Loans, loans and more loans

kaufer01 · Oct 17, 2011

First, take a deep breath, you will figure it out.

I graduated with loans too (not quite as many as you have, but enough), but I wasn't lucky enough to have secured a permanent, full time job by the time I graduated. I made it work and you will too. It seems like a lot to take in right now when you first look at it, but you'll figure out how to make it work.

Make a budget and stick to it. Do any of your loans will qualify for loan forgiveness if you work for so many years as an RN?

VolunteerCPR · Oct 17, 2011

Just enjoy your new job as a nurse - you paid a lot for it, and put a lot of work into it. You can probably find happiness as a nurse, there are so many options. I wouldn't take out any more loans for another career, just start chipping away at those loans.

canesdukegirl, BSN, RN · Oct 17, 2011

Oh honey. I am crying too!

I know this is a moot point now, but WHY did you not apply for some grants or scholarships? It breaks my heart that you were not given adequate guidance from your school (if this is the case, in fact) to apply for every stinking scholarship that you would qualify for.

So now you are looking at a mountain of debt, feeling 'stuck' in your job and crying yourself to sleep every night. And to top it off, nursing wasn't your dream career to begin with.

As hard as it may be to believe, there IS light at the end of the tunnel!

So let's regroup. First of all, your loans can be consolidated. If you need help with that, go to Clark Howard's website and see what advice he has posted regarding student loans. He has some really great advice. I have followed many of his suggestions, and have reaped the benefits of each. The man knows his stuff. :)

Secondly, with the stress that you are under currently, it is very easy to allow the first signs of snow turn into an avalanche of impending doom. Step outside of that mindset. Have you ever hosted a dinner party and after all of your guests are gone, looked at your kitchen full of dirty dishes and exclaimed, "I just CAN'T tackle this job right now. I am SO tired, and it is too overwhelming. I don't even know where to start!"?

Your situation is much the same. You have prepared for a career, you have put in countless hours and have sacrificed many things to achieve the end result...your nursing license. You have landed a job that you aren't thrilled with, but it serves you well in getting your feet back on the ground financially.

When faced with an overwhelming situation, what should you do? Break it down into bite sized pieces. Do one task, check it off. Do another, check it off. Pretty soon, you will be shocked at how many things that you have accomplished just by taking care of the small stuff.

Honey, you are 23. Although it is prudent for you to be considering your retirement plans, all hope is not lost. I will share with you a very painful, yet very important and life changing story:

At 33 years old, I became very ill, spent 3 weeks in the hospital, took 4 more months to recover to learn how to walk again, and how to independently accomplish the tasks of daily living. I had daily appointments with my wonderful physical therapist just so that I could manage my fine motor skills and become strong again. During that time, I lost every bit of the money that I set aside for retirement, as my nest egg was sizable. That alone almost broke me.

As of now, I remain steadfast and vigilant regarding the amount of money I put away for retirement. It is non-negotiable. From the time that I was well enough to return to work to the present day, I have enough money in my savings account to cover 8 months worth of bills. This does not include my retirement funds, my specialty funds nor my emergency funds. My hospital offers several options for payroll deductions that specifically goes to a retirement account. I chose the highest rate.

It would be helpful for you to talk to a financial counselor who can guide you and show you how to diversify your funds. You may not think that you have enough money to consider this option, but I strongly encourage you to do just that. It is amazing what we can do with just a little bit of money.

Now take a deep breath...breathe in....hold it....breath out slowly. Do it again. Inhale.....exhale. You are in a great position at your age to overcome this challenge. You just need to find some resources. It wouldn't hurt for you to ask some of your peers who they see for financial advice. I was casually discussing financial counselors with one of the surgeons that I work with, and he was gung-ho on one particular firm. He gave me the name and number of his financial counselor, and this guy proved to be spot on. He showed me the importance of diversifying funds, having different accounts for specific funds, building a reasonable budget, and implementing plans for each. I left his office feeling very optimistic, and his advice continues to pay off today. For the first time in my life, I don't have to worry so much about money. I still worry, but not to the extent that I used to.

Do some homework. Find out what your options are. You can do this. If my air-headed butt can do it, anyone can!

I am pulling for you!

Canes

**NickiLaughs, ADN, BSN, RN** · Oct 17, 2011

If u see my post debt rant I can really relate. Any federal loans you have.can be paid off for you for working through the va. There are a few loan repayment programs out there. Also consider the military if you can. Cancel your cable. Keep your internet & get netflix instead. Don't go out to eat! I am not sure of what's going to happen to us. but I can tell u. You aren't alone. Maybe a per diem job on the side trying something else you might like more?

