I am currently a BSN nursing student. I will graduate in dec 2015 with roughly 23-25k in student loan debt. Most of that wont acquire interest until 6 months after i graduate. I know how to live wayy beneath my means so I plan to pay it all off within the first year and a half of working.
What level of nursing are you?
How much in student loan debt did you graduate with?
What level of nursing are you? RN, BSN. I assume this is what you are asking.
How much in student loan debt did you graduate with? Around $90k.
Are you still paying it off? Yes.
If not, how long did it take to pay it off? N/A, I've been paying it off for 7 years and still have just under $40k left.
Are you sure your loans won't accrue interest until 6 months after graduation? Most you don't have to start paying back until 6 months post graduation but a lot of them DO accrue interest while you are in school. What kind of loans do you have? Paying back the entirety of your loans within 1-1.5 years may be a little too ambitious. The job market for new grad nurses isn't exactly booming. Even if you do get a job right away, a significant portion of your pay will go to the government so you'd probably have to give up 1/2 your take home pay to pay off your loans this fast.
I will get my ADN in about 22 days with zero debt. Already have a job lined up that pays up to $10,000 in tuition reimbursement and my BSN bridge will be a total of $12,500. So, I'll be debt free there too. Took me an extra year, but I don't like being in debt for any reason and I think it's been worth it.
I'm a sophomore nursing student (second semester in bachelor nursing program out of six semesters). I recently checked my credit score on credit karma and it said I have $23K in student loans so far, which was waaaay less than I thought! I go to a private university and our tuition is out of the roof. I just opted to live off-campus, so I cut out my on-campus living and dining expenses. That saves me about $9K/year in tuition!
I'm expecting about $40K-ish in student loans by the end of my BSN, which is okay. Almost all of our students score one of three main hospitals in our area, which all have a nice tuition reimbursement/bonuses. One of my close friends (who is a graduating senior) opted for a couple of scholarships (which lowered her sign on bonus) from a hospital in return for two years of work in CCU. She said that if she didn't accept their scholarships and just took the total sign on bonus, it would be around $11K.
Personally, I'm not too worried about student debt. I'm spending my summer applying for a couple of really good scholarship programs from the state. Plus, there are some great options in my area that will help me pay back loans and go to grad school. The problem lies in the stipulations! A year or two of work agreements here or there can stack up.
Thanks for the replies! You all are so very helpful. @KelRN215 if you dont mind me asking, how the heck did you round up 90k worth in student loan debt for an undergrad nursing degree? Thats insane.
Also @KelRN215, Yes im positive that most of my student loans wont gather interest UNTIL I begin to pay them off, which is why I would like to pay them off asap. I don't feel my desires are "overly ambitious." I just REALLY don't want to still be paying an enormous amount of debt years after I graduate. If that means I have to live well beneath my means for a year or two after I graduate, im cool with that. I grew up poor, a few extra years shouldn't make or break me especially if it means financial freedom in the long run. :)
Specializes in Critical Care, ED, Cath lab, CTPAC,Trauma.
Thanks for the replies! You all are so very helpful. @KelRN215 if you dont mind me asking, how the heck did you round up 90k worth in student loan debt for an undergrad nursing degree? Thats insane.
Unfortunately....Not so insane in this day and age and depending on where you live....pretty average.
Thanks for the replies! You all are so very helpful. @KelRN215 if you dont mind me asking, how the heck did you round up 90k worth in student loan debt for an undergrad nursing degree? Thats insane.
Because an undergrad degree at the university I attended cost over $150k in the early 2000s. Nowadays, that some degree will run students close to $250k. Annual costs at top ranked universities in the Northeast top $60k these days. It's not insane. As Esme says, it's quite common up here.
Where do you live? How is the market for new grad nurses? It's not so great in most of the country, some new grads don't have jobs 6 months post graduation. Even if you do and you make a typical new grad salary- around $50k- you won't have that much money to play with. About 1/4 of it belongs to the government. Add in the cost of benefits and your take home pay is even less. So to pay off your loans in a year, over half of your take home pay would have to go to them.
Unfortunately....Not so insane in this day and age and depending on where you live....pretty average.
Agree....in the Northeast, totally normal....my state university is $46K and change for tuition alone. Very easy to rack up over 100k for an undergrad degree. It is significantly less in the state in which my parents live in the south.
I live in south east texas. I go to a non private university so it is relatively inexpensive. I just cannot fathom having more in debt than I would be making as a nurse, and THEN live with paying that debt off for 7+ years after I graduate. Thats still insane to me.
Thanks you guys for your responses. It is always wonderful to hear the view points of others who have been or are in similar situations. You guys are so awesome.
Agree....in the Northeast, totally normal....my state university is $46K and change for tuition alone. Very easy to rack up over 100k for an undergrad degree. It is significantly less in the state in which my parents live in the south.
I live in the northeast and go to a state university also and I won't have 46k racked up after 4 entire years for a BSN. That's rough. I thought prices were only that high in Boston and other popular cities and definitely not for a state school.
2k15NurseExtern4u, BSN, RN
369 Posts
Brillohead relax dude. I was being sarcastic and trying to make others laugh. I wasnt serious. But thanks for your response anyways. Have a good one!