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.
Specializes in Med/Surg, Tele, IM, OB/GYN, neuro, GI.
You may want to check your states BON or DOH websites. I know in Florida if you are a nurse practicing at certain hospitals they have something similar to a grant that will pay $4000 a year at teaching hospitals and $2000 a year at the other hospitals in the state.
I feel your pain. I also had student loans from 2 previous BS degrees before nursing school. It took me almost 11yrs after I became a nurse to finally get them paid off!! Just 2 mo ago I got that wonderful letter in the mail "zero balance",...$73,000.00!! It sucks,.but I have to say it was worth it :)
If any of you have a significant amount of private student loan debt, I'd suggest applying for the NELRP. It's a big pain in the butt application, but I applied for it two years in a row and was finally accepted last year.
I feel your pain. I also had student loans from 2 previous BS degrees before nursing school. It took me almost 11yrs after I became a nurse to finally get them paid off!! Just 2 mo ago I got that wonderful letter in the mail "zero balance",...$73,000.00!! It sucks,.but I have to say it was worth it :)
Also curious if RN-Cardiac remembers if or how much the private loans' interest rates varied throughout that time?
That's really the only reason I strongly suggest people do anything else they can except the private loan route. Unlike fed/stafford/etc., those private companies can raise that rate, much like a credit card, to whatever they want....as in 15%...20%...horror story numbers.
I get that people need to do what they need to do and hopefully those nightmare scenarios never take place but yikes!
I'm not sure what your situation is, but if you would consider joining the Army as an Army Nurse, they have an excellent student loan payback program as well as some other incentives. Just a thought.
APBT mom, LPN, RN
717 Posts
You may want to check your states BON or DOH websites. I know in Florida if you are a nurse practicing at certain hospitals they have something similar to a grant that will pay $4000 a year at teaching hospitals and $2000 a year at the other hospitals in the state.