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.
Adam, $10,000 is not an unreasonable goal by any stretch. If you prioritize the loan payment, there's no reason you can't swing that when you graduate and begin making money.
As was pointed out, you're going to have to prioritize it and avoid the pitfalls of making money, like new cars, furniture, vacations and whatnot.
I worked with someone who graduated with $10,000 on a credit card and paid it off in a year.
Uncle Sam has a tuition repayment program for nurses. It's an underfunded, priority first program that helps repayment in needed areas first, and the deadline is past for this year.
And, being the Gov, there are tons of rules, etc.
But file this website for future reference and check it every month or two to find out when it restarts for next year. (there's a place on the front page of the site where you can sign up to be notified by email).
Worst case scenario: you fill out a bunch of paperwork for nothing.
Best case: Uncle Sam repays half of your student loans for you.
P.S. if you get into the repayment program, you owe me a pizza - at least!
Hey thanks for the info everyone. To answer sugabuga's question: I just consolidated what loans I currently owe up to now. My loan advisor told me that I could pay it off in 10 years or 20 years, and I chose to take the 20 year plan. With what I currently owe it would be $188.00 a month for 20 years. I am guessing that I will owe almost double that by the time I graduate in 2007, so I'm estimating around $500 a month loan repayment when I consolidate the remaining loans.
ZASHAGALKA thanks for the link. That program looks great. I definitely fullfill the financial need requirement. Now if I can only find a hospital covered under the program... And if I do qualify for it I will buy everyone here a pizza, lol.
sugabuga
72 Posts
So what determines if you have 10 years to pay off your student loans (Stafford) or 20 years?