Loan forgiveness options? Help!

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LittleCandles

LittleCandles

195 Posts

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.

Just because you don't like what they say doesn't make it rude.

JoseQuinones

JoseQuinones

Has 5 years experience. 281 Posts

That's a lot of debt, but . . .

When I married seven years ago, I married into about $65,000 in debt. 10% interest, I might add.

My wife has been underemployed this whole time and I work for just over minimum wage. But in those six years, we've managed to lower that debt to just over $9,000. And we should pay it off early next year. Of course that means living on a lot of rice and beans, no vacation, and every. single. windfall has gone to debt. Every tax refund, every gift at Christmas, every single penny of that little inheritance check, every. single. penny.

It can be done. You'll just have to live frugally and forget the American Dream for a bit. You already spent that money - you owe it.

ParkerBC,MSN,RN

ParkerBC,MSN,RN, PhD, RN

Specializes in Medical Surgical/Addiction/Mental Health. 886 Posts

Have you looked at all of the repayment options? If not, here is a link to do so https://studentaid.ed.gov/repay-loans/understand/plans#direct-and-ffel There is a loan forgiveness program for primary care providers (Family Nurse Practitioner for example). Here is that link Loan Repayment Program - NHSC Finally, there is a loan forgiveness for those who work in public service jobs or for a non- for profit 501C organizations. Many hospitals fall under the 501C category. Here's that link https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/public-service

I hope this information helps.

That Guy, BSN, RN, EMT-B

Specializes in Emergency/Cath Lab. Has 6 years experience. 3,421 Posts

That's a lot of debt, but . . .

When I married seven years ago, I married into about $65,000 in debt. 10% interest, I might add.

My wife has been underemployed this whole time and I work for just over minimum wage. But in those six years, we've managed to lower that debt to just over $9,000. And we should pay it off early next year. Of course that means living on a lot of rice and beans, no vacation, and every. single. windfall has gone to debt. Every tax refund, every gift at Christmas, every single penny of that little inheritance check, every. single. penny.

It can be done. You'll just have to live frugally and forget the American Dream for a bit. You already spent that money - you owe it.

Well done. This kind of thinking has gone by the wayside I think. You take the money that you don't have, you have to pay it back, its that simple. Congrats on paying it off almost!

joanna73, BSN, RN

Specializes in geriatrics. 1 Article; 4,767 Posts

Facilities who are offering sign on bonuses, beware! There's a reason why staff cannot be retained. The only places you might find are rural facilities and places most people do not want to work.

AnnieOaklyRN

AnnieOaklyRN, BSN, RN, EMT-P

Specializes in ED, Pedi Vasc access, Paramedic serving 6 towns. 2,577 Posts

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.

We aren't being rude, just honest. There is no nursing shortage and you will be hard pressed to find any hospital in the US that will pay off you loans for you, there are too many nurses and not enough jobs for that!

You may have luck if you apply in Alaska, thats about it... Good luck!

Annie

michlynn

michlynn, BSN, RN

Specializes in Cardiology. Has 2 years experience. 175 Posts

I'd like to know more from people who have taken jobs through IHS, I would have no problem working for them if they help out that much with loans! But... do you enjoy working for them? No one wants to be miserable regardless of the compensation. Interested to hear some stories!

Nurse2B in TN

Nurse2B in TN

6 Posts

kaimkaim,

First of all congratulations on moving to Seattle! I hope its something you're looking forward to. I lived in Gig Harbor, WA for 4 years before returning to my home state, TN. There are lots and lots of nursing opportunities in Seattle area. If you have the option, Bellevue is a higher paying are (higher housing cost too though). Do you have the option of travel nursing for a year or 2 before the babies come on the scene? If you keep your home base in Seattle, Alaska is a short hop & great wages... I too looked into the military reserve! check it out...I saw it was offering a 60k sign on paid over a 3 year period. I'm late bloomer nursing student and too old to apply, but if I were younger.....

All the best on your move. Enjoy the mountain. :-) and coffee, and Pikes Place Market, and the ocean, and the culture, .... yep I kind of miss it

Nurse SMS, MSN, RN

Specializes in Critical Care; Cardiac; Professional Development. Has 11 years experience. 2 Articles; 6,837 Posts

Another Dave Ramsey follower here. I paid cash for all three of my degrees and am about to do the same for my MSN. I own my cars (no payments) and I put everything on a credit card that earns airline miles and pay it off every single month, so my vacations are cheap as well. I have trouble understanding the "I had NO IDEA my loan repayments would be so HIGH!" claims. How exactly did people think loans work?? It baffles me, truly, and I don't mean that snarky. I am stunned that anyone would not consider this is not free money.

OP, you are going to have to delay your move, delay your child bearing and live frugally if you truly want to get out from under your 60K in loans. I know delaying your dreams isn't fun, but it is worth it if you have the courage and character to do it. Good luck.

BuckyBadgerRN

BuckyBadgerRN, ASN, RN

Specializes in HH, Peds, Rehab, Clinical. Has 4 years experience. 3,520 Posts

I did receive a loan, all set up while I was in nursing school, that would forgive a % of my loan if I worked in my state for X number of months following graduation. The % was based on how long you worked. The max was 50% if you worked for a year. It wasn't a huge loan, but it was like $1000 (?) in "free" money!!

I now still live in my home state and work in another compact state, LOL

NanaPoo

NanaPoo

Specializes in School Nursing, Hospice,Med-Surg. Has 18 years experience. 762 Posts

Another Dave Ramsey follower here. I paid cash for all three of my degrees and am about to do the same for my MSN. I own my cars (no payments) and I put everything on a credit card that earns airline miles and pay it off every single month, so my vacations are cheap as well. I have trouble understanding the "I had NO IDEA my loan repayments would be so HIGH!" claims. How exactly did people think loans work?? It baffles me, truly, and I don't mean that snarky. I am stunned that anyone would not consider this is not free money.

OP, you are going to have to delay your move, delay your child bearing and live frugally if you truly want to get out from under your 60K in loans. I know delaying your dreams isn't fun, but it is worth it if you have the courage and character to do it. Good luck.

Truth.

hppygr8ful, ASN, RN, EMT-I

Specializes in Psych, Addictions, SOL (Student of Life). Has 20 years experience. 4 Articles; 4,573 Posts

I'm sorry,

I seem to missing something here. It's my understanding that a loan is taken out with the full intention of paying it back. If you took out a loan hoping that someone down the way was going to forgive or pay off that loan for you then you were being dishonest and disingenuous. The good old days of huge signing bonuses is long gone. I have heard that some Native American Tribes especially those with a lot of money due to having Casinos will help to payback some loans in exchange for agreeing to work on the reservation for 3 to 5 years. Also I believe the Military will payback some monies if you join the reserves - but you face the very real possibility of being deployed to a war zone. You may be able to renegotiate your payments but it's probably time to just bickle down and start paying the loans off.

Peace and Namaste

Hppy

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