Loans or Pay Out of My Own Pocket??

[sherry62]

My question to the group is related to loans vs. private pay. After you graduated, did you find it beneficial to let your new employer pay off your loans as an hire on bonus or did you receive a better pay or bonus personally if you had paid your tuition, etc. out of your own pocket? I have planned and saved and do not need the loans, but would an employer make me a more attractive offer without that overhead cost up front?? If they "plan" on covering a new hires loans, do they get any benefits from paying those loans??

[anne74]

There are no benefits to taking out loans, so if you can avoid it, do so at all costs! Most of the employers I've come across don't care how I got there or how much my school cost. All they care about is did you graduate and did you pass the boards. Also, there are not many hospitals I've come across that really offer loan-payback. Many offer tuition reimbursement, but that's only for new classes you'll take as an employee there. Some offer "loan forgiveness" which is where they pay your existing loans. However, with that, you have strings attached, like they'll make you sign a contract to work there for several years to pay it back. They can really bite you in the end if you don't like working there - you're stuck. It doesn't make you look any more attractive to have loans out. You're extremely lucky that you can pay for it yourself - that gives you more freedom. I didn't have a choice and I owe a ton in student loans. A huge part of my paycheck goes to the loans each month. I want to cry. Don't do it if you don't have to!

[purplemania, BSN, RN]

Agreed. It is always better (cheaper) to pay upfront or as you go. I put my first semester on a credit card (wrong answer) for ADN school. The remaining semesters I worked hard to stay on the honor roll and get scholarships. My employer paid most of my BSN and MSN tuition/books. Scholarships are out there but you have to find them. The financial aid dept at the school might help there. Good luck! You are already thinking like a nurse - what are all the options???