New grad nurse looking for financial advice!!

[Nursing4Sure]

I graduated from nursing school in may 2007 and just started on a new job (well, technically i'm in a 3 month fellowship program). Between nursing school and my first degree I have accumlated ~$70,000 in loans from nelnet and sallie mae. Now, i'm the type of person that absolutely hates owning anyone any money (i know, hard to believe ppl like me still exist right. lol) and i just want to get this loan off my back ASAP. I had conversations with a friend of mine about this subject and he told me that after he finishes his contract, he's going to work for a hospital that will pay off his student loans. I thought he had a great plan until I thought about the interest rate that is going to accumlate on my loans for evey month that I don't pay them back. Unfortunately the hospital i work for does not pay back my student loans and I have a 18 month contract with them. What's the best thing to do with my situation guys/gals??

Jayden

[llg, PhD, RN]

Without knowing the details of your situation ... you should probably work out your contract so that you don't add to your financial burden by owing your employer money because you broke your contract.

You are not going to be able to pay these loans back overnight. It will probably take many years. Live as cheaply as you reasonably can and try to pick up a few extra shifts to earn some extra money -- but not so many that you burn yourself out. You won't be able to afford luxuries, but you should be able to do it. Many people graduate with long loans -- and they pay them back 1 step at a time over a period of many years by being disciplined with their money and working a little extra.

For the next few months, your priority should be to succeed in the transition from student to staff nurse so that you will have a good foundation for your career. Do that without adding to your debts by living within your means and begin making those payments to pay back your loans. Then, after you are established as a nurse, you can look for ways to increase your income a little -- and take that extra income and apply it to your loans.

[TexasPediRN]

i'm just like you. i despise owing money.

however, with 30grand in student loans, there isnt much i can do. i consolidated them and have a 5% interest rate. i just had to step back and accept that i had all of these loans, and i deal with them. i pay an extra 20$ a month toward each loan (i have 2), which makes me feel good about getting them paid off earlier. (however earlier that will be!)

also remember, there are tons of overtime opportunities, but if you choose to go that route, you cannot allow yourself to get burnt out.

as for your hospital, finish your contract. when you choose the next hospital that you go to, you can take into account one that pays back student loans but that should not be the only thing you take into consideration. it may be a bad hospital to work at with horrible nurse to pt ratios, bad pay, etc.

and, last but not least - congrats on becoming a nurse!