Is this a bad idea? (loan debt) Need advice!

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Hi all!

I am starting an associates degree RN program in January. It is a 4 semester long (18mo) program and in order to do it I have to quit my job. Unfortunately though my husband doesn't make enough to support our family on his own and in order to make up the difference I would need to put about 15k in loan debt to help us pay the bills each month. The only amount my school gives in the stafford loan is $3500 this semester and $4500 in the fall semester. I will be using those in addition to the $15k that I will need for living expenses. I applied for private student loans through a number of companies and I was denied by all even with a cosigner. I have good credit and have never been turned down for loans before, but I guess private student loans are just really hard to get these days. So what I was planning on doing was using my line of credit, I have $15k available to use. I can draw on the line of credit as I need to, but I will come out of school owing this plus the stafford loans in school debt. Now this is the worst case scenario, my husband is looking for a part time job as and ER tech or EMT (he's a firefighter) but so far hasn't had any luck finding a job. He's not going to stop trying though and if he finds a job at any time through my schooling, this will drastically cut down on how much we have to put on the line of credit. With the amount of money that new grads make in my area, I'm figuring that if I continue to live on a strict budget after I get out of school, that I will probably have these bills paid off with in 18-24 months after working as a nurse. I feel like it will work out, but I'm scared that I may be going to far into debt to do this. Does anybody else have similar experiences or advice maybe? I'd hate to put my family this much farthur in debt and things not work out the way I plan. Any advice is appreciated!

Wow....I guess I can just give up on my dreams then. There's no other way. Did I mention that this is the worse case scenario, assuming me and my husband can't find part time jobs?

But it is still a possibility...my heart is breaking. I can't imagine not starting the program in January. I've been working toward this for so long! It's all I think about, it's all I want.

I've seen and heard about many people going into way more student loan debt than that, so I guess in comparison I didn't think it seemed like that much. But it still is scary.

The job market issue is better in my area than most. I live in a military town (lots of people coming and going all the time) and there are three major hospitals in my town alone, and multiple in surrounding areas as well. I haven't seen new grads not get jobs, unless they were just really picky about their specialty or shift.

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Specializes in School Nursing.

really, we are not trying to shoot down your dreams. just want the best for you.

that much debt. will create a huge burden for you. you will eventually not even enjoy the job if you carry such weight on your shoulders. please reconsider. best of luck to you and your family.

praiser :heartbeat

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I know...and I wanted to hear the truth, that's why I asked. I guess I just hoped for a more positive answer! :)

Just out of curiosity, what would you all consider an acceptable amount of student loan debt?

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I am in the same boat but no line of credit just student loans. I do work full-time while attending school part time but I am divorced so my current paycheck pays my bills. It is a no win situation for some but I am willing to take the risk and owe the student loans. I want it bad enough that to ME it is worth it. Even if after I graduate which wouldn't be until 2012 (hopefully job prospects will be better) I will continue to work at my current job. I wish there were a way to go to school without any debt that would be ideal but for alot of people unless you are right out of high school and your parents are paying or you quit working, go on govenrment assistance and have the tax payers foot the bill, it isn't feasible, IMO.

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I guess I am in the majority here but I think it's a great idea, as long as you don't go into it blindly. I am working while in school and still had to take additional loans to live on. However, you have to be very disciplined. I have no debt besides my mortgage and student loans. I also have a repayment plan written out for after I graduate, so my debt will be gone in 2 years.

I also think if you can focus on school and not try to work full time, you will do better. I don't have children and feel like I'm stretched too thin between work and school. I honestly don't know how you'd do all three.

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I guess I am in the majority here but I think it's a great idea, as long as you don't go into it blindly. I am working while in school and still had to take additional loans to live on. However, you have to be very disciplined. I have no debt besides my mortgage and student loans. I also have a repayment plan written out for after I graduate, so my debt will be gone in 2 years.

I also think if you can focus on school and not try to work full time, you will do better. I don't have children and feel like I'm stretched too thin between work and school. I honestly don't know how you'd do all three.

Thanks! I also plan on paying off the line of credit (if maxed out) within two years after I get my first RN job. Right now I'm used to bringing home about 1700/month, new grads here bring home usually at least 3000/month, I could easily continue living the way I'm living and pay 1k/month towards the line of credit and have it paid off pretty quickly. I do have more bills than you do, car loan, credit card, mortgage, etc...but the way I worked all my numbers out, every thing could easily be paid. And if I get a part time job and/or my husband gets a part time job, I might not even need to use that much on the line of credit at all....but everything is just up in the air right now as I'm not quitting my job yet until right before school starts and I still have to find a part time job to hire me and work around my schedule.

My school pretty much tells us not to work at all or work very little...they've seen way too many people attempt and fail at working full time, having a family, and doing the nursing program.

I'm just the type of person to plan for the worse case scenario first, just in case things don't work out the way I want, then if things do work out, that's great. But if I plan for the worse case scenario and I can still make it if that were to happen, I figure it's worth it to go ahead and try. I just can't imagine not doing the nursing program this spring. Just thinking about it makes me so depressed and ill. I feel like I HAVE to do this!

