an RN. Get a full time job as an RN while going to school for your BSN.

Libby1987 · Jul 12, 2016

42K in your area would be like 100K in California, I think? I wouldn't do that for a BSN. I definitely wouldn't add living expenses on top of it. You will never be able to undo that decision and if you find out you don't really like nursing, you'll be in a very tough spot. Even if you love nursing, that is a long term obligation that will affect your life for decades.

That sounds pretty dramatic but it is grounded in reality of nursing in today's healthcare industry.

BeachsideRN, ASN · Jul 12, 2016

Enjoy the free ride and move abroad. Don't communicate where you intend to go to anyone and you won't have to worry about those loans.
Search for "debt fugitives." Lots of people enjoy a free ride and then move abroad intending to not pay anything back. And the kicker? The vast majority get away with it.

Sadly I know people that did this (not nurses). Ex pats living it up in Vietnam. So. Yeah. If that's your thing go for it. (M

BeachsideRN, ASN · Jul 12, 2016

I thought I was guaranteed free housing and food for my 2 years of nursing school. Tonight, it kind of fell through. I'd rather not give details. So, I'm 21, I haven't been saving up for housing because I didn't think I'd need it, I have a job that pays 10 an hour that everyone is telling me to quit for school, and now I have to pay for classes, books, food and housing. But how??? How do I pay for all this? Am I just doomed to live off loans?

The general rule - which I think is reasonable - is not to take out more loans than you are likely to earn your first year. A new grad RN makes $x in your area regardless of where you went, how much your education cost. So you have to decide if it's worth it. Also use loan calculators. If you have to take $45k in loans (which I think is reasonable of absolutely necessary) realize that your minimum loan payment might be about $500/month.

BeachsideRN, ASN · Jul 12, 2016

Not for profit, it's a state school. That's just school alone, but includes all fees and supplies. I am at this school because I have a scholarship. Community college here wouldn't be cheaper when all is said and done. 10k of that number is from my first 3 years as a pre-nursing student. I changed my major my sophomore year.

How is the CC not less than a state school? Not sure of your area. But here CC ADN is $8000. Plus the RN-bsn bridge $8500 which is often partially or fully reimbursed by local hospitals as an employee.

Borntobenurse? · Jul 12, 2016

You can work some in nursing school. Take loans for the rest and don't beat yourself up if its less than 40K. If its more, transfer after your first semester to somewhere cheaper or take a leave of absence while you save up some money.

caffeinatednurse, BSN, RN · Jul 12, 2016

My view on student loans is a little bit different.

I came from a lower middle class family. My dad is the only provider, since my mother is physically disabled and has been for some time. They didn't have the money to send me to college. I went to community college first (not for nursing), applied for scholarships there to help with tuition, and graduated with zero debt.

Then I transferred to a state school with reasonable tuition (18K/year). I had to do an extra year for pre-requisites, since I didn't figure out that I wanted to be a nurse until right before I transferred. I received some help in the form of grants and scholarships but I still ended up having to take out loans. I graduated with around 30K in student loans.

My advice is try and find a work-study job on campus, since this can help with living expenses. Campus employers are usually willing to be flexible when hiring students because they know you have other commitments. I got a part-time job offer as an office assistant in the health sciences department. It was just dealing with paperwork, answering emails and phone calls. I think it paid $10/hour and it was in the same building as all of my classes and labs.

You could also get your CNA certification and work part-time or PRN while you're in school. Pay careful attention to your time management skills, though, and be sure you know what your work commitments will be when you accept a CNA position. There were several people in the BSN nursing program with me that almost failed because they were working full-time night shift as a CNA and attending classes and clinicals during the day. They also didn't end up landing spots in the new grad RN programs because their grades weren't that great, even though they had worked as a CNA at that same hospital. I can't imagine that their recommendations from professors were that great, either, considering they were always falling asleep and were unprepared in class and clinical. For these reasons, I don't advise working full-time while you're also a full-time student.

