Need some advice on student loans....

Nursing Students Male Students

Published

Well I need some serious advice on student loans. I'm starting my nursing program in August, and what bad timing that is too. I recently just bought a Truck and now with school starting I won't be able to work full time. I'm thinking about taking out a student loan and pay off my truck while I'm in school, than I can repay my loan after the program. Do you think this is a good idea or should I try and work during the program.

P.S. Can someone help me with the intrest rates. What are good decent rates for private school loans. I was quoted 10.5%/20,000 is this to high?

Thanks for the advice, I'm actually paying 11 percent which is very high, but with this loan I will be paying intrest every month which is like 100 dollars a month, and by doing that It will keep my principle low until I can start paying it off. The good thing about this loan is that there's no early repay fee's. So I can pay it off early. I was thinking about taking out Federal loans and paying of the Private loan with that. At least the Fed loans are capped and lower. The bad thing is that the Fed loans have limits. Like my school only allowed 4500 for this year. So I will have to wait next year to take out another 4500 and combine that I will have 9000 to pay of my private loan of 25k. And that 9k is lower intrest and while I'm in school those intrest rates are being paid by the govt.

Up Vote Up Vote ×

The heck 10%..If there are no other choices. Just take it. Just make sure you will make it all the way = D. Once you're done and get licensed, you can pay it off in just a month or two. Lol. Good Luck. Better yet, ask your family members for help, I'm sure your family will support you. My parents helped me to pay my tuition. This also helps me to focus more in my studies because I don't want to waste their money. = D

.

Up Vote Up Vote ×
The heck 10%..If there are no other choices. Just take it. Just make sure you will make it all the way = D. Once you're done and get licensed, you can pay it off in just a month or two. Lol. Good Luck. Better yet, ask your family members for help, I'm sure your family will support you. My parents helped me to pay my tuition. This also helps me to focus more in my studies because I don't want to waste their money. = D

.

It's nice that you are trying to help, but I would have to disagree with your advice. Are you suggesting that the OP can pay off the cost of a new car in "just a month or two"? This is not realistic. Also, family can be an option if they are willing to help you, however borrowing money from family is a poor idea because it changes the dynamics of the relationship.

Up Vote Up Vote ×
Specializes in Peds, PICU, Home health, Dialysis.

Phew.. 10.5% is very high. With private loans through Citiassist (Citibank), I get around 7.5% which I still think is high.

I will personally have between $50,000 - $60,000 in student loans when I graduate. Although high, I am not too worried about paying them off. I figured my student loan payment will be around the $600 mark. But with my partners income and my income, I am sure i can get that entire loan paid off in 5 years or so.

I have a friend who walked out of school with $55,000 in loans and is working as a teacher. She is making pretty sad money as a new grad teacher and she able to pay her minimum loan payment just fine. So I am not worried because I know my income will be far more than what she makes.

Furthermore, I would rather take a ton in loans and be able to work in a career field that I enjoy rather than doing something else in life that doesn't appeal to me.

Up Vote Up Vote ×

Yep. It does change the relationship with your family, but having to ask them would not hurt a bit. Sacrifices need to be made in order to get what you want. My only option was "Get into the nursing program"...anyways, It's individuals choices. I don't worry about paying loans later on, because you will pay it off once you start to work. Yes, it's not realistic to pay it off in a month or two. 20,000 is a big money. He can apply for Grants. =D

About the statement you said that asking family is a poor idea, for me, I didn't have problem with that. I guess it depends on individual's culture. My sister helped me to pay my car loan, her friend helped me to pay my rent, my Dad helped me to pay student loan. You might say that I'm spoiled...lolz. Actually, they are not free, I have to pay them off later..with interest. I have to work double shift now, sure, why not. My co-worker has done it, why can't I do it too?. If he thinks that 10.5%/20,000 is to much...then why am I not worried?

------------------------------------------------------------

It's all about taking the risk. - Aries

Up Vote Up Vote ×
+ Add a Comment