I am single, in my late 20s, and I have about $65,000 in private loans and $255,000 in federal loans. I was a minor when taking out the majority of those loans over 10 years ago, and basically at the behest of my parents, who said they needed the money for living expenses. I am no longer on speaking terms with them. I have consulted with a lawyer since, who was sympathetic but advised that legal costs and the drawn-out nature of the legal system would mean that I could end up with even more debt and it could easily take 8+ years to reach a resolution. I have decided against a lawsuit, especially since I have recently heard that my parents are in poor health (one has a terminal diagnosis).
I am a relatively new grad RN. The average starting salary here is about $58-60,000. I am completing an NP certification (paying out-of-pocket) and expect to complete it in 2 years, which will boost my earning potential. However, even if I live as a pauper, I will spend at least 10 years paying off the loans.
I have spoken to several advisors and PSLF is an option if I continue working for a nonprofit hospital or other organization for 10 years, which is still a long time, but at least it frees up some money for retirement/investment/etc. If PSLF fails, I can use that money towards paying off the loans. It's obviously a risk. Does anyone have any other ideas on what I could do? I've looked into the NHSC repayment option but I'm not sure it would help much, since most of my loans are not from nursing school.
I'm having a hard time dealing with the reality of this burden. I want to do normal things like save for retirement, maybe get married, buy a small house. It feels like I'll be losing 10 years of my life to loans that my parents used. It really sucks.
Obviously PSLF with IBR or a loan repayment for service scheme is going to be your friend in this circumstance. The military could wash away 100k (maybe) depending on the branch.
On IBR with PSLF hopefully in your future you can easily continue to save away for retirement (500 month into an Roth or trad IRA).
My thoughts exactly. I'm trying to wrap my head around this amount
Firstly, I don't think it's helpful to criticize the amount of the OPs loan because it doesn't change the fact that this poor soul still owes it, and they came here asking for advice to fix their situation/move forward. The OP was a minor and from the sounds of it, didn't really have anyone to help guide or protect them. Now that I am Nursing faculty, I encounter students all the time whose parents misguide them for their own financial gain. It's a form of abuse and young students are exceptionally vulnerable... especially at the hands of their parents. I feel for the OP. I can't imagine how it must feel to realize your own parents took advantage of you, and potentially destroyed your future.
If the OP was a minor when the loan was initiated, they would've needed an adult co-signer. The amount isn't that startling when you think of the total cost for a 4yr undergrad + graduate degree for professional programs in the US. The OP's signature states: " MSN, RN". So, they allegedly have a BScN + MSN. Tuition fees depend on where the OP went to school. In Canada, I've only seen MDs with student loans $300K+. Nurse practitioners usually can rack upwards of $150K+++. And other professional programs (Chiropractic, Law, Engineering) can easily reach six figures.
Nursing is my second career. In canada, employers do NOT help pay for BScN completion. So, we pay either out-of-pocket and/or student loans. When I first contemplated becoming a nurse, I was accepted to University of Hawai'I's Graduate entry MSN program. I have family I could live with Hawai'I but the tuition for the program was $92,040 USD for the 1st year alone. So, it's easy to see how someone might rack up a huge student debt. I opted for a different school with lower tuition, but I have the ability to move around. Not everyone has flexibility to do that.
I am single, in my late 20s, and I have about $65,000 in private loans and $255,000 in federal loans. I was a minor when taking out the majority of those loans over 10 years ago, and basically at the behest of my parents, who said they needed the money for living expenses. I am no longer on speaking terms with them. I have consulted with a lawyer since, who was sympathetic but advised that legal costs and the drawn-out nature of the legal system would mean that I could end up with even more debt and it could easily take 8+ years to reach a resolution. I have decided against a lawsuit, especially since I have recently heard that my parents are in poor health (one has a terminal diagnosis).
I am a relatively new grad RN. The average starting salary here is about $58-60,000. I am completing an NP certification (paying out-of-pocket) and expect to complete it in 2 years, which will boost my earning potential. However, even if I live as a pauper, I will spend at least 10 years paying off the loans.
I have spoken to several advisors and PSLF is an option if I continue working for a nonprofit hospital or other organization for 10 years, which is still a long time, but at least it frees up some money for retirement/investment/etc. If PSLF fails, I can use that money towards paying off the loans. It's obviously a risk. Does anyone have any other ideas on what I could do? I've looked into the NHSC repayment option but I'm not sure it would help much, since most of my loans are not from nursing school.
I'm having a hard time dealing with the reality of this burden. I want to do normal things like save for retirement, maybe get married, buy a small house. It feels like I'll be losing 10 years of my life to loans that my parents used. It really sucks.
