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.
Wow, I hope your plan works out well. I didn't realize an education could cost that much. I bow down at the altar of community college. In the early 90's tuition was $250 a term at my community college.
Specializes in Tele, Home Health, MICU, CTICU, LTC.
My plan is to be a professional student as well as a nurse. If you go to school at least half time you don't have to pay your loans. Seriously though...I do intend to pay them back someday when I am finally done with school. For now I will enjoy the in school deferment.
My biggest worry about your plan is that you are assuming a lot of things that might not come true, such as:
1. that you will graduate and pass NCLEX right away.
2. that you will like your first job well enough (and be good enough at it) to work all those extra hours.
3. that you will have no health problems or life complications that get in the way of your working WAY more hours than anyone should have to.
4. that you won't get burned out by working all those extra hours.
etc. etc.
I have seen many new grads bite off more than they can chew in their first year or two after graduation. Yes, some people succeed at working a lot of extra hours and everything in their careers goes smoothly. However, if you read the threads here by new grads about their first year or two of practice, you will see that it is not always "smooth sailing."
Be sure to have back-up plans in case you need them.
My biggest worry about your plan is that you are assuming a lot of things that might not come true, such as:
1. that you will graduate and pass NCLEX right away.
2. that you will like your first job well enough (and be good enough at it) to work all those extra hours.
3. that you will have no health problems or life complications that get in the way of your working WAY more hours than anyone should have to.
4. that you won't get burned out by working all those extra hours.
QUOTE]
1. God is in control; I WILL graduate and pass NCLEX. I also believe I am meant to do what I'm doing, so I have faith in myself.
2, I will like my job. No, I'll love it. I have a few options and I already work on a floor I love. I alos have my pick of other places. I live in an area where nurses are actively recruited. I know nurse patient ratios of all the particular hospitals as well. It also helps that little bothers me and I have a good attitude, so I won't have a problem there.
3. If I have there are health problems, that's what STD and LTD insurance are for. According to a poster on another thread, there is no problem that the right insurance can't solve; that's another thread though if anyone knows the one I'm referring to.
4. Burn out? I used to work 8 am- 5pm then 9pm -5pm. Five days a week. Did that for 6 months. Only quit because I had enough money. In other instances I've worked 7 am-3 pm then 4pm to 11 pm 5 days a week. As a matter of fact, I;ve rarely worked one job only. Oh, as a CNA, I worked home
health 8 am -4 pm Mon-Fri. then 7a- 11p Sat and Sun. Did that for 8-9 months. Quit so I could go back to school during the week, but kept the weekend job. Add to that I've had an abusive husabnd breathing down my neck and I took 18 credit hours of classes, cared for two children, and worked 16 hour shifts every weekend. Wow. I handled that, so I don't think that a few extra shifts every other weekend will kill me.
I guess it's true that what doesn't kill you only makes you stronger.
you do still have to pay them back, they are just deferred as long as you are in school at least half time. during this time, based on the type of loan, interest still accrues.
my plan is to be a professional student as well as a nurse. if you go to school at least half time you don't have to pay your loans. seriously though...i do intend to pay them back someday when i am finally done with school. for now i will enjoy the in school deferment.
this is assuming a lot of negativity regarding the situation. i am sure the poster is thinking in the realms of positive occurances. sure life gets in the way, but to immediately put a negative in the equation is a defeatist trait.
my biggest worry about your plan is that you are assuming a lot of things that might not come true, such as:
1. that you will graduate and pass nclex right away.
2. that you will like your first job well enough (and be good enough at it) to work all those extra hours.
3. that you will have no health problems or life complications that get in the way of your working way more hours than anyone should have to.
4. that you won't get burned out by working all those extra hours.
etc. etc.
i have seen many new grads bite off more than they can chew in their first year or two after graduation. yes, some people succeed at working a lot of extra hours and everything in their careers goes smoothly. however, if you read the threads here by new grads about their first year or two of practice, you will see that it is not always "smooth sailing."
be sure to have back-up plans in case you need them.
this is assuming a lot of negativity regarding the situation. i am sure the poster is thinking in the realms of positive occurances. sure life gets in the way, but to immediately put a negative in the equation is a defeatist trait.
you're right. i am fully aware of difficulties in nursing. i am going into this with my eyes wide open. i didn't really want that much in debt, but i got it, so no sense in dwelling on the worst.
i have been a negative person and a positive thinking person. the positive person has taken over for nursing school and i've had nothing but success.
i think i can stay healthy for four years! if i'm permantly disabled, then the loans are cancelled anyway, so i guess that's one way to look at it.