If you end up having to take out student loans, it's not the end of the world. Just read up on all of your options and make sure you know what you're committing yourself to. I opted for federal loans only, which has worked out great for me. I have several repayment options and they've generally been really helpful during those times when I've had to apply for forbearance and deferment. However, I don't think the same can be said of private loans.

Also keep in mind that even federal loans still have a borrowing limit. It's generally a good idea to anticipate situations where you would need extra money since aid such as scholarships and grants can be cut unexpectedly. In a situation like that, where would you get that extra money? Would federal loans still be able to cover you? (Just something to think about.)

You can also save a lot of money and reduce your expenses by keeping a tight budget while you're in school. I lived with my parents while I was in nursing school, which meant that I didn't have to pay for housing or meal plans. Aside from paying for gas and the occasional unexpected cost, I didn't have to pay much outside of tuition and fees. Many of my classmates also either bought their textbooks used (from the previous nursing class) or they would rent them for the semester.

The above only applies if you're 100% sure that this is what you want to do. If you're not absolutely sure, then don't bother getting yourself in 40K (or more) of debt. Get your CNA license or shadow a nurse, first. There will always be time to go to nursing school. It's more important to figure out if nursing is actually right for you.Schedule

FurBabyMom, MSN, RN · Jul 12, 2016

I took out student loans to go to undergrad and will take out at least one loan to help cover grad school expenses. I get why people say that student loans are bad. I'm not a fan of mine, but the payments are actually reasonable. They're a better financial deal than credit card debt. I pay at least my minimum due - though my student loans will be in deferrment again while I attend grad school. Sure, an astronomical amount is bad, but they really aren't that bad. I worked while I was in college, at one point in time I had four jobs and was a student.

Unfortunately right now I am carrying some credit card debt - which I will be paying off while in grad school (it'll be gone in literally no time when my student loans go in deferrment and I more than double what I'd been paying on my card). I had some unfortunate stuff happen and to be honest for about a year I lived outside my means. It's not really, to me, my student loans that have made my financial choices more difficult. After paying off my credit card, I will have the ability to save a good amount of money during grad school which will allow me to buy my first house. I could have bought a house sooner, had I made different choices, but, I didn't. I also didn't know where I wanted to live or what I wanted to do long-term. To be honest, I'm not sure home ownership is the biggest thing for me - renting is kind of nice. I'm not long term responsible for things. The housing market is competitive here, and I have finally figured out what area I want to live in should I get a "bigger kid" job within the same system when I graduate.

My family has always been a paycheck to paycheck type. It's how we grew up. It's why my parents couldn't help pay for college. Not because they didn't want to, they did. But they were too busy making sure my brother and I grew up in a better neighborhood than we were living in. I love my parents for doing what they could and did, but I don't want the same life for me long term. I'm the only one in my family (expanded to include cousins, etc) with a bachelor's degree and I'm the only one who has even considered grad school. I'll be the first one to attend (and hopefully to complete grad school). You have to decide what's worth it to you.

I would look at whatever funding you *can* find outside of loans. I wouldn't take more than I needed for school and I would not attend a for profit institution. But loans are not the end of the world. I am lucky - with the tuition incentives my employer offers I will be paying for a very small part of my graduate education. Another thing to look at would be student loan forgiveness. There are several federal programs to forgive student loans (some include military or public health corps service). Alternatively, working in an underserved area for a specified time may result in loan credit. Additionally working for a public institution may allow loans to be forgiven after 120 payments. Just do some research.

Chadmasters, BSN · Jul 12, 2016

Well, if you do become a nurse, at least there are no shortage of programs offering to pay back your loans for you.

Not_A_Hat_Person, RN · Jul 12, 2016

I would get a CNA cert and try to find an employer who will cover at least part of your tuition. They might even offer you a job after graduation, though there are no guarantees. It may not eliminate the need for student loans, but it could reduce it.

I would also stay in the BSN program. A community college ADN may be cheaper, but it can make finding a first nursing job much harder. Where I live, hospitals only hire BSNs.

Higher education has become a racket. Even state schools are becoming unaffordable without student loans, the only debt that literally follows the borrower to the grave. The borrower takes all of the risk, everyone else is guaranteed to get paid.