Paying back student loans...

I'm curious whether you think it would be a reasonable goal to set a loan payback amount of $10,000 a year.

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I believe it depends on your goals and personal expenses. So, it might be quite difficult for anyone here to give you a concrete advice.

It may or not be a realistic goal. But, it is safe to try it and modify it if needed. Best of luck to you. Just remeber that life happens and sometimes things don't turn out to be how you planned. Having said that give it a shot and see what happens. :)

I'm just glad to hear I'm not the only one in this boat. I'll graduate with my BSN after 6 years of college too, with comparable debt. It stresses me out so bad but everyone tells me it's the best investment you can make and it will be manageable...

I'm a nursing student in Maine. My tuition is about $11,000 annually not including housing, clinical fees, and books. It's an extra $6,000 to stay on campus. I switched my major to nursing last year, which set me back a year academically and put me on the 6 year graduation plan. I'm happy with my decision, and I'm excited on becoming a nurse. I'm just worried about student loan payback. Currently I owe over $50,000 in student loans. By the time I graduate I expect to owe over $60,000 not including interest that has accrued thus far.

My plan is to move to Boston after I graduate. I'm single and I would work nights and overtime when I could. I'm curious whether you think it would be a reasonable goal to set a loan payback amount of $10,000 a year. I'm very good with money. I don't need a lot to live, as long as I have enough to pay the bills and eat. I know that Boston is very expensive, but they also pay extremely well.

I just want to pay off my loans as quickly as possible. I don't want to have to struggle with money like other members of my family did.

Not to be a downer, but....Unless your loans are on a different schedule than mine, you have 10 years to pay them off. With interest, $60,000 worth of loans may very well be almost $10,000 a year in payments minimum anyway.

You sound like the type of person who is going to be fine. You are thinking ahead and appreciate the need to take those loans seriously. You are making plans to lead a frugal lifestyle until they are payed back.

I see many people getting into trouble with their student loans -- but the vast majority of those do not make the same type of plans that you are making. They do things such as the following:

1. They buy themselves a fancy, new car (telling themselves "they deserve it for all the hard work they did in school.)

2. They take an expensive vacation or two (telling themselves "they deserve it for all the hard work they did in school.)

3. They splurge on things like new clothes, electronics equipment, nice furniture for their nice apartment with lots of amenities, etc. (telling themselves they deserve it for all the hard work they did in school.)

4. They eat out alot, go to clubs, etc. ("Who wants to cook after a long day work? -- Besides, I deserve it for all the hard work I did in school."

5. They have babies and drop down to part time employment.

etc. etc. etc. -- All justified by "the hard work they did in school." No one "deserves" a lifetime of financial struggles because they dug themselves too deep into a whole while they were young. If you have to borrow a lot of money to get your degree, that's OK ... but "stay poor" a few years longer and get that debt under control before you start treating yourself to rewards for graduation. It sounds like that is your plan and it is a good one. If you stick with it, I predict you will do just fine.

Good luck with school and beyond. You sound like your thinking is on the right track. I can't speak to the exact dollar amounts, but your general plan is a good one.

llg

I am as finiancially conservative as they come, but damn it if I'm not buying a new car because damn it I deserve it after putting myself through school!

:rotfl:

I've got a story for you. My husband and I have a married couple friend who really inspired me about my student loan debt. Within a year they somehow paid close to 20,000 off of their loan debt! Plus they already live on a very simple income. The wife works with young life in the inner city schools, basically a missionary salary, very meager. The husband has a degree in history and could not find a very good job right away, so he was working in a warehouse for maybe 8 or 9 dollars an hour. So I say YES it can be done. They lived very simply though and just committed to pay this loan off. Any extra money they got that they weren't expecting went to the loan. They do not have cable TV or internet and they have made it just fine. Granted their situation is a little different with two incomes, but I believe it can be done.

I am still in school and am like you in that I am planning and thinking about how to pay off these loans ASAP, I would like to get a good 40,000 of debt gone in three years if possible. We'll see, but look on the internet on financial websites, like MSN Money and they sometimes have very useful articles on budgeting and paying off loans.

I agree with some of these other posts that many people get into a mindset that they deserve all the luxuries of life now that they are finished with school and I think you can splurge every now and then, but when it becomes your mindset and attitude toward every purchase then you get into trouble. I will still buy a used car when I need it and will look for sales and such on furniture or whatever I need, but that is how I am anyway.

Well, sorry I babbled, but Good luck with the rest of school and don't stress too much, just do what you can and God will provide what you need.

Thanks for the advice everyone. I am on the 20 year payment plan and my loans will only be about $500 a month, once they are all consolidated. I'm going to pay off as much as I can. Paying off $20,000 in one year is amazing. If I can manage that, I will. I'm also looking into Loan repayment programs. Thank you.

AdamRN-

I'm in the same boat with amount of loans I have out and all. I'm going to try to get my loans paid off ASAP but I know I'm going to be living rather simply. I have no aspirations to buy a car in the next five years but I'll be living in teh city so I don't need one anyways. I'm thinking about working at a hospital that gives nice signing bonuses so I'm thinking that will help me a bit with getting things paid off. Good luck to you. It's nice to know that other people are in the same boat.

I'm a nursing student in Maine. My tuition is about $11,000 annually not including housing, clinical fees, and books. It's an extra $6,000 to stay on campus. I switched my major to nursing last year, which set me back a year academically and put me on the 6 year graduation plan. I'm happy with my decision, and I'm excited on becoming a nurse. I'm just worried about student loan payback. Currently I owe over $50,000 in student loans. By the time I graduate I expect to owe over $60,000 not including interest that has accrued thus far.

My plan is to move to Boston after I graduate. I'm single and I would work nights and overtime when I could. I'm curious whether you think it would be a reasonable goal to set a loan payback amount of $10,000 a year. I'm very good with money. I don't need a lot to live, as long as I have enough to pay the bills and eat. I know that Boston is very expensive, but they also pay extremely well.

I just want to pay off my loans as quickly as possible. I don't want to have to struggle with money like other members of my family did.

Do you have any Perkins loans? I have been told that the government forgives Perkins loans for nurses and teachers. Also, some hospitals will pay some of your Stafford loans. These are both great ways to reduce your debt.

Avery

1. They buy themselves a fancy, new car (telling themselves "they deserve it for all the hard work they did in school.)

2. They take an expensive vacation or two (telling themselves "they deserve it for all the hard work they did in school.)

3. They splurge on things like new clothes, electronics equipment, nice furniture for their nice apartment with lots of amenities, etc. (telling themselves they deserve it for all the hard work they did in school.)

4. They eat out alot, go to clubs, etc. ("Who wants to cook after a long day work? -- Besides, I deserve it for all the hard work I did in school.")

5. They have babies and drop down to part time employment.

Oh my gosh, that is so me. :chuckle:chuckle:angryfire:rotfl:

I'm in this boat like many of you. I'm attending a women's liberal arts college in L.A., and the tuition is $22,000 a year. I got a huge scholarship and will be paying for some while in school, but I still have to take out some pretty sizable loans. I plan to be paying them off for a very long time, but I'm sure when I have a good nursing job I won't mind writing out that check every month.

$10,000 a year sounds steep, but I'm sure you can do it if your disciplined, unlike me. :rotfl:

So what determines if you have 10 years to pay off your student loans (Stafford) or 20 years?