Paying back $100, 000 back in loans

Lovely_RN, MSN · May 14, 2007

I was a single parent before I got married...lived with my parent's the entire four years of college. If you can tolerate your parents and they are willing to have you I say go for it. I know some people would advise you to not move in with your parents and they will try to make you feel bad about doing it but if they willing to have you and feel like it's not imposition then I say do what you have to do to provide a better life for you and your children.

Multicollinearity, BSN, RN · May 14, 2007

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.

It sounds like your mind is made up. Personally, I would buckle under the plan you have set out. But we are all different.

Also, I'm thinking about your comment about STD and/or LTD covering any health problems. I don't think it's quite that simple. People are much more likely to continue working while suffering with health problems than they are to become officially disabled and go out on disability payments. It is this sort of scenario that becomes difficult with working full-time - let alone the super-schedule you have proposed.

I do hope it works for you. I really do. It sounds like you have a positive attitude. However, your plan is assuming that everything will go well, and life doesn't always work that way. Belief in god or not.

Kymmi · May 14, 2007

CRNASOMEDAY25---all I have to say is that I admire you and think that your positive attitude is a wonderful atribute. I have alot of good "plans" to earn extra $$ but I find it hard sometimes to have the willpower to follow thru with them and then when I do I find myself spending the extra $$ on extra things. I would say good luck to you but I can tell by reading your posts that luck has nothing to do with it---you are a strong minded well organized person and you have a clear cut plan.

teeituptom, BSN, RN · May 14, 2007

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.
Life is full of hard choices isn't it?

If Life was full of easy choices, then we wouldnt learn as much as God intended for us to learn, so Hang in there.

Sorry to hear about your child support issues, fortunately I never divorced, couldnt afford to, raised 7 kids. Always had health insurance for them too.

Good luck to you

southernatheart · May 14, 2007

The saying "If you want to hear God laugh, tell him your plans!" comes to mind. Best of luck to you, though! :)

gonzo1, ASN, RN · May 14, 2007

I admire your hard work ethic and courage to take care of yourself and your children so well. You are young and have followed through with an education that will provide well for you and your loved ones for years to come. You are right, God will be there when you need him. It sounds like you have carefully thought out your plans. Go for it. At least you are trying to do something intelligent and positive for yourself and your family. Go for it.

LuckyDD · May 14, 2007

Reading this thread has made me realize anything is really possible . Once you put your mind to it. I admire your strength. You are applying everything i read in the "Secret" and w/ that strenght you will continue to prosper.

***God would not give you what you can't handle. You are a true meaning of a strong woman. Happy mothers days to you and all the ladies on the board!

HeartJulz · May 14, 2007

I am really proud of all of you for 'thinking' like that!! I am the SAME exact way... it takes a special persona really, to want something sooooo bad that we have to jump so many obstacles... really, I like seeing this. Think.. in the end, you will sit back and smile and be proud how you conquered it all and made it. My school is over $20k... thankfully Im down to 10k, but then lost my job... because of school schedule and dr. looked down upon my bettering myself ... and now am at a position in my life that Ive given up a lot to get through this! CRAZY!!! We will alllllll make it ...

justme1972 · May 14, 2007

A $100K loan will have a combined payment of around $1,000 per month. Most of the new grads in my area are only getting paid $25 per hour tops, that is with all shift diffrentials included. I couldn't imagine paying that per month, plus rent, plus car insurance, and eating.

TrudyRN · May 14, 2007

Are you already a BSN? Or are you planning to become one? I guess you might be one if you were teaching your dtr the bones, etc. (That sounds good to me, BTW)

And I thought your MSN would be as a CRNA, based on your name. Good bucks as CRNA. You could easily pay your loans off with that pay.

Not sure what to advise. What I would do is try to find the least expensive education that still would prepare me for what I wanted to be. I'd live with my parents if they were willing or I'd get a roommate/boarder, try to pare down my expenses every possible way. Somehow, I know you will do that, too. You sound like a very strong person, a real survivor, and my hat is off to you. Oh, the other issue is that I would research the job market for Med Anth before I started school, just to be sure I could find work. But certainly you hve done that, too, and there must be work - so there you go.

I look forward to you sharing your decisions here.

BouBou · May 14, 2007

I would start paying my loans back while I was in school. The loans are collecting interest even though they are differred for payment. I would commit to sending 25 or 50 dollars a month and contribute 25% of any of my tax refunds. Any interest that is paid on the loans is also tax deductible. As soon as I graduated I would consolodate the loans into one loans too. Your education is the best investment that you can make in yourself.

Lisa CCU RN, RN · May 14, 2007

A $100K loan will have a combined payment of around $1,000 per month. Most of the new grads in my area are only getting paid $25 per hour tops, that is with all shift diffrentials included. I couldn't imagine paying that per month, plus rent, plus car insurance, and eating.

Actually, if you stretch it to 30 years, it's around $500 and something. I get $250 in loan repayment assistance from employer till it's paid off, so I only have to pay $250. No, I don't mind paying thirty years, but with my plan it will only be 4 or 5. this is after I consolidate with Sallie Mae. I did a laon repayment estimator.

I didn't think I was proposing something that was that big of a deal, but I guess it must be.

Maybe I should elaborate. I was saying I'd work my regular 3 12's a week, put loans on deferrment while in MSN, and then work a per diem job every other weekend for 16 hour shifts. This would be after I got a year of experience. Or I could just work one 16 hour shift every week. I don't see that as being all too stressful. I've worked longer for less money and to get less accomplished.

I'll still have time for the kiddos. I can come home from a looooong day and still play with them. I do that now.

Oh, well, I know what I intend to do. I just take things one day at a time and none of my best laid plans have failed yet. It's a miracle I'm even in nursing school.

Oh and to the poster who thought my MSN was going to be CRNA; it is. I am getting my medical anthropology master's because it is interesting to me. I am going to anesthesia school after my kids are in college( which means I'll be ablout 40) so I can be there for them.