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Paying back $100, 000 back in loans

Nurses   (7,390 Views 46 Comments)
by Lisa CCU RN Lisa CCU RN, RN (Member)

Lisa CCU RN is a RN and specializes in Geriatrics, Cardiac, ICU.

6,982 Profile Views; 1,531 Posts

I plan to defer my loans after I graduate and get my MSN, but by the time I finish I will owe over $100, 000.

I see alot of people who are really freaked out by that number, but I think I have a good repayment plan.

I'll admit I don't know exactly how you do the math, but I figure that's about 25,000 a year. I can get that by working agency or at a nursing home every other weekend. I can work 3 12's at a regular job and take PRN shifts at around 36-40 an hour doing 16 hour shifts every other weekend.

I'll still have two days off and on the off weeks, I'll be off on the weekend.

If I do this for 4 years my loan should be close to paid off. It may still have a 15,000 - 20,000 balance, but that's alot better than 100,000.

I do realize I need a year of experience before I work agency or PRN shifts and that's where my MSN comes in; My loans will be derrered during that time.

Does this sound reasonable? I was thinking of doing the same to save up for a house, except I'll just work one weekned a month and put that money away.

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301 Posts; 5,126 Profile Views

I plan to defer my loans after I graduate and get my MSN, but by the time I finish I will owe over $100, 000.

I see alot of people who are really freaked out by that number, but I think I have a good repayment plan.

I'll admit I don't know exactly how you do the math, but I figure that's about 25,000 a year. I can get that by working agency or at a nuring home every other weekend. I can work 3 12's at a regular job and take PRN shifts at around 36-40 an hour doing 16 hour shifts every other weekend.

I'll still have two days off and on the off weeks, I'll be on on the weekend.

If I do this for 4 years my loan should be close to paid off. It may still have a 15,000 - 20,000 balance, but that's alot better than 100,000.

I do realize I need a year of experience before I work agency or PRN shifts and that's where my MSN comes in; My loans will be derrered during that time.

Does this sound reasonable? I was thinking of doing the same to save up for a house, except I'll just work one weekned a month and put that money away.

You think alot like myself.

I took out a second loan on my house to put some new siding on it, and the loan was about $16,000. I worked a part time job a couple days a week, as my regular job is 4 ten/hour shifts per week. So I could get in a couple extra days per week. I worked like that for about a year or year and half, and got that loan paid off in the minimum amount of time. I saved several thousand dollars in interest by doing that.

You can do it! It's a fantastic way to save up for anything you want. Like the house you want, a new car, you can easily get the down payment in hardly no time at all and pay the loan off very quickly.

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teeituptom is a BSN, RN and specializes in ER, ICU, L&D, OR.

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I borrowed money from my 401k. So basically I borrowed from myself. And paid myself back with interest of course.

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RNDreamer specializes in acute care.

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I have $20K in loans from my first degree will will have approx $100, 000 after my BSN....and I made the same plans that you did, with a modification...My first 6 months to a year, I plan to just put away as much money as possible (because you never know what life may hand you). Then the second year, I plan to work fulltime at one job, and either PRN at another or for an agency so that I can pay off my loans as quick as possible.

I plan to defer my loans after I graduate and get my MSN, but by the time I finish I will owe over $100, 000.

I see alot of people who are really freaked out by that number, but I think I have a good repayment plan.

I'll admit I don't know exactly how you do the math, but I figure that's about 25,000 a year. I can get that by working agency or at a nursing home every other weekend. I can work 3 12's at a regular job and take PRN shifts at around 36-40 an hour doing 16 hour shifts every other weekend.

I'll still have two days off and on the off weeks, I'll be off on the weekend.

If I do this for 4 years my loan should be close to paid off. It may still have a 15,000 - 20,000 balance, but that's alot better than 100,000.

I do realize I need a year of experience before I work agency or PRN shifts and that's where my MSN comes in; My loans will be derrered during that time.

Does this sound reasonable? I was thinking of doing the same to save up for a house, except I'll just work one weekned a month and put that money away.

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Why not try for scholarships for your MSN and an employer who will pay your current loan off in exchange for your commitment to work for said employer for a certain amount of time? Be very, very clear on the terms you agree to - how much they will actually pay for you, what are the damages if you break the contract, etc.

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Lisa CCU RN is a RN and specializes in Geriatrics, Cardiac, ICU.

1,531 Posts; 6,982 Profile Views

Why not try for scholarships for your MSN and an employer who will pay your current loan off in exchange for your commitment to work for said employer for a certain amount of time? Be very, very clear on the terms you agree to - how much they will actually pay for you, what are the damages if you break the contract, etc.

The loans are just for my BSN. My employer will pay 250 a month towards my loans, but my payment would be over that, even if I stretch it out 30 years.

My employer will pay for my MSN, but through my employer, I assume it'll have to be in acute care--something they could use at the hospital. I was also thinking of getting a MSN in medical anthropology. There is a scholarship that pays full tuition and fees as well as a $500 a month stipend for part time attendance.

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Danish is a MSN, APRN, NP and specializes in vascular surgery.

301 Posts; 9,041 Profile Views

Hey, at least you've got a plan...Im still working on that part ;)

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MikeyJ is a RN and specializes in Peds, PICU, Home health, Dialysis.

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My plan is take out an extra $500. in student loans and invest all of it in lottery tickets!! Can't miss!

Haha.. excellent idea! I should do something similar to that my last semester in school.

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chuck1234 specializes in Nurses who are mentally sicked.

629 Posts; 6,805 Profile Views

$100,000 student loan...that is a lot...

But your plan is good...some students don't even have a plan...they just pay the minimum...and that is hurt their credit scores...

If you are buying a house...unless you pay everything at once...you will have to borrow it from the bank...this will requires you to have a high credit scores.

Good luck..

Have a Happy Mother's Day!!!!

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marilynmom is a LPN, NP and specializes in Adolescent Psych, PICU.

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Wow, sounds like you have a plan worked out. I will owe about $30K and haven't really thought about how I am going to pay it back. So your way ahead of the game! I have a couple of friends, because they live out of state, etc are going to owe $100,000 as well so your definitely not alone.

I know if I work one extra 12 hour a shift a week I can an extra $500 a week that way so that is probably what I will do.

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puggymae specializes in OB, NP, Nurse Educator.

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I was so lucky - when I got my two year degree I went to school on a full academic scholarship, my employer paid for my BSN, & MSN except for text books. I am going to start my DNP and my employer is paying for it once again.

I admire you and your ability to not freak out with that kind of loan hanging over your head - that is like a mortgage! Your repayment plan sounds reasonable - Good Luck to You!

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