Debt loads like this are why the bankruptcy code was created. File, slough off as much as you can - & work on rebuilding. The first couple years are tough after BK, but after that it’s really not a big deal. 5-7 years post BK, if you’re careful, you’ll be almost back to 100% .
For everyone hung up on the costs... did your families help you, are you independently rich? Because to those of us who had to struggle on our own it's not surprising to rack up this kind of debt. For example, my brother is a Doctor of Chiropractic (D.C.) in Canada. The requirements to become a D.C. here are as follows:
4 year undergraduate in health sciences/natural sciences/STEM (domestic tuition approx. $50-65k total, not including books/lab/ancillary fees fees)...for reference, my BScN cost me over $65k in Canada
4 year Doctor of Chiropractic Program (domestic tuition approx. $30k/per year-$120k total)
When the 8 years of schooling is complete, you're well over $200k in student loan debt (not including interest rates, living/medical expenses...rent, food)...
For everyone hung up on the costs... did your families help you, are you independently rich? Because to those of us who had to struggle on our own it's not surprising to rack up this kind of debt. For example, my brother is a Doctor of Chiropractic (D.C.) in Canada. The requirements to become a D.C. here are as follows:
4 year undergraduate in health sciences/natural sciences/STEM (domestic tuition approx. $50-65k total, not including books/lab/ancillary fees fees)...for reference, my BScN cost me over $65k in Canada
4 year Doctor of Chiropractic Program (domestic tuition approx. $30k/per year-$120k total)
When the 8 years of schooling is complete, you're well over $200k in student loan debt (not including interest rates, living/medical expenses...rent, food)...
Give the OP a break.
Also, when I was starting college at 17/18, I got really BAD but well-intentioned advice from multiple adults I trusted. It sounds like OP’s parents didn’t have their best interests at heart and when you’re raised in that environment it can be hard to see the abuse for what it is. Do people come from similar backgrounds and/or have to figure things out for themselves without that much debt? Sure. But it’s also really common for things to go other ways for a variety of reasons. They have the debt and time machines don’t work. It’s got to be very stressful to deal with this and as they are not on speaking terms with their parents I think they are probably aware of the harm that has been done as well as their parents’ role in it.
For everyone hung up on the costs... did your families help you, are you independently rich? Because to those of us who had to struggle on our own it's not surprising to rack up this kind of debt. For example, my brother is a Doctor of Chiropractic (D.C.) in Canada. The requirements to become a D.C. here are as follows:
4 year undergraduate in health sciences/natural sciences/STEM (domestic tuition approx. $50-65k total, not including books/lab/ancillary fees fees)...for reference, my BScN cost me over $65k in Canada
4 year Doctor of Chiropractic Program (domestic tuition approx. $30k/per year-$120k total)
When the 8 years of schooling is complete, you're well over $200k in student loan debt (not including interest rates, living/medical expenses...rent, food)...
Give the OP a break.
most of us don't understand how loans could amount to that. As a single parent who worked full time during nursing school, I totally understand about the costs. Especially since back then, loans were not as readily available as they are today, and there were limits as to how much could be borrowed. No one is trying to insult anyone, we are simply trying to understand
I have spoken to several advisors and PSLF is an option if I continue working for a nonprofit hospital or other organization for 10 years, which is still a long time, but at least it frees up some money for retirement/investment/etc. If PSLF fails, I can use that money towards paying off the loans. It's obviously a risk. Does anyone have any other ideas on what I could do? I've looked into the NHSC repayment option but I'm not sure it would help much, since most of my loans are not from nursing school.
I am going to do the PSLF. I don't work for a nonprofit hospital, but I work for the government, at the state level. I haven't started the PSLF because not all my loans qualified for PSLF, and in order to do that, I have to consolidate them first. Then they will all qualify. For PSLF, the private loans do not count, but the federal ones will. I went on the myfedloan website and it lets you see what your payments will be based on the type of payment program you choose. It did let me see my payment under the PSLF. They make you pay 10% of your income, and since I make around $80,000/yr, my payment will be $600 something each month. It also shows you an estimate of how much will be forgiven after 10 years of payments. Since I have about $60,000 in loans, my loan forgiveness would only be about $7,000, but I figure it's better than nothing. Btw, you can see the different types of payments, including PSLF, without having to commit to any of it. That way you can see and decide if it's worth it to pursue.
For the type of debt you carry, it would definitely be worth it. If you do decide to do it, it takes a few months to consolidate the loans, so it helps to start early. Once that happens, then I can submit my work verification to fedloans and officially start my payments. Any payments before the work verification do not count.
As for the NHSC, I heard the jobs offered at at very low pay and as you mentioned, a lot of your loans are not nursing related. For NHSC, that would disqualify those loans from being part the ones being forgiven. I believe for the PSLF, there is no requirement as to the major. It's more about the company you work for qualifying and you having to make the payment for 10 years, based on your income.
I had looked into the NHSC, but I looked up places near me on their website, and the ones I saw had very low pay, and half of my school loans wouldn't qualify anyway. Otherwise, I would have done it.
And perhaps one should only take out the amount needed for education related expenses.
This is what I am talking about when I say give the OP a break. This isn't curiosity, comments like this are completely judgemental and reeks of privilege.
I live in Canada... but from some exhaustive research (because I almost attended school in the US) and interviewing nursing colleagues in the US... I know domestic tuition fees for US citizens to earn a Bachelor of Science degree in nursing (BScN) can range anywhere from $40,000 to well over $100,000 each year and typically takes four years to complete. The OP also has an MSN degree, plus the OP would have had other things to pay for like living expenses (food, clothes, medical), rent, books, supplies, etc...
All things considered: $300k in debt unfortunately makes sense. It's really not that difficult to comprehend. I feel sorry for the OP, and I hope they pull through.
300, 400, 500, 600k......might as run it up with a DNP and bank the cost of living (refund) portion of your loans and invest it. PSLF means that you'll only ever pay 10-15% of your income back for 10 years and the rest is irrelevant. Some DNP with 500k in loans will pay the same as someone with 200k in loans, since a DNP isn't going to charge up your salary/payment and the remaining principle (80k-ish vs 380k-ish) will be forgiven. Giant risk, but this happens more than you think and can actually be a way to make money by going to grad school.
^This is also a very strategic way to be at top of list for Nurse Corps LRP.
Just don't be a dink and screw up your PSLF paper work like many have.
I am single, in my late 20s, and I have about $65,000 in private loans and $255,000 in federal loans. I was a minor when taking out the majority of those loans over 10 years ago, and basically at the behest of my parents, who said they needed the money for living expenses. I am no longer on speaking terms with them. I have consulted with a lawyer since, who was sympathetic but advised that legal costs and the drawn-out nature of the legal system would mean that I could end up with even more debt and it could easily take 8+ years to reach a resolution. I have decided against a lawsuit, especially since I have recently heard that my parents are in poor health (one has a terminal diagnosis).
I am a relatively new grad RN. The average starting salary here is about $58-60,000. I am completing an NP certification (paying out-of-pocket) and expect to complete it in 2 years, which will boost my earning potential. However, even if I live as a pauper, I will spend at least 10 years paying off the loans.
I have spoken to several advisors and PSLF is an option if I continue working for a nonprofit hospital or other organization for 10 years, which is still a long time, but at least it frees up some money for retirement/investment/etc. If PSLF fails, I can use that money towards paying off the loans. It's obviously a risk. Does anyone have any other ideas on what I could do? I've looked into the NHSC repayment option but I'm not sure it would help much, since most of my loans are not from nursing school.
I'm having a hard time dealing with the reality of this burden. I want to do normal things like save for retirement, maybe get married, buy a small house. It feels like I'll be losing 10 years of my life to loans that my parents used. It really sucks.
Hi, I am so sorry for what you are going through. If I were you, I would check into the US Public Health Service Commission Corp. or Indian Health Service. The Corp is a great career as is IHS. With the Corp ( it’s the military but non combat branch of the US Public Health Service) so you are given a military rank and earn military benefits. You may get called to national disasters, etc. I worked with a lot of Corp nurses at IHS. I retired from IHS after 10 years (I lived on the Navajo reservation) and I loved it. Also, in IHS, your housing is provided and you pay a nominal rent which is a great way to save money. Also, federal nursing positions pay very well. I was making $104, 000 when I retired. And if you want to travel, you can do it with security with just a job transfer. If you stay 20 years, you get a pension and can keep your benefits for life. It’s also 5 years and age 62 which is what I did. The spirit of IHS is comparable to the Peace Corp and staff spend their whole careers there and raise their families on the Rez.
I would check out their loan repayment programs. I know they are offered.
I had to find the best way even if unconventional way to support myself and think about my future. I am married but my husband is disabled and hasn’t worked in many years. This is what worked for me. And I would encourage anyone to carefully look into this. IHS uses a lot of NP’s. The Native patients were also grateful and kind- a rarity these days.
I wish you luck going forward and sending love to you ❤️
DannyBoy8, RN
219 Posts
Obviously PSLF with IBR or a loan repayment for service scheme is going to be your friend in this circumstance. The military could wash away 100k (maybe) depending on the branch.
On IBR with PSLF hopefully in your future you can easily continue to save away for retirement (500 month into an Roth or trad IRA).