Private student loans - good lord!!!

Nursing Students General Students

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So I just got my approval for my loan, which I am waiting to recieve the check. I just got a summary of the repay terms and good lord help me. The loan has a 20 yr repay option and its going to be 5 times the amount I originally borrowed, over 100,000 smackers. Holy smokes batman! I'm afraid to take any more loans.

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Yep, the good 'ol "Got ya where I want ya" loan. I had to take one, and will have to do it again, for myself. My school costs almost 25,000 just for the nursing portion and financial aid only pays 6-7000 per year. Which is they will end up paying 14,000 and I will pay the other 11,000. I too, had this Oh, S&%$ feeling. Luckily when I took out the loan there is not penalty for early payoff. I just have to pay for the amount I took out and the interest it accrued while I am in school.

Maybe I should be some type of investor on the side,hmmmmm.

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Yep, the good 'ol "Got ya where I want ya" loan. I had to take one, and will have to do it again, for myself. My school costs almost 25,000 just for the nursing portion and financial aid only pays 6-7000 per year. Which is they will end up paying 14,000 and I will pay the other 11,000. I too, had this Oh, S&%$ feeling. Luckily when I took out the loan there is not penalty for early payoff. I just have to pay for the amount I took out and the interest it accrued while I am in school.

Maybe I should be some type of investor on the side,hmmmmm.

Yup same here, no penelty for early pay off so, if i get tuition reimbursement from my job at least i can pay some of it back.

The thing that gets me is that I took loans from school before when i did my B.S. and I took stafford loans, and seriously i don't think its that horrid.

Oh well I guess we have to do what we have to do but hopefully i won't have to do this next year, we'll see.

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Oh I hear you! I just took out $30,000 this semester to live off of, so I could quit my job and not have to work at all during nursing school! That totals my loans to $57,000!

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Oh I hear you! I just took out $30,000 this semester to live off of, so I could quit my job and not have to work at all during nursing school! That totals my loans to $57,000!

sad thing is i'm still going to be working fulltime :uhoh21: ahhhh!!!!

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Wow! Now that's dedication! I have 3 children under the age of 6, so I had to decide: the kids or work. Obviously, the kids won! ;)

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Specializes in acute care.

Ahh! Loans! I took out $40,000 for school this year and my letter told me that I will owe over $140,000...Huh! And I still have 2 more years to go.

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Specializes in Ortho, Neuro, Detox, Tele.

Yep my 18,000 will end up costing somewhere around 40,000 if I don't do early repayment...I'm thinking about getting a 2nd nursing job prn/float at a nursing home once I get used to hospital nursing....pay em off early and promptly....

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