Loan forgiveness options? Help!

[kaimkaim]

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.

[scaredsilly, BSN, RN]

And also take the lowest pay in the state for RNs. But if it helps, it helps.

This is VERY true unfortunately. But hey they are hiring new grads at some facilities, so you take the job you can get and if this is a benefit, why not utilize it.

[That Guy, BSN, RN, EMT-B]

This is VERY true unfortunately. But hey they are hiring new grads at some facilities, so you take the job you can get and if this is a benefit, why not utilize it.

Exactly. It is a shame too because they have some nice facilities but Denver is so expensive to live in to begin with.

[SmilingBluEyes]

Rude? No, honest, yes. It seems a LOT of posters here need to learn the difference. Ever hear "if you don't want to know, don't ask"? Well that is true here. If you don't want honest feedback, don't put your business out there.

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.

[SmilingBluEyes]

Just a question but why Seattle, WA from Arkansas? I think the sticker shock of the cost of living there will shock you even more than your student loan situation will.

Also, I don't think there is a real shortage of nurses in Seattle. You would do better to try a more rural, less desireable area. Indian Health Services, perhaps. There are tribal clinics in Washington State.

But in Seattle, you will likely not get ahead enough to make headway and I do not think any hospital/clinic there will take on your debt as well as give you a job (which is what most people are simply trying to do).

Having a family-----------well hardly anyone is prepared for the costs with that. It costs more than you can imagine both financially and emotionally. Oh and SOMEONE will have to take care of baby when he/she comes. Day care costs are astronomical.

Not gonna be easy,but you will find a way.

Good luck.

[applewhitern, BSN, RN]

Personally, I don't like the notion that the gov't will somehow bail out or forgive loans, because that comes from taxpayer's pockets. I paid for both of my degrees; why should I have to pay for other's poor choices?

[SmilingBluEyes]

As did I. You said what I held back from saying for fear of being perceived as rude.

Personally, I don't like the notion that the gov't will somehow bail out or forgive loans, because that comes from taxpayer's pockets. I paid for both of my degrees; why should I have to pay for other's poor choices?

[applewhitern, BSN, RN]

And I am from the South, haha! Not rude, just honest. Pay what you owe, then worry about starting a family, etc. Also, I currently work in a very rural area. We offer NO tuition reimbursement of any kind. No money for that

[ThePrincessBride, MSN, RN, NP]

I don't think anyone is being rude, but they aren't sugarcoating anything either. Realistically, very few places are offering sign-on bonuses, generous tuition reimbursements or student loan forgiveness. Those days are long gone.

Have you looked up Dave Ramsey? He is pretty awesome and can help you with his "Total Money Makeover" guide.

[caroladybelle, BSN, RN]

First, many Southerners speak quite plainly, and I have found quite a few Yankees (not referring to the baseball team) that tiptoe delicately around the minefield of harsh truth.

Now, to the OP, as an RN now getting a BSN, how did you rack up 60k debt for nursing school? Especially in the South. I got my ASN in FL, and know that there are plenty of community colleges where it was and still is significantly less expensive. I am currently getting my BSN through a Maryland university, reimbursed through my current employer. Though pricier, still will be less than 20k and covered by my employer. My total cost of education will be much less, and compensating for increase in tuition at my previous school, less than half your loan.

Second, what was your original plan for paying for your loan? Certainly, you checked into that.

Third, what is the reasoning for moving to Seattle? It is a pricey place to live. You will get paid well, but expenditures will be quite high as well.

I know of few or no employers that will hire anyone and cover that amount of loan. My employer covers some loan forgiveness but not to that amount for a nurse.

These days, with the surplus of nurse applicants especially in a desirable specialty, there is no need for them to offer it.

[decembergrad2011, BSN, RN]

Per diem or overtime hours can be used to add additional payments. Ask them to apply it to principal! Budgeting practices in general to help save up money are important.

I have about 50K in student loans. I am currently working out a payment plan with Sallie Mae to renegotiate my payment because I was on the graduated payment plan and it wasn't going to forgive my loans at the 10 year mark. (Sucks because I had already paid on them for 2 years...) I work at a hospital that will qualify and I don't see myself going anywhere before then, so it will work out for me.

Good luck! It's not your fault...I remember how student loans were presented to me and there was never any way that I imagined paying 1/8 of my income each month to student loans.

[0.adamantite]

I don't think anyone is being rude, but they aren't sugarcoating anything either. Realistically, very few places are offering sign-on bonuses, generous tuition reimbursements or student loan forgiveness. Those days are long gone.

Have you looked up Dave Ramsey? He is pretty awesome and can help you with his "Total Money Makeover" guide.

I learned about Dave Ramsey from this board and who ever mentioned him, I owe you a huge favor. I have paid off about $30,000+ of student debt with him. I will soon be paying the remaining balance, every penny of it with no forgiveness or reimbursement. I borrowed the money, I owe it back.

[firstinfamily, RN]

The only government program that I know of that often offers to assist with student loan debt is working for the Indian Health Services. I don't know what is out in Seattle, but you might look into it. Also, being a new graduate your options will be somewhat limited, so I guess you will have to decide if you will take a job without any loan repayment services versus one that may offer this. With hospitals cutting back in general with costs, this will be difficult for you to find. Good Luck!!