NurseAndLovinIt, BSN, RN · Oct 18, 2011

I know exactly how you feel. I have a loan debt of $110,000 and I just graduated with my BSN. It is quite depressing. I'm 27yrs old and it took me 7 years to graduate. My reasons are I could not figure out what I wanted to do and essentially wasted a lot of time and money on changing majors and taking classes I really did not need. I also had a hard time juggling a job and school, so of course I borrowed more money for living expenses. It wasn't until I was 24 that I could qualify for FAFSA and other gov't financial aid. In 2008 I finally figured out I wanted to be a nurse. 3 years later I am an RN and sitting on a mountain of debt. However, I am soooooo happy to be a nurse. Nursing is what I was meant to do and I am filled with joy that despite my debt, I am in a career I truely love. That is what keeps me sane about my debt. I know I will spend most of my life paying this off, but it is a "Good" debt and I will just do what I can and enjoy my life of nursing along the way. Find happiness in nursing and pay what you can each month and/or find repayment/forgiveness programs. We just have to deal. If you love nursing just as much as I do, then be happy about finding your niche in life. It will get you through

itsmejuli · Oct 18, 2011

If I was in your shoes I'd map out a plan to live frugally for the next 10 years to get those loans paid off. Using one of the online calculators, I came up with payments of $1150 for 120 payments to get that loan paid.

Yup, that's a lot of money each month, but the faster you pay it off the less you pay in interest in the long run.

Set up a budget and stick to it. Live with a roommate in a cheap apartment, try to live without a car if possible.

Think about it this way....10 years costs $38k in interest, 15 yrs almost $60k.

Jules A, MSN · Oct 18, 2011

The great news is that you are young and hopefully have the maturity to live frugally and pay it off as was suggested above. Good luck. Please let this be a warning for others. Borrowing for living expenses doesn't make any sense to me. I worked all through school and while it wasn't easy it sure paid off financially.

carolmaccas66, BSN, RN · Oct 18, 2011

Sweetie pie, I think there isn't a single person who has gone to university who isn't in debt.

And since you are ony 23, you have many years ahead of you to pay off this debt. Why don't you go & get a debt consolidation loan? Then u only have one re-payment. I did this for credit card debt I had (I know, I know I was young & dumb). But it was the best thing I ever did.

Here are some tips that helped me:

- After I got my loan approved, I went home & cut up my credit card. Best thing I ever did. If u have one, cut it up today. Do not procrastinate.

- Save money by shopping for clothes, household stuff etc at opportunity (thrift) shops. You can get lots of bargains & I get new clothes that people buy, don't like or put on weight & who haven't worn the clothes.

- Only have one light on in one room at a time for each person. No extra lamps etc should be used to save money on electricity.

- Have some nights where u burn candles round the house (if you're allowed if renting). I burn scented candles safely around the lounge, & have a glass of wine watching TV. U save money on electricity & lavender candles are relaxing & soothing.

- Walk to the shops if possible, save money on gas (petrol). Use public transport as it's (usually) cheaper.

- Only eat out once a month, if u have to, & only get takeaways once a fornight/month.

- Find recipes to cook cheap meals.

- Buy supermarket brand names as they're cheaper. Go grocery shopping later @ night as this is when they discount bread & meat, etc.

- Ensure air in ur tires is adjusted every few days, so your car tires don't wear out as quick. Learn how to service ur car yourself (manuals can be had @ the library or on line). You'd be surprised how much mechanics charge just for checking oil & changing an air filter (my Dad is a mechanic so he knows).

- Borrow bookds & DVDs from ur library.

Anyway they are just a few hints. Also, try to be philosophical in the fact that you cannot change what has happened in the past. U can only control ur future now - don't dwell on it all to much.

But do look into a loan ASAP.

good luck.

MsBlissful · Oct 18, 2011

I toally get your stress. It's not unusual to have loans, but my goodness Ms. Nurse, did your degree come with your diploma on a sheet of gold? For that kind of money, I'd think so.

I just graduated From the University of Dundee in the UK. This is an accepted degree here in the states. My tuition, books and everything paid upfront? Less than 8K. Seriously, you got ripped off.

stephie_love · Oct 18, 2011

So....I am an nurse (with $50k in loans). And I am marrying a doctor!!!!!! :) :)

(who has $250k in loans).

Make you feel better? Teehee. We all have loans, that's life these days. You'll make it work - and someday you'll have your boat and your fancy house if that is what you want. And perhaps you'll marry a doctor that has his loans payed off by then

Cheer up, buttercup!

ThePrincessBride, MSN, RN, NP · Oct 18, 2011

I think there isn't a single person who has gone to university who isn't in debt.
And since you are ony 23

Um...what? There is a notable amount of people who graduate free of debt. Not everyone is financially irresponsible as OP. Some would pay as they go, others applied for grants or scholarships, others joined the military, and of course, there are the lucky ones who have parents pay partially for their education.

I can't believe anyone who take 110k loans to be a nurse, or even half of that. That is the debt of a doctor or a lawyer!

OP, if possible, I would move back in with the parentals and pay as much toward your loans as possible. Hopefully, you've learned from your lesson: read the fine print and keep track of what you are taking out. It seems as though you just irresponsibly took out a bunch of loans without actually thinking first. But don't worry, you wouldn't be the first to do this, nor will you be the last, unfortunately.