Loan Repayment

Get on a budget and pay them off as soon as you can. Continue to live like a student until they're paid and don't inflate your lifestyle. You took out the loans, now it's time to pay them. 

I see it this way. You took the loans out knowing that you would have to repay them. So now act like an adult and pay them. Work extra shifts, get an extra job, figure it out. Being a nurse involves a great deal of responsibility. Show that you can be responsible, starting wit meeting your financial obligations! 

Yikes. I guess I did not represent myself well when making this post. CLEARLY I knew when I took out loans I would be repaying them. I pick up OT almost every week to put towards my loans. Just like many other nurses, I work OT nights, while being a wife and mom with young children. I do budget and I do save. I only knew about HRSA grants and repayment programs because they were mentioned at work and I didn't know if other nurses had experience with tuition awards while working in rural areas. I do appreciate the feedback but not the harsh judgement. Especially, in our field of work. 

GoldenGirls1719 said:

Yikes. I guess I did not represent myself well when making this post. CLEARLY I knew when I took out loans I would be repaying them. I pick up OT almost every week to put towards my loans. Just like many other nurses, I work OT nights, while being a wife and mom with young children. I do budget and I do save. I only knew about HRSA grants and repayment programs because they were mentioned at work and I didn't know if other nurses had experience with tuition awards while working in rural areas. I do appreciate the feedback but not the harsh judgement. Especially, in our field of work. 

The easiest way would be to look for a job at a new hospital that offers loan repayment as a sign on bonus. Sadly most hospitals offer better options to new hires than they are willing to offer their existing staff. Congratulations on completing your RN-BSN.

You can look into "income driven repayment" to see if you can get a lower payment until you can catch up. 

I did the PSLF program as I had private loan from getting my teaching degree (did not survive budget cuts in 2008 and lost my teaching job) so when I became a nurse, I qualified for the public service thing and I got my payments lowered (I have 2 special needs kids that I am supporting) I have about 4 years left of the program and then the rest, which is mostly interest, will be forgiven. I had paid back my biology degree loans before becoming a teacher

The loans have become ridiculous. Some of the new nurses that I orient, have to pay insane $$ in rent and then $600-$900/month loan payments. Getting a lower loan payment for the first year or two can help. 

Does your organization help at all with tuition assistance or reimbursement?  I got $10K when I started my current job (I think they are offering up to $30K now) and after 2 years, they paid almost all of my RN-BSN program (went to a state school, so not terribly expensive)

Grants/scholarships are typically granted while you are a student and paid toward your current tuition, I'm not an expert on this but I don't think I've ever heard of either one offered after the fact that would apply toward student loan payments. 

You do have a couple of options though. The first is looking for an employer that offers loan repayment as a hiring benefit. Those employers are becoming few and far between it seems so your best option is likely also your easiest.  Restructure your loan to an income-based payment model and that should lower those payments enough to make them more manageable.  Plus you would likely still have a significant balance left at that 10-year mark when you would qualify for loan forgiveness so that's a win-win.  Lower payments now to save you money in the short term plus loan forgiveness later to save you money on the overall loan balance. 

I'm guessing she works for a for profit like HCA so then wouldn't qualify for the PSLF.  Also, income-based repayment will count both her and spouse's income if married so doesn't always save money.  Plus, many times it pushes people into negative amortization where you don't pay the interest in full and it capitalizes and the debt just grows.  I wouldn't count on student loan forgiveness because the US is over $34.5 trillion in debt and it may be discontinued in the future.  Until recently it had a 99% rejection rate and people were told to start over!

Better option is to pay it off ASAP.  Look at hospitals with bonuses and/or tuition reimbursement.  The VA system has excellent benefits and tuition reimbursement so if there is one near her that would be the best bet!