Loans, interest, decisions, oh my!! Help!

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Trying to make a big decision here. I tend to over analyze things, so I'm hoping some of my fellow SNs can help me out.

I have about 10k in student loan debt as of now. I attended a 4 year school, pursing a biology degree, and I took out a good bit towards that degree... didn't finish it because I decided on nursing.

I am in my program and have 3 semesters left.

I currently bartend 2x week but I'm absolutely sick of the place. I make good money but its putting a lot of wear and tear on me and I really need to quit. Like really, its not optional at this point.

I'm not sure I want to find another job.

Here's the deal..

How bad is student loan debt!? Do you let it bother you? Are you worried to? Are you confident you'll snag a good loan repayment contract when you graduate?

How much debt do you have? (Give me some comparative insight to help calm my nerves) how do you cope with it if its a lot!?

Now, I also have 2500 in credit card debt. So I'm in 12,500 debt totally - 10 of which is student loans (all subsidized stafford).

I'm thinking about taking out the unsub loan max for this year (revising my aid package a little late in the game) and banking that to live on.

Am I blowing this out of proportion? Is this the norm for us student nurses? How many of us are in the same boat?! How are we going to every get out of debt!

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since i blew 40 grand on my previous degree (which was utterly useless) Im having to pay cash for my RN program. Its not too bad. Just 89 dollars a credit hour so im looking at about 9K for the program.

Fortunately, in Maryland you dont HAVE to have a Bachelors for your RN immediatly.

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Specializes in OB.

I am where you are now. I was working as a server but just could not juggle school, kids, and job effectively. So I quit and my debt load has increased. For the past 3 semesters I have taken max loan for both subsidized and unsubsidized. I use some to pay for my classes and also to survive off from. Here's the kicker. I'm not even in Nursing School yet. I applied this January so hopefully I will start in the fall but I needed loans to pay for pre-reqs as well. So currently I am about $25,000 in debt with my school loans. I am hopeful that next year I will be able to get scholarships to pay for things and I can stop taking loans but who knows. Am I concerned with my debt loan? Yes, but am I going to let it hold me back? No. The way I see it as I can be debt free but never be anything and work dead end jobs all my life or I can have this debt now, become a nurse, and have a career and money to actually pay the loans off.

To me the loans are worth it ;) Hope this helps Good Luck!

Crystal

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and hopefully when the economy approves (hopefully by the time we graduate) we can get lotsa OT!

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Specializes in Pediatrics.

I paid for my pre-reqs with grants and a 2year scholarship, I then got into a nursing program and I thought again I will pay for it with just grants and no loans, and I made it through my first year that way, working extra to make ends meet. This is my last year of the program and I decided to take out the loans offered to me so when I graduate I will have about $7,000 in loans, but I also have about $4k in credit cards, another $4k for my car loan and another $4k for my son's braces which brings me to $19K :crying2: in debt when I graduate, yet I am not too worried it will eventually get paid off.....one day:beer:

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I'm looking at around $19,000 in student loans when I graduate. Even though it's a substantial amount, I'm grateful it's not more due to my scholarship and grant.

I only work about once a month when I'm in school, and then still part-time during winter/summer breaks. This year I'm hoping to find another part-time job and do one in the morning/day and one later in the afternoon/night. Not that I'm looking to pay off my loans right now, but the more I can work during breaks, the more money I have for books, and the less I need to work during school time, the more I can focus on doing well.

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I did the expensive University Bachelor's degree before. I feel that it alone doesn't always guarantee a job.

Now I am returning to college to get my nursing degree. I opted to go to a community college. Total tuition isn't going to be much over $5k for the whole thing ($1,200 a semester), which I can pay for in cash. Books I get at a huge discount on Amazon. I feel like when I graduate next spring, I can't be sure of getting a signing bonus, so I personally am doing everything I can to avoid loans.

If you can find any way to avoid the debt, do it!!!

Remember that if you loan is $10k now, the actual amount you pay including compounded interest may be $20,000, $30,000 or more. Consolidate debt to lower rate programs, when possible. Opt for student loans that have deferred interest, when possible.

Some of my classmates in the pre-req classes are taking them at the community college but going to a university for the final degree. Tuition at my comm college is less than ONE THIRD of that for the university, and the credits fully transfer.

I've also learned that my local school financial aid office does not know where all the scholarship money is. If there say there "is no money", don't stop looking. For example, I joined my honor society (AAT) which has lots of money for its members. Do your research! There may also be school scholarships, state or local funds, or foundations.

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Natasha,

Go to some of the student loan sites and they will give you a better idea of what you will be paying when you get out... I will tell you my advice... I had 35k in student loan from my undergrad in business... it worked out to be $440 a month over 10 years, you have the option to spread it to 30 year if you have over a certian amount or it can be graduated, which it goes up over time as assumably your income does. I choose the 10 year option, because i just wante to pay it off asap. So do some math and see what you can afford to pay based on your current expenses and the average starting salary in your area.

I have paid off extra over the 4 years I have been out of school and paid off aprox half and I am not worried to go back to nursing school and add back the loans I have paid off to get my nursing degree! From a business perspective student loans are considered "good debt" much better then running up your credit cards etc.

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Thank you all for responding. I hope the bump in this threat will help others with the same mental beatdown.

I'm fortunate to have a significant other who has agreed to pay the bills for now and we'll reevaluate our situation over the summer when I'm not in school and again in the fall.

I'm taking out an additional (my first unsub) stafford to pay off my 2 credit cards, so they won't be looming over my head.

This leaves me with loans to pay for some groceries, gas and my health insurance.

I guess in the long run, this is a better debt and hopefully a deb that really isn't even given a second thought by bankers. I don't want this to hinder us from buying a home.

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Do it! I owe 16k in student loans from undergrad and am now attending nursing school at a private school where my tuition is 24k a year. I also take out an additional 12k a year for living. On top of that, my husband is in law school and takes out 50k a year in loans. When we both graduate May 2011 we will have a total of $238,000 in loans! There are lots of programs out there for loan forgiveness.

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I am in the same situation myself but with a twist. The nursing program to which I was admitted is extremely expensive. I received their email on financial aid but there is still a gap that is north of $20,000 that I am expected to cover on my own - not going to happen. I've been turned down for loans even with a solid cosigner. I am trying to do some research but I fully expect to have to call them within the next week and forfeit my deposit and tell them I can't come. It sucks but I don't see another option. Loan repayment is one thing, getting loans is quite another. My advice to you would be to do everything you possibly can to keep your loans down. Consolidate, make interest payments, stay in your job if possible (depending on any other opportunities you may have in your area). Loans suck, make no doubt about it.

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since i blew 40 grand on my previous degree (which was utterly useless) Im having to pay cash for my RN program. Its not too bad. Just 89 dollars a credit hour so im looking at about 9K for the program.

Fortunately, in Maryland you dont HAVE to have a Bachelors for your RN immediatly.

I blew 30 grand on my previous degree which has also proven itself to be utterly useless. And I am also having to pay cash for my RN program. Looks like we have a bit in common...:rolleyes:

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