Private Student Loans - Helpful article in NYTimes

BabyLady, BSN, RN · May 3, 2009

If anyone has watched Suze Orman....she constantly preaches about staying away from private student loans because there is NO CAP on how high the interest rate can go...even your credit cards have a cap.

But not private student loans.

The problem is that people are not thinking things through when they take out these loans.

While it is nice to have an education from a high-end private school...if you can't afford it, you can't afford it. Very, very few employers, other than the most elite, care about which school you go to.

Driving a Porche or having a condo ocean-front is nice too..but if you can't afford it, you can't afford it.

I saw one girl on some news show a couple of months ago that was already $47K in debt...and she was only a rising Junior.

She was going to one of the most expensive private colleges in her state...and she was majoring in something like general business, psychology...something like that.

When they asked why she didn't go to a cheaper school, she answered, "I had the grades to get in...therfore, I deserve to go here."

My response: Then don't cry in 2 more years when you are only offered a $25K a year job and scream that you need help because you can't pay it back.

JeanettePNP, MSN, RN, NP · May 3, 2009

Actually, around here at least, the fancy private schools are easier to get into for nursing than the state schools. Who wants to pay $90K for their nursing degree?

I'm going to a state school and my tuition is low, but I still need to take out loans to pay for childcare and other expenses while I'm in school.

LoriNJ · May 3, 2009

I loved my experience at the private college I got my first degree in, but when I decided to go nursing- I went for a state school. Hope it all works out!