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myty, STOP! TAKE A BREATH, RELAX!!! At this rate, your debt is going to be the least of your worries. Keep it up, and you'll be leaving posts on how to deal with ulcers, sleep deprivation, and stress related issues. :eek:

Let's take a walk through your post and see if you have really thought this all the way through. You stated earlier that you feel like if you don't do this now, you will never do it. Are you 80? (lol) As i am preparing for school at 38 yrs old (after a 20 yr career in the restaurant business), I did alot of soul searching and asking questions to see if it was too late for me to chase down this "dream". I had planned to start this in 1999. However, life being what it is, I've had to put it on hold to maintain my commitments. You know what though? If it is your "dream" it will never die. The best advice I recieved during my inquiries was that it is never too late.

You said that this is the worst case scenario. But, is it really? I know we never want to think about it, but what if your husband gets sick, or injured on his job? I am sure he is a very safe person, but does work a HIGH risk job. As unfortunate as it is, if something were to happen, those bills are still going to roll in.

And then there is that silly economy issue! Being what it is, loans are hard to get, and jobs are hard to find. However, things will change. While this is the third worst economy in the history of the U.S. (great depression, and again in the 80's), this will pass. As history shows, we will get through it, jobs will return, and the banks will loosen their belts on student loans.

My advice.... Start living by that strict budget now, this week, today! Take the money that you would be paying on your line of credit and put it in the bank. Instead of paying interest on your loan, let them pay you interest on your investment. Let the kids get a little bit older. It will be easier to find after school care, and you won't miss out on those special times early in their lives. Start searching for a job that will help pay for school. You would have to agree to work for them for a period of time after school, but, why not. This would guarantee you a job after graduation where you will gain the valuable experience needed to move on.

Think about it, I would bet that if you followed this plan, and could see yourself 5 years from now, you would be starting your program with ALOT less stress, and some money in the bank. I know I have given you a bunch of jibberish, but never forget.... Plants die, Pets die, People die, but, s long as I am breathing, my dreams will never die. Best of luck!! :D

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Specializes in Geriatrics, Med-Surg..

If I were you, I would work while I went to school. I didn't work while I went to school to be an LPN and it is a two year course here, but if I could do it over, I would have worked in something health care related. I owe a small amount of money but I am still paying it as it takes time to pay things off when you have a family. It is hard but it really is possible to do it, however you may need to reduce hours during some clinical times.

Working while in school helps ease the financial stress, teaches you lots of things you can't learn in school and builds contacts you may need when you are looking for a job later as a nurse as it can be very tough starting out. JMO.

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I'm in the same boat you are. I started an 2 year program in September, I have a 1 year old and a 2 year old, and there's no way with the two of them and the cost of daycare that I can work. And my husbands salary doesn't cover everything. I'm getting student loans, have cashed out my 401k from my previous employer, and yes I am using credit cards. Does it make me sick to think of the debt I'll have after school is over? Absolutly. It makes me even sicker to consider never becoming a nurse or putting it off. Because, really, nothing's going to change with my situation for a long time. I don't know what type of job you were in, but mine just barely paid the bills. Even a low nursing salary would be a good deal more than I was making. So, we decided that the trade off would be worth it in the end.

Obviously it's easy to judge and say credit card debt is something you don't want to get into. Well, if there's no other way, there's no other way. And for me (and it sounds like you, too) waiting to be a nurse is not an option. Nursing isn't fairing too well with the economy now, but it won't be like this forever. I'm hoping by 2011 when I graduate, it will have gotten better. If not, my family is willing to move anywhere in the US for me to get a nursing job. So I feel better about that.

To some people it would be better to work through school and not have any debt. To me, I'd rather not come out of the nursing program in 2011 and realize I missed 2 years of my kids lives because I left the house before they woke up and came home after they went to bed, just so I could be debt free. Those are years I can NEVER get back. Some things are more important than money, and when the economy picks back up again, you'll be able to pick up extra shifts if you feel you really need to so you can pay your debt down.

I'm doing this, and it sucks, but I'm at peace with my decision and absolutly happier with my life than I have ever been. Good luck to you, and don't let people bring you down.

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Specializes in AA&I, research,peds, radiation oncology.

Don't give up!!! See if you can find a less expensive program (school) to attend. Everyone sometimes can't graduate w/o some debt, but if I could lessen the amount owed ,I'd go that route. But in the end you've got to do what's right for you and your family!! Pursue your dreams!!!:nurse:

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You are the ultimate judge of your individual situation. Many people have worked their way through nursing school, but how many have dropped out because school, work and family were too much? More than 50% in the RN-ASN program I graduated from!

You know your family situation, your energy level and potential for employment in your area, so the decision is up to you. You could always borrow for the first couple of semesters and then pick up a part-time job as a student nurse assistant, which are typically very flexible and help you gain experience and get your foot in the door.

The amount you propose to borrow and the interest rate are very reasonable. God luck with whatever you decide!

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Specializes in Geriatrics, Med-Surg..

I wouldn't give up on the dream of being a nurse either, I just think that if possible, it is always better to even work part time during school, even from the standpoint that it will reduce some of your debt and give you contacts for landing that first job.

I think people sound negative because nursing in most areas is going through some very dark times, esp. for new grads and some feel that this may not be something that goes away quickly, but I do think it will get better at some point.

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