New RN grad, no job, how to pay for expensive private nursing school?

[Thank_You_RNs]

We all know this recession is making difficult for us new RN grads to find a job. Apparently, our lack of experience in the field is troublesome to any healthcare employers to hire us because it will cause them too much money to train us. Anyhow, my real question is: How about those newly RN grads who just recently graduated from an expensive private nursing school, how are they going to pay for the expensive tuition if none would like to hire a new RN grad? How long until after they graduated that they have to make payments on these loans? Do these institutions even help them find a job after they graduated? Comments will be appreciated. Thanks.

[Prettyladie]

you have six months grace period until you have to repay your loans.

[cardiacRN2006, ADN, RN]

That's why people shouldn't pay a ton for nursing school right now.

We say this all the time. Students want to take the quick, fast, expensive route, instead of being on a waiting list.

I didn't take any school loans out, so I don't know how soon you have to start paying them back..

[Prettyladie]

That's why people shouldn't pay a ton for nursing school right now.

We say this all the time. Students want to take the quick, fast, expensive route, instead of being on a waiting list.

I didn't take any school loans out, so I don't know how soon you have to start paying them back..

Well some people aren't as fortunate as you to not have to take student loans out. Just because somebody takes a loan out doesn't necessarily mean it was the " quick, fast, expensive route".

[cardiacRN2006, ADN, RN]

Well, many students did, and those are who I'm referring to. If you aren't the ones included in that statement then why be offended? I obviously wasn't talking about you.

I'm talking about the students now who are wanting to pay 40,000 for an ASSOCIATES degree because they have no wait list. Or the students who are $100,000 in debt because they wanted to have a good time in school, and felt that a CC was beneath them.

These are in reference to real threads here on allnurses. And in those threads, I've said that the economy is crap, new grads are struggling to get jobs, and you should wait and save money if you can.

And THOSE are the people that I'm talking about.

[Prettyladie]

Well, many students did, and those are who I'm referring to. If you aren't the ones included in that statement then why be offended? I obviously wasn't talking about you.

Obviously, nobody knew who you were talking about at that time, so thats why I said something. It seemed very generalized, rather than specific. Not offended, just outspoken. Thanks.

[cardiacRN2006, ADN, RN]

That's because I had those threads fresh in my head when I posted, so that's my fault for being generalized and not including them in my OP.

I don't begrudge those that take out student loans. I just don't know how they work, thats all.

For instance, in this economy, is their some safegaurd for those who can't get jobs? Can you wait longer than 6 momnths to pay back? I don't know...

[Prettyladie]

That's because I had those threads fresh in my head when I posted, so that's my fault for being generalized and not including them in my OP.

I don't begrudge those that take out student loans. I just don't know how they work, thats all.

For instance, in this economy, is their some safegaurd for those who can't get jobs? Can you wait longer than 6 momnths to pay back? I don't know...

Yeah, and it was my fault for assuming. So we're even =) I know that you can call your lender, and ask for some sort of delay. Or, you can go into forbearance, but she or he should definitely contact the lender before her grace period is over. Or, if all else fails, go back to school for something then, her grace period will start over.

[Meriwhen, ASN, BSN, MSN, RN]

Most lenders will give you a 6 month grace period before you have to start making loan payments. However, double-check with your specific lender.

Also, many lenders will allow you to defer payments if you can prove you're looking for work. That means showing proof you are seeking employment by registering with an employment agency...and yes, that means you may have to start applying for non-nursing jobs to be considered eligible for deferrment. However again, double-check with your lender.

In my experience, most schools do not help you find jobs after graduation, and to be honest, I'm skeptical of any school that makes promises such as they place graduates or that their graduates are accepted over other schools' graduates...because this market is so warped, anything goes. Right now even the hospital-run schools in my area are struggling to help their own grads find jobs in their own hospitals--there's just too much competition and too many qualified applicants, especially experienced ones.

All I can suggest if that if you loans come due, you may have to start working anywhere you can find work, even if it's not nursing. Better you do that than risk jeapordizing your credit rating by missing loan payments--bad credit takes years to mend and could negatively impact your job search as well.

Or contact your lender EARLY--don't wait until you're 3 months' behind in payments to pick up the phone--and see what terms you can work out. The earlier you do that, the better your odds.

Good luck.