Really need some advice, please help! Tons of debt and want to begin a nursing career

maffechr · Oct 7, 2012

I am in the same situation, with around the same debt. (Around $70000 combining both undergrad and grad school). I am about to get my masters in Health Care Administration. I have been thinking about going to nursing school too. However, I will delay going to nursing school until I feel as if I can pay for most of nursing school out of pocket. I would recommend looking about IBR if you are truly intent on accumulating more student loan debt. It is about the only thing that will keep your student loan burden bearable,

oldeddieboy · Oct 7, 2012

It sucks to be so far in debt before you even get started. After pre reqs and nursing school that could be 120k+ of debt...something like $1300/month. This might be one of those times where you are so far in that you might as well keep going. The payment on 80k isn't much less than 120k or whatever it will end up being. You really need to do some soul searching and know 1000% that you want to be a nurse. Also be prepared to work nights/weekends/overtime.

nicolep614 · Oct 9, 2012

Thank you for your replies. I'm going to take a CNA course and hope that my bachelor's degree will help me land a job at hospital, where I can hopefully get some sort of tuition reimbursement and take the long way to earning my RN...and paying out of pocket for the rest of my education. It's a tough situation, but I really want to be a nurse, so hopefully I can make that happen with the least damage to my wallet (or lack of).

Nursing2102 · Oct 9, 2012

You need to sit down and calculate what it will cost for you to complete a nursing program. Add that to your current debt, and odds are it will likely be over 100k.... which is a considerable amount of money.

Someone I know went back to become a CRNA and she has debt well over $150,000.

If I were you I would just do it, and then once I was finished I would literally put as much of my paycheck into loans until I was done paying them off (easier said than done I'm sure.)

llg, PhD, RN · Oct 9, 2012

You need to be talking to a financial advisor -- someone with expertise in student loans. You have too much debt to ignore. If you simply defer payments on that debt to go to nursing school, the interest on that debt may accumulate -- and you may end up with so much debt that it will cripple you for many years to come. It may be better to delay nursing school for a year or two while you get a professional level job (and professional level salary) with your current academic degree. Live VERY cheaply and pay down that debt and then start back to school part time while you continue to make debt payments.

None of us here are financial experts -- and that's what you need to figure out which path would be best for you. But don't ignore that debt. You need to deal with it or it will only get worse.

Good luck to you, whatever you decide.

zoe92 · Oct 9, 2012

I agree with llg... you should speak to an expert and wait a few years. Try to get a full time job (and possibly a part time job on top of that) to pay off some of that debt. Really watch how you are spending money (don't go out to eat, no vacations, etc) and try to put a good amount into paying back the loans you already have. It'll be hard to wait (our society has that "now" mentality) but it'll be better if you pay off the current debt before getting into more debt for nursing school. Good luck!!!

umbdude, MSN, APRN · Oct 9, 2012

Sorry but you don't need a financial expert on this. Get a full time job and work your butt off, and spend absolutely nothing and live at home for a few years 'til you see that debt down by at least 50% before thinking about anything else. You cannot default on student loans and if you go to nursing school now you'll end up with $100k+ debt (if you can even get loans).

A $100k loan at 5% over 20 years would cost you about $8k per year $660 a month (these are very lenient assumptions). It might not seem much if you're earning $60k a year, but once you start paying rent/mortgage, car payment, utilities etc. That $660 will be enormous especially if you have to pay it for 20 years. It will also leave you little room to make extra payment or save for anything else.

just my 2 cents. Good luck with whatever you do.

UVA Grad Nursing · Oct 10, 2012

I concur with umbdude. Do not go back to school until you have your loan principal way down (under 25K is my recommendation).

Unsubsidized Stafford loan rates are now 6.8%. 100K at 6.8% over a 10 year period (common for student loans) means a monthly payment of $1150. This means that you would be paying nearly $14K a year just for your student loan. Add your rent, food, insurance, car payment, insurance, etc and you could have nothing left.