Paying Off Student Loans - Happy New Year!

[Joe V]

What's the best way to pay off your student loan? How do you do it? For those who have multiple student loans - have you thought about merging them into one? Any other ideas?

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[Aongroup1990, CNA]

I would say when you get your taxes keep paying them off by the thousands because the loans will decrease faster in that way, but it's just my opinion.

[keisha e]

I worked perdiem ships for the year (4 per month ) and was able to pay $20K off in 2012.

[citylights89, BSN, RN]

IDK I haven't started paying mine yet. I told myself I will keep living like a pauper (no big change here) and try to pay them off in a yr or 2. Luckily, I have less than most of the other graduates from my school. It's going to take diligence and discipline, but it just might work. I'll get back to you with the results in 2015 and let you know how it went.

[LadyFree28, BSN, LPN, RN]

I voted for the caption, because my two student loans are 100 dollars less than the mortgage that I pay

I am one of the fortunate who was able to get a new grad job...I budgeted out how much taxes and pre-tax benefits I will have, and my loans will be paid, along with my mortgage, and will able to still have a life...:whew:

[mariebailey, MSN, RN]

I am one of the fortunate who was able to get a new grad job...I budgeted out how much taxes and pre-tax benefits I will have, and my loans will be paid, along with my mortgage, and will able to still have a life...:whew:

I was able to get a job easily, but I did the opposite as far as planning is concerned. I just signed promissory note after promissory note like a naive fool, having no idea how I was going to pay it back. I did not even understand how interest accrues. I made my bed, & now I lie in it; most of my pay check goes to student loans.

[LadyFree28, BSN, LPN, RN]

To answer the question, I have two student loans that were not eligible for consolidation. Now that I have a new grad residency job, I will apply for the HRSA loan repayment...it's worth a try, the hospital participates in the program. If I don't get approved, I do have my previous employer for per diem hours and is willing to staff me for 4 days a month...it will net me 1000 dollars, so I can pay my loans and have 350-400 dollars for savings and/or enjoyment money...most likely savings. I still will do the loan payment recalculator in the meantime as well. I just plan on making it more affordable and balanced enough to pay them back!!!

[mariebailey, MSN, RN]

LadyFree28, I did the NELRP, and it just helped me keep my head above water for 3 years. A huge chunk of change from that allocation goes to taxes b/c it is treated as income. I encourage you to try to add to what they contribute toward your payments each month. I had student loan debt outside of nursing student loans though. The program may benefit someone who doesn't have the excessive amount of debt I incurred.

[LadyFree28, BSN, LPN, RN]

On 1/27/2013 at 5:37 PM, mariebailey said:

LadyFree28, I did the NELRP, and it just helped me keep my head above water for 3 years. A huge chunk of change from that allocation goes to taxes b/c it is treated as income. I encourage you to try to add to what they contribute toward your payments each month. I had student loan debt outside of nursing student loans though. The program may benefit someone who doesn't have the excessive amount of debt I incurred.

Thanks for the heads up mariebailey. Full disclosure, My loan I have to repay from LPN school and a portion of my associates totals 17,000 without including my RN education that was totally financed by loans. My BSN education came to 50,000 dollars, so my loans total 53,000 including interest. I qualify for the loan based on my salary...yet I still have to pay less than 200 dollars for my previous loan, so I will contribute to the capital if I get approved...that will give me breathing room with the NELRP, absolutely! And save me in the long run. Thanks again! ?

[joanna73, BSN, RN]

My student loans were paid in 2.5 years, 35,000. Working extra shifts and putting all of my extra money towards the loans was well worth it. I'm debt free, and I've saved 10,000 dollars in interest by paying the loan off sooner. Interest kills.

[dah doh, BSN, RN]

Although its been many years, I lived very cheaply, drove my old car, then paid as much as I could afford into the loans each month (at least double the requested payment). I paid them off in 18 months, then saved up for a new car. When I hear about some new grads with over $100,000 in student loans, I just cringe... Especially since the job market for new grads is so competitive right now!

[NJnewRN]

I worked perdiem ships for the year (4 per month ) and was able to pay $20K off in 2012.

That is exactly what I'm planning to do. Thanks for letting me know that it is entirely possible! Yay!