My biggest worry about your plan is that you are assuming a lot of things that might not come true, such as:
1. that you will graduate and pass NCLEX right away.
2. that you will like your first job well enough (and be good enough at it) to work all those extra hours.
3. that you will have no health problems or life complications that get in the way of your working WAY more hours than anyone should have to.
4. that you won't get burned out by working all those extra hours.
QUOTE]
1. God is in control; I WILL graduate and pass NCLEX. I also believe I am meant to do what I'm doing, so I have faith in myself.
2, I will like my job. No, I'll love it. I have a few options and I already work on a floor I love. I alos have my pick of other places. I live in an area where nurses are actively recruited. I know nurse patient ratios of all the particular hospitals as well. It also helps that little bothers me and I have a good attitude, so I won't have a problem there.
3. If I have there are health problems, that's what STD and LTD insurance are for. According to a poster on another thread, there is no problem that the right insurance can't solve; that's another thread though if anyone knows the one I'm referring to.
4. Burn out? I used to work 8 am- 5pm then 9pm -5pm. Five days a week. Did that for 6 months. Only quit because I had enough money. In other instances I've worked 7 am-3 pm then 4pm to 11 pm 5 days a week. As a matter of fact, I;ve rarely worked one job only. Oh, as a CNA, I worked home
health 8 am -4 pm Mon-Fri. then 7a- 11p Sat and Sun. Did that for 8-9 months. Quit so I could go back to school during the week, but kept the weekend job. Add to that I've had an abusive husabnd breathing down my neck and I took 18 credit hours of classes, cared for two children, and worked 16 hour shifts every weekend. Wow. I handled that, so I don't think that a few extra shifts every other weekend will kill me.
I guess it's true that what doesn't kill you only makes you stronger.
Those two children you cared for, are they your own? How much time do you spend with them working and going to school all those hours?
Those two children you cared for, are they your own? How much time do you spend with them working and going to school all those hours?
I didn't have any children when I worked the first two jobs; they were 3 and 1 when I did home health and the sixteen hour per day weekend job and my mom cared for them then and that was only for six months.
Oh, yes, they are my own. It's like that when you are the only one who is willing to care for them. I don't work now; I only have an extern job that's very part time. Now family in the area, so that's why I have such high loan debt.
I spend all my time with them. In fact, right now, I find the most creative of ways to spend time--in first semester I practiced health assessment on them. I taught my daughter the bones of the body. I read for the next days classes while they are falling asleep every night. I do a lot of other things too.
I guess you think I don't see my kids. Trust me I do. I'm the only one who sees them because I'm the only family they have here right now.
Instead of working multiple jobs have you considered moving to save money? If it is possible for you to lower your living expenses for a time you may be able to pay down your debt and work normal hours. Maybe get a roomate or move to a cheaper dwelling?
The husband and I are moving to a much cheaper place for the next 2 years to pay down loan debt and save for a home. The way that we have worked it out we will both be able to stick with a normal 40 hour work schedule and meet our financial goals. Our new place is much smaller than where we live now but we get along well and know it's only temporary.
Instead of working multiple jobs have you considered moving to save money? If it is possible for you to lower your living expenses for a time you may be able to pay down your debt and work normal hours. Maybe get a roomate or move to a cheaper dwelling?
The husband and I are moving to a much cheaper place for the next 2 years to pay down loan debt and save for a home. The way that we have worked it out we will both be able to stick with a normal 40 hour work schedule and meet our financial goals. Our new place is much smaller than where we live now but we get along well and know it's only temporary.
Either way...whatever you decide...good luck!
Well, I'm a single parent and as is I live in cheap housing (the rent is $490). I don't have anyone helping me out, so that's why debt is what it is. I don't pay water bill or cable either. I could stay here, but I have to be enrolled in MSN program. I don't get child support and I don't get any health insurance on my kids, so I have to provide that too. This is a prime example why parents need to pay their child support; if I had it, I'd be doing fine, but that's a whole other issue.
Roomate? No one I know wants to live with me and two kids.
I could move back home with my parents. I am working out whether or not that is a good option or not. There just aren't as many opportunities there as in the city I'm in now.
military spouse
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Just the thought of working full-time plus a few per-diem shift has exhausted me. I better go to bed now:uhoh21: