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Loan forgiveness options? Help!

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Hi! I am a registered nurse currently working in a NICU in Arkansas. My husband and I are moving to Seattle, Wa in August and finishing BSN school in July. I have over $60,000 in student loans and am trying desperately to find a program that offers loan repayment. I have looked into the HRSA nurse corps repayment as an option, but have been told that since the funding has been cut that they were only able to award like three people last year out of thousands of applicants. My husband thinks at this point I should join the army (lol) and work out a deal with them which I am almost considering! I am planning to do the 10 year government loan forgiveness program, but even doing that my payment will still be $800. I don't see how we can afford to start a family with payments so high. Any ideas for loan repayment plans or contracts at hospitals in the Seattle area or programs in general are appreciated! Thanks.

calivianya, BSN, RN

Specializes in ICU.

Most of the loan forgiveness stuff I'm aware of required signing on before you went into the nursing program. I know some friends who had their debt greatly reduced by going to nursing school with a scholarship contingent upon working in high-needs areas for x number of years after graduation. I don't really know what exists for people who wait until after they graduate to look for those kinds of programs. Best of luck to you!

Since the Archbishop (the sainted Ray Hunthausen) died, I think a lot of prayers are going unanswered in Seattle. And seriously, I think that's all you've got. Looking at it from some hospital's point of view, why would I hire you and pay off thousands and thousands of dollars for your loans when there's no shortage of potential hirees who are just glad as hell to have a job? There is a public health hospital there, and a big county hospital, a university medical center, and a number of affiliated and private hospitals, but I would be astonished if any of them would welcome you on that basis.

Didn't you figure this out when you started?

Waaall, as my sweet old grandmother used to say, "Some of us are put on this earth to be examples to others, one way or another."

Orca, ASN, RN

Specializes in Corrections, psychiatry, rehab, LTC. Has 26 years experience.

In all honesty, I don't see you finding any place that is going to take student loan debt off your shoulders. As GrnTea eloquently put it, a prospective employer has no incentive to do so since you don't have any qualifications above and beyond those who are willing to walk through the door and just begin work.

Haha! Wow, I am surprised at the rude tone of a couple of these comments. I looked into those kinds of programs before starting RN school and unfortunately they would not have worked out for me. It's not that I am unwilling to "walk through the door and just begin work" but it would be nice if an employer agreed to pay off X amount of loans in exchange for my signing a contract to stay at their rural hospital for X amount of years. Thanks.

Orca, ASN, RN

Specializes in Corrections, psychiatry, rehab, LTC. Has 26 years experience.

If you consider someone being frankly honest with you as being rude, then I don't know what to tell you. You might get a retention bonus or a signing bonus to work in a rural hospital, but I can pretty much guarantee that it won't be anywhere in the neighborhood of $60K. Nobody is going to agree to pay off your loans. In more than 20 years in the profession I have never seen an offer like that for new grad RNs anywhere.

..I'm not a new grad RN. And even taking 10K off would be a help. I'll just keep looking and see what I can find.

Caffeine_IV

Specializes in LTC, med/surg, hospice. Has 7 years experience.

I rarely see sign-on bonuses these days. Hospitals barely want to do tuition reimbursement for employees they already have. Good luck in your search.. that's a significant amount of loans

The most you'll get is a sign on bonus. If you have acute care experience or specialty, you can get a bonus from a hospital offering it for anywhere from $3000-$10,000. I was looking at places with the bonuses and often these are places that a lot people don't want to work. But if you guys find anywhere that will give you loan forgiveness, let me know. I have $40k that needs to be forgiven.

roser13, ASN, RN

Specializes in Med/Surg, Ortho, ASC. Has 17 years experience.

Haha! Wow, I am surprised at the rude tone of a couple of these comments. I looked into those kinds of programs before starting RN school and unfortunately they would not have worked out for me. It's not that I am unwilling to "walk through the door and just begin work" but it would be nice if an employer agreed to pay off X amount of loans in exchange for my signing a contract to stay at their rural hospital for X amount of years. Thanks.

I can't see a single rude tone. I see/hear the voices of experience, which is (I believe) what you asked for. Rude would be hysterical laughter at the prospect of any facility in the current state of 100+ applicants for any nursing position being willing to pay off student loans.

BrandonLPN, LPN

Has 5 years experience.

Haha! Wow, I am surprised at the rude tone of a couple of these comments. I looked into those kinds of programs before starting RN school and unfortunately they would not have worked out for me. It's not that I am unwilling to "walk through the door and just begin work" but it would be nice if an employer agreed to pay off X amount of loans in exchange for my signing a contract to stay at their rural hospital for X amount of years. Thanks.

Considering 99% of the nursing workforce is perfectly willing to "walk through the door and just begin to work", you may need to rethink your tactics.

Edited by BrandonLPN

WookieeRN, BSN, RN

Specializes in PACU. Has 4 years experience.

Honestly, wait for the next nursing shortage when they start offering ridiculous sign-on bonuses in maybe 15-20 years.

What you're looking for is going the way of the dodo, but I wish you the best of luck.

RyanCarolinaBoy, ADN, BSN, MSN

Specializes in ICU. Has 16 years experience.

Since the Archbishop (the sainted Ray Hunthausen) died, I think a lot of prayers are going unanswered in Seattle. And seriously, I think that's all you've got. Looking at it from some hospital's point of view, why would I hire you and pay off thousands and thousands of dollars for your loans when there's no shortage of potential hirees who are just glad as hell to have a job? There is a public health hospital there, and a big county hospital, a university medical center, and a number of affiliated and private hospitals, but I would be astonished if any of them would welcome you on that basis.

Didn't you figure this out when you started?

Waaall, as my sweet old grandmother used to say, "Some of us are put on this earth to be examples to others, one way or another."

This comes across as slightly rude. And in no way at all is it helpful to the OP to be quoting a sweet old grandmother who sounds slightly snarky.

To the OP. You are not alone. Many students nowadays are finding that student loans are a lot of baggage to carry. Maybe finding per diem job to help make the payment slightly easier. Good luck in ur decisions.

mmc51264, ADN, BSN, MSN, RN

Specializes in orthopedic; Informatics, diabetes. Has 9 years experience.

I too have a tremendous amount of loans. I consolidated after my ADN (That was degree #4) Since then I have borrowed as little as possible to do my BSN-even got a scholarship. Consolidation will give you 30 years to pay off. When I looked at working in under-served areas-same as my student loans for my education degree, the problem was that I would have had to pay X amount before they would forgive any. Just so happened that the amount that I would have to repay to be eligible was the exact amount of the loans. My loans are definitely going to out live me. I have worked with the servicing companies many times-when I was in school, unemployed, under-employed, you name it. they are usually very good about working with you. As long as you keep them in the loop.

I have heard advisors say pay what you can and not to worry about it too much and def look for the lowest rates you can find.

You can do graduated payback and I am hoping that eventually they will be allowed to be dissolved in a bankruptcy.

I did get a loan repayment perk at my current job-10K that paid for most of my ADN and I have paid off the BSN. They have since done away with that benefit :(

Hang in there. They understand how it is.

Mavrick, BSN, RN

Specializes in 15 years in ICU, 22 years in PACU. Has 30 years experience.

I don't see how we can afford to start a family with payments so high.

Well, now you do have a problem. Actually a cascade of problems many of which are beyond a straightforward practical solution.

I'm one of those people that prefers to help people who try to help themselves. From what little you have told me you seem to be making your problem worse and aren't seriously asking for help.

Moving is expensive, Seattle is VERY expensive compared to Arkansas, you do not appear to have a job, and you are thinking about starting a family. I'm not sure what your thought process was but throwing your hands up on a public forum with a Help! does shriek of desperation.

What was your plan for repayment when you signed for the loan? Why can't you just do that?

Many people put off moving, getting a degree or having children until they are better situated financially. They work extra hours, per diem at another job, scrimp by with a small apartment and beater car. I know a nurse who moved to Arkansas for the lower cost of living when her income decreased to retirement levels.

I guess the truth that Seattle area hospitals are not desperate for nurses is not the answer you were expecting and we're mean for being the messenger.

ORNurseCOS

Has 1 years experience.

Ouch, sorry to hear about your situation, that is a heck of a payment.

Serious budgeting and creative payments can go a long way with getting that loan paid off.

With that said the student loan situation in this country is out of control and is about to burst.

Student loan debt is now the 2nd largest personal debt - about $1.2 trillion in federal student loans are owed - this doesn't include people with credit card student loan debt. Fact is, this is not sustainable and about 7.5 million people are 90 days or greater past due....thats out of 43 million people. The gov't is seriously screwed as more an more people are now just refusing to pay them. A massive shift is coming in this area so hold on, I have a feeling help is on the way. Young people like yourself are suppose to revitalize the country yet the majority of you are in shackles and can't put into the economy b/c your so financial drained.

Take a look at this - this is just one of them

Investing in You: Group urges student loan 'debt strike'

Just be thankful you got a degree in something useful from a good school - so many people are realizing the schools and degrees they have are worthless and are suing the schools and winning.

AJJKRN

Specializes in Medical-Surgical/Float Pool/Stepdown. Has 6+ years experience.

There is a Public Service Loan Forgiveness Program through our federal government that President Obama developed that I have been looking into recently that looks like a possible viable option. (Meaning better than nothing) Being from Arkansas myself, I don't think some of the posters here realize that what they feel is just being honest really sounds rude to others that grew up where we did. I would never talk to someone else in the ways that I've seen, in person or on the internet, because this is just not how I was raised to converse. Doesn't make me weaker or a wuss, I can certainly stand up for myself, but since moving to a northern state I have had to adjust (if not ignore) just how disrespectful others can be when they really don't realize it. It's probably not intentional, we all just grew up with different values and virtues. If you want to look at Illinois then PM me. I don't know how to PM someone though! :roflmao: There are still some awesome entities that are offering sign on bonuses and moving incentives like my hospital. I want to say that my hospital is advertising on the job website Indeed to attract seasoned nurses so I assume others are as well. Either way, good luck and post back if you find anything worth trying to help lessen the burden of student loan debt.

brandy1017, ASN, RN

Specializes in Critical Care.

The other option besides the military is working for the VA system. They have very generous tuition reimbursement and student loan repayment options. It is probably your best bet. In the meantime consolidate your student loans over a larger time than ten years and that will bring down the payments significantly. As far as the public loan forgiveness option I think that is nebulous and hard to actually get. I was mad when I found out new grads were getting this to work at my hospital and I was still paying off student loans and when I checked into it it was only for loans since 2007. It made no sense. It wasn't an option for me and I work at a non profit with a large medicaid population. I'm on the 25 year plan. lol though I think it turned out to be 23 years since I tried to pay extra when I could. I hate student loans! I think they are going to be the downfall of our economy and our young ones.

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