School debt

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Hi everyone - I just graduated from nursing school (a BSN program) and have a huge amount of debt to repay. I am wondering...what, on average, is everyone else looking at for student loans?

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Specializes in Emergency.

Let's just say I could have bought a small house! I don't look at student loans as debt though. If you do consider it debt, consider it good debt. The interest you pay it back with will be extremely low (mine is 3%). I would have never been able to go to nursing school without loans. Just don't let it get to you, think of it as just some random numbers in an account somewhere that has no real effect on your life except for a small payment you will have to make every month for the rest of your life :chuckle But you will be able to afford it, because you will have a good job as a nurse.

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Hi everyone - I just graduated from nursing school (a BSN program) and have a huge amount of debt to repay. I am wondering...what, on average, is everyone else looking at for student loans?

Hi jess!

I think the previous poster - Happy ER RN makes a great point. I took out HUGE loans to pay for school and living expenses. It's not pretty and I worry about it every now and then. I could have bought a Mercedes, let's just put it that way. But, in the long run, it's good debt - and I do have a plan to pay it off. I just can't buy as many shoes as I want now :rotfl:

And also, in the long run, if I would have purchased a Mercedes, it would eventually need to be replaced - at least I know I have a secure job and future doing what I love! :)

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I just finished with my associates degree and I now have about $5000 to pay back in loans, I'm pretty happy with that even though I get pretty mad when I see all these other people who get all kinds of grant money and then spend it on stuff not pertaining to school and don't have to work part time like I did. Anyways that's definitely a small price for the career I now have!

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That's a great point you make about the Mercedes...and a great way to look at our future nursing careers. Thanks everyone!

Hi jess!

I think the previous poster - Happy ER RN makes a great point. I took out HUGE loans to pay for school and living expenses. It's not pretty and I worry about it every now and then. I could have bought a Mercedes, let's just put it that way. But, in the long run, it's good debt - and I do have a plan to pay it off. I just can't buy as many shoes as I want now :rotfl:

And also, in the long run, if I would have purchased a Mercedes, it would eventually need to be replaced - at least I know I have a secure job and future doing what I love! :)

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I'm still in school and I am looking at 30-40K of debt for my loans. I am interested in personal finance, and most experts say the only good debt is for your education and your home. I could have a jag for my debt, but if it weren't for student loans I wouldn't get my degree and I think my degree is going to matter more to me than money. I am married and my husband does fine financially (hence the no grants even though we have 4 kids) so we plan on living our same lifestyle for the first year I am working and paying as much off as we can. Hopefully all of it.

Congratulations on your degree!! I want to be on the other side of my education so bad I can taste it. It seems like the closer you get to graduating the less you want to be at school and the more you want to be working.

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Hi everyone - I just graduated from nursing school (a BSN program) and have a huge amount of debt to repay. I am wondering...what, on average, is everyone else looking at for student loans?

I have A LOT! I think about it sometimes. However, I know there was no way that I would have been able to get my degree without it. Part of my situation was that I went to a private college in my hometown, because I did not have a reliable car & my mom was not going to let me borrow hers to drive 45 minutes to a much cheaper college. I transferred from that school to ANOTHER one. Then, I got married & moved, so more loans came in. We plan to make HUGE monthly payments, to get it knocked down quite a bit. The thing is, I NEVER ONCE considered not going to school just because it meant I would have to get loans. I have actually met people who feel that way.

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This is why I'm going to a cheap but good ADN program and then making my employer pay for the BSN :) But I will still have about $12000 in debt, but I plan to live in poverty for the first 2 years as I do now.

And like others have said, a $40,000 car now is only worth maybe $20,000 off of the lot, but the degree is something that keeps a reliable and fufilling job bringing in the pay checks.

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Specializes in Neuro, Critical Care.

i have school loans...lol...but if I have to be in debt, glad its bc of school and not some other things:) Just think of it as an investment in your future..yeah I know it doesnt change that we still owe tons of money...ah well what can you do!

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Hi everyone - I just graduated from nursing school (a BSN program) and have a huge amount of debt to repay. I am wondering...what, on average, is everyone else looking at for student loans?

I also believe that money spent on your education is good debt because it is one of the few lasting things you can buy for yourself. I got a couple scholarships, including one that paid for all my books and tuition, but as you all know, college is VERY expensive and whatever money you have is simply never enough. Even though I got that assistance I still had to work most of my way through school plus take out loans, and finished out owing about $16,000. But even if it was $60,000 I would still feel very good about it. If your debt is from federal loans you have many years to pay it off. Interest rates are low, and the monthly payments are not so high that you won't be able to handle them when you start working. Consider that you also have options. Some hospitals will pay off some of your student loans if you work for them. And most states have a loan forgiveness program that wipes out all of your student loans if you go work in an underserved area for a certain period of time. I think the federal government also offers a loan forgiveness program thru Health and Human Services if you agree to work in an area that they designate as underserved. Look around, there are lots of opportunities for nurses out there.

Here's tip though. If you plan to do a masters degree get your employer to pay for it instead of taking out any more loans. And, congratulations on your BSN degree. You're now a very highly marketable individual!

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Hi everyone - I just graduated from nursing school (a BSN program) and have a huge amount of debt to repay. I am wondering...what, on average, is everyone else looking at for student loans?

Hi Jess, congratulations on graduating!! I can't wait. I am entering my last semester in a BSN program and will graduate on December 16th. I started taking out student loans last Fall to pay for school as well as to live off of! There are programs out there, that if you will be working as a nurse they will forgive your loans 100%. One of those loans is the Perkins loan. I don't know if u received one or not, but as long as you work in that particular state as a nurse, the loan is payed off in 6mt increments until it is paid back in full. So in essence you have gotten "free money". Another program is when the Federal gvt. pays 60% to 80% of your total loans as long as you work in a hospital that is in a "medically underserved area". You have to ask your hospital if they qualify or not. If you work in the hospital 2yrs, they will pay 60% and if you work for 3 yrs, they will pay 80%. I think if you have a significant amt of loans this is something to look into.

Good luck in your career as a nurse. Have you started working yet? If so in what area?

Brina BSN GRADUATE DECEMBER '05 !!

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Specializes in Child/Adolescent Mental Health.

Those programs are great if you can qualify for them. I know that the

NERLP(?) program that the government has in place to serve underserved areas is based on income.

You may try looking around at area hopsitals to see if any of them are participating in a nursing loan forgiveness program.

Good Luck

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