Now, that you are a nurse are you able to pay back your private loans?

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I have maxed out my federal student loans & found myself borrowng from Sallie Mae's private loan. I already have student loans from a previous bachelor's degree.

Since I am aware of the private loans variable interest rates it makes me sick to my stomach that I have to take out a chunk of money but I have no choice.

Just wondering for those who took out private loans, now, that you've graduated & now that you are nurse & have a job. Has it been difficult to pay back the private loans?

Just wanted to know from those who have been in the same boat, is

there light at the end of this debt tunnel or will it remain forever bleak.

Thanks

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

I took out a $20,000 private Sallie Mae student loan in 2004, and paid it off in early 2007. Then again, I had more resources than the average struggling student, such as a significant amount of home equity on which to draw, a decently sized savings account, and other factors.

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I took out a $20,000 private Sallie Mae student loan in 2004, and paid it off in early 2007. Then again, I had more resources than the average struggling student, such as a significant amount of home equity on which to draw, a decently sized savings account, and other factors.

Very smart. I have never thought of home equity. What would I do without you all? Thanks.

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Specializes in Peds, PICU, Home health, Dialysis.

I will have over $50,000 when I walk out of nursing school in August. I am not excited about paying them back but I know it will all be fine. I figured $500 or $600 month for minimum payments. I will probably get a per diem job 6 months after working as a nurse and get them paid off quicker though.

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Specializes in Cardiac.

Hi Wsmith-

We're in the same boat! I also have maxed out on federal aid due to another degree and have also taken out Sallie Mae loans to make life a little easier (easier for now, anyway).

I hope alot of nurses respond to this thread to give us a realistic picture of how long it's been taking them to climb out of student loan debt.

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Specializes in Peds, PICU, Home health, Dialysis.

I also recommend everyone watch Suzy Orman on CNBC Saturday nights @ 9 p.m. She is a world renowed financial advisor and offers excellent advice and talks about paying back student loans all the time.

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this is my greatest fear, i will have around 68000-72000 in loans. i switched majors after having my baby. i realized how much i really wanted to be a nurse. have you thought about working for a hospital that is willing to pay back some of your loans as long as you work there. this is one thing that i hope to find and i am willing to move if i find a hospital willing to pay on them.

ashley

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Loan to learn offered good terms....

I don't believe in using SLMA they are a private organization subsidised by taxpayers.......It raises the cost of borrowing to students and is less efficient....

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Specializes in Infection Preventionist/ Occ Health.

If you consolidate your federal loans, you will have the option of extending the term from ten to twenty years. This is highly recommended by many financial advisers because you never know what your circumstances will be, and there's no penalty for pre-paying.

As an aside, beware of making plans to take on a second job once you graduate. I had a PRN job for the first year of nursing practice, but due to the overtime and stress at my primary job I only worked about 5 PRN shifts during that year. I finally turned in my resignation in December after realizing that it was not worth my health. I'd rather live more frugally than risk falling asleep behind the wheel or making a mistake (at either job) because I was so fatigued.

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If you consolidate your federal loans, you will have the option of extending the term from ten to twenty years. This is highly recommended by many financial advisers because you never know what your circumstances will be, and there's no penalty for pre-paying.

As an aside, beware of making plans to take on a second job once you graduate. I had a PRN job for the first year of nursing practice, but due to the overtime and stress at my primary job I only worked about 5 PRN shifts during that year. I finally turned in my resignation in December after realizing that it was not worth my health. I'd rather live more frugally than risk falling asleep behind the wheel or making a mistake (at either job) because I was so fatigued.

Thanks, BSN! I am not so worried about the federal loan it's the darn private loans I've been reading horror stories on the net. Thanks, for the realistic view about the PRN jobs, it's not easy working a full shift at the job then doing PRN. Must be stressful indeed.

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this is my greatest fear, i will have around 68000-72000 in loans. i switched majors after having my baby. i realized how much i really wanted to be a nurse. have you thought about working for a hospital that is willing to pay back some of your loans as long as you work there. this is one thing that i hope to find and i am willing to move if i find a hospital willing to pay on them.

ashley

i'm with you all the way. you go to school for a better life & end up leaving with a crapload of debt. i'm really curious to see how others are handling it & how they do it.

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A lot of people don't like this abswer because it isn't the "easy" way, but debt is never easy or convenient to pay back, and a nurse's salary isn't your savior. You will definitely have to cut your lifestyle way back if you are to make any headway. If your lifestyle is ramen noodles and Taco Bell specials you may as well settle in, because that is what it is going to need to be for several years.

Of course, if you are an unencumbered single person this will be easier to get by with.

Don't even go out and take a car loan, get used to driving hoopties. Live as cheap as you can in all aspects of life. The biggest hurdle will be keeping it up and keeping the bigger picture in view.

The average salary as an RN will be around $45-55,000 full time. You can take an extra job but it will wear you down fast and there is already enough nursing burnout as it is. The only way I see it would be feasable to take an extra job is maybe if it was a private duty case where you just sit around most of the shift and at least you won't be on your feet the whole time.

Can you pay $2000/month out of your $3800 to $4200 +/- income every month? You could be finished in less than 3 yrs. that way.

You need to pay that much to make any headway, piddling around with a few hundred dollars a month will keep you down for decades. If you will make sacrifices you can get this mess behind you and look at how much money will be freed up every month after the loan is paid off.

You could do like most people and pay the minimum on your loans and take out a mortgage and car payment and get in a bunch of credit card debt, then you can pay the minimum on that and still be paying on it years ahead with nothing to show for it. I hope you won't go that route, though.

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