Is there a light at the end of the road?

I don't know where you are in the world, or what your earnings per year are, so I'll just plug in numbers as an educated guess to give you a general idea. Then you can plug in your own numbers and get a more precise picture.

You and your wife will have $90,000 in student loans in a few years. Right now, as an RN and a PCT, let's say you are earning $75,000 combined ($50k for her, $25k for you).

I will assume you can live on $75k a year, minus the continuing education. Your wife will be an NP next year, making $100k, which is an increase of $50k. If you and she don't increase your lifestyle, and send her extra income to the student loans, you can pay off the entire student loan debt in two years. You'll also be able to pay for your NP program with cash as you go, just with her added income.

The key is to continue to live like an RN and a PCT while you two earn like NPs. You can easily be a two NP family with no student loan debt by the time you graduate. Of course, there is some balance to be had here: if you're driving a 1902 Ford Pinto, then it's probably ok to spring for a low mileage Toyota Camry or something. Maybe you have a particular charity you want to contribute to. Perhaps you guys haven't gone on your honeymoon yet. The point is that for this to work really well, you just have to delay the BMW for a couple years. You guys will have a fantastic income to deal with this, so knock it out!

Well that's definitely refreshing. Thanks for taking the time for the thoughtful reply. That has been our plan. The salary is pretty close maybe a few thousand less this year considering we are both working part time but picking up extra shifts when we can.

As for the beater, we both have our "gas getting college cars" so they should get us through.

Luckily I know, I have been guaranteed a position as RN in our ED by the director after graduation in May. That will be a welcomed increase in pay during my 2 year endeavor towards AGACNP.

Are the hospitals you work for not for profit or nonprofit? There is a loan forgiveness program for those working in these types of agencies after 10 years.

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

Perhaps a financial advisor is what you need.

The crusty old bats here are going to tell you to focus on a job, you can't stay in school forever... Pay off your current student loans, before you acquire more.

P.S. It's a "spiel".

There is loan forgiveness, check into it as a pp has indicated. Look at what tuition reimbursement may be available through your facility, your parent company, or your union. All of that information can be found on their websites.

You also may want to consider a monthly payment to a "tuition management" service that is usually offered through most schools. If what you end up with after very small federal loans is say $25,000 for the year, you would pay $2,500 a month for 10 months. That would be a heckuva lot lower than the interest, etc on a student loan, and then that year is essentially done.

And something you may want to consider--a part time job at a national chain store that offers tuition reimbursement if your facility/company/union doesn't. A couple of evenings on your off weekends or something of the sort, using your degree may be worth it to have some of your schooling paid for.

Finally, look to your high school alma mater, and your college website. Your HS may offer alumni scholarships. Your college may have a lot of scholarships you may not be aware of. Speak to your college academic advisor.

$90K in debt is like a small vacation condo. If you go this route, I would assume a $900 a month payment. If you and your wife each have $125 a week direct deposited into a savings account, and have the loan automatically taken out of same account, then you will never have to worry about it being late, and assessing fees. Plus, what you see is what you get as far as your paychecks.

Best wishes!

Thanks for all of the advice. We live under our means now and plan to in the future.

We do have the loan forgiveness option but my wife wants to do travel nursing/locum tenens as a team after the first year (for two years or so). So working for the same company for 10 years is out of the picture it seems.

As for stopping at my BSN and paying off my loans first and then going back years later for my masters, that would work but we want kids in the next 3-4 years so it makes more sense to just get it all done and over with before those years get here.

It is a lot of debt and the decisions are hard.. Hence the title of the post.

Also, I can't take a scholarship from the hospital we work at because that requires a 2 year commitment afterwards.

I have no problem with the commitment but it states they must be FULL time for two years. Making it a difficult track at completing my masters full time also.