Loans and job

mtngrl, ASN, RN · Jan 6, 2015

I am just wondering how you spent so much on school to be a nurse.

mgandy87 · Jan 6, 2015

Having been admitted to one of the most expensive hospitals in the nation because of the location of my assignment and the coverage of my insurance. It didn't exactly cover 100% of my stay as most coverage doesn't. Follow up appts and medication does build up.

mgandy87 · Jan 6, 2015

It's called out of state private school

Libby1987 · Jan 6, 2015

Having been admitted to one of the most expensive hospitals in the nation because of the location of my assignment and the coverage of my insurance. It didn't exactly cover 100% of my stay as most coverage doesn't. Follow up appts and medication does build up.

So lousy insurance? That's too bad. The prestige of the hospital shouldn't matter, OOP doesn't change based on that, amd I'd think under an emergency situation you would have had out of network coverage. No wait, as an assigned traveler I would have thought that coverage would have been stipulated.

Libby1987 · Jan 6, 2015

It's called out of state private school

This really stumps me.

mgandy87 · Jan 6, 2015

Honestly it's not that complicated. Parents couldn't afford school for me, I wanted a good education which I got but now am paying for it, literally.

mgandy87 · Jan 6, 2015

So do you have a suggestion or are you just going to keep criticizing me about how somehow I shouldn't have the bills I do?

Libby1987 · Jan 6, 2015

So do you have a suggestion or are you just going to keep criticizing me about how somehow I shouldn't have the bills I do?

My suggestion would be get two roommates in cheap housing, don't even think about buying anything but the most basic essentials for next few years and pay the **** out of those loans. But given that you went to out of state private school for nursing, I'm trying to figure how that's the best and only choice for someone can't afford school, I'm not sure you're looking for that kind of simple pragmatic advice.

caliotter3 · Jan 6, 2015

So do you have a suggestion or are you just going to keep criticizing me about how somehow I shouldn't have the bills I do?

Well, you did choose the private school and everything that went with it. Have you contacted your school loan servicer to see if there is anything they can do for you? If they lower the monthly payments, it will drag out the loan and increase the interest, but at least you could get the monthly payments closer to something you could afford. Then, as you trim elsewhere, you can always increase these payments to "catch up".

mgandy87 · Jan 6, 2015

Was given an ROTC scholarship but then was dc'd after review of PMH. That's how I was at a big institution.

Wrench Party · Jan 6, 2015

I'm not sure why this hasn't been mentioned before. Can you pick up an agency job in addition to your full time? You'll probably

get paid more per hour since your benefits are coming from your main gig.

Agree with all the above- cheap roommates, live bare bones, try to pick up side hustles like petsitting or dog walking, or utilizing

whatever skills you're good at. Every little bit helps.

FinallyRNStatus, BSN · Jan 6, 2015

Mgandy87 - I feel for you. Although I haven't started paying back my loans yet I've been concerned about it since day 1 of taking them out. I have close to 90K in loans despite NOT going to a crazy expensive private out of state college. How??? I've been in school for 7 years while working full time on server wages in a crappy economy and often times having to pay over $1000/month for 2 kids in childcare. Childcare seriously costed MORE than my education. Not to mention other expenses that come along with having a family! I busted my butt to obtain my nursing degree but my parents were unable to help me pay for my degree either. Do I regret $90k in debt to obtain my education? Hell no!!!! It certainly is a burden though.

If it was your choice to go to an expensive private school for nursing, that was your business and I don't understand why people are being so criticizing. We all make choices, good and bad that will affect us later. At the time it appeared to be worth it, and probably still is. Besides buying a home, I believe investing in your education is really the only "good debt" people can acquire. Especially since your 100K degree will get you a lot further than an Art major.

It doesn't sound like it is your financial irresponsibility that has kept you from paying back your loans but the fact that you are paying $2k/month in medical bills. That is an insane amount and no wonder you are struggling to pay back student loans on top of that. Someone suggested asking for lower loan payments but you weren't saying you couldn't make your loan payment --- you said you couldn't make a dent in them. If you take a look at your loans you'll notice that the first 3 years or so of minimum payments goes completely to INTEREST! (ok maybe 50 bucks out of $1000 goes to principal. Woopie!!!) The only way you will make a dent in your loans is to commit to paying $500 or $1000 more than your minimum payment towards your loan with highest interest. Since your loans aren't consolidated, focus on paying off one loan at a time. Then use the money you save from not paying that loan and add to the amount you committed to paying your loans. Eventually this will create a snowball effect and help you pay them off sooner.

If you're struggling with not making enough I too would suggest getting a roommate to cut your expenses in half and picking up an agency job. One of my nursing professors who had a lot of loan debt for Masters/PhD suggested getting an agency job and committing all that income to just paying off student debt. It might suck now---but imagine how much more it will suck to have this debt lingering over you for the next 10-20 years?