Need advice from current students and alumni about loans

mindlor · Mar 18, 2012

Also there are many loan forgiveness programs.

You can begin looking at ruralhealthweb.org

Also if you keep voting dem, somewhere along the line our loans will be forgiven anyway

mindlor · Mar 18, 2012

It's not rocket science. My income derives mostly from investments that I was able to make over the years because I opted not to live beyond my means. Very little (proportionately) of my income comes from working as a nurse.
There was a great book written some years ago, The Millionaire Next Door. In a nutshell, if you avoid debt, live beneath your means, invest what you can, and resist the urge to impulse spend, you'll accumulate significant wealth over time. Is it easy or absolutely painless? No. But those who follow these principles will have net assests of far greater than all those who spend money on fancy cars, a daily Starbucks coffee, designer handbags and electronic gizmos. And, if you invest wisely, you'll be shocked at how much that money multiples. (Case in point. Had you bought Bank of America stock two months ago, you'd have doubled your money today. The next challenge is to avoid taking your BofA investment out of the market and buying another fancy car!

That is great advice for someone just starting out Patti and Iagree with you. However, if someone has made mistakes and are trying to recover, its a bit late in the ball game for this approach....

mindlor · Mar 18, 2012

The other side of your theory Patti is this. I see many people hoarding money and basically depriving themselves of living a happy , joyful life. Eventually they wind up at hospice with a lot of money in the bank and a lot of regrets.

I believe that the solution to all things lies in balance.

Humulus · Mar 18, 2012

Good for you for making smart financial moves, I wish I had the opportunity to do the same. I don't even have enough money to buy any food till the 2nd of April - and when I get money that will be because I'm borrowing it from a friend. I go to school full time and work part time just for rent. But, that's the college life right? Poor, broke, and hungry.

Patti_RN · Mar 18, 2012

There is a way out, no matter how old or how many financial mistakes you've made... find a roommate and cut your rent and utilities in half? Move to a smaller apartment? Find a part-time job? (outside what you typically do--not nursing, you'll burn yourself out) I know a lawyer who got himself into real financial trouble and worked at UPS 20 hours a week loading boxes onto trucks after he worked 60 hours/week as an attorney! He used that money to pay off his debts, he and his wife tore up their credit cards, and they moved to a very small apartment. He still lives modestly, and swears he will never get into another competition to own fancy stuff.

Yes, there is balance in everything. I don't live in squalor, I drive a new BMW (paid cash, by the way) and I take more than my share of fancy vacations. I have no debt and never did. The debt is what kills personal finances.

Humulus · Mar 18, 2012

I do have a roommate, it's just paying for school and rent/bills. I'm taking out small loans, but my school is really cheap (community college); tuition, books, all fees only come out to about $4,500 for three terms. So between financial aid, one scholarship, and the small loan I'm able to get by. I figure I'll have my loans paid off within a year of graduating and I'll be living much more comfortably while doing so.

I think there should be some sort of food assistance programs for college students. It makes me sick when I think about all the people I know who don't work, go to school, smoke pot and play video games all day, go fishing, hiking, etc... Yet get food stamps and unemployment. Whereas, I know so many people like myself who work hard and can't even afford to eat!

Patti_RN · Mar 18, 2012

It really feels unfair when some people seem to get rewarded for making all the wrong decisions. But, their unemployment will run out someday, and others won't have the personal satisfaction of doing something in the world and for the world.

I've been really fortunate in life, but I've also made many sacrifices along the way. I can't count how many bags of rice (brown rice!) I bought and canisters of oatmeal I ate along the way. I see low income people eating at fast-food restaurants and want to tell them that they could eat healthy food for a week on what they spend on a greasy hamburger (complete with pink slime!), unhealthy fries, and a calorie laden soda with no nutritional value.

I hope you graduate soon so you can start making some money and eating better!

emcadams · Mar 19, 2012

I agree with what Patti said! I am a scared investor, so I usually just do mutual funds in an IRA. But I am happy to have put $$$ away for retirement along the road.

Student loans are the devil. I will be attending a public college (haven't decided yet between community college ADN or local university's BSN), and will be paying cash for my tuition. Here in south Florida, its about $100-$120 a credit hour. In 2006 I graduated from a private school that was almost $550 a credit hour. I used to think my $79k in student loans was terrible, but it could have been worse. It will be a long time before I pay it off. PLEASE reconsider going to such a great school for something like a BSN. I can see going to a school like that for scientific research/lab work/ or law. Professions where you will be publishing yourself and people care where you went.

To those of you that got student loans you could handle...kudos.

To the rest, please avoid taking out so much. It feels like the weights of the world are on you. If I could do it all again, I would have at least chosen a less expensive school. I do not think its worth it to have UPenn on your wall, and 44k a year in debt.

No thanks. I'll take an ADN or cheaper BSN for 20k for the